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.
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