Sotheby’s sold Banksy’s work “Love is in the Air” for $12.9 million. The auction house noted that this was its first experience organising sales of a physical artwork with the option to pay in cryptocurrency.
#AuctionUpdate: Following a 14-minute bidding battle between 4 bidders, Banksy’s iconic protest image ‘Love is in the Air’ achieves $12.9 million. The sale marks the first time #cryptocurrency was accepted as a payment option for a physical artwork. #Banksy pic.twitter.com/uKIYeUu3IU
— Sotheby’s (@Sothebys) May 12, 2021
The Banksy painting was presented at Sotheby’s Evening Sale of Contemporary Art. The event also featured Jean-Michel Basquiat’s Versus Medici, which sold for nearly $51 million.
“Love is in the Air” were preliminarily valued at $3-5 million. Bids were accepted in US dollars, Bitcoin and Ethereum. Coinbase was the house’s partner.
For 14 minutes, four potential buyers contended for the painting. Organisers did not specify whether the auction winner paid in cryptocurrency or fiat.
In June, Sotheby’s will auction one of the oldest non-fungible tokens (NFT) — Quantum by Kevin McCoy.
In April, the organizers held their first NFT auction. The event showcased works by the digital artist Murat Pak.
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