Colin McRae’s rally car bought at auction with bitcoin

The car was discovered in an Australian barn and originally valued at $15,000 ($11,000)

                                
A Subaru Impreza car during Rostov Velikiy Russian rally championship on September 05, 2010 - Photo:Shutterstock
                                

A 1994 Subaru Prodrive 555 Group A World Rally Championship Car, once driven by Colin McRae and Carlos Sainz has sold for half a million Australian dollars ($360,000) during a bid run by Australian auction house Lloyds auctioneers and valuers, where an anonymous bidder used bitcoin to pay for the car.

The car was uncovered in a barn in Victoria, Australia and was originally valued at $15,000 (£11,028) - $20,000 (£14,704).

Lloyds said: “It is a golden treasure and one of only 63 commissioned by Prodrive and is authenticated original by International Classic Automobile Authentication and Rating System (ICAARS).”

Lee Hames, chief operations officer for Lloyds Auctions added: “The new custodians are motorsport enthusiasts and are looking forward to enjoying all the benefits of the car and honouring the vehicle.”

First Australian auction house to accept cryptos

In June this year, the auction house announced that it would accept bitcoin, ethereum and other leading cryptos as payment for the goods and items it sells.

Lloyds stated that you can buy anything from a toaster to a Tesla with cryptos. The seller still receives payment in Australian dollars, however.

A statement from one of the original purchasers using crypto said: “As a long-time patron of Lloyds I had no hesitation and couldn’t believe how simple it was for me to pay with cryptocurrency. The seller would have received it as cash and never known the difference!”

Sotheby’s crypto bids

In July, another auction house Sotheby's Hong Kong ran an auction for a flawless 101.38-carat diamond. Buyers had the option of purchasing the diamond with either bitcoin or ethereum. 

The diamond was valued at between $10m - $15m.

“The fact that cryptocurrency is to be accepted as payment also marks a significant moment in the evolution of the market,” said Sotheby’s in a statement.

The diamond was purchased using fiat currency.

Further reading: NFT of Bored Apes sells for over $24m at Sotheby’s auction

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