The well-known Phillips Auction House has announced the company plans to accept cryptocurrency for the first time in a physical art auction set for June 7-8. Phillips will be auctioning a world-famous piece of artwork called the â€œLaugh Now Panelâ€ created by the anonymous street artist Banksy.
â€˜Laugh Nowâ€™- Phillips to Accept Cryptocurrency at a Banksy Auction in June
Whether Banksy likes it or not, his artwork has been tied to blockchain technology and sold for crypto assets in recent times. Additionally, the infamous street artistâ€™s work was even burned after it was transferred into a non-fungible token asset. The NFT sold for more money in an auction than the physical piece itself. Phillips Auction House has decided to accept cryptocurrency for the first time during a Banksy auction on May 7-8.
Phillipsâ€™ entry into the crypto space is a bit behind, in comparison to world-renowned auction houses Christieâ€™s and Sothebyâ€™s. In fact, Sothebyâ€™s announced last week it was auctioning a physical piece of artwork created by the notorious Banksy.
Sothebyâ€™s detailed on Tuesday that it would leverage the exchange Coinbase in order to sell Banksyâ€™s â€œLove is in the Airâ€ image. The â€œLove is in the Airâ€ print has an estimated worth of around $3-5 million. The Banksy possessed by Phillips is the street artistâ€™s famous print called the â€œLaugh Now Panel.â€
Banksyâ€™s art â€œLaugh Nowâ€ contains a picture of a monkey in the artistâ€™s signature monochrome stenciled style. The monkey is wearing a sandwich board around his neck and it says: â€œLaugh now, but one day weâ€™ll be in charge.â€
According to Phillips, the â€œLaugh Now Panelâ€ created by Banksy has an estimated worth of around $2.8 to $4.1 million. The art panel is also on tour right now in Beijing, Shanghai, Shenzhen, Taipei, Taichung, and Hong Kong ahead of the June auction.
The First Major Auction House in Asia Accepting Bitcoin and Ether
â€œThis marks the first time a major auction house in Asia will accept Bitcoin or Ether as a payment option for a physical work of art,â€ Phillips announcement says. Banksy has been a disruptor in the art world with his distinctive oeuvre characterized by dark humor, satire, and political commentary,â€ the companyâ€™s announcement stresses.
Phillips further says:
The Banksy auction follows Phillips getting into the non-fungible token art space when it sold Mad Dog Jonesâ€™ multi-generational NFT, REPLICATOR for over $4 million. Like Sothebyâ€™s, the Asian auction house Phillips will leverage Coinbase as well to conduct the crypto transaction settlement.
The auction of â€œLaugh Nowâ€ will be conducted in Hong Kong dollars and then the buyer will have the option to choose to pay via the crypto exchangeâ€™s payment service.
What do you think about Phillips accepting cryptocurrency for the Banksy art auction this June? Let us know what you think about this subject in the comments section below.
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