The Sotheby’s auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021.
The Sotheby’s auction house has been named as a defendant in a lawsuit filed by investors who regret buying Bored Ape Yacht Club NFTs that sold for highly inflated prices during the NFT craze in 2021.
Nope. Too bad, they knew what they were buying. That they convinced themselves the value they attributed to it would remain or increase is entirely on them. The fact that so many others saw it through a realistic lens means they had the same ability and chose not to.
But that said, the proceeds for them should also get clawed back and 100% put toward scam identification education. Neither side in this one should walk away enriched.
This is the part about wealthy people that I just love. If muh investment pays off, f-off society, I was smart and made a wise investment. I deserve to keep 100% of the proceeds. But when things go south, “Save meeeeeeeeee, you [society/regulators] shouldn’t have let me go through with it”. Then we’re back to the socialism they say they hate so much and that they lobby their own money to deny to the common folk.
Oy vay
That’s the whole point of legitimate auction houses like Sothby’s. They pay experts to provide some legitimacy and sanity. It’s one thing for me to say that a kids finger painting is worth 50k, it’s a different thing for a trained art appraiser at an auction house to set that price.
Sotheby sets the initial prices and provides estimates of value. They were supposed to be the responsible adult in the room. Now if they values them at say $1000 and they sold for 100,000k that’s on the buyer. If the value was set for 80k and it sold for 90k that’s a different story.
Honestly I’m ok with them keeping their money, afaik everyone knew where they were buying they were just dumb enough to think it would ever be worth something. If we want to claw back money from people we should start with the ones ruining the environment to make the line go up
I mean yeah, if you make it illegal for dumb people to overpay for stupid shit, half the global economy would collapse overnight