Banksy and Yoshitomo Nara Achieve Record Sales with Cryptocurrency at Sotheby’s New York Auction

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In a groundbreaking move during New York’s auction season, Sotheby’s introduced "The Now Evening Auction," a new sale dedicated entirely to contemporary art created within the past two decades. The standout innovation of the evening was the auctioneer’s use of Ethereum (ETH) to provide real-time cryptocurrency valuations for two Banksy paintings. These works sold for 1,696 ETH and 1,397 ETH respectively, securing the second and third highest prices of the night.

The top lot was awarded to Yoshitomo Nara, whose painting Nice to See You Again sold for $15.43 million (RMB 97.2 million), making it the third most expensive work by the Japanese artist ever sold at auction.

The auction’s overall results reflected the robust momentum of the modern and contemporary art market. All 23 offered lots found buyers, with the total hammer price reaching $59.74 million—exceeding the high estimate of $53.2 million—marking a highly successful event.

Banksy’s “Trolley Hunters” Sells for 1,397 ETH

Lot 11 | Banksy, Trolley Hunters, Oil and Latex on Canvas (Third Highest Sale)

This piece, accepted as a cryptocurrency payment, presents a vivid critique of consumerism. It depicts a group of primitive hunters, but instead of pursuing wild animals, they are chasing supermarket trolleys. The title Trolley Hunters is a clear pun on “trophy hunters,” mocking the excesses of capitalist culture.

The live ETH bidding introduced unique challenges. Auctioneer Oliver Barker announced increments of $100,000, but had to simultaneously convert each bid into ETH based on fluctuating real-time exchange rates. At one point, a bid from the phone bank in ETH—instead of USD—created momentary confusion, requiring quick conversion back to dollars. Despite these hurdles, the piece sold successfully to a client of Emma Baker, Sotheby’s contemporary art specialist.

“Love is in the Air” Fetches 1,696 ETH

Lot 12 | Banksy, Love is in the Air, Oil and Spray Paint on Canvas (Second Highest Sale)

Also known as Flower Thrower, this work originated as a graffiti piece in the West Bank. It portrays a protester poised to throw a bouquet of flowers instead of a Molotov cocktail, conveying a powerful anti-war message.

Bidding opened at 898 ETH ($3.7 million) and climbed through approximately 33 bids before closing at 1,696 ETH ($6.8 million). The winning bid came from a New York-based phone bidder. Throughout the process, the auctioneer had to manage not only dual-currency conversions but also real-time shifts in the ETH exchange rate, remarking at one point, “It’s tough.”

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Yoshitomo Nara’s “Nice to See You Again” Leads the Sale

Lot 14 | Yoshitomo Nara, Nice to See You Again, Acrylic on Canvas (Top Lot)

This iconic painting sparked competitive bidding primarily among Asian collectors, with four Hong Kong-based bidders and specialists Patti Wong and Yin Zhao from Sotheby’s New York participating. It finally sold for $13.2 million ($15.43 million with fees) to a client of Yin Zhao, Head of Asian Business Development for Auctions and Private Sales in New York.

The work now ranks as Nara’s third-most expensive piece at auction. The top four are:

  1. Knife Behind Back | Sotheby’s Hong Kong, October 2019: HK$195,696,000 (US$25.08 million)
  2. Missing in Action | Phillips & Poly Auction, June 2021: HK$123,725,000 (US$15.86 million)
  3. Nice to See You Again | Sotheby’s New York, November 2021: US$15,430,800
  4. Berlin Barrack 1 Room | Poly Auction Hong Kong, April 2021: HK$120,000,000 (US$15.38 million)

Painted during Nara’s time in Germany, Nice to See You Again reflects the artist’s feelings of isolation and cultural displacement. The figure of a young girl holding a knife is interpreted not as aggressive but as defensively protective—a symbol of self-preservation in a challenging world.

Auction Summary

Frequently Asked Questions

What does it mean when an auction accepts cryptocurrency?
It means that buyers can pay for certain lots using digital currencies like Ethereum or Bitcoin. The winning bid is converted at the exchange rate valid at the time of sale.

How did Sotheby’s manage real-time ETH conversions?
The auctioneer announced bids in both USD and ETH. A dedicated team provided real-time exchange rate updates throughout the bidding process to ensure accuracy.

Why are Banksy’s works so valuable?
Banksy’s art combines sharp social commentary with widespread popular appeal. His anonymity and the often subversive messages in his work maintain high demand in the art market.

Who is Yoshitomo Nara?
Yoshitomo Nara is a influential Japanese contemporary artist known for paintings of stylized children and animals that express themes of innocence, rebellion, and loneliness.

Did all lots sell in this auction?
Yes, all 23 lots offered in The Now Evening Auction were sold, resulting in a 100% sell-through rate.

Can investors use crypto to buy art at major auctions?
Yes, leading auction houses are increasingly accepting cryptocurrency, reflecting growing integration between the art market and digital finance. 👉 Learn more about crypto-art liquidity