The legacy fine arts public sale house Sotheby’s International would accept bitcoin in exchange for the Banksy painting being auctioned soon.
276-year-old fine arts auction house Sotheby’s International will be open to bitcoin payments to get a Banksy item estimated to fetch $3 million in order to $5 million during an upcoming sale.
“What better combination to introduce crypto than an iconic Banksy painting, ” Sotheby’s CEO Charles Stewart informed CNBC . The winner of the auction, which will be held on Might 12, can choose to pay within USD or ether too.
The painting, titled “Love Is In The environment, ” is one of Banksy’s best known works and its subject material, which depicts a masked figure in the midst of throwing a bouquet, has some countercultural overtones that appear to mesh along with Bitcoin’s own.
The ability for Sotheby’s to enable bitcoin payment for your piece is the result of the partnership with cryptocurrency exchange Coinbase. It’s unclear whether the bitcoin paid for the artwork would be liquidated or HODL’d.
“We have an agreement with the owner from the painting, the consigner of the painting, so that will ultimately be up to them, ” Stewart said. “Part of the collaboration with Coinbase gives all of us not only the ability to process the payment, but that chance [to liquidate it] as well. ”
The particular announcement is certainly a driver associated with attention to the auction, but additionally another indicator of developing mainstream and institutional acceptance of Bitcoin. Recently, age-old institutions like BNY Mellon and Morgan Stanley also have signaled growing support just for Bitcoin.