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Crypto Payment, Cryptocurrency, Featured, News

Banksy’s Art “Love Is In The Air” Sold For $13M by Sotheby’s

Sotheby’s International Realty, a significant auction house, has completed its crypto-enabled auction, hence offering an iconic protest artwork. The artwork here highlights Banksy’s painting “Love is in the air.” Almost immediately recognizable, this artwork has turned out to become synonymous with the indelible graphic style of the artist. Galvanizing political commentary and wry humor are all it covers. 

What Does The Sotheby’s Art Subject Adopt? 

Ideally known as an iconic protest artwork, Banksy’s subject usually adopts the archetypal posture of civic unrest. It highlights preparing to throw a bomb or brick towards the unseen enemy. But, in this case, Banksy replaces the projectile with the flower bunch. This caught the attention, thereby summoning a call for change and advocacy of peace. 

Also Read: The Growing Traction of Blockchain Art in 2021

The Context of Banksy’s Artwork

Love Is In The Air was initially developed like a graffiti painting wall stencil within Jerusalem soon after the construction of the West Bank Wall was done, and happened to be first generated as a print work on a bright background within an imprint of 500 in the same year. After that, artist Banksy has created different variants of the work for unique pictures on print and canvas that works on different colorways. 

The 2003 edition print on the bright red backdrop is the most sought-after and best-known graffiti artwork example of his artwork. Love Is In The Air by Banksy remains a positively iconic artwork that has been copied as phone covers, posters, T-shirts, as well as tattoos throughout the world.

What Does the Imagery Highlight?

The imagery in the artwork Love Is In The Air by Banksy is implicative of rebels in the university riots that shook the United Kingdom and the United States throughout the Vietnam War.  The artwork highlights the appearance of the juvenile man bending behind with an arm out, like turning up to project something angrily, with a partially hidden face by a ball cap and a bandana. 

The vivid red version of the 2003 edition heightens the spirit of the painting to an essentially vicious significance. Rather than being captured into the prologue of brutality, nonetheless, Banksy’s artwork holds the representation of harmony and elegance — a flower bouquet.

Sotheby’s Art Auction & Its Results

As per the results of the auction, Sotheby’s happened to sell the physical artwork for an amount of 12.9 million dollars.  Originally, the price was estimated at roughly 3 to 5 million dollars.  But, the sharp steep price of the physical artwork happened to be offered at an art auction. This art auction additionally featured other paintings and expensive artwork as well. 

It was announced by the art evening auction house that the auction involved a bidding battle of 14 minutes between four different artists. They have also emphasized that this sale highlights the first time that cryptocurrency happened to be accepted as a payment alternative concerning a piece of actual artwork. As per the auction house, the bidders could pay utilizing major cryptocurrencies that are Bitcoin and Ether. Other than that, the auction house also noted that the funds are sent from approved exchanges or wallets. The auction house, on the other hand, did not highlight whether or not any participating bids or the winning bid coveting the art auction have truly involved crypto. 

Also Read: Investment Manias Flourish from Trading Cards and Crypto Art

Final Words

According to reports, the auction house Sotheby’s authoritatively declared its strategies to take crypto payments as a part of Banksy’s auction for the artwork in a movement to additionally explore crypto payments after releasing NFTs or nonfungible tokens earlier. Soon after, Sotheby’s stated another NFT art sale known as the “Natively Digital: A Curated NFT Sale.” Programmed to happen between June 3 -10, the auction will emphasize a digital object concerning the unique nonfungible token collection CryptoPunks.

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