For the first time, Sotheby's auction holds bids in cryptocurrency
November 18, 2021 marks the nearly 400-year history of Sotheby's, one of the world's four oldest auction houses. Two paintings by contemporary underground artist Banksy were sold for 3093 ETH as separate lots during an auction.
This is the first time in Sotheby's history that a sale was made for cryptocurrency.
The Trolley Hunters and Love Is In The Air (2006) paintings were initially expected to bring in $5-7 million and $4-6 million, respectively, so the estimate has played out well. Both paintings were sold for a total of 3,093 ETH, equivalent to over $15 million converted to U.S. dollars at the current exchange rate of ETH to USD.
The practice of offering lots priced in cryptocurrency still shows Sotheby's desire to keep up with the times and not ignore the latest trends. For example, in October, the auction house launched the Sotheby's Metaverse virtual gallery for live NFT auctions. According to the auction house, it will become a platform for NFT artists and graphic designers, and collectors interested in art assets based on various blockchains.