Auctioneers Sotheby’s said on Tuesday it would accept Bitcoin and Ethereum as payment for an iconic Banksy artwork set to go under the hammer, a first for a physical art auction and the latest sign of growing mainstream acceptance of cryptocurrencies.
Bidding for the work “Love is in the Air” is estimated at $3 million (€2.5 million) to $5 million (€4.2 million), Sotheby’s said, with the buyer having the option to pay with cryptocurrency.
The auction house has tied up with cryptocurrency exchange Coinbase Global Inc for the sale. In a blog post, Coinbase said it would help manage price fluctuations during the auction in New York next week.
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Bitcoin hit a record high just shy of $65,000 (€54,000) last month, the latest landmark on the emerging asset’s march to wider acceptance. Its gains have been fueled by growing acceptance among major U.S.