The senior manager at Phillips auction house is confident that in the future, the worlds of traditional and digital art will increasingly work in tandem.
The American auction house is about to start accepting cryptocurrencies as payment. The Jean-Michel Basquiat collection up for auction will be the first to allow participants to use Bitcoin and Ether as payment options. The most expensive lot, a 16-foot Untitled painting from 1982, is valued at around $70 million – 1,650 BTC or 25,513 ETH. The painting is expected to be sold by mid-May.
Phillips senior manager and specialist in the art of the twentieth century Scott Nussbaum (Scott Nussbaum) said that many buyers at auctions are interested in paying with cryptocurrencies. According to the art critic, the peculiarity of Basquiat’s works is that they “inspire both experienced collectors and beginners.” Therefore, the ability to pay with digital currencies will be convenient for everyone. In the future, Nussbaum is sure, cryptocurrencies will be accepted for payment more and more often.
“Interest in cryptocurrencies and NFTs from the traditional art world is growing rapidly. Although we cannot predict the future, we believe that the traditional world and the digital world in art will more often come into contact,” said the art historian.
Recall that in February of this year, Phillips held an auction My Kawaii Valentine, which exhibited the work of contemporary NFT artists.
Source: Bits
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