{"id":16707,"date":"2021-05-04T17:07:22","date_gmt":"2021-05-04T17:07:22","guid":{"rendered":"http:\/\/ci0282433210032458"},"modified":"2021-05-04T17:07:22","modified_gmt":"2021-05-04T17:07:22","slug":"sothebys-accepting-bitcoin-for-a-banksy","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/culture\/sothebys-accepting-bitcoin-for-a-banksy","title":{"rendered":"Sotheby’s Accepting Bitcoin For A Banksy"},"content":{"rendered":"
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276-year-old fine arts auction house Sotheby\u2019s International is open to bitcoin payments for a Banksy piece<\/a> estimated to fetch $3 million to $5 million during an upcoming sale.<\/p>\n

\u201cWhat better combination to introduce crypto than an iconic Banksy painting,\u201d Sotheby\u2019s CEO Charles Stewart told CNBC<\/a>. The winner of the auction, which will be held on May 12, can choose to pay in USD or ether as well.<\/p>\n

The painting, titled \u201cLove Is In The Air,\u201d is one of Banksy\u2019s best known works and its subject matter, which depicts a masked figure in the midst of throwing a bouquet, has some countercultural overtones that appear to mesh with Bitcoin\u2019s own. <\/p>\n

The ability for Sotheby\u2019s to enable bitcoin payment for the piece is the result of its partnership with cryptocurrency exchange Coinbase. It\u2019s unclear whether the bitcoin paid for the painting would be liquidated or HODL\u2019d.<\/p>\n

\u201cWe have an agreement with the owner of the painting, the consigner of the painting, so that will ultimately be up to them,\u201d Stewart said. \u201cPart of the partnership with Coinbase gives us not only the ability to process the payment, but that possibility [to liquidate it] as well.\u201d<\/p>\n

The announcement is certainly a driver of attention to the auction, but also another indicator of growing mainstream and institutional acceptance of Bitcoin. Recently, age-old institutions like BNY Mellon<\/a> and Morgan Stanley<\/a> have also signaled growing support for Bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"

The legacy fine arts auction house Sotheby\u2019s International would accept bitcoin in exchange for a Banksy painting being auctioned soon.<\/p>\n","protected":false},"author":2705,"featured_media":10025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[74,3051],"class_list":{"0":"post-16707","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-culture","8":"tag-art","9":"tag-sothebys"},"author_data":{"id":2705,"name":"Peter Chawaga","nicename":"peter-chawaga","avatar_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/12\/peterc-96x96.jpg"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/improving_nfts_for_bitcoin_artists.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/16707","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2705"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=16707"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/16707\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/10025"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=16707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=16707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=16707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}