Sotheby announces integration of crypto while accepting payments towards the settlement of auction purchases. Becomes partners with the recently turned decentralized firm into a public listed crypto firm, Coinbase for introducing crypto payment mechanism. The first auction sale to take place based on Ethereum and Bitcoin is reported to be the image of “Banksy’s Love in the air” which is going to be sold in an auction scheduled for the next event of Contemporary Art Evening Auction. The world’s leading auction house estimates the value of art pieces ranging between 3 to 5 million dollars.
In the field of selling contemporary art pieces in physical form, Sotheby is regarded as the world’s leading brand name. It is currently the world’s biggest and most successful auction house, which has sold billions of dollars’ worth of art pieces in the past.
As per the new announcement of Sotheby, it has been informed that the auction house has integrated crypto. The induction of crypto has been done for selling art pieces based on digital assets as well. While the primary mode of accepting payments in fiat currency, yet the buyers now have the option to pay in crypto as well. It has been further informed by Sotheby that for receiving payments in crypto, the auction has collaborated with Coinbase.
Coinbase too has recently converged itself into a public listed crypto firm that is registered with the NASDAQ index.
However, it has been specifically told by Sotheby that the auction house will receive crypto payments in either Ethereum or Bitcoin. Other than these two crypto assets, no other crypto will be accepted as payments against any art piece purchase. In addition, crypto payments will be accepted towards the physical sale of art pieces, excluding Non-Fungible Tokens (NFTs).
If one looks at the history of Sotheby, a person would realize that it is one of the longest living auction houses in the world. It was established back in the year 1744 and, at present, has a network spreading over more than 40 different countries worldwide. It has to its credit successfully concluding auctions exceeding 600 in numbers per annum. With respect to its annual turnover, Sotheby’s auction house is ranked at number one spot by Artprice.com.
CEO of the auction house, Charles Stewart was speaking to the CNBC channel lately. During the discussion with CNBC, Stewart apprised that having crypto on board is the first time in the history of the auction house. He said that he and the entire team of Sotheby are full of enthusiasm to be a part of the crypto space. He apprised that it was a dire wish of the auction house to join the crypto industry but it was waiting for the right time.
Stewart was of the view that the auction house has more than 3000 bidders across the world. He suggested that with Sotheby’s sale services coupled with a huge number of bidders, the company is in a position to promote crypto adoption.
The first crypto-based auction is to take place during the upcoming event of Contemporary Art Evening Auction. Up for sale in the event is the contemporary art piece relating to an image known as “Banksy’s Love in the air”. The auction house is obvious that it is capable of selling the art piece for an amount of between US$ 3 to 5 Million.