British auction house Phillips will accept payments in ETH and BTC at an upcoming auction for artist Banksy’s Laugh Now Panel A, which is valued at between $ 2.8 and $ 4.1 million.
Banksy’s artwork for sale features a monkey holding a billboard that reads: “Laugh, but one day we’ll be in charge.” Bidding on Tuesday’s auction will be in Hong Kong dollars, with the winner being able to pay in dollars or crypto.
According to Phillips Asia Chairman Jonathan Crockett, the ability to pay with cryptocurrency at the auction is a consequence of a large number of relevant requests from Phillips clients. Crockett said:
“Over the past few years, many have made fortunes from cryptocurrency, so it was only a matter of time before using digital assets as a way to pay for art and other collectibles.”
Crockett also said that the exchange rate for Bitcoin, Ether and Hong Kong dollar will be taken from the American cryptocurrency exchange Coinbase on the day of the auction, and the seller will bear the risk associated with the volatility of the cryptoasset rate in relation to the Hong Kong dollar.
“The volatility of cryptocurrencies is a well-known fact. But there is potential for growth if the market goes the other way, ”added Crockett.
Phillips joins other major auction houses Christie’s and Sotheby’s in offering the ability to pay in cryptocurrency for expensive art. The move marks a growing trend among auction houses to raise additional capital in cryptoassets.
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