Popular Phillips Auction House Accepts Crypto for Banksy’s Artwork

Popular Phillips Auction House Accepts Crypto for Banksy’s Artwork
  • Phillips Auction House Accepts Bitcoin and Ethereum as payments for auction.
  • Upcoming Auction is for Banksy’s Artwork “Laugh Now Panel A” in Hong Kong.
  • The value of the Artwork worth millions of dollars.

Prestigious Phillips auction house reveals to accept the auction payments in digital assets. The upcoming auction will present the artwork of Banksy’s “Laugh Now Panel A”. The painting is worth millions of dollars estimated between US$2.8 million and $4.1 million. The auction takes place in a 225- year- old auction house in Hong Kong on Tuesday, June 8th,2021.

Digital Payments for Digital Artwork

The Auction held at Phillips auction house presentes artwork of digital artist Banksy’s ‘Laugh Now Panel A’. The value of the artwork covers US$2.8 million and $4.1 million dollars. The British auction team plans to accept the payment in Bitcoin and Ethereum. 

Moreover, South China Morning Post reports the auction conducts bidding for the digital artwork. The bidding will cover the value in Hong Kong Dollars. But in parallel, it also accepts crypto payments in referral to US Exchange Coinbase. It also added, crypto payments are accepted as cryptocurrency users are increasing in number. 

Further, Phillips Asia’s chairman, Jonathan Crockett shares

“Over the past few years many have made fortunes in cryptocurrency and so it was only a matter of time before cryptocurrency started to be used as a payment method for art and other collectibles.”

Remarkable Banksy’s Artwork

Numerous Banksy’s paintings cover digital and blockchain concepts and also sold for crypto assets in recent times. The digital artist sold all his artworks at massive prices. The viewers are much interested with his paintings as it conveys a good concept through the art. 

Besides, last week auction house Sotheby’s decided to sell Banksy’s painting. Dubbed “Love is in the Air”, the oil and spray painting sold for a notable cost US$12.9 million. To be added, this price was much above its original estimated value.

Therefore, as the crypto industry paves way for multiple users, the source and service of crypto also exceeds. By accepting crypto assets, Auction house encourages many digital investors to spend their virtual money in the real world. 

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A responsible HR Admin with good experience in an international pharmaceutical company. She is passionate about dedicating her time to share her perspective about crypto and blockchain technology.