Sotheby's to accept bitcoin for Banksy's iconic artwork ‘Love is in the Air’
- Last updated: May 5, 2021 | 10:22
Sotheby's said on Tuesday it would accept bitcoin and ethereum as payment for Banksy's iconic artwork "Love is in the Air", a first for a physical art auction and the latest sign of growing mainstream acceptance of cryptocurrencies.
Bidding for the work is estimated at $3 million to $5 million, Sotheby's said, with the buyer having the option to pay with cryptocurrency.
The auction house has tied up with cryptocurrency exchange Coinbase Global Inc for the sale.
Coinbase said in a blog https://bit.ly/3vGLwbz it would help manage price fluctuations during the auction in New York next week.
Bitcoin hit a record high just shy of $65,000 last month, the latest landmark on the emerging asset's march to wider acceptance.
Its gains have been fueled by growing acceptance among major U.S. companies and financial firms.
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Cryptocurrencies have already made a mark in the world of digital art.
A digital artwork - "Everydays - The First 5000 Days" by American artist Mike Winkelmann who is better known as Beeple - sold for nearly $70 million at Christie's in March, in the first ever sale by a major auction house of a piece of art that does not exist in physical form.
Coinbase said its partnership with Sotheby's could pave the way for further adoption of cryptocurrency across the bidding house's auctions.