The record-breaking 250 TR
The 1957 Ferrari 250 Testa Rossa that sold for $16.4 million at the Gooding and Company auction might have grabbed the headlines (and rightly so - it is a world record after all), but it wasn't the only place where huge sums were being spent.
As bad as the global economy might be right now, the results from RM's bash in California last weekend give the distinct impression that the business of high-end collector's cars is unaffected.
In fact, you could argue that it's booming.
There's a theory that the relative stability of the market is due to investors preferring to sink their money into a car which they can enjoy owning as opposed to parking their funds in a bank account giving minimal interest. Whatever the reason, this auction has probably realised over $80,000,000 (final figure yet to be confirmed by RM) against last year's $67,000,000.
In the process no fewer than 14 cars sold for more than $1,000,000, including the stunning 1937 Mercedes-Benz 540K Spezial Roadster for $9,680,000, and the ex-Steve McQueen 'LeMans' Porsche 911S we mentioned a few weeks ago for $1,375,000.
Both of those are auction records for a Mercedes Benz and a 911 respectively.
In addition to the dizzying figures, the signs are that over 85 per cent of the lots found new owners, which is a high percentage, especially for a prestige auction. The punch line is that this was only one of the auctions taking place during the Pebble Beach Concours...
- 1955 Ferrari 750 Monza Spyder - $2,530,000
- 1939 Mercedes Benz 540K Spezial Roadster - $4,620,000
- 1936 Mercedes Benz 540K Spezial Coupe - $3,080,000
- 1952 Ferrari 340 Mexico Berlinetta - £3,685,000
- 1958 BMW 507 Roadster - $1,072,500
- 1937 Mercedes Benz 540K Spezial Roadster - $9,680,000
- 1960 Ferrari 250GT SWB Berlinetta Competizione - $5,280,000
- 1935 Mercedes Benz 500K Roadster - $3,767,500
- 1953 Ferrari 375 America Coupe - $1,980,000
- 1936 Mercedes Benz 540K Sport Cabriolet 'A' - $2,970,000
- 1924 Mercedes Benz 28/95 Sport Phaeton - $1,017,500
- 1962 Ferrari 400 Superamerica Coupe - $2,090,000
- 1967 Ferrari 275 GTB/4 Berlinetta - $1,485,000
- 1970 Porsche 911S (ex-McQueen) - $1,375,000
- 1938 Bugatti Type 57 Stelvio - $693,000
- 1969 Corvette ZL-1 Greenwood - $638,000
(All prices quoted are hammer prices plus 10 percent buyer's premium)