Sotheby's will take ETH bids in real time for Banksy auction
|Prestigious auction house Sotheby’s has announced it will accept Ethereum (ETH) bids in real-time for its Nov. 18 auction that includes works by famed street artist Banksy.
Sotheby’s claims this will be the first time an auction house has accepted crypto in real-time as a standard currency for payment in an auction on a physical work of art. 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 either Ether, Bitcoin (BTC), or USD Coin (USDC).
Banksy's Trolley Hunters
Sotheby’s first began accepting BTC and ETH as payment back in May for a different Banksy auction. It has financially supported 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 serving as curators in October.
Sotheby’s is not alone among auction houses involved in crypto and blockchain, however.
Competing auction house Christie’s was the first to accept ETH as payment in a CryptoPunks auction it held last May. Christie’s also famously auctioned off Beeple’s The First 5000 Days for over $69 million.
The Phillips auction house accepted ETH and BTC in its auction for Banksy’s Laugh Now Panel A, which sold for over $3 million last June.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.