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Lloyds Auctions House Sells A Legendary Rally Car For $360,000 In Bitcoin

Lloyds Auctions, the Australian auction house, has announced that it has sold a legendary rally car driven by iconic rally figures Colin McRae and Carlos Sainz, which was thought to be long-lost in an auction for half a million Australian dollars ($360,000) and used Bitcoin as a payment method.

It has been reported that Lloyds Auctions announced that the 1994 Subaru Prodrive 555 Group A World Rally Championship Car had been found in a barn, covered in dust, in the Victoria state of Australia.

However, the car was originally thought to be valued at 15,000–20,000 Australian dollars ($10,900–$14,500). But a six-month investigation from the International Classic Automobile Authentication and Rating System (ICAARS) revealed that “it may well be worth more than $1 million [$725,000].”

The report said that Lloyds said that the rally car, one of only 63 commissioned by Prodrive, had been sitting in the barn for 10 years, and the owner was unaware of the vehicle’s actual value. It only had three owners since its racing days, and its condition was untouched. Touted as a “golden treasure” by an ICAARS inspector, the car went under the hammer on September 26 and was auctioned for half a million Australian dollars. The winner was said to have paid the bid in Bitcoin.

Likewise, Lloyds announced in June that the Aussie auction house would start accepting crypto payments, enabling bidders to buy items auctioned on the platform with Bitcoin and other cryptocurrencies.

A bidder then said:

“As a longtime patron of Lloyds I had no hesitation and couldn’t believe how simple it was for me to pay with cryptocurrency. The seller receives the payment in cash and “never know the difference.”

Beyond cryptocurrencies, nonfungible tokens (NFT) are also taking over the auction world by storm.

Thus, art galleries are adopting the new form of digital art as auctionable items. Sotheby’s auctioned Yuga Labs’ 101 Bored Ape Yacht Club NFT collections in September with a winning bid of $24.39 million.

Source: Cointelegraph



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