Cryptocurrencies are permeating every aspect of human life and have made their way into the world of antique autos. Despite the market turmoil, Sotheby’s most recent attempt was the sale of an unique racing automobile using stablecoins.
The rare 1989 Ferrari 640 was auctioned off for $3.6 million by the 278-year-old auction house RM Sotheby’s. The Himalaya Dollar (HDO), a stablecoin tied to the US dollar, was used to complete the transaction.
The classic car was valued for its use by experienced Formula One racer Nigel Mansell during the 1989 season. The racing car won the Brazilian and Hungarian Grands Prix, and it is the first Ferrari F1 car to be fitted with a semi-automatic transmission.
Mansell retained the car in his personal collection, and it had “allegedly not run since its last Grand Prix outing,” according to the Sotheby’s website. The listing on RM Sotheby’s states that if the new owner needs to use the automobile, they must fully recommission it. The auction winner, however, chose to stay nameless.
The Himalaya Dollar team expressed happiness that the car buyer chose to utilize their stablecoin to facilitate their transaction in the face of the sector’s current instability.
William Je, founder of Himalaya Exchange said:
“I am extremely pleased that the buyer decided to purchase this world-class car using HDO. Despite the cryptocurrency market’s recent dip, HDO has constantly remained stable with the US dollar 1:1 without fluctuation. Impressively, this makes HDO the only stablecoin in the world to maintain 100% during this time period of uncertainty.”
The usage of HDO in the auction process was lauded by Bryon Madsen, President of RM Sotheby’s, who stated that the cryptocurrency “gained the trust” of the auction house and that “the transformation of HDO into the right currency was flawless.”
This is not Sotheby’s first foray into cryptocurrency; in 2021, it sold two Banksy paintings for ETH and held auctions for NFT collections such as CryptoPunks.
Aside from aiding ordinary transactions, cryptocurrencies are increasingly being used in luxury items. In May, the owner of a 187-year-old Connecticut house listed her property for $6.5 million in cryptocurrency, with similar ads circulating in the area.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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