• For the Banksy auction, Sotheby’s will accept ETH bids in real time

  • Sotheby’s, the prestigious auction house, has announced that it will accept Ethereum (ETH) bids in real time for its Nov. 18 auction, which will include works by renowned street artist Banksy.

    Sotheby’s claims that this will be the first time an auction house has accepted cryptocurrency as a standard currency for payment in a physical work of art auction in real time. The ‘The Now Evening Auction’ includes Banksy’s Trolley Hunters and Love Is In The Air.

    Despite the fact that the bidding prices will be announced in ETH, winning bidders will have the option of paying for the works in Ether, Bitcoin (BTC), or USD Coin (USDC).

    Sotheby’s first accepted Bitcoin and Ethereum as payment for a Banksy auction in May. It has financially supported NFT projects, including seed funding for the NFT studio and the blockchain technology platform Mojito. In October, it also launched a Metaverse-themed NFT platform with curators including Pranksy, PleasrDAO, Paris Hilton, and others.

    However, Sotheby’s is not the only auction house involved in cryptocurrency and blockchain.

    Christie’s, a competitor auction house, was the first to accept ETH as payment in a CryptoPunks auction last May. Christie’s also famously sold Beeple’s The First 5000 Days for more than $69 million.

    In its auction for Banksy’s Laugh Now Panel A, which sold for more than $3 million last June, the Phillips auction house accepted ETH and BTC.

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