Sotheby's has completed its cryptocurrency-enabled auction. - Bitcoin World

Sotheby’s Crypto-powered auction sold Banksy art for $13M. The auction firm initially estimated that Banksy’s “Love is in the Air” gets sold for up to $5 million. Sotheby is a major auction house that has completed its cryptocurrency-enabled auction.

Physical Artform

Sotheby sold the physical art form for $12.9 million on Wednesday. Moreover, the auction firm offered this physical artwork at the Contemporary Art Evening Auction. In addition, this auction also featured Jean Michel Basquiat’s “Versus Medici” for nearly $51 million.

Twitter

The firm announced on Twitter that the auction involved a 14-minute bidding battle among four entities. However, the Auction House emphasized that this sale marks the first time cryptocurrency acceptance as a payment option for a physical artwork piece.

Flexibility

In addition, the firm gave bidders a chance to pay using two significant cryptocurrencies Bitcoin BTC and Ether ETH. Sotheby additionally has a partnership with Coinbase commerce.

Approved Wallets

However, the auction house noted that bidders must the funds only from approved wallets or exchanges. The list includes Coinbase, Coinbase Custody Trust, Fidelity Digital Asset Services, Gemini, or Paxos. Moreover, the auction did not specify whether the winning bid has involved cryptocurrency.