Sotheby’s to accept bitcoin, ethereum for Banksy auction – Reuters

SourceReuters
SectorFinancial Markets
CountryMiddle east

Sotheby’s said on Tuesday it would accept bitcoin and ethereum as payment for Banksy’s iconic artwork “Love is in the Air”, a first for a physical art auction and the latest sign of growing mainstream acceptance of cryptocurrencies.

Bidding for the work is estimated at $3 million to $5 million, Sotheby’s said, with the buyer having the option to pay with cryptocurrency.

The auction house has tied up with cryptocurrency exchange Coinbase Global Inc (COIN.O) for the sale. Coinbase said in a blog it would help manage price fluctuations during the auction in New York next week.

Bitcoin hit a record high just shy of $65,000 last month, the latest landmark on the emerging asset’s march to wider acceptance. Its gains have been fueled by growing acceptance among major U.S.

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Cryptocurrencies have already made a mark in the world of digital art.

A digital artwork – “Everydays – The First 5000 Days” by American artist Mike...read more...