Sotheby’s will take ETH bids for the upcoming Banksy auction
The popular auction house Sotheby’s has recently made an announcement that it would be accepting Erhereum bids now in real time for its slated November 18 auction.
The upcoming Sotheby’s auction includes artworks by the popular street artist Banksy. The auction is titled ‘The Now Evening Auction’, which features Banksy’s Trolley Hunters and Love Is In The Air.
As a novelty, Sotheby’s has stated that this is the first time ever that an auction house has accepted crypto as a standard currency for payment in real time in an auction of physical works of art.
The bidding prices are a due announcement in ETH, although winning bidders have been given the option of paying for these works either in Bitcoin, USD Coin or Ether.
Sotheby had, for the first time, begun accepting ETH and BTC as payments in May 2021 for another Banksy auction.
The museum has finally shown support for NFT projects which includes providing seed fundings for an NFT studio and blockchain tech platform Mojito.
Sotheby has also launched a Metaverse-themed NFT platform with PleasrDAO, Pranksy, Paris Hilton, and various others who are serving as curators in October 2021.
However, Sotheby’s is not the only auction house that involves crypto and blockchain. Its competing auction house Christie’s, set the record for the first one to accept ETH as payment in an auction of CryptoPunks held last May. Christie’s had also famously auctioned off Beeple’s The First 5000 Days for over $69 million.
The Phillips auction house was also noted to have accepted ETH and BTC in their auction for Banksy’s Laugh Now Panel A, which sold for more than $3 million last June.