CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
US English

Sothebys Banksy auction to be bid in ETH cryptocurrency

By Kevin Donovan

22:01, 11 November 2021

Trolly Hunters by Banksy
Trolly Hunters by Banksy - Source: Sothebys

Sotheby’s will be fielding bids on a pair of artworks in Ethereum cryptocurrency, the first time a live auction will be bid in any crypto asset, the auction house confirmed.

The Banksy works are part of a larger 23 lot offering called The Evening Auction scheduled for 6:00 p.m. EST at the auction house’s New York City headquarters. This is the first time these particular Banksy works have been put up for bid. The seller will remain anonymous, Sotheby’s senior press officer said.

The Banksy paintings, “Love is in the Air” and “Trolly Hunters” (pictured), were both created in 2006 and are tagged (signed) by the artist and come with a certificate of authenticity. “Love is in the Air,” in oil and spray paint on canvas measuring 36 3/8 x 36 3/8 inches, is currently estimated at $4m to $6m (841.7 ETH to 2,262.6 ETH). “Trolly Hunters,” in oil and emulsion on canvas measuring 53 7/8 x 84 ¼ inches, is currently estimated at $5m to $7m (1,052.2 ETH to 1473.1 ETH).

(Reference estimated Ethereum prices based on $4752 Ethereum price at 5:00 Thursday, as quoted by Coinbase.)

Milestone offerings

“These milestone offerings not only spotlight the artist’s position as the leading disruptor of the art world whose work resonates with the boundary-pushing ethos of the crypto community, but they demonstrate the innovative spirit in which Sotheby’s continues to experiment with and expand the possibilities of the auction format,” Sotheby’s said in a release.

Oil - Crude

78.92 Price
+1.670% 1D Chg, %
Long position overnight fee -0.0163%
Short position overnight fee -0.0056%
Overnight fee time 22:00 (UTC)
Spread 0.040

BTC/USD

37,913.10 Price
+0.290% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

XRP/USD

0.61 Price
-0.560% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Gold

2,041.54 Price
-0.140% 1D Chg, %
Long position overnight fee -0.0196%
Short position overnight fee 0.0114%
Overnight fee time 22:00 (UTC)
Spread 0.50

Currencies for payment

While the bidding increments will be taking place in Ethereum, other cryptocurrencies, Bitcoin and USD Coin, as well as fiat currency, will be accepted as payment by Sotheby’s.

“Ether is a preferred cryptocurrency for the digital art and NFT community, as the Ethereum blockchain is the primary network where NFTs are minted and transactions are registered,” Sotheby’s added in the release.

Last month, a Banksy painting titled “Girl With Balloon” but subsequently renamed “Love is in the Bin” after it was partially shredded during its debut auction in 2018, sold for 25.4m at Sotheby’s London auction house.

Read more: Bored ape NFT lots sell at auction for 24.4m, 1.8 million 

 

Rate this article

Capital Com is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as an investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.

Still looking for a broker you can trust?

Join the 570.000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading