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Sotheby’s Crypto debut

Sotheby's Crypto debut

Sotheby, an auction giant, is ready to accept BTC and ETH for payments. The company wants to take this ahead through a partnership with Coinbase, one of the largest Cryptocurrencies in the United States. The CEO said that Bitcoin and Ether would be the next steps for Sotheby’s Crypto adoption after the firm debuted NTF earlier this year.


According to the CEO, the company has been thinking about it for quite some time. He also elaborated that the company’s latest move can bring the next steps of exploring Crypto payments for physical art. Coinbase will support the payment estimated in the 8 figure range through a bespoke solution.

It is a big and old auction house. Sotheby has announced that it will accept major cryptocurrencies at the upcoming auction. According to Charles Stewart, the CEO company will debut Bitcoin and Ether payments as a part of the forthcoming auction of Banksy’s “Love in the Air”.


“Love is in the Air” is an iconic protest-themed artwork done by an England-based artist Banksy. Moreover, the work is estimated to be worth between $3 million and $5 million. The company has featured an opportunity to pay the amount using Crypto.

Cointelegraph


According to Cointelegraph’s previous report, these Global auction houses have been moving into the Crypto industry more aggressively in recent months. For example, a British Auction House announced in February about all the NFT auctions of Mike Winkleman’s digital artwork. This auction, however, resulted in a record-setting NFT sale with a net value of nearly $70 million.

Christie also sold a bitcoin-themed art piece and NFT in October 2020 for over $130,000. However, this announcement comes amid a significant Altcoin rally, with Ether setting a new all-time high above $3,500 on Tuesday. However, this is not Sotheby’s first foray into the world of Crypto.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.