Phillips Auction House Accepts Bitcoin and Ether for Basquiat Painting Valued at $70 Million

Phillips Auction House Accepts Bitcoin and Ether for Basquiat Painting Valued at $70 Million

Phillips Auction House Accepts Bitcoin and Ether for Basquiat Painting Valued at $70 Million By DailyBitcoin Editor

Phillips auction house will release for sale a painting by the artist Basquiat, which belonged to billionaire Yusaku Maezawa, valued at USD $70 million and accepts payments in Bitcoin and Ethereum.

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Art and cryptocurrencies are best friends every day. Large galleries and auction houses around the world are gradually accepting cryptocurrencies as a form of payment. Likewise, even the famous houses Sotheby’s and Christie’s they have auctioned non-fungible tokens, NFTsat very high prices.

Now the auction house Philips, based in New York, is auctioning nothing more and nothing less than a work by Jean-Michel Basquiat, the relevant New York artist, of Puerto Rican and Haitian descent, well known in the eighties for his neo-expressionist work.

Breaking: Yusaku Maezawa, the billionaire who recently flew to the International Space Station, is sending one of his prized Jean-Michel Basquiat paintings up for auction for $70 million @phillipsauction

billionaire owner

Furthermore, as we see in the tweet, the history of the painting goes beyond its value and its artist: it belonged to the billionaire Yusaku Maezawa, who recently traveled to the International Space Station. The work has an estimated value of USD $70 million, it will be auctioned on May 18 and, the best thing for art-loving crypto investors, is that they will accept as much Bitcoin What Ether as a means of payment. If there are many interested parties, the work could be sold for many more millions.

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In 2016, Yusaku Maezawa paid Christie’s the record figure of USD $57.3 million for the work “No title” of Basquiat of the year 1982. Precisely the one that now sells. The collector even published an image on his account Instagram bragging about that purchase.

However, the fashion mogul behind the e-commerce site Zozo Town He said he now resells this Basquiat, with the Phillips auction house as the intermediary.

Basquiat’s work is about 5 meters wide. It has a figure similar to a devil in the center, as can be seen in the tweet who spread the news. Maezawa says that the painting in his opinion is “overwhelmingly powerful yet melancholic.” and added that “it makes me feel a sense of euphoria and despair at the same time.”

It is worth noting that the multimillionaire Maezawa, a great art collector, owns another Basquiat work, which he bought for more than USD $100 million.

night sale

May 18 is the day chosen by the auction house Philips – a 225-year-old art institution – to launch a nightly sale featuring the work of Jean-Michel Basquiat.

Speaking of the work Philips highlights: “This striking horizontal format is probably a nod to Pablo Picasso’s masterpiece, ‘Guernica’.”

For his part, the current owner, Maezawa, says: “I hope that ‘Untitled’ continues its great journey in good hands and that it brings smiles to many people around the world.”

As we said, the other news is that the work can be bought with crypto: “Phillips is pleased to announce that the auction house will accept cryptocurrency for the job, whether it be in Ethereum or Bitcoin,” the auction house made clear.

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However, it is not the first time that Philips ventures into crypto payments and non-fungible tokens (NFTs). Last year, Philips revealed that he was auctioning off a world-famous work of art called “Laugh Now Panel” created by anonymous street artist Banksy.

The auction “Laugh Now Panel” Banksy’s was the first time this auction house had accepted crypto at a physical art auction. Coincidentally, during the same week as the announcement of the auction of Philips, also the auction house Sotheby’s detailed that he would use the exchange coinbase to sell the imageLove is in the Air” by Banksy.

In addition, Philips recently organized a “My Kawaii Valentine Online Auction” on Valentine’s Day 2022, where it introduced the first auction data generating NFT created by a virtual human. “Among the NFTs for sale is Drowning in Love, the world’s first NFT created by virtual artist Monoc, using real-time auction data”explainedor Phillips on February 8.

Sources: Philips, phillips statement, bitcoin.com, The Wall Street JournalTwitter, archive

version of DailyBitcoin

Picture of Unsplash (it is not Basquiat’s work that is auctioned)

WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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