Sotheby’s has confirmed that it will accept cryptocurrency payments for its auction in Saudi Arabia next month. The two-day sale, entitled “Origins” will be the first-ever international commercial auction to take place in the Kingdom. It is set to feature 119 lots by a number of Western and Arab artists including René Magritte and Louay Kayali, as well as luxury items and sports memorabilia, including a Michael Jordan jersey.
In a statement, the auction house confirmed to Artsy that it will accept cryptocurrency payments across the “entirety of the sale” through a “payment processor” that supports several cryptocurrencies including Bitcoin and Ether. The decision was influenced by considering the Gulf region in its entirety, Sotheby’s said: “There is a lot of activity in the digital art and crypto world, as well as an existing base of collectors, and so this payment form is well-accepted in the region.” The auction house added that accepting cryptocurrency also allows it to “tap into an additional pool of buyers.”
The move comes at a time of renewed interest in cryptocurrencies in the art market. During New York’s marquee November sales, Sotheby’s sold Maurizio Cattelan’s viral banana artwork Comedian (2019), for $6.2 million, paid for in cryptocurrency. The work was acquired by Justin Sun, a Chinese entrepreneur and founder of the cryptocurrency platform TRON. “This is not just an artwork; it represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community,” Sun said at the time.
Art market interest in the cryptocurrency world is likely to be bolstered further as blockchain-based currencies gain further mainstream and governmental recognition. This week, President Donald Trump signed an executive order to create a cryptocurrency working group, which will be tasked with “new digital asset regulations and exploring the creation of a national cryptocurrency stockpile,” according to Reuters.
