Sotheby's to accept cryptocurrency for Banksy's artworks
Cryptocurrencies are gradually being accepted as a means of payment. Tesla has recently started accepting payments in bitcoin. Now Sotheby's, the world's largest auction house, has announced it will sell artworks for cryptocurrency.
"With the growing adoption of digital art and NFTs, along with our increased focus on digital innovation, we've seen an increasing appetite among collectors for more seamless payment options," Stefan Pepe, Sotheby's chief technology officer, said. The first painting to be purchased for cryptocurrency will be the legendary British artist Banksy’s iconic artwork "Love is in the Air". Notably, bets will also be accepted in USD, bitcoin, and ether.
Banksy's artworks are in high demand. In 2019, one of the author's paintings was sold for a record $12.2 million at Sotheby's in London. The final cost turned out to be six times higher than the initial one.
"As one of the most famous and provocative artists of the 21st century, whose street art interventions and studio practice has continually pushed boundaries and caused controversy the world over with the artist’s signature brand of political and social commentary, Banksy is the disruptor par excellence of the art world," the organizers noted, adding that "by offering collectors the opportunity to acquire Love is in the Air with cryptocurrency, Sotheby’s honors Banksy’s legacy" as an artist.