{"id":223371,"date":"2022-03-08T04:00:49","date_gmt":"2022-03-08T04:00:49","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=223371"},"modified":"2022-03-08T00:28:24","modified_gmt":"2022-03-08T00:28:24","slug":"this-70-million-art-could-be-paid-for-in-bitcoin-or-ethereum","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/this-70-million-art-could-be-paid-for-in-bitcoin-or-ethereum\/","title":{"rendered":"This $70 million art could be paid for in Bitcoin or Ethereum"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Phillips, one of the leading auction houses in the United States, has revealed that it is willing to accept payment in <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> or <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> for the upcoming auction of Jean-Michel Basquiat's artwork collection in May.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Per available information, the collection, dubbed Untitled, 1982, is a 16-foot <\/span><a href=\"https:\/\/www.phillips.com\/basquiat\"><span style=\"font-weight: 400;\">painting<\/span><\/a><span style=\"font-weight: 400;\"> that was \u201cexecuted in 1982, the watershed year which shot the artist to international stardom, this extraordinary work is from a small series created in Modena, Italy.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The collection is estimated to be worth roughly $70 million \u2014making it one of the most expensive art collections in history.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to a Senior International Specialist of 20th Century & Contemporary Art from Phillips, Scott Nussbaum, buyers are increasingly interested in using crypto to pay for traditional artworks.<\/span><\/p>\n<blockquote><p>&#8220;The interest in cryptocurrency and NFTs from the traditional art world is growing rapidly. And though it's impossible to predict the future, we believe the intersection of the digital and traditional art world will only continue to flourish.&#8221;<\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Although this payment option is currently available for only this Basquiat collection, Nussbaum noted that Phillips could extend its crypto adoption on other artworks at some other times as the acceptance of crypto payment \u201cwill only continue to increase.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, Philips is one of the earliest auction houses to accept crypto payments. The famed auction house accepted around $3 million worth of crypto for an auctioned Banksy piece in 2020.<\/span><\/p>\n<h2><b>Auction houses and crypto<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As crypto goes mainstream, one of the few industries that have fully embraced the digital asset payment method are auction houses which are not only accepting it as payment but are also auctioning NFTs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Last year, <\/span><i><span style=\"font-weight: 400;\">CryptoSlate<\/span><\/i> <a href=\"https:\/\/cryptoslate.com\/sotheby-rakes-100-million-profit-from-nft-auctions\/\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\"> that Sotheby\u2019s stated that 78% of the bidders at its NFT auctions were first-timers. Apart from that, the auction house also revealed that it made around $100 million. Sotheby\u2019s helped to auction rare diamonds and the 1st constitution of the United States of America.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The auction house was recently<\/span><a href=\"https:\/\/cryptoslate.com\/sothebys-to-auction-104-cryptopunks-nfts-for-an-estimated-20-30-million\/\"><span style=\"font-weight: 400;\"> in the news<\/span><\/a><span style=\"font-weight: 400;\"> after a failed auction of 104 CryptoPunk NFTs because the owner pulled out of the auction at the last minute.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another auction house that has <\/span><a href=\"https:\/\/cryptoslate.com\/christies-net-150-million-in-nft-sales-dominated-by-beeple\/\"><span style=\"font-weight: 400;\">fully embraced<\/span><\/a><span style=\"font-weight: 400;\"> the nascent crypto industry is Britain-based Christie\u2019s, which also recorded six-figure sales for the auctions of NFTs and others in 2021.<br \/>\n<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The auction house was behind the auction of Beeple\u2019s EVERYDAY series and HUMAN ONE, which both sold for record fees of $69 million and $29 million, respectively.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Phillips, one of the leading auction houses in the United States, has revealed that it is willing to accept payment in Bitcoin or Ethereum for the upcoming auction of Jean-Michel Basquiat&#8217;s artwork collection in May. Per available information, the collection, dubbed Untitled, 1982, is a 16-foot painting that was \u201cexecuted in 1982, the watershed year [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":223488,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,60208],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>This $70 million art could be paid for in Bitcoin or Ethereum<\/title>\n<meta name=\"description\" content=\"An auction house in the United States, Phillips, has stated that it would be accepting payment in Bitcoin and Ethereum for an artwork.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/this-70-million-art-could-be-paid-for-in-bitcoin-or-ethereum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"This $70 million art could be paid for in Bitcoin or Ethereum\" \/>\n<meta property=\"og:description\" content=\"An auction house in the United States, Phillips, has stated that it would be accepting payment in Bitcoin and Ethereum for an artwork.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/this-70-million-art-could-be-paid-for-in-bitcoin-or-ethereum\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-08T04:00:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-08T00:28:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/art-bitcoin-ethereum.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/this-70-million-art-could-be-paid-for-in-bitcoin-or-ethereum\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/this-70-million-art-could-be-paid-for-in-bitcoin-or-ethereum\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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