Sotheby’s is jumping in on the crypto craze.
The 277-year-old luxury auction house said it will accept bitcoin and ether, the digital token of the Ethereum blockchain, for payment in its auction next week of Banksy’s “Love is in The Air” masterpiece.
Sotheby’s said in a statement that it’s the first time a major auction house will accept cryptocurrency as payment for a physical piece of art.
“Fittingly, the pairing brings together the biggest disruptor in finance with one of the most notable disruptors in the art world – Banksy,” Sotheby’s wrote in a statement Tuesday.
Sotheby’s said it partnered with crypto exchange Coinbase to facilitate bidding, which is estimated at $3 million to $5 million.
The auction house began to flirt with the crypto world in March, when it announced that it would auction off a series of non-fungible tokens, or NFTs, which are digital assets that represent ownership of virtual items like art and sports memorabilia.