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Sotheby's: Crypto auction of a rare Ferrari

 


Cryptocurrencies are playing an increasingly important role in our lives and are now entering the realm of old-timers. Despite the current market situation, Sothby's recently sold a rare race car for stablecoins .


287-year-old auction house RM Sotheby's auctioned off a rare 1989 Ferrari 640 for $3.6 million. The sum was settled with the Himalayan Dollar (HDO), a dollar- pegged stablecoin .


The classic car's valuation was high as Formula 1 driver Nigel Mansell drove the car in the 1989 season. Mansell finished first in the race car at the Brazilian and Hungarian Grands Prix and the car was the first Ferrari F1 car to be fitted with a semi-automatic gearbox.


Mansell kept the car in his private collection and, according to Sotheby's, the Ferrari "was reportedly not driven since the last Grand Prix event". The RM Sotheby's listing therefore pointed out that the new owner would have to completely overhaul the vehicle in order to be able to drive it. However, the winner of the auction wished to remain anonymous.


The team behind Himalaya Dollar was pleased that the buyer used HDO to purchase the car. And this despite the current turbulence in the crypto market.


"I am delighted that the buyer of this world-class car has chosen to use HDO," said William Je, founder of the Himalaya Exchange. “Despite the currently difficult situation on the crypto market, HDO never lost its dollar peg. Impressively, this makes HDO the only stablecoin in the world that has been 100% stable during this uncertain time.”


Bryon Madsen, Chairman of RM Sotheby's, welcomed the use of HDO in the auction process. Madsen explained that the cryptocurrency “ won the trust of the auction house ”. The subsequent "exchange of HDO into the equivalent fiat currency was seamless". It's not the first time Sotheby's has delved into the world of cryptocurrencies . Already in 2021, the auction house auctioned off two Banksy paintings for ETH and held auctions with NFT collections such as the CryptoPunks.


Crypto and luxury go hand in hand

Cryptocurrencies make our everyday transactions easier and are now also increasingly being used for luxury goods. For example, in May, the owner of a Connecticut mansion listed the 187-year-old property for $6.5 million in cryptocurrencies .


The Winklevoss twins reportedly paid 450 BTC each for a spot on Virgin Galactic's space flight. And luxury fashion brands such as Gucci , Off-white, Hublot, Phillipp Plein and Equinox now also accept cryptocurrencies for their products.


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