Sotheby’s to accept bitcoins for auction

(Reuters) – Sotheby’s will accept bitcoin and ethereum, two cryptocurrencies, as payment for “Love is in the Air”, a work by Banksy that it will auction next week in New York.

This is the first time that cryptocurrencies will be admitted at an auction of a physical work of art.

The purchase price of Banksy’s work is estimated at between $ 3 million and $ 5 million, the auction house said in a statement on Tuesday.

For this sale, Sotheby’s has partnered with the cryptocurrency exchange platform Coinbase Global. She said in a blog that she would help manage price fluctuations.

Last month, bitcoin hit an all-time high, nearly $ 65,000, breaking new ground towards widespread acceptance by both the general public and the financial world.

Cryptocurrencies have already established themselves in the digital art world: the artwork “Everydays – The First 5000 Days” by American artist Mike Winkelmann, better known as Beeple, has been sold for nearly $ 70 million at Christie’s in March.

This was the first sale ever by a major auction house of a work of art that does not exist in physical form.

(Praveen Paramasivam in Bangalore; French version Federica Mileo, edited by Jean-Stéphane Brosse)

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