Top Sotheby's Auction House Admits Cryptocurrency For Physical Art Through Coinbase

Sotheby's, the world's largest auction house, is on the verge of accepting cryptocurrencies for physical art. The first auction to accept bitcoin and ether was an image of Banksy's Love in the Air at the Contemporary Art Evening Auction. The coin is estimated to be sold for between $ 3 million and $ 5 million. Sotheby's accepts Bitcoin, and Ether Sotheby's announced on Tuesday that it will accept cryptocurrencies through Coinbase. This is the first time cryptocurrencies have been accepted for physical art payments, according to the auction house. Founded in 1744, Sotheby's has defined itself as the world's largest market for art and luxury. With a network of experts spanning 40 countries and 44 divisions, "we run more than 600 auctions a year and offer a variety of cross-category items that can be bought instantly with digital and physical shopping experiences and special sales." the website says. . Artprice.com chooses Sotheby's as the number one auction house in terms of sales, followed by Christie's. Sotheby's CEO, Charles Stewart, confirmed on CNBC for the first time on Tuesday that cryptocurrencies have been accepted as payment for physical artwork and we are very happy to make this possible. He admitted: "This is something we've been thinking about for a while." "We made our first NFT [non-exchangeable token] sale a few weeks ago. We had more than 3,000 bidders and participants on this sales round. Stewart said the popularity of the sale" made us really think we should take the next step and explore crypto acceptance as payment for physical art Coinbase announced on Tuesday that Sotheby's will use Bitcoin and Ethereum. Banksy's Love is the Air image was selected at the Contemporary Art Night auction and as Coinbase Commerce integration partner. Will be sold for between $ 5 million.CR listed on Nasdaq

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