182 Interactions, 2 today
Sotheby’s expected Banksy’s “Love is in the Air” to fetch up to $5 million.
Sotheby’s has finished its cryptocurrency-enabled sale of Banksy’s classic protest artwork “Love is in the Air.”
According to the auction results, Sotheby’s sold the physical artwork on Wednesday for $12.9 million, significantly up from the originally estimated $3 million to $5 million. The physical artwork was offered at a Contemporary Art Evening Auction that also featured “Versus Medici” by Jean-Michel Basquiat selling for nearly $51 million.
Sotheby’s revealed on Twitter that the sale featured a 14-minute bidding war between four individuals. The auction house stressed that this is the first time bitcoin has been approved as a payment choice for a physical piece of artwork.
Bidders were willing to pay using two big cryptocurrencies, Bitcoin (BTC) and Ether (ETH), according to the auction lot website, thanks to Sotheby’s collaboration with Coinbase Commerce.
The funds must be submitted from an authorised wallet or exchange, such as Coinbase, Coinbase Custody Trust, Fidelity Digital Assets Services, Gemini, or Paxos, according to the auction house.
Sotheby’s did not mention if the winning bid or any other offers in the sale contained cryptocurrencies. The firm did not respond immediately to Cointelegraph’s request for comment.
As previously noted, Sotheby’s publicly confirmed its intention to embrace cryptocurrency as part of Banksy’s artwork sale last week, continuing its exploration of cryptocurrency payments after debuting nonfungible tokens earlier this year. Sotheby’s revealed another NFT auction on May 6th, titled “Natively Digital: A Curated NFT Sale.” The auction, which is set to take place between June 3 and June 10, will include a digital item from the legendary NFT series CryptoPunks.
This comes after the New York-based auction house Christie’s sold nine CryptoPunks tokens for a total of nearly $17 million. In March, the corporation auctioned off Mike Winkelmann’s multimedia artwork “Everydays: The First 5000 Days,” netting about $70 million.