• Phillips Auction House to Accept Crypto for Millions in Banksy Artwork

  • The 225-year-old auction house joins larger rivals Christie’s and Sotheby’s in accepting cryptocurrency payments.

    In an upcoming auction of Banksy’s “Laugh Now Panel A,” estimated to be worth between $2.8 million and $4.1 million, British auction house Phillips will take ether (ETH, +2.1 percent ) and bitcoin (BTC, -0.71 percent ).

    The auction will be conducted in Hong Kong dollars, with the winner having the option of paying in either dollars or cryptocurrency.A monkey wearing a sandwich board with the words “Laugh now, but one day we’ll be in charge” is depicted in Banksy’s artwork for sale. According to Phillips Asia chairman Jonathan Crockett, the possibility to pay in cryptocurrency at the auction on Tuesday is a direct answer to a great number of enquiries from the auction house’s clientele.

    Crockett further stated that on the day of the auction, the exchange rates of bitcoin, ether, and Hong Kong dollars will be referenced from U.S. crypto exchange Coinbase, with the seller bearing the risk of Hong Kong dollar to bitcoin fluctuation. Phillips joins Christie’s and Sotheby’s in allowing customers to pay in cryptocurrency for high-end artworks featured on their platforms. The move is part of a rising trend among auction houses to raise money in unconventional ways. The 225-year-old auction business, which has headquarters in London and New York, was formed in 1976 by Harry Phillips, a clerk for auctioneer James Christie.

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