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Banksy Painting On Auction Can Be Bought In Bitcoin Or Ether Too
By Alexa Heah, 06 May 2021
Image via Sotheby’s
Sotheby’s is now the first major auction house to introduce cryptocurrencies as a payment method for physical art pieces, following its debut NFT sale last month. It has partnered with cryptocurrency exchange platform Coinbase for the sale.
One of Banksy’s most iconic works, Love Is In The Air, will be the first artwork Sotheby’s is allowing for purchase with Bitcoin or Ether. The piece is estimated to sell for US$3 million to US$5 million, or between 35 and 53 Bitcon, when it goes up for auction on May 12.
The auction house will still be sticking to conventional bids in USD, but the winning bidder will have the option of paying for the piece using cryptocurrency. However, the buyer’s premium and overhead premium will not be accepted in cryptocurrency, according to CNN.
By pairing Banksy’s famed painting with a first-of-its-kind payment solution, Sotheby’s says it’s honoring the street artist’s legacy, opening the sale to a new generation of collectors who are accustomed to the digital mode of payment.
Banksy’s Love Is In The Air is currently on view at Sotheby’s York Avenue galleries, ahead of its sale on 12 May.
[via CNN, cover image via Sotheby’s]
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