RIYADH: RM Sotheby’s, the world’s largest collector car auction house by total sales, will be accepting cryptocurrency payments via Bitpay, Bitcoin.com reported.
The firm’s Guikas Collection sale on Friday Nov. 19 will be RM Sotheby’s first auction to accept digital currency payments for collectible automobiles.
The auction will feature 75 of the finest racing and road cars and the collection will be auctioned entirely without reserve.
This decision comes as the company wants to attract a new customer base in order to expand “the market for collectible automobiles to a broader cross-section of enthusiasts and collectors.”
“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,” RM Sotheby’s CSO Bryon Madsen said.
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.