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World’s Leading Car Auctioneer to Accept Cryptocurrency Payments
World’s Leading Car Auctioneer to Accept Cryptocurrency Payments
Bonhams, one of the world’s largest and most renowned luxury motor car auctioneers, is to accept cryptocurrency payments.
For the first time, bidders at this year’s exclusive motor car auction event will have the option to close the sale of eye-wateringly expensive Lamborghinis, Ferraris, Bentleys and other luxury motors with six-figure price tags, using cryptocurrency.
The benefit of using cryptocurrency to purchase incredibly expensive luxury cars is principally due to the speed of the transaction. While purchasing luxury cars in auctions using dollars, or, slower still, foreign non-USD currency, the sale can take weeks, even months, to complete. By contrast, sending payment in cryptocurrency can take a matter of minutes.
, Elizabeth White, CEO of The White Company, a fine art and luxury goods dealer which facilitates purchases for clients with cryptocurrencies, explains how when a bidder buys a car with the likes of bitcoin, it is sent electronically to White’s cryptocurrency wallet, who then issues the dollars to Bonhams, a process that takes around 30 minutes.
The great benefit of cryptocurrency is that it is a global currency and is perfect for auction situations when you have bidders from all over the world
The White Company has transacted more than 30 Lamborghinis and a $4m Ferrari.
The appeal for auctioning companies to accept cryptocurrency payments is not confined to Bonhams.
The art industry recognizes the appeal of crypto purchases
In June this year, a portion of Andy Warhol’s
through the fine art blockchain platform, Maecenas.
The auction allowed bidders to purchase Andy Warhol art using either bitcoin, ether or Maecenas’ own ART token, designed to allow for artwork to be passed from one owner to another more seamlessly, streamlining the whole buying and selling art process.
was launched at an art gallery in London. In a pioneering move within the art industry, the House of Fine Art opened an exhibition where buyers can purchase paintings with crypto.
With millionaires buying Lambos and Andy Warhol art in cryptocurrency and auction houses and art galleries recognizing the benefits and appeal of accepting cryptocurrency payments, digital currencies’ reputation of being the currency of choice for criminals, may finally be subsiding to being the currency of choice for the filthy rich.
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Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.
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