AGL 38.50 Increased By ▲ 0.93 (2.48%)
AIRLINK 132.00 Decreased By ▼ -0.50 (-0.38%)
BOP 5.60 Decreased By ▼ -0.04 (-0.71%)
CNERGY 3.84 Increased By ▲ 0.07 (1.86%)
DCL 8.67 Decreased By ▼ -0.20 (-2.25%)
DFML 40.80 Decreased By ▼ -0.20 (-0.49%)
DGKC 88.71 Decreased By ▼ -1.45 (-1.61%)
FCCL 35.20 Increased By ▲ 0.12 (0.34%)
FFBL 66.49 Decreased By ▼ -0.01 (-0.02%)
FFL 10.47 Increased By ▲ 0.32 (3.15%)
HUBC 109.50 Increased By ▲ 3.10 (2.91%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.81 Decreased By ▼ -0.05 (-1.03%)
KOSM 7.07 Increased By ▲ 0.22 (3.21%)
MLCF 42.50 Increased By ▲ 0.70 (1.67%)
NBP 59.47 Increased By ▲ 0.89 (1.52%)
OGDC 184.00 Increased By ▲ 2.75 (1.52%)
PAEL 25.60 Decreased By ▼ -0.10 (-0.39%)
PIBTL 5.90 Increased By ▲ 0.07 (1.2%)
PPL 147.50 Decreased By ▼ -0.90 (-0.61%)
PRL 23.51 Increased By ▲ 0.29 (1.25%)
PTC 16.45 Increased By ▲ 1.21 (7.94%)
SEARL 69.28 Increased By ▲ 0.49 (0.71%)
TELE 7.25 Increased By ▲ 0.01 (0.14%)
TOMCL 35.80 Decreased By ▼ -0.20 (-0.56%)
TPLP 7.55 Increased By ▲ 0.15 (2.03%)
TREET 14.19 Decreased By ▼ -0.05 (-0.35%)
TRG 50.80 Decreased By ▼ -0.05 (-0.1%)
UNITY 26.83 Increased By ▲ 0.43 (1.63%)
WTL 1.22 Increased By ▲ 0.01 (0.83%)
BR100 9,820 Increased By 52.7 (0.54%)
BR30 29,792 Increased By 391.6 (1.33%)
KSE100 92,373 Increased By 435.5 (0.47%)
KSE30 28,829 Increased By 85.3 (0.3%)
Business & Finance

Sotheby's to accept bitcoin, ethereum for Banksy auction

  • 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.
  • Coinbase said its partnership with Sotheby's could pave the way for further adoption of cryptocurrency across the bidding house's auctions.
Published May 4, 2021

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 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 US companies and financial firms.

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

A digital artwork - "Everydays - The First 5000 Days" by American artist Mike Winkelmann who is better known as Beeple - sold for nearly $70 million at Christie's in March, in the first ever sale by a major auction house of a piece of art that does not exist in physical form.

Coinbase said its partnership with Sotheby's could pave the way for further adoption of cryptocurrency across the bidding house's auctions.

Comments

Comments are closed.