The fine arts are more and more frequently invited on the blockchain. Recently, a museum even launched an NFT collection of a famous painting by Gustav Klimt. the May 18, 2022the Phillips house is organizing an auction featuring the work of the American artist Jean-Michel Basquiat. Phillips’ Evening Sale of 20th Century & Contemporary Art will auction Basquiat’s ‘Untitled, 1982’. The value of this painting is estimated at $70 million. Phillips revealed that the auction would accept Ethereum or Bitcoin for the purchase of this artwork.
A Basquiat auction? Bitcoin and Ethereum will be there
The famous art collector Yusaku Maezawa and the house of Phillips, founded there 225 years, are holding an auction on May 18, 2022. This public auction will feature the work of Jean-Michel Basquiat. The American artist is very popular within the movement neo-expressionist and is often compared to Pablo Picasso, co-founder of Cubism.
Basquiat’s painting, “Untitled, 1982,” will be presented at Phillips’ Evening Sale of 20th Century & Contemporary Art. Furthermore, the value of this work of art, measuring more than 2 meters high and 4.87 meters wideis estimated at around $70 million.
“This striking horizontal format is probably a nod to Pablo Picasso’s masterpiece, ‘Guernica'”notes Phillips’ announcement. “I hope Untitled will continue its great journey in good hands and bring smiles to many people around the world”said collector Yusaku Maezawa.
Additionally, the announcement clarifies that the auction company will allow people to purchase the Basquiat artwork with cryptocurrency. “ Phillips is pleased to announce that the auction house will accept cryptocurrency for sale, either in Ethereum or Bitcoin. »the company revealed.
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Phillips accepts cryptocurrencies and also sells NFTs
The Phillips house accepts crypto payments and has been interested in non-fungible tokens for a while. Indeed, the payment in Bitcoin (BTC) and Ethereum (ETH) for the Basquiat table is not a first. Last year, Phillips had already held a cryptocurrency auction for a world-famous work of art. Effectively, in June 2021 the house auctioned “Laugh Now Panel” created by the street-artist Banksy, through this channel.
Banksy’s ‘Laugh Now Panel’ auction was a first for the company. For the first time, they accepted payments in cryptocurrency for a work in an auction physical. Moreover, the same week, Sotheby’s sold Banksy’s “Love is in the Air” NFT via Coinbase.
Recently, Phillips also introduced the first NFT generating auction data. Indeed, for the Valentine’s Day 2022the house organized its first online auction, “My Kawaii Valentine”.
“Among the NFTs in the sale is Drowning in Love, the world’s first NFT created by virtual artist, Monoc, using real-time auction data”
Phillips, February 8, 2022
Ahead of Basquiat auction, Phillips says Basquiat art will go on tour international. Indeed, London, Los Angeles and finally Taipei will host the exhibition of “Untitled, 1982” and other paintings by the artist. Eventually, after the exhibitions, Phillips’ head office in new York will open the auction.
Bitcoin and Ethereum, the two most well-known cryptocurrencies in the ecosystem, are spreading in the artistic sector. Indeed, the fine arts are a fertile ground for NFTs and cryptocurrencies and the blockchain are suitable tools for auctions of all stripes. Thanks to the’emancipation made possible by technology,‘art finally regains its popular dimension. Also, if you like theart and crypto, Invictus NFT Lab’s Out Of Africa collection is worth checking out.
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