Fine art merchant Sotheby’s now accepts Bitcoin and Ether as payment methods. The first offer to test the answer is Banksy’s Love is in the Air, which shows a masked man throwing flowers.
This is possible thanks to the partnership with Coinbase, which has created a tailored solution to enable it. Stefan Pepe, Sotheby’s CTO, said that by doing this, the firm is improving the customer experience and also attracting a whole new clientele. The move represents another step towards the generalization of cryptocurrencies.
“Taking advantage of the trusted exchange Coinbase is a natural progression and is in line with our dedication to improving the shopping experience for our customers and developing new ways to expand our customer base by finding them where they are.”
Bitcoin as a payment method
Speaking to CNBC, Sotheby’s CEO Charles Stewart said that accepting cryptocurrency is something the company has been thinking about for a while now.
Stewart mentioned that the positive response to his recent Pak NFT auction, which brought in a total of $ 16.8 million, gave the incentive to explore the acceptance of cryptocurrencies for physical art.
“This will be the first time cryptocurrencies will be accepted as payment for physical works of art. We are very excited for this to happen. It’s something we’ve been thinking about for quite some time. You may remember that we had our first NFT sale a few weeks ago. We had more than 3,000 bidders and participants in that sales series. “
The first piece that will test the waters will be Banksy’s Love is in the Air. Stewart said buyers can also pay cash if they want. He estimates that the piece will generate between $ 3 and $ 5 million.
“Banksy has been, as you may well know, a very popular artist at auction. And there is a lot of interest in their work, paying also with physical money. But what better combination to introduce crypto than an iconic Banksy painting? “
Bitcoin bull Anthony Pompliano chimed in saying that soon, all businesses will accept the currency of the future instead of cash.
Source: BTCUSD on TradingView.com
Banksy is a pseudonymous street artist whose real identity remains unconfirmed and is the subject of much speculation.
He rose to fame during the 1990s and follows a subversive and satirical style that expresses anti-war and anti-authoritarian themes. His works of art are displayed publicly, such as on walls or repurposed props. These are often resold, which involves the removal of walls in most cases.
The artist unofficially sells a limited series of pieces through an agency called Pest Control.