Less than a week after Christie’s sold a digital collage to an investor who, rival auction house Sotheby’s said it was considering an option to eventually let bidders use digital currencies to pay for physical artworks—from prints to Pablo Picassos—as well as digital works.
Sotheby’s Chief Executive Officer Charles Stewart said Tuesday that the house was looking into ways to allow collectors to pay—and potentially get paid—with cryptocurrency for digital works as well as physical masterpieces, which would be a first for a blue-chip auction house. Mr.
“Right now, there’s a desire to let people pay for digital art with cryptocurrency, so why not let them pay for physical art with crypto?” Mr. Stewart said. “Maybe we accept crypto for paintings and then pay the consignors in cash, or maybe sellers will want the cryptocurrency as well. That’s all coming, if managed well.”last week of a digital work, “Everydays: The First 5000 Days,” by artist Mike Winkelmann, who goes by Beeple.
A move to accept cryptocurrency for physical works could potentially fuel sales of everything from Chinese porcelain to Christo drawings if it prompts cryptocurrency millionaires to start bidding on traditional art—something they aren’t known for doing en masse yet. Their added presence could prove a boon to the high-end art market, which leaned heavily on millennials to boost slumping sales last year and has struggled lately to drum up fresh auction theater amid the global pandemic.
That’s money laundering opportunity right there...all government care about is the little people saving for their pension
That will please the money launderers.
Great way to money launder if you ask me.
Major🙌🙌🙌
HUGE!