traditional auction house Sotheby’s . artwork has been sold Evening auction now. There were two works of street artist Banksy: “Love in the Air” and “Trolley Hunters”. What sets the auction apart is not only that Banksy has remained anonymous to this day, but also that his works can be offered on Ethereum (ETH). However, the bidders clearly found this difficult. Amounts are often shown in US dollars, which the seller then converted. An offer of $6,650,000 USD caused a chuckle. It was obvious that the transformation team was confused for a moment because apparently only a thousand steps had been prepared “only” .
Although payments with Bitcoin, Ether and USDC have also been possible for some time now, you usually bid for your treasures at the New York auction house in US dollars and in a successful auction you get not digital but physical works. Sotheby’s rival recently showed that there is another way Christie’s It was displayed when Beeple’s work “HUMAN ONE” was sold simultaneously as a physical stature and a non-fungible token (NFT) at Christie’s, as BTC-ECHO previously reported on November 11.
Sotheby’s is in transition
Now Sotheby’s, Christie’s biggest competitor, is taking another big step into the crypto space. And not without reason, because blockchain technology and cryptocurrency offer artists, distributors, and administrators completely new business models and options. In this way, artists can encode their artwork, which makes it possible to create original works in the digital space: the key word is NFT. This way they secure their income from business for a long time. Sotheby’s auction house has already had a curated fair with auctions in its Metaverse in October. Among other things, NFTs “CryptoPunk” and “Bored Ape Yacht Club” have been sold for millions.
Banky’s Auctioned Love is in the Air and Trolley Hunters sold for ETH 1,397 and ETH 1,696 respectively. These are 5,600,000 and 6,800,000 US dollars, respectively. The artwork “Love is in the Air” shows a demonstrator throwing a bouquet of flowers. Trolley Hunters (shown as cover) features three hunters in scattered outfits. Apparently their prey was three carts away. In light of the current Brexit situation in Great Britain caused by empty supermarket shelves, Banksy’s work once again reflects the ravages of time – even though the art is already 15 years old. Surprisingly, that painting that sold for less than love is in the artwork in the air.
Not giving an opinion
This article was published on November 12. Updated and verified for republishing.
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