HomeNEWSPhillips Auctions Basquiat Collection Worth $70 Million In Crypto

Phillips Auctions Basquiat Collection Worth $70 Million In Crypto

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Phillips is all set to accept crypto payment for their upcoming auction. The leading auction house is auctioning a Jean-Michel Basquiat collection in May. Moreover, the accepted payment options include Bitcoin and Ether.

According to Phillips’ announcement, the auction house will host an evening sale of 20th Century and Contemporary Art on May 18th, 2022. This evening sale will feature Jean-Michel’s Basquiat collection piece called “Untitled, 1982.” Additionally, the “Untitled 1982” piece is worth around $70 million or roughly 1650 Bitcoins or 25,513 Ether.

Also, the collection piece is a 16-foot wide and eight feet tall painting. Moreover, the painting’s consignor is the renowned art collector, Yusaku Maezawa. 

Furthermore, Maezawa says,“ 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.”

Rise Of Basquiat Crypto Compelling Art World To Adopt Digital Asset

Scott Nussubaum, the Senior International Specialist from Phillips, has said that there is a growing interest among buyers to collect traditional artworks in cryptocurrency. Moreover, Nussubaum says that the move to adopt crypto payment is only going to increase in the future.

Nussubaum added, ““The interest in cryptocurrency and NFTs from the traditional art world is growing rapidly. And though it’s impossible to predict the future, we believe the intersection of digital and traditional art worlds will only continue to flourish.”

The auction house notes, “Phillips is pleased to announce that the auction house will accept cryptocurrency for the work, in either ethereum or bitcoin.”

Speaking about the Basquiat crypto collection, Phillips says it has this “striking horizontal format which is likely a nod to Pablo Picasso’s masterwork ‘Guernica’.” 

Moreover, Nussubaum says, “the beauty of Basquiat is his ability to inspire both seasoned and new collectors.”

Also Read: Crypto Scam Causes Indian Engineer To Lose 13.37 Lakhs

Not The First Time Phillips Is Adopting Crypto Payments

However, the Basquiat crypto collection is not the first time that Phillips has adopted cryptocurrency. In 2020, the auction house put the Banksy piece ““Laugh Now Panel” up for sale. Moreover, they were open to accepting BTC and ETH as a form of payment. Evidently, Banksy’s collection sold for $3.2 million.

Additionally, rival auction house, Sotheby, has embraced crypto payments as well. In November 2021, the auction house accepted crypto for a real time auction of physical art. Moreover, in May 2021, Sotheby announced its decision to accept BTC and ETH for its upcoming auction via Coinbase platform.

Hence, it was only a matter of time before Phillips adopted crypto as a form of payment. Phillips hosted “My Kawaii Valentine Online Auction” that featured the world’s first NFT created by a virtual human. This was hosted in February 2022.

Before the Basquiat auction, Phillips will undertake an international tour to showcase the collection. This tour will include places like  London, Los Angeles, and Taipei.

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