Wednesday, October 5, 2022

Philips Auction House to Accept BTC and ETH for a $70M Artwork

A United States-based auction house, Phillips will be auctioning an artwork in May with the purchase valued at $70 million and payment expected to be made in Bitcoin (BTC) and Ether (ETH). According to the press release shared by Philips auction house, the name of the art is revealed to be the Basquiat Untitled collection.

The soon-to-be-purchased art is a collection currently owned by Yusaku Maezawa, and it is a unique masterpiece from Jean-Michael Basquiat. The nearly 8-feet tall hand painting is to be sold on 18th May. It will be displayed at the Evening Sale of 20th Century & Contemporary Art in New York.

While awaiting the auction sale day, the artwork will be taking a tour to Los Angeles, London and Taipei before making its way to the Phillips auction house in New York.

As earlier said, the payment for the monumental work will be accepted in BTC or ETH, approximately 1650 Bitcoin or 25,513 Ether. 

Basquiat is a fine work of painting that no one should be denied of acquiring, Yusaku Maezawa, the custodian of the art said in a statement, adding that he “also believe that it should be shared so that it can be a part of everyone’s lives”.

This is believed to be one of the reasons why the New York-based auctioneer has decided to open up the opportunity for buyers willing to purchase the art in crypto.

In a report, the Senior International Specialist of 20th Century & Contemporary Art for Phillips, Scott Nussbaum said that the decision to include crypto as a medium of payment for the painting is a way of inculcating a digital form of exchange into traditional arts, stating further that purchasing paintings with cryptocurrency has come to stay.

“we believe the intersection of digital and traditional art worlds will only continue to flourish.”

Phillips auction house joins a foray of other firms, most especially an England-based auction house in accepting crypto as a medium of exchange for art. Last week, Moonpay purchased a Non-Fungible Token (NFT) on behalf of an anonymous buyer at Christie’s. The payment for the purchase of the NFT art was made in cryptocurrencies.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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