Sotheby’s Will Accept ETH Bids at Banksy Auction

Quick Summary

  • Auction House Sotheby’s has announced it will accept ETH bids in its upcoming auction on November 18, by famed street artist Banksy. 
  • The auction titled The Now Evening Auction features Banksy’s “Trolley Hunters”, and “Love Is In The Air”. 

Christie’s is not the only auction house with successful artists making million-dollar auctions. Sotheby’s will host an auction on Banksy and will accept bids in Ethereum (ETH) for the first time ever, while auctions of Beeple were in US Dollars. This definitely seems like another step to wide cryptocurrency adoption. 

Sotheby’s – Banksy Auction

Prestigious auction house Sotheby’s has announced it will accept ETH bids in real-time for its November 18 auction that includes works by famed street artist Banksy. It’s supposed to be the first auction house accepting bids in cryptocurrency. The auction, titled The Now Evening Auction features Banksy’s „Trolley Hunters,“ and „Love Is In The Air.”

Although the bidding prices will be announced in ETH, winning bidders have the option to pay for the works in other cryptocurrencies besides Ether, such as Bitcoin (BTC) or USD Coin (USDC).

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The first acceptance of crypto payments/bids in BTC and ETH happened back in May for a different Banksy auction. However, it has financially supported non-fungible token (NFT) projects, including providing seed funding for NFT studio and blockchain tech platform Mojito. It also launched a metaverse-themed NFT platform with Pranksy, PleasrDAO, Paris Hilton, and others.

source: twitter

„The Now Evening Auction” is set for Thursday, Nov. 18, in Sotheby’s New York City headquarters. The traditional art auction will be filled to the brim with famous contemporary artists, including Adam Pendleton and Rashid Johnson, but the NFT event has the potential to break the bank.

With a worth estimated between $5 and $7 million, “Trolley Hunters” is an early example of Banksy’s work, an original part of the artist’s breakthrough collection in 2006.

Conclusion

While NFTs are still relatively new for people and are mainly digital in their nature, the use of cryptocurrencies with NFT selling and buying is getting bigger and bigger. These kinds of events are exactly what pushes the price even higher and know no top. In the future, we may see more artists auctioning through Christie’s and Sotheby’s.

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sources: gothammag, cointelegraph

author: Rene Remsik

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.