Sotheby’s, Paris Hilton and Justin Bieber sued over Bored Ape NFTs

image

Sotheby’s is being sued by investors over an auction of more than 100 images of cartoon monkeys.

The 279-year-old auction house has been named as a defendant in a lawsuit alongside celebrities including Paris Hilton, Justin Bieber and Madonna who promoted Bored Ape Yacht Club non-fungible tokens (NFTs), a series of 10,000 collectible, digital monkeys.

Investors claimed that Sotheby’s “misleadingly promoted” the NFTs and attempted to “manipulate the price” of the collection, according to a US court filing submitted last Friday.

“The Sotheby’s stamp of approval played a big part in the deceptive promotion of the NFT collection as a legitimate investment,” said Sean Masson of the law firm Scott+Scott, which is representing investors.

“Unfortunately, Sotheby’s over-hyped auction turned out to be a farce that

Sign up to receive the best Underground art & real estate news in your inbox everyday.

We don’t spam! Read our privacy policy for more info.

This post was originally published on this site