In a CNBC broadcast on Tuesday, the CEO of leading auction house, Sotheby’s announced that the company will now accept payment in form of two of the world’s top cryptocurrencies – Bitcoin and Ethereum. The announcement was made during the time of the Squawk Box presentation.
Sotheby’s is a popular auction house that features items like art works, jewelries, real estate and many other material possessions for auction. It is however more famous for its artistic auctions.
Speaking on the new development, the CEO Charles Stewart expressed his excitement as well as that of the whole team stating that they had been thinking about the innovation for some time and are happy to finally make it happen.
Starting from next week, users of Sotheby’s will be able to use the crypto assets to place a bid. One of such items a lot of users will definitely look forward to bidding for is the painting called “Love in the air”. The beautiful piece of creative work was cooked up by Banksy. Banksy is a talented street artist from Britain.
Coinbase to Work With Sotheby’s
To make the process of accepting crypto payments seamless, Sotheby’s collaborated with the largest crypto exchange in America, Coinbase. Coinbase is trusted by millions of crypto users and has built a fantastic reputation over the years as a result of its reliable and efficient services.
Charles Stewart was also asked if the organization will convert crypto assets received as payment to fiat or retain the assets as crypto. Stewart replied saying that it will be up to the artist to decide. Artists and merchants who want to convert their crypto to dollars are free to do so while merchants who want to hold their crypto assets can likewise hold.
Just a few weeks ago, the corporation caught the news media with its involvement with cryptocurrencies in the auction of its first NFT. The NFT sold for $69.3 million. Sotheby’s has become more and more active in the crypto space than ever before.