Home Cryptocurrency Asian Auction House Phillips Will Accept Crypto at Auction for a Physical Piece of Banksy Art – Bitcoin News

Asian Auction House Phillips Will Accept Crypto at Auction for a Physical Piece of Banksy Art – Bitcoin News

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The anonymous street artist Banksy gained international fame for his satirical street art and subversive epigrams.  He remains an enigma, as nothing is known about his identity. Due to his anonymity, Banksy plots are hard to predict. A case in point is the auction of his famous piece depicting a girl from a refugee camp, known as ‘Girl with a Red Balloon’, which will be held on June 24, 2018 in London.  The picture is expected to fetch as much as $2 million.  The identity of the new owner will be revealed on the day of the auction.  The auction house Phillips will accept payment in cryptocurrencies, and the auction house was the first to hold a live cryptocurrency auction

Crypto just got bigger! Now, the worlds first major auction house to accept crypto is taking it a step further. Phillips, an auction house that is the second oldest auction house in the world, will accept crypto for a physical piece of art by the worlds most famous street artist. The art piece is a part of the “Keep It Real” collection by Banksy.

Famous auction house Phillips has announced plans to accept cryptocurrencies for the first time at its physical art auction, scheduled for the 7th and 8th. June is planned. Phillips is auctioning off a world-famous artwork, the Laughter Panel, created by anonymous street artist Banksy.

Laugh now – Phillips accepts cryptocurrencies at Banksy auction in June

Whether Banksy likes it or not, his work has recently been linked to blockchain technology and sold for crypto assets. The famous street artist’s work was even burned after it was made into a non-combustible token. NFT sold at auction for more than the physical work itself. Auction house Phillips decided to look at it for the first time during the Banksy auction on 7-8. Can accept crypto-currencies.

Phillips’ entry into cryptocurrency is slightly behind world-famous auction houses Christie’s and Sotheby’s. In addition, Sotheby’s announced last week that it would be auctioning off a physical artwork by the infamous Banksy.

On Tuesday, Sotheby’s said it would use the Coinbase exchange to sell Banksy’s painting Love in the Air. The Love in the Air print is estimated to bring in between $3 and $5 million. Banksy, owned by Phillips, is a famous print by a street artist called Laugh Now Panel.

Asian Auction House Phillips Will Accept Crypto at Auction for a Physical Piece of Banksy Art – Bitcoin News

Banksy’s Laugh Now shows a monkey in the artist’s signature monochrome stencil style. The monkey has a plate around its neck with an inscription on it: We laugh now, but one day we will be in control.

According to Phillips, Banksy’s smiling signs are estimated to cost between $2.8 million and $4.1 million. Before the auction in June, the art panel will tour Beijing, Shanghai, Shenzhen, Taipei, Taichung and Hong Kong.

First major auction house in Asia to accept bitcoin and Ether

This is the first time a major auction house in Asia has accepted Bitcoin or Ether as a means of payment for physical art, Phillips said in a statement. Banksy has become a disruptive force in the art world with his unique works, which are characterized by dark humor, satire and political commentary, the company said in a statement.

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Phillips continued:

Many of Banksy’s iconic original murals have been converted to canvas and recreated by the artist, bringing his mischievous and satirical messages to a wide audience. By offering members a new payment method to purchase the Laugh Now A panel, Phillips is connecting Banksy’s bold creations with tech-savvy collectors who want to quickly adapt to new technological developments.

The Banksy sale followed Phillips’ entry into the field of ephemeral symbolic art with the sale of Mad Dog Jones’ multi-generational work NFT REPLICATOR for over $4 million. Like Sotheby’s, Asian auction house Phillips is going to use Coinbase to handle cryptocurrency transactions.

The Laugh Now auction will be in Hong Kong dollars, and the buyer will then have the option to pay via the crypto-currency exchange’s payment service.

What do you think about Phillips accepting cryptocurrencies at Banksy’s art auction in June? Let us know what you think in the comments below.

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Art, Asian auction house, Banksy, Banksy Art, Bitcoin, BTC, Christie’s, crypto assets, cryptocurrency, ETH, Ether, Ethereum, Laugh Now, Monkey, Phillips, Phillips Auction House, Sotheby’s

Photo credit: Shutterstock, Pixabay, Wiki Commons

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