Prestigious auction house Sotheby’s has announced the company will be selling Banksy works for real-time bids in Ethereum (ETH) at an auction on November 18. The famed auction house claims it will be the first to accept crypto for a real-time auction of physical art — but other auction houses are not far behind.
On November 11, Sotheby’s announced the “The Now Evening Auction,” which will feature real-time auction bids in Ethereum (ETH). The auction will take place on November 18 and will feature two Banksy artworks that will be sold for the crypto asset.
“[Ether] Banksy Bid,” Sotheby’s wrote. “For the first time at auction, Sotheby’s will be bringing down the hammer in ETH on two iconic Banksy paintings in The Now sale.”
Although the bidding prices will be announced in ETH, winning bidders have the option to pay for the works in either Ether, Bitcoin (BTC), or USD Coin (USDC).
The two Banksy paintings will be the infamous “Love in the Air” piece and the artist’s “Trolley Hunters” painting as well.
“Love in the Air” is estimated to be worth around $4 to $6 million and “Trolley Hunters” could fetch anywhere between $5 to $7 million at auction.
“You can’t miss Auctioneer Oliver Barker fielding bids in ETH for Banksy’s iconic paintings ‘Trolley Hunters’ and ‘Love is in the Air,’” Sotheby’s added.
The upcoming auction will also have pieces from highly acclaimed artists such as Mark Bradford and Yoshitomo Nara.
In 2021, the fine auction house Sotheby’s has been in the thick of cryptocurrency payments and non-fungible tokens (NFTs) collectibles. While at first getting into NFTs, the leading auction house decided to accept digital currency payments via Coinbase this past May. In October, Sotheby’s launched the firm’s Metaverse Marketplace and Paris Hilton listed a few NFTs on the newly launched market. Sotheby’s is not the only fine auction house in the world that has entered the galaxy of blockchain technology and cryptocurrency solutions. The luxury auction house Christie’s has been into the blockchain, NFTs, and cryptos this year as well. Moreover, Sotheby’s is not the first luxury auction house to sell Banksy artwork for digital currencies. The well-known Phillips Auction House held an auction for Banksy’s “Laugh Now Panel” (worth $2.8 to $4.1 million) in May and would settle in cryptocurrency payments.