Sotheby’s will take ETH bids in real time for Banksy auction

Sotheby’s, the prestigious auction house, has announced that it will accept Ethereum (ETH), bids in real-time for its Nov. 18 auction. This auction includes works by Banksy.

Sotheby’s claims that this is the first auction house to accept crypto in real-time as a standard currency in payment for an auction on physical works of art. The auction is called “The Now Evening Auction” and features Banksy’s Trolley Hunters as well as Love Is In The Air.

The bidding prices will be in ETH. However, the winning bidders can choose to pay in Ether, Bitcoin (BTC), or USD Coin (USDC).

Banksy’s Trolley Hunters

Sotheby’s began accepting Bitcoin and Ethereum as payments in May of this year for a Banksy auction. It has provided seed funding for NFT studios and the blockchain tech platform Mojito, as well as financial support to NFT projects. It launched a Metaverse-themed NFT platform in October with Pranksy and PleasrDAO as curators.

However, Sotheby’s isn’t the only auction house involved in crypto- and blockchain.

Related: The resurgence of art galleries could be attributed to NFTs

In a CryptoPunks auction held last May, Christie’s, a competing auction house was the first to accept Ethereum as payment. Christie’s famously sold Beeple’s The first 5000 Days for more than $69 million.

Phillips Auction House accepted ETH, BTC and a variety of other currencies in its auction for Banksy’s Laugh Now Panel A. It sold for more than $3 million last June.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

2021's Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Close Bitnami banner
Bitnami