There will be an auction of the world-famous artwork called “Laugh Now Panel A” by Banksy, an anonymous street artist by Philips. The chairman of the Asian region of the firm, Jonathan Crockett, announced that ETH or BTC would be accepted as a means of payment for the auction.
Philips Dives to the Crypto Space
In an interview with Bloomberg recently, Crockett mentioned that the firm would receive the two largest cryptos (BTC and ETH) for the purchase of the Laugh Now Panel A of Banksy. The executive made it known that the seller insisted on the initiative as it will increase the number of potential buyers and the possibility of a higher price.
In his word: “the reason we are doing this is that the seller was much open to the idea that can open bidding to a diverse pool of people and therefore getting a higher price consequentially.”
In addition, Jonathan Crokett highlighted the recent success of crypto as many investors are gaining profits from their investments in USD all through the years. He went on to mention that the move from Philips is somewhat inevitable.
The Asia Chairman also made clarifications that the buyers will not be able to use other digital assets to initiate the purchase of the art, but only the two largest assets per market cap in the crypto space can be used. For those using fiat currency, the standard way of payment will be the Hong Kong Dollars. The price of the art is estimated to be between the $2,820,000 to $4,100,000 range.
The executive said that lately, there are a number of companies in the Asia region that are interested in the potential of crypto lately. He then mentioned that the firm is running a test with this new move as they have not dealt with crypto before.
Art for Crypto
In another auction that was presented by Goldins Auctions previously this year, an anonymous collector bought a signed Tom Brady’s signed football card for about $1.68 million worth of Litecoin (LTC). The firm revealed that that item remains the most expensive item that was paid for in digital assets since it opened room for such a form of payments.
The founder of Goldin Auctions, Ken Goldin, mentioned that they would continue to receive crypto as a form of payment as it seems that is the people’s choice.