{"id":248538,"date":"2021-05-13T11:50:00","date_gmt":"2021-05-13T08:50:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sothebys-crypto-powered-auction-sells-banksy-art-for-13m\/"},"modified":"2021-05-13T11:50:00","modified_gmt":"2021-05-13T08:50:00","slug":"sothebys-crypto-powered-auction-sells-banksy-art-for-13m","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sothebys-crypto-powered-auction-sells-banksy-art-for-13m\/","title":{"rendered":"# Sotheby\u2019s crypto-powered auction sells Banksy art for $13M"},"content":{"rendered":"

“# Sotheby\u2019s crypto-powered auction sells Banksy art for $13M <\/strong>”<\/p>\n

Major auction house Sotheby\u2019s has completed its cryptocurrency-enabled auction offering Banksy\u2019s iconic protest artwork \u201cLove is in the Air.\u201d<\/p>\n

According to the auction results, Sotheby\u2019s sold<\/a> the physical artwork on Wednesday for $12.9 million, significantly up from from originally estimated of $3 million to $5 million. The physical artwork was offered<\/a> at a Contemporary Art Evening Auction that also featured \u201cVersus Medici\u201d by Jean-Michel Basquiat selling<\/a> for nearly $51 million.<\/p>\n

Sotheby\u2019s announced<\/a> on Twitter<\/a> that the auction involved a 14-minute bidding battle between four entities. The auction house emphasized that the sale marks the first time cryptocurrency was accepted as a payment option for a piece of physical artwork.<\/p>\n

According to the auction lot page, the bidders were able to pay using two major cryptocurrencies \u2014 Bitcoin (BTC) and Ether (ETH) \u2014 through Sotheby\u2019s partnership with Coinbase Commerce.<\/p>\n

\u201cThe funds must be sent from an app<\/a>roved wallet or exchange, including: Coinbase, Coinbase Custody Trust, Fidelity Digital Assets Services, Gemini, or Paxos,\u201d the auction house noted.<\/p>\n

Source: Sotheby\u2019s<\/em><\/figcaption><\/figure>\n

Sotheby\u2019s did not specify whether the winning bid or any participating bids in the auction have actually involved cryptocurrency. The company did not immediately respond to Cointelegraph\u2019s request for comment.<\/p>\n

As previously reported, Sotheby\u2019s officially announced its plans to accept cryptocurrency as part of Banksy\u2019s artwork auction last week in a move to further explore cryptocurrency payments after debuting nonfungible tokens, or NFTs earlier this year. On May 6, Sotheby\u2019s announced<\/a> another NFT auction called \u201cNatively Digital: A Curated NFT Sale.\u201d Scheduled to take place between June 3 and June 10, the sale will feature a digital object from iconic NFT collection CryptoPunks.<\/p>\n

This comes shortly after New York-based auction house Christie\u2019s sold nine CryptoPunks tokens for nearly $17 million combined. The company previously auctioned Mike Winkelmann\u2019s digital artwork \u201cEverydays: The First 5000 Days\u201d in March, netting almost $70 million for the piece.<\/p>\n<\/div>\n