Street Artist Banksy artwork again up for auction at Phillips auction house in Hong Kong. British auction house Phillips will accept the two largest cryptocurrencies BTC and ETH, for Banksy’s Artwork.
Banksy Artwork titled “Laugh Now Panel A” which is estimated to be worth between US$2.8 million and US$4.1 million. The artwork features a forlorn monkey wearing a sandwich board with the letter “Laugh now, but one day we’ll be in charge.”
The artwork is being taken on a tour to Shenzhen, Taipei, Taichung, and Hong Kong ahead of June 7-8 auction. The first major auction house in Asia will accept Bitcoin and Ether as payment options for physical work of art.
Crockett said the exchange rate of crypto and HK dollars will be referenced from Coinbase on the day of the auction. The seller will have to bear the risk of the Hong Kong dollar to bitcoin volatility.
Phillips decision to accept cryptocurrencies comes after New York auction house Sotheby’s move last month. Sotheby said it would accept payment in crypto for Banksy’s physical artwork “Love is in the Air.”
Also read: Sotheby’s To Accept Bitcoin and Ethereum For an Upcoming Auction of Banksy Painting
Bidding for physical artwork will be conducted in Hong Kong dollars. The auction will be live to audiences worldwide on Phillips.com and the Phillips.app. Harry Phillips found this 225-year-old auction house in 1976 and has headquarters in London and New York.
