On Wednesday, the world’s largest collector car auction house by total sales, RM Sotheby’s, announced the company will be accepting cryptocurrency payments via Bitpay. The firm’s upcoming Guikas Collection sale on November 19 will be RM Sotheby’s first auction to accept digital currency payments for collectible automobiles.
RM Sotheby’s Announces Crypto Payment Support via Bitpay
Although cryptocurrency has seen a significant increase in its value, many companies are now accepting digital assets to pay for goods or services. The company RM Sotheby’s is a classic car auction firm that’s located in Blenheim, Ontario, Canada. Originally called RM Auctions, the company is now partly owned by the leading fine art and luxury goods auction house Sotheby’s, since 2015. Bitpay, the digital currency payment system used to be accepted at auctions by the company was announced on November 17th.
The company chose to accept crypto assets so it can attract a new customer base in order to expand “the market for collectible automobiles to a broader cross-section of enthusiasts and collectors.” The company will begin to accept crypto for settlement on November 19, when the firm hosts the upcoming Guikas Collection auction. It will include 75 top racing and road cars, and all of it will go up for auction without reserve.
“The collection of race cars will provide modern racing enthusiasts an introduction into virtually all vintage racing series worldwide, including GT and road cars that are equally impressive which offer a wide selection of Pre- and Post War sports cars,” the Guikas Collection auction description details.
RM Sotheby’s CSO: ‘Cryptocurrency Has Become a Significant Part of the Financial Landscape’
RM Sotheby’s CSO Bryon Madsen explained in a statement sent to Bitcoin.com News that digital currency payments are a mainstay in today’s financial landscape. “Cryptocurrency has become a significant part of the financial landscape and is now the way many people are choosing to conduct transactions on significant investments,” Madsen said. The RM Sotheby’s executive added:
Our clients, as well as newcomers to collector cars market, are important to us. Future developments will see cryptocurrency play a greater role in the collector car market.
The partnership between RM Sotheby’s and Bitpay follows the collector car auction company Mecum Auctions accepting crypto payments six months prior. Bitpay serves as Bitpay’s crypto payments provider. Mecum Auctions has also chosen to accept digital currency. Mecum Auctions said at the time the firm wanted to “attract new customers and sales.”
Sotheby’s, the leading luxury auction house that has partial ownership of the collector car auction house, also accepts cryptocurrencies, but through Coinbase. The world’s largest auction house revealed its partnership with Coinbase during the first week of May. Bitpay allows companies to accept cryptocurrency assets such as BTC and BCH.
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Images Credits: Shutterstock, Pixabay, Wiki Commons, RM Sotheby’s, Guikas Collection sale,
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