Phillips auction house will hold an evening sales featuring Jean-Michel Basquiat’s art on May 18. Phillips’ Evening Sale of 20th Century & Contemporary Art will auction Basquiat’s “Untitled, 1982” piece worth an estimated $70 million. Phillips revealed that they will take bitcoin and ethereum for this auction.
Phillips accepts Bitcoin and Ethereum to Pay Jean-Michel Basquiat for the Jean Michel Basquiat Art Auction
Yusaku Makawa (a renowned collector of art) and Phillips, an auction house that dates back to 225 years will hold an auction May 18 featuring Jean-Michel Basquiat’s art. This American artist has become a popular figure in the neoexpressionist movement. He is often compared with Pablo Picasso, the Spanish painter who founded the Cubist art movement.
The art featured at the Evening Sale of 20th Century & Contemporary Art will be Basquiat’s sixteen-foot wide “Untitled, 1982” painting. The “Untitled, 1982” standing at eight feet tall and over 16 feet wide, has an estimated value of around $70 million, according to the auction house Phillips.
“This striking horizontal format is likely a nod to Pablo Picasso’s masterwork ‘Guernica,’” the Phillips announcement notes. “I hope that Untitled will continue its great journey in good hands and that it will bring smiles to many people all around the world,” the painting’s consignor Yusaku Maezawa said.
This announcement also reveals that people will be able to buy Basquiat artwork using cryptocurrency. “Phillips is pleased to announce that the auction house will accept cryptocurrency for the work, in either ethereum or bitcoin,” the firm disclosed.
Phillips Dabbles With Crypto Acceptance at Banksy Auction, Hosts Valentine’s Day NFT Sale
Phillips isn’t the first person to have tried crypto solutions or non-fungible token technology (NFT), but he did offer bitcoin and ethereum payments support for Basquiat. Last year, Phillips revealed it was auctioning a world-famous piece of artwork called the “Laugh Now Panel” created by the anonymous street artist Banksy.
The Banksy “Laugh Now Panel” auction was the company’s first time selling artwork for crypto payments in a physical art auction. During the same week as the Phillips Banksy auction announcement, the auction house Sotheby’s detailed it would leverage the exchange Coinbase in order to sell Banksy’s “Love is in the Air” image.
Phillips recently hosted a Valentine’s Day 2022 “My Kawaii Valentine Online Auction,” which introduced the first auction data-generative NFT created by a virtual human. “Among the NFTs in the sale is Drowning in Love, the world’s first NFT created by the virtual artist, Monoc, using real-time auction data,” Phillips explained on February 8.
Phillips has announced that Basquiat’s art will travel internationally in preparation for the Basquiat auction. Phillips said this: Following the exhibits, the artwork will be auctioned at Phillips’ New York headquarters at 432 Park Avenue.
Phillips accepted bitcoin and ethereum in exchange for Basquiat artwork valued at $70 million. Please comment below to let us know your thoughts on this topic.
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