According to Foresight News: A group of investors is suing Sotheby's, Bored Ape Yacht Club (BAYC) creator Yuga Labs, and MoonPay, accusing Sotheby's of misleadingly promoting NFTs and colluding with Yuga Labs to artificially inflate their prices. The investors are also seeking a jury trial and demanding compensation of over $5 million. Celebrities such as Justin Bieber and Paris Hilton have been accused of promoting the NFT series without disclosing their financial ties. Sotheby's has responded that the allegations in the lawsuit are baseless and they are prepared to actively defend themselves.
In September 2021, Sotheby's sold over 100 NFTs to a buyer in an online auction for more than $24 million, exceeding the presale estimate of $12 million to $18 million.
