Revolutionizing the Art Auction Scene

Sotheby’s is making waves by accepting Ether (ETH) bids in real-time for its upcoming auction on November 18. The auction, aptly named The Now Evening Auction, features noteworthy pieces from the enigmatic street artist, Banksy, including the controversial Trolley Hunters and the thought-provoking Love Is In The Air.

Why This Matters

This move marks a significant milestone in the art world—a traditional auction house finally embracing cryptocurrency as a mainstream payment option. Sotheby’s boldly claims this will be the first time an auction house accepts cryptocurrency in real time for physical artworks. This might just be the moment when the stuffy art world finally loosens its tie!

What Are the Payment Options?

While the bids will be declared in ETH, winning bidders have some flexibility. They can opt to pay using:

• Ether (ETH)
• Bitcoin (BTC)
• USD Coin (USDC)

Now, you won’t have to sell your soul to pay for your new piece of art. Just a bit of crypto will do!

Sotheby’s Crypto Journey So Far

Though this is quite a notable leap, Sotheby’s isn’t new to the world of digital currencies. The auction house first dipped its toes into the crypto waters back in May, when it accepted Bitcoin (BTC) and Ether (ETH) during a previous Banksy auction. Sotheby’s has also put its money where its mouth is by backing nonfungible token (NFT) projects and even launching its own NFT metaverse platform last October. Is there anything they want to do next? Perhaps optional holograms of the artists?

Competition in the Auction Space

Sotheby’s isn’t alone on this crypto cruise. Other auction houses have jumped on the blockchain bandwagon. For instance, Christie’s became the pioneer by accepting ETH for a CryptoPunks auction last May and even dishing out a jaw-dropping $69 million for Beeple’s The First 5000 Days. Phillips also got in the game, auctioning off Banksy’s Laugh Now Panel A for a cool $3 million in ETH and BTC. Looks like it’s a crypto showdown!

What Lies Ahead

As the art world continues to evolve, the fusion of traditional auction practices with modern technology may just spell more inclusive opportunities for both artists and collectors alike. And who knows? Your next art investment could very well come straight from a digital wallet.