The auction house will accept Bitcoin or Ether for Banksy’s “Laugh Now Panel A” in the 20th Century & Contemporary Art Evening Sale in collaboration with Poly Auction.
This marks the first time a major auction house in Asia will accept cryptocurrency as a payment option for a physical work of art, following the success of Phillips’ inaugural NFT sale of Mad Dog Jones’ multi-generational NFT, REPLICATOR, which sold for over US$4 million in April.
Bidding for “Laugh Now Panel A” – hailing from the anonymous artist and social activist Banksy’s well-known “Laugh Now” series – will be conducted in Hong Kong Dollars. The winning buyer will have the option to pay the hammer price as well as the buyer’s premium with cryptocurrency into the company’s wallet with Coinbase.
“As Phillips continues to diversify and experiment with its offerings in its Asia sales, and in response to the increasing number of collectors who are tech-sensitive, the company is excited to introduce cryptocurrencies as a payment method for a physical artwork for the first time in company history at the marquee Evening Sale in Asia,” notes the company.
Phillips and Poly Auction kicked off the Asia touring previews in Beijing in early May with the exhibition now opening in Shanghai, before travelling to Shenzhen, Taipei, Taichung and Hong Kong, ahead of the auctions on 7 and 8 June.
Meanwhile, the live auction will be streamed to audiences worldwide on Phillips.com and the Phillips app, as well as on the Poly Auction app and WeChat Mini Program.