Famous arts dealer Sotheby’s in London, announced publicly their decision to accept payments in both Bitcoin and Ether. Not by accident the first auction to inaugurate this avant-garde policy will be at Banksy’s piece Love is in the Air offering, a piece featuring a masked man throwing flowers.
Sotheby’s strategy is possible after joint-venturing with Coinbase.
The crypto exchange platform implemented a customized solution shaped to Sothebys’ needs. According to Stefan Pepe, Sotheby’s Chief Technology Officer, their company is aiming at improving regular customer’s experience as well as trying to attract a whole new range of clients.
Though Sothebys had its initiation experience at Pak’s NFTs auction a couple weeks ago accepting crypto, as a pilot program, the novelty here is that from now on people can also buy physical art with Bitcoin.
Sotheby’s Creates Another Market for Bitcoin
Charles Stewart, CEO of Sotheby’s, agreed that the firm had been thinking about accepting cryptocurrencies for a while now, and that the positive experience with the NFTs sale, gave them the conviction of going after it. The NFTs auction event with Pak’s digital art attracted 3k bidders and collected $16.8 million in net sales.
Banksy’s Love is in the Air will be the first piece to test the crypto system. Buyers can opt for crypto or cash to pay, Stewart’s estimation of the possible winning bid for Banksy’s piece is something between $3 and $5 million.
Banksy is the pseudonymous name of an anonymous street artist in the UK well known since the 90s. His anonymity gave grounds for public’s attraction, as well as much speculation. His art satirically expresses anti-war and anti-authoritarian themes.
Over the past decade Banksy won a lot of attention, driving much interest to his remarkable work. Sothebys’ decision of introducing crypto precisely at the offer of one of Banksy’s most iconic pieces is very convenient. Nothing goes unnoticed around mysterious Banksy, and crypto may add substantial fascination.