Bansky didn’t really plan out things this way, but his artwork has now become a symbol for blockchain technology as it is often sold for crypto assets nowadays or as NFTs. Now, Phillips Auction House will also accept crypto, for the first time, as part of a Bansky auction on May 7th and 8th.
Phillips is just the most recent auction house to get in this game, after Christie’s and Sotheby’s.
The auction house currently owns the print called “Laugh Now Panel” by Banksy. The artwork features a monkey created in the artist’s typical style and with the line “Laugh now, but one day we’ll be in charge.” Its value is estimated to be between $2.8 and $4.1 million.
“This marks the first time a major auction house in Asia will accept Bitcoin or Ether as a payment option for a physical work of art,” the announcement by Phillips reads.
Phillips further declared:
“Many of Banksy’s iconic original murals were transformed into canvas and editioned prints by the artist, allowing for the dissemination of his mischievous and satirical messages to wider audiences. By offering participants this new payment option to acquire Laugh Now Panel A, Phillips connects Banksy’s bold creations with tech-savvy collectors eager to quickly adapt to new technological advances.”
The artwork will be sold in Hong Kong dollars after which the buyer has the option of paying for it by using crypto.