Auctioneer inclined to sell $70M artwork for BTC or ETH

March 7, 2022

Institutional Adoption of CryptoCurrency

In additional indications of crypto adoption among the art world, a prominent United States auction house will take crypto as payment for a sequel of paintings. A Jean-Michel Basquiat compilation is up for auction by Phillips, with Bitcoin (BTC) and Ethereum (ETH) detailed as payment options. The main attraction is a 16-foot painting which is untitled, 1982, is totalled in the region of $70 million which is roughly 1650 BTC or 25,513 ETH.

Senior International Specialist, Scott Nussbaum, 20th Century & Contemporary Art from Phillips said that they are enthusiastic about the choice of digital currency as a method of payment for traditional paintings. Nussbaum said that the interest in digital currency and NFTs from the conventional art world is thriving quickly. And yes it is quite difficult to foresee the future, they believe the crossing of digital and traditional art worlds will only continue to prosper.

In November of the last year, rival auctioneers Sotheby’s took ETH proposals in real-time for a Banksy auction. In May of 2021, Sotheby’s partnered with Coinbase to regulate auctions in Bitcoin and Ether before taking charge of crypto payments in-house. Nussbaum in short says the fashion for virtual currencies in the art realm, explaining that many new collectors are very immersed in digital currency.

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