Sotheby’s crypto-based art auction has raked in a whopping $13 million.
Banksy’s iconic protest artwork “Love is in the Air” was sold by Sotheby on Wednesday. As reported by BTC PEERS, Sotheby, a prominent auction house, had earlier announced that it would accept Bitcoin in the upcoming Bansky auction.
According to Sotheby, the physical artwork sold for $12.9 million after a 14-minute bidding battle among four entities. The value at which the piece of art sold is significantly higher than Sotheby’s initial estimate of $3 million to $5 million. The physical artwork was sold at a Contemporary Art Evening Auction, which also featured a piece from Jean-Michel Basquiat that sold for almost $51 million.
Sotheby asserts that the auction marks a significant turning point in the arts industry as this is the first time that cryptocurrency will be accepted as a payment option for a piece of physical artwork. The auction house said:
“The funds must be sent from an approved wallet or exchange, including Coinbase, Coinbase Custody Trust, Fidelity Digital Assets Services, Gemini, or Paxos.”
The bidders were able to pay using either Bitcoin or Ethereum, thanks to a partnership with Coinbase Commerce. However, it is still unclear whether the winning bidder paid with cryptocurrency.