• Colin McRae’s long-lost rally car was reportedly auctioned off for Bitcoin

  • Australian auction house Lloyds Auctions announced that the 1994 Subaru Prodrive 555 Group A World Rally Championship Car had been found in a barn, covered in dust, in the Victoria state of Australia.

    The car was originally thought to be valued at 15,000–20,000 Australian dollars ($10,900–$14,500). But a six-month investigation from the International Classic Automobile Authentication and Rating System (ICAARS) revealed that “it may well be worth more than $1 million [$725,000].”

    Lloyds Auctions in Australia announced that the 1994 Subaru Prodrive 555 Group A World Rally Championship Car had been discovered in a dusty barn in the state of Victoria.

    The car was initially estimated to be worth 15,000–20,000 Australian dollars ($10,900–$14,500). However, a six-month investigation conducted by the International Classic Automobile Authentication and Rating System (ICAARS) revealed that “it may well be worth more than $1 million [$725,000].”

    The rally car, one of only 63 commissioned by Prodrive, had been sitting in the barn for 10 years, according to Lloyds, and the owner was unaware of the vehicle’s true value. It had only three owners since its racing days, and it was in pristine condition.

    An ICAARS inspector described the car as a “golden treasure,” and it was auctioned off for half a million Australian dollars on Sept. 26. The winning bid was said to have been paid in Bitcoin.

    Lloyds announced in June that it would begin accepting cryptocurrency payments, allowing bidders to purchase items auctioned on the platform using Bitcoin and other cryptocurrencies.

    “As a long-time Lloyds customer, I had no hesitation and couldn’t believe how simple it was for me to pay with cryptocurrency,” a bidder said later, adding that the seller receives the payment in cash and “never knows the difference.”

    Aside from cryptocurrencies, nonfungible tokens (NFT) are sweeping the auction world. As auctionable items, art galleries are adopting the new form of digital art. Yuga Labs’ 101 Bored Ape Yacht Club NFT collection was auctioned off by Sotheby’s in September, with a winning bid of $24.39 million.

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