Banksy's "Love in the Air", offered at Sotheby's with an estimate of between US$3 million and US$5 million, will accept cryptocurrency.
Courtesy of Sotheby'sSotheby’s will accept cryptocurrency for Banksy’s Love in the Air, which is expected to fetch between US$3 million and US$5 million at its evening auction of contemporary art on May 12 in New York.
This is the first time cryptocurrency, including Bitcoin and Ethereum, will be accepted as a payment for a physical artwork by a fine art auction house, Sotheby’s said.
“With the growing adoption of digital art and NFTs, along with our increased focus on digital innovation, we’ve seen an increasing appetite among collectors for more seamless payment options when doing business with Sotheby’s,” Stefan Pepe, Sotheby’s chief technology officer, said in a statement.
This cryptocurrency payment option will be made possible in a collaboration with Coinbase, one of the world’s largest cryptocurrency exchanges.
In April, Sotheby’s debuted “The Fungible Collection,” its first NFT (non-fungible token) sale in collaboration with digital artist Pak, which realized a total of US$16.8 million.
Sotheby’s worked with the consignor, whose identity was not disclosed, of Banksy’s Love is in the Air to offer this new payment option, “given the artist’s history as the preeminent disruptor of the art world paired with cryptocurrency as the leading disruptor in finance,” the auction house said.
Love in the Air, created in 2005 with spray paint and oil on canvas, is one of the British artist’s most iconic images, chosen to be illustrated in his monograph from the same year, Wall and Piece. The painting depicts an archetypal protester preparing to hurl a brick or bomb toward an unseen foe, but his projectile is replaced with a bunch of hand-painted flowers.
The painting was acquired by the consignor from Lazarides Gallery in London in 2006, and Sotheby’s sale will mark its first appearance at auction.
“Sotheby’s honors Banksy’s legacy by pairing this signature painting with an innovative and first-of-its-kind payment solution to open the sale to a new generation of collectors who are as accustomed to digital evolution as they are to Banksy’s activist art,” the auction house said.
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Sotheby’s to Accept Cryptocurrency for Banksy’s ‘Love in the Air’ - Barron's
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