The UK's long-standing auction house Sotheby's will auction its first physical artwork by artist Banksy in Bitcoin and Ethereum, the world's two largest and most important cryptocurrencies.
Charles Stewart, CEO of the famous auction house Sotheby's, revealed during an interview on CNBC that the former British auction house will offer its first physical artwork in cryptocurrencies, . During the interview, Stewart said that there is no better way to enter the world of cryptocurrencies and digital assets than to combine cryptocurrencies with an iconic painting by the anonymous urban artist Banksy. You can buying bitcoins on Bit2Me and participate in the auction.
Sotheby's is one of the oldest auction houses in the world, dating back to 1744. Since then, the auction house has been primarily dedicated to selling works of art and collectibles. However, Sotheby's has recently begun to give its classic auctions a twist, integrating the NFT as a new trend in the crypto industry that is revolutionizing the way we see and appreciate art. Sotheby's held its first sale of NFT tokens from the crypto artist Pak, in collaboration with the NFT marketplace Nifty Gateway. The digital artworks on blockchain were sold for a total of $16,8 million.
Although this was not the largest sale of NFTs by a British auction house, Sotheby's said The historic three-day sale of the renowned artist's digital artworks marked a milestone in the history of the auction house, and in its relationship with the world of NFTs and cryptocurrencies.
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Bitcoin and Ethereum arrive at Sotheby's
As Stewart reported during the interview on CNBC, the auction of Banksy's physical artwork will be conducted in cryptocurrencies. Bitcoin (BTC) y Ethereum (ETH), the two largest and most important cryptocurrencies currently.
The work of art to be auctioned will be “Love is in the Air”, created in 2003 as a graffiti, and which has become one of Banksy's most famous works. In 2013, “Love is in the Air” It sold for around $250.000. This famous piece shows a man protesting and preparing to throw a bouquet of flowers as if it were a rock or a Molotov cocktail. The artwork was created as a protest against the construction of the West Bank Wall, to express the injustice and inequality that exists around us.
“Banksy’s subject strikes the archetypal pose of civic unrest, preparing to hurl a brick or bomb at an unseen enemy; however, the artist replaces his projectile with a bouquet of flowers, disarming this image of violent unrest to create a work that is both a call for change and an advocacy for peace.”
Sotheby's said the auction The opening ceremony is scheduled for May 12. Stewart said he expects a bid of between $3 million and $5 million for the work.
Lastly, Stewart stated that holding the cryptocurrency received as payment for the artwork, or immediately converting it to US dollars, is something that is up to the owner of the painting; however, his announcement to begin accepting cryptocurrency for the sale of physical works is synonymous with greater adoption of crypto assets at an institutional level.
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