Last Updated on June 8, 2021 by Jason
Phillips, a British auction house, plans on accepting Bitcoin as payment in the upcoming auction of Banksy, whose art in the auction is estimated to be worth as much as $4.1 million.
Bidding will be done in Hong Kong dollars, but the winner will have the choice of paying either in crypto, or in traditional currency. The art in question is a monkey that has a sandwich board around its neck which says, ‘laugh now, but one day we’ll be in charge.’
Being able to pay in crypto for the auction is a result of more and more clients wanting to do so. The exchange rate for Bitcoin is going to be referenced using Coinbase, with the seller bearing the risk of any volatility that may occur.
Sotheby’s and Christie’s are also offering their clients the option of paying in crypto, as auction houses continue to look for ways for their clients to pay for expensive artwork through non-traditional means.