{"id":412967,"date":"2022-03-07T11:15:00","date_gmt":"2022-03-07T08:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/auctioneer-willing-to-sell-70m-artwork-for-btc-or-eth\/"},"modified":"2022-03-07T11:15:00","modified_gmt":"2022-03-07T08:15:00","slug":"auctioneer-willing-to-sell-70m-artwork-for-btc-or-eth","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/auctioneer-willing-to-sell-70m-artwork-for-btc-or-eth\/","title":{"rendered":"# Auctioneer willing to sell $70M artwork for BTC or ETH"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3a1ca5e6ab7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3a1ca5e6ab7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/auctioneer-willing-to-sell-70m-artwork-for-btc-or-eth\/#%E2%80%9D_Auctioneer_willing_to_sell_70M_artwork_for_BTC_or_ETH_%E2%80%9C\" >&#8221; Auctioneer willing to sell $70M artwork for BTC or ETH  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Auctioneer_willing_to_sell_70M_artwork_for_BTC_or_ETH_%E2%80%9C\"><\/span>&#8221; Auctioneer willing to sell $70M artwork for BTC or ETH  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-128018ef>In further signs of crypto adoption among the art world, a leading United States auction house will accept crypto as payment for a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of paintings. A Jean-Michel Basquiat collection is up for auction by <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.phillips.com\/press\/release\/phillips-to-offer-a-tourdeforce-basquiat-as-the-star-lot-of-the-spring-season\">Phillips<\/a>, with Bitcoin (BTC) and Ethereum (ETH) listed as payment options.<\/p>\n<p>The showstopper 16-foot <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.phillips.com\/basquiat\">painting<\/a>, <em>Untitled<\/em>, <em>1982,<\/em>\u00a0is \u201cestimated in the region of $70 million\u201d (roughly 1650 BTC or 25,513 ETH). It will go under the hammer in New York on May 18th.<\/p>\n<p>Scott Nussbaum, Senior International Specialist, 20th Century &amp; Contemporary Art from Phillips told Cointelegraph that buyers \u201care interested in the option of cryptocurrency as a method of payment for traditional artworks.\u201d <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-03\/b4f210d1-5386-4d5b-aeb1-bacd5eb02abc.jpeg\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>The Baqueirat painting. Source: Phillips\u00a0<\/em><\/figcaption><\/figure>\n<p>Given that \u201cthe beauty of Basquiat is his ability to inspire both seasoned and new collectors,\u201d extending \u201cthe option for buyers to pay in cryptocurrency,\u201d is a deft move. Ultimately, Nussbaum explains, accepting cryptocurrency as payment for other works \u201cwill only continue to increase.\u201d<\/p>\n<p>Nussbaum told Cointelegraph: <\/p>\n<blockquote><p><strong>\u201cThe interest in cryptocurrency and NFTs from the traditional art world is growing rapidly. And though it\u2019s impossible to predict the future, we believe the intersection of digital and traditional art worlds will only continue to flourish.\u201d<\/strong><\/p><\/blockquote>\n<p>It\u2019s not the first time that the auction house has explored cryptocurrency, although the previous sale was an order of magnitude smaller. In June 2020, Phillips <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.phillips.com\/detail\/banksy\/HK010121\/22\">auctioned<\/a> a Banksy piece, Bitcoin and Ether as accepted payments. It sold for roughly $3.2 million.\u00a0<\/p>\n<p>Coincidentally, a price target for the Basquiat of around $70 million is the hammer price for the infamous Beeple NFT auction, which closed in March 2021. Christie\u2019s auction house managed the sale, inspiring further cryptocurrency-related auction house activities. <\/p>\n<p>In November 2021, rival auctioneers Sotheby\u2019s took ETH bids in real-time for a Banksy auction. In May of the same year, Sotheby\u2019s partnered with Coinbase to manage auctions in Bitcoin and Ether before taking charge of crypto payments in-house. <\/p>\n<p><strong><em><u>Related: <\/u><\/em><\/strong><strong><em>The city of Lugano will accept Bitcoin, Tether and LVGA tokens as &#8216;de facto&#8217; legal tender<\/em><\/strong><\/p>\n<p>Nussbaum sums up the fashion for cryptocurrencies in the art world, explaining that \u201cthere are many new collectors who are very engaged in cryptocurrency.\u201d <\/p>\n<blockquote><p><strong>\u201cIt was only a matter of time before it would be of interest as a method of payment.\u201d<\/strong><\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/auctioneer-willing-to-sell-70m-artwork-for-btc-or-eth\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Auctioneer willing to sell $70M artwork for BTC or ETH &#8220; In further signs of crypto adoption among the art world, a leading United States auction house will accept crypto as payment for a series of paintings. A Jean-Michel Basquiat collection is up for auction by Phillips, with Bitcoin (BTC) and Ethereum (ETH) listed&#8230;<\/p>\n","protected":false},"author":1,"featured_media":412968,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvMjk3M2UzZDgtYWE1OS00NzI1LTk1NTItMTkxNDU0NjI5MDI0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74863,74891,74355,116,67880,117,3885],"class_list":["post-412967","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-cryptocurrencies","tag-ethereum","tag-adoption","tag-art","tag-auction","tag-business","tag-new-york"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/412967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=412967"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/412967\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/412968"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=412967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=412967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=412967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}