Sotheby’s announced that it will be accepting cryptocurrencies In this month’s auction of Banksy’s “Love is in the Air” 2005 oil on canvas protest artwork. The auction house’s decision to accept crypto payments is in response to their clients’ growing clamor to create more flexibility in selling their artwork in markets where there is demand.
A spokesperson for Sotheby’s said the consignor of Banksy’s “Love is in the Air” put forward the offer of accepting $5 million in Bitcoin or Ether. Pairing the sale with cryptocurrency, a foremost financial disruptor is in keeping with the artist’s track record as a preeminent disruptor in the art world. The Banksy artwork will be included in the Contemporary Art Evening Auction that will be held in New York on 12 May, 2021.
Although Sotheby’s has already dabbled in the online sale of crypto-art some time in April, it was in relation to the sale of “The Fungible Collection of NFTs” created by digital artist Pak, which amassed a total sale of $16.8 million in fiat money.
Sotheby’s Chooses Coinbase as Crypto-Payment Processor
The sale of “Love is in the Air,” an oil on canvas painting of a protestor throwing flowers, is the first time that Sotheby will accept crypto money in exchange for a physical work of art. Coinbase will be handling the processing of payment via blockchain technology, but the processing fees will have to be paid in fiat money.
According to Sotheby’s CTO, Stefan Pepe, choosing the trusted cryptocurrency exchange platform Coinbase is in line with their commitment and dedication to improving client buying-experience and in harnessing new ways to grow their client base by meeting them where they are.