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Sotheby’s international auction house has announced that it will start accepting Bitcoin and Ethereum cryptocurrency payments for physical art auctions. The first time will be with the auction of “Love is in the Air” by the popular street artist Banksy on May 12. According to the listing, the painting is estimated to bring in at least $3-5 million.
While bidding will still be handled in US dollars, the final price can be converted to either Bitcoin or Ethereum.
To make this possible, Sotheby’s partners with cryptocurrency exchange Coinbase who will handle all transactions via its Coinbase Commerce service. It remains to be seen how exactly Sotheby’s plans to expand its use of cryptocurrency for auction payments. Nonetheless the Banksy listing has a “Cryptocurrency Accepted” tag and this will likely be used for other eligible works.
“We’ve seen an increasing appetite among collectors for more seamless payment options.”
“With the growing adoption of digital art and NFTs, along with our increased focus on digital innovation, we’ve seen an increasing appetite among collectors for more seamless payment options when doing business with Sotheby’s,” said Sotheby’s Chief Technology Officer Stefan Pepe.
“Leveraging the trusted exchange Coinbase is a natural progression and is in line with our dedication to enhancing our client buying experience, and developing new ways to expand our client base by meeting them where they are,” the CTO concluded.