The art world is rapidly embracing the use of cryptocurrencies and blockchain in its transactions, with Sotheby’s now saying it will accept Bitcoin and Ethereum as payments for a Banksy painting auction on May 12.
Sotheby’s will accept the purchase via cryptocurrency exchange Coinbase, for the Banksy installation “Love is in the Air”.
“It's something we have been thinking about for quite some time," said Sothesby CEO Charles Stewart. "What better combination to introduce crypto than an iconic Banksy painting."
“Coinbase is proud to provide Sotheby’s with a sophisticated payment solution, backed by our deep liquidity, and expertise with trading cryptocurrencies,” said Sanchan S Saxena, VP of Product, Ecosystem. “This is an example of an enterprise that is evolving with their client base to cater to crypto-forward consumers.”
According to Sotheby’s, it expects the painting to be worth between $3,000,000-5,000,000 (55.46-92.43 Bitcoin).
Love Is In The Air, also known as the Flower Thrower or LIITA, first appeared in 2003 as a large format stencilled graffiti in Bethlehem shortly after the construction of the West Bank Wall. The graffiti was made on the 760km wall that separates Palestine from Israel.