Phillips to Accept Cryptocurrency for a Physical Artwork for the First Time in Company History with Banksy’s ‘Laugh Now Panel A’


    HONG KONG and SHANGHAI, May 7, 2021 /PRNewswire/ -- Phillips is pleased to announce it will accept cryptocurrency as an optional payment method for Banksy's Laugh Now Panel A (Estimate:HK$22,000,000 – 32,000,000/ US$ 2,820,000 - 4,100,000), to be offered in the 20th Century & Contemporary Art Evening Sale in collaboration with Poly Auction. The two houses kicked off the Asia touring previews in Beijing this week with the exhibition now opening in Shanghai today, before travelling to Shenzhen, Taipei, Taichung and Hong Kong, ahead of the auctions on 7-8 June.

    Banksy Laugh Now Panel A, 2002 spray paint and emulsion on dry wall, 178.5 x 74 cm. Estimate: HK$22,000,000 – 32,000,000/ US$ 2,820,000 - 4,100,000
    Banksy Laugh Now Panel A, 2002 spray paint and emulsion on dry wall, 178.5 x 74 cm. Estimate: HK$22,000,000 – 32,000,000/ US$ 2,820,000 - 4,100,000

    This marks the first time a major auction house in Asia will accept Bitcoin or Ether as a payment option for a physical work of art. This follows 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 will be conducted in Hong Kong Dollars, and 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.

    Laugh Now Panel A, 2002, hails from anonymous artist and social activist Banksy's well-known Laugh Now series. For the past two decades, Banksy's work has drawn both praise and controversy, and nowhere is his simultaneous appeal and notoriety more present than in the present work, Laugh Now Panel A. It portrays a forlorn monkey, wearing a sandwich-board bearing a very specific memo: "Laugh now, but one day we'll be in charge".

    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.

    20th Century & Contemporary Art and Design Spring Sales
    Day Sale: Monday, 7 June, 11am | Evening Sale: Tuesday, 8 June, 6pm
    Location: JW Marriott, 88 Queensway, Admiralty, Hong Kong

     

    Caishen.Co - Primary Data for China Secondary Investment and Stock Markets
    PR Newswire is the premier global provider of news release distribution and multimedia platforms that enable marketers, corporate communicators, sustainability officers, public affairs and investor relations officers to leverage content to engage with all their key audiences. Having pioneered the commercial news distribution industry since 1954, PR Newswire today provides end-to-end solutions to produce, optimize and target content – from rich media to online video to multimedia – and then distribute content and measure results across traditional, digital, mobile and social channels. Combining the world's largest multi-channel distribution and optimization network with comprehensive workflow tools and platforms, PR Newswire powers the stories of organizations around the world. PR Newswire serves tens of thousands of clients from offices in the Americas, Europe, Middle East, Africa and the Asia-Pacific region, and is a Cision company.

    RELATED NEWS