Sotheby’s, one of the world’s oldest and biggest auction houses, has announced that it will be accepting major cryptocurrencies as a new payment method at an upcoming auction.
Sotheby’s CEO Charles Stewart said that the company will debut Bitcoin (BTC) and Ether (ETH) payments as part of its upcoming auction of Banksy’s “Love is in the Air.“ The new payment method will be facilitated in partnership with United States’ largest cryptocurrency exchange, Coinbase, noted Stewart in a Tuesday interview with CNBC’s Squawk Box.
“It’s something we have been thinking about for quite some time,” the CEO said, elaborating that Sotheby’s latest move brings the next step to exploring crypto payments for physical art after the firm debuted nonfungible tokens, or NFTs, earlier this year.
“Love is in the Air” is an iconic protest-themed artwork by pseudonymous England-based street artist Banksy. The work will be offered in Sotheby’s Contemporary Art Evening Auction on May 12 in New York, Esquire reported. Bidding for the work,