Crypto adoption is on the rise in the art world. This leading United States auction house will accept crypto as payment for this multi-painting auction.
Philips, one of the most famous auction houses in the industry, will host the auction of the Baqueirat collection in May. Philips has announced that it will accept cryptocurrency payments at this auction.
The famous Jean-Michel Basquiat collection is up for auction, which will accept Bitcoin (BTC) and Ethereum (ETH) as payment options. In addition, one of the works to be sold at the auction is known as an untitled, 16-square-metre painting made in 1982 and estimated to be worth around $70 million. If the participants of the auction want to buy this work, they can choose to pay with approximately 1650 Bitcoins or 25,513 Ethereums, according to this price.
An art expert, Scott Nussbaum, reported that he thinks Bitcoin and other cryptocurrencies can be accepted as a method of payment for traditional artworks. In addition, Nussbaum says that it is an important step for a valuable collection like Basquiat to be paid with crypto, and he says that these initiatives will increase with this step.
While conveying that NFTs now take place in the traditional art world, Nussbaum states that although it is impossible to predict the future, he believes that these two worlds will definitely intersect.
Previously, there was a sale at this auction house where cryptocurrency was accepted as a payment option. Philips received approximately $3.2 million in crypto from this sale in June 2020. After this move of the auction, other rival auctions started to keep up with this trend, and in November 2021, Sotheby's Banksy auction was also flooded with Ethereum (ETH) offers. In addition to all this, Nussbaum says that crypto is now a fashion in the art world and states that there are new collectors interested in crypto money.