FIRST AIRED: October 7, 2018

Nice work! Enjoy the show!

×

You’re busy. We get it.

Stay on top of the news with our Editor’s Picks newsletter.

US Edition
Intl. Edition
Unsubscribe at any time. One click, it’s gone.

Thanks for signing up!

×

Transcript

00:00:00
>> Anyone looking to get their hands on a piece of art from this gallery in London can do so instantly now with their smart phone and digital currencies like Bitcoin.>> If I wanted to buy it, I can look at the price tag and say it's 25,000 pounds, which is 5.02 Bitcoins.
00:00:18
I would pull out my phone, open up my Bitcoin wallet, pull out the QR scanner. Scan the QR code, pay 5.02 Bitcoins, hit send and now I own the piece. The House of Fine Art Gallery has made its entire multi-million collection available to buy with cryptocurrency. In the past, web-based cryptocurrencies like Bitcoin have been viewed as too risky but it's lost its toxic image.
00:00:53
Much of the work here is by artist Joseph Klibansky, he made a 1.2 million Euro sale two days before the latest exhibition even opened in London.>> I'm extremely excited to be part of this a crypto-currency show, I think it's definetly something that more galleries will follow suit.
00:01:14
And more artists will do so it's exciting new times for arts, technology, and finance in that way.>> Bitcoin climbed 125% in 2016, out performing every other currency. A recent report by the anti-phishing working group, said criminals have stolen about $1.2 billion in cryptocurrencies since the beginning of 2017.
00:01:38
But the galleries owners say that they are able to track fluctuations in real time and the transactions are completely transparent. A new trend in the art world could be one stroke away.