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Sotheby’s Chief Executive Officer Charles Stewart said that the house was looking into ways to allow collectors to pay—and potentially get paid—with cryptocurrency for digital works as well as physical masterpieces, which would be a first for a blue-chip auction house. Mr. Stewart said the house isn’t ready to pull the trigger on any concrete plans, but that it is determined to pave the way for a recent influx of “engaged and affluent” cryptocurrency investors to spend on traditional trophies in a way that wouldn’t have been possible previously.
“Right now, there’s a desire to let people pay for digital art with cryptocurrency, so why not let them pay for physical art with crypto?” Mr. Stewart said. “Maybe we accept crypto for paintings and then pay the consignors in cash, or maybe sellers will want the cryptocurrency as well. That’s all coming, if managed well.”
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