It's official: Sotheby’s now also accepts payments in cryptocurrencies and, in particular, in Bitcoin (BTC) and Ethereum (ETH).
In fact, the official website of the famous auction house has even published an FAQ page specifically dedicated to cryptocurrencies.
For the moment, just Banksy'S Love is in the Air is for sale and it will only be possible to pay in cryptocurrencies using third-party wallets managed by Coinbase, Coinbase Custody, Gemini, Paxos and Fidelity Digital Assets Services. In other words, it will not be possible to make payments in cryptocurrencies from proprietary wallets.
To pay with cryptocurrencies, it will be necessary to provide the wallet information before the sale, most likely, problems with anti-money laundering regulations will be avoided.
This service is offered by Sotheby’s in association with Coinbase Commerce, and in this sense the company says:
“The decision to accept cryptocurrencies through Coinbase Commerce marks an important next step for Sotheby's, as it aims to continue to lead the fine arts market in the adoption of cryptographic technology, as well as to reinvent and expand the possibilities of a house of auctions ”.
Sotheby’s experiments with Bitcoin
The first work to be sold in this way was not chosen at random. In fact, the choice fell on "One of the most notable disruptors in the art world", Banksy, to be next to "The biggest disruptor in finance" , that is, Bitcoin.
The auction will take place on May 12 in New YorkIt will be made in US dollars and it is estimated that it will reach between 3 and 5 million.
Sotheby’s also adds that this project actually paves the way for greater adoption of cryptocurrencies in its auctions, although it should still be considered an experiment.
The auction house is not new to the world of cryptocurrencies, having already successfully sold crypto artist Pak's NFT collection “The Fungible” to many buyers who bought at Sotheby’s for the first time in their lives.
The objective of the auction house is precisely this: to use new solutions to open up to a new generation of collectors accustomed to digital evolution.
Sotheby’s CTO, commented:
“With the increasing adoption of digital art and NFT, along with our increased focus on digital innovation, we have seen a growing appetite among collectors for more fluid payment options when doing business with Sotheby’s.
Leveraging the Coinbase trust exchange is a natural progression and is in line with our dedication to improving our customers' shopping experience and developing new ways to expand our customer base by finding them where they are. ”