The acceptance of cryptocurrencies in the art world will take an important step next week. Sotheby’s announced that the auction of “Love is in the Air”, the iconic work of Banksy, will support payment via Bitcoin and Ethereum. The version for sale is a canvas painted with oil and spray, signed by the author and dated 2005.
According to Reuters, it will be the first time that a physical work of art can be acquired through cryptocurrencies. The renowned auction house will partner with Coinbase, a company that will provide support for the bid to be held on May 12 in New York.
“Through a tailored solution, Coinbase will support estimated payments in the range of eight figures on the Sotheby’s website and, in addition, will help manage price fluctuations,” they explained from the company. They also clarified that, although it can be paid with Bitcoin, Ethereum or conventional currencies, the auction will be held in dollars.
In the virtual gallery that contains the works of contemporary art to be auctioned soon, “Love is in the Air” is listed under a price of 3 to 5 million dollars. Being one of Banksy’s most famous and shocking works, the offers could drastically exceed the original value.
Banksy Could Have First Physical Artwork Purchased With Cryptocurrencies
Banksy’s auction at Sotheby’s | Credit: Sotheby’s
The Sotheby’s auction may mark a new milestone in the adoption of cryptocurrencies. As long as the buyer of “Love is in the Air” chooses to pay for it with Bitcoin or Ethereum, of course. If the Banksy painting is the first physical work in history bought with cryptocurrencies, it will be a logical leap for a market that moves millions of dollars.
Last March, Beeple sold a digital artwork for nearly $ 70 million. This transaction was key in the NFT boom, and it was Christie’s first auction of a piece of art that does not physically exist.
According to Sotheby’s, the adoption of payment with Bitcoin and Ethereum seeks “Improve the shopping experience”, as well as expanding your customer base.
“Love is in the Air”, a work that carries a strong message
Banksy’s original work was released in 2003. The graffiti, also known as “Rage, The Flower Thrower,” it was painted in jerusalem, in what is known as the “Israeli West Bank Barrier.” The image shows a man with a cap and a covered face, in position to throw a bouquet of flowers.
From the appearance of the first version, the artist reproduced the template for other unique works, using different color combinations. The crazy turns of life will make what was born as a symbol of protest, today it can move exorbitant figures in cryptocurrencies. From the Middle East to a bid in the “capital of the world” in less than 20 years.