Sotheby’s, one of the largest and oldest auction houses in the world, has announced that it will accept major cryptocurrencies as a new payment method at an upcoming auction.
Charles Stewart, CEO of Sotheby’s, said that The company will showcase Bitcoin (BTC) and Ether (ETH) payments as part of its upcoming Banksy auction “Love is in the Air”. The new payment method is facilitated in collaboration with the largest cryptocurrency exchange in the US, Coinbase. pointed out Stewart in an interview with CNBC’s Squawk Box on Tuesday.
“We have been thinking about this for a while,” said the CEO Sotheby’s latest move marks the next step in research into crypto payments for physical art after the company launched non-fungible tokens (NFTs) earlier this year.
“Love is in the Air” is an iconic protest-themed work of art by England-based street artist Banksy. The work will be offered at Sotheby’s nightly contemporary art auction in New York on May 12, Esquire reported. The tender for the work, the value of which is estimated at 3 to 5 million US dollars, is carried out in US dollars, with the possibility of paying the amount in cryptocurrencies.
As Cointelegraph previously reported, Global auction houses have moved into the cryptocurrency industry more aggressively in recent months. In February the UK auction house Christie’s announced an NFT auction of Mike Winkelmann’s digital artwork “Every Day: The First 5000 Days”. The auction eventually resulted in a record sale for NFT, grossing nearly $ 70 million. In October 2020, Christie’s also sold a Bitcoin and NFT-themed artwork for over $ 130,000.
Sotheby’s announcement comes amid a major altcoin rally with Ether hitting a new all-time high above $ 3,500 on Tuesday.