Nicholas Wells Antiques is delighted to announce that we will now be accepting Bitcoins as a mode of payment for antiques and objet d’art with a minimum value of £5,000.
As the first antiques dealer to do so in the UK, we are very excited about this new venture. Our decision stems from the recent publication by Goldman Sachs in which the financial giant warns institutional investors that they can no longer ignore cryptocurrencies. Bloomberg has highlighted that the total cryptocurrency market is estimated to be worth $120 billion and Bitcoin alone has soared more than 200 percent this year.
Indeed, just this week, a Swiss bank, Falcon Private Bank, has announced that it is expanding a digital asset management service it launched earlier this summer to include new cryptocurrencies. Coindesk have commented that,
“It’s a notable development, given that the initial service was brought online just over a month ago, marking the first time a traditional bank has moved to offer cryptocurrency services to its clients. As of last year, Falcon Private Bank had more than $14 billion in assets under its control.”
At present, there are a few antique galleries (and one auction house) worldwide that accept cryptocurrencies such as Bitcoin. The majority of these can be found in the USA but some are in Australia, Germany, Japan and Poland. But the recent profitability of Bitcoin in addition to the increasingly encouraging advice from major financial institutions, such as Goldman Sachs, has meant that more and more businesses are dipping their toes into the cryptocurrency market. In fact, The Antiques Trade Gazette wrote, just this week, that Cork Street gallery, Dadiani Fine Art will henceforth accepting Bitcoins. Owner, Eleesa Dadiani, stated that she has hopes that,
“the introduction of the 21st century currency to the art world will encourage other traditional businesses to adapt and survive in a challenging economic climate by accessing ‘a new type of buyer’.”
With no further ado, welcome to the art world, Bitcoin!
For any further information, please do feel free to get in touch with us via email or telephone – we would love to hear from you.
Alexandra Kate & Galya Wells