The renowned auction house Sotheby’s has announced that it will accept bids from Ethereum (ETH) in real time for its auction on November 18, which will include works by the famous street artist Banksy.
Sotheby’s claims this will be the first time an auction house has accepted real-time crypto as the default currency for payment in an auction for a physical work of art. The auction, entitled “The Now Evening Auction”, is offered by Banksys Trolley hunter and Love is in the air.
Although the bid prices are announced in the ETH, the successful bidders have the option to pay for the works either in Ether, Bitcoin (BTC) or USD-Coin (USDC).
Sotheby’s started accepting BTC and ETH as payment for another Banksy auction back in May. It has financially supported NFT projects, including providing seed capital for the NFT studio and the Mojito blockchain technology platform. It also launched a Metaverse-themed NFT platform in October, curated by Pranksy, PleasrDAO, Paris Hilton, and others.
However, Sotheby’s is not the only auction house that deals with crypto and blockchain.
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The competing auction house Christie’s was the first to accept ETH as payment in a CryptoPunks auction last May. Christie’s was also known to be auctioned off by Beeple’s The first 5000 days for over $ 69 million.
The Phillips auction house accepted ETH and BTC in its auction for Banksys Now panel A laugh, which sold for over $ 3 million last June.