This article needs to be updated. Please help update this article to reflect recent events or newly available information.(May 2022)
This is a list of the most expensive cars sold in public auto auctions through the traditional bidding process, that of those that attracted headline grabbing publicity, mainly for the high price their new owners have paid.
On May 5, 2022, in a secret auction at the brand's museum in Germany, Mercedes-Benz sold one of just two 1955 300 SLR Uhlenhaut coupes from its extensive collection of historical automobiles—which dates back to the earliest days of the car in the late 19th century. The sale, to a private buyer, was for 135 million euros ($142,769,250). It handily outstripped the previous record-setting $48.4-million sale of a 1962 Ferrari 250 GTO at a 2018 auction to become the most expensive car ever sold at auction. Both of these high-dollar sales were brokered by RM Sotheby's.[1]
On June 1, 2018, it was announced that a 1963 Ferrari 250 GTO had sold for $70 million at a private auction, at the time a world record.[2]
This list only consists of those sold for at least $4 million in auction sales during a traditional bidding process, inclusive of the mandatory buyers premium and does not include private, unsuccessful (failing to reach its reserve price, incomplete) and out-of-auction sales.
Common contributing factors
Common contributing factors affecting the value of auctioned automobiles include:
Low production volumes[4] and rarity[4][5] (limited supply)
Nostalgia – is known as the generation effect; collectors in their prime earning years, able to afford a seven figure car, are likely to buy cars that they are born to identify themselves with.
Sport cars are typically more expensive than comparable engined sedans (also known as saloons), therefore more desirable. The same applies to roadsters over sedans.Luxury cars, however, because of their higher price tag, are on a higher end of the scale.[7]
Condition, also complete documentation (such as evidence of its restoration) of the car is vital for its value. It is not unusual for these cars to have undergone restoration work in the past costing hundreds of thousands, if not millions, of dollars.[8]
Winning a prestigious auto show helps the car's value. This was the case for some of the cars listed below have been cited to had taken overall[9] or class wins[10] at the Pebble Beach Concours d'Elegance.
Originality, typically a car that had its original mechanical components, as it was when it left the factory, is more desirable to the one that doesn't.[11] Original bodyshell retains the value better to one fitted with a new body but the chassis of the car is more considered by collectors.[12]
Cars that have been freshly restored or hidden away for a number of years or decades makes the car desirable to a show winner or a famous car.[5]
Eligibility to vintage events is a factor to prices as collectors typically buy vintage race cars to enter historic events as are cars that can be designed to be driven on the street but are competitive on the track.[5]
The originality of the car is considered important in historic racing due to the Historic Technical Passports and FIA Heritage Certificates in force, meaning cars must retain mechanical systems that belonged to the car of the period to prevent unfair advantages.[14]
A car associated with a famous person adds value to its price.[17] Examples are:
Elton John in 2001 auctioned his large collection, as a result of his fame, a majority of those sold at twice their appraised sale-price estimates.[18]
In 1973 a Mercedes-Benz 770 F-Cabriolet that stated to be the parade limousine of Adolf Hitler was sold for a then record of US$153,000(equivalent to $1,050,000 in 2023),[20][21] surpassing the previous record held by a Duesenberg Model J Victoria that belonged to Greta Garbo at US$90,000(equivalent to $656,000 in 2023).[22][23][24][25] A week after the auction it was revealed to be the limousine of the President of Finland Carl Mannerheim (not Hitler). The same Mercedes went on to surpass its own record months later despite this error in its historical prominence.[20]
On the other hand, a car belonging to a celebrity who is implicated in a credibility damaging scandal is likely to be worth less. An example of this is the Rolls-Royce Corniche belonging to British TV and radio personality, Jimmy Savile; in light of his sexual abuse scandal following his death, the car is speculated by the motoring trade to be worthless.[26] However, the white 1993 Ford Bronco, that was involved in the chase between O. J. Simpson and LAPD, was sold for $75,000 in 2004, almost twice its original value, ten years after the incident.[27]
On the other hand, as above, a car that is associated with a famous otherwise factory-backed racing team, such as Scuderia Ferrari, which was the case in August 2011 when one of their factory Ferrari 250 Testa Rossa broke a new record, surpassing the record held by another car of the same model two years before, which was a customer car.[28]
Auctions taking place during the annual Monterey Historics events every mid-August are generally expected to bring in record sale prices as they are considered to be the hotpoint for collectors and investors who prefer to attend the events, awaiting the outcome.[29] In general, however, auctions are not likely to result in statistically significant price increases when compared to publicly available private sale records of the same model in equivalent condition.[10]
World economy affecting car values
Aside those mentioned above, the world economy is the other main factor to the value of collectible cars as classic cars are frequently regarded as an alternative investment.[18][30]
The market began in the 1970s when used Ferraris were exported to Italian exotic car dealers in the United States who were willing to buy every vehicle which they were offered. During the 1973 oil crisis (when prices of exotic cars plummeted rapidly), almost new and top-of-range models frequented in used car lots, a Lamborghini Miura could be bought for $15,000 at the time.[31] A 1960 Ferrari 250 GT SWB California Spider that went on to sell for $4,950,000 in 2009 was offered for sale in the June 1964 issue of Road & Track for US$10,500(equivalent to $103,000 in 2023), in the April 1976 issue of Hemmings Motor News, the same car was offered at US$16,750(equivalent to $90,000 in 2023).[32] After a period of ups and downs in the 1970s and early 1980s, interest rates eased, meaning highly desirable exotic cars whose decals once frequented bedroom walls of collectible car fans suddenly became affordable.[31]
During the 1980s boom, investors frequented auctions, causing prices to skyrocket. When cars were sold, they were commonly shifted to storage for investors intending to eventually profit on their accrued collectors value. The high prices drove enthusiasts away from the market, and cars passed from investor to investor with little or no profit gained.[18] The 1980s boom was followed by 1990s bust, and the values of classic cars plummeted, causing most owners to lose considerable portions of their investment portfolio values.[33]
According to the November 1997 issue of Car Magazine, the Ferrari F40 was credited for sparking the price speculation craze.[34]
During the height of the Japanese asset price bubble in the late 1980s, when the yen had strengthened from an exchange rate of about 300 yen per one U.S. dollar in 1985 to about 150 yen per U.S. dollar in 1989, wealthy Japanese buyers began to buy classic cars for effectively half the previous cost in yen. One example of this occurred in 1989, a Ferrari 250 GTO (3909GT) was privately sold to Takeo Kato for $13,837,500.[31] When the bubble burst, it was resold to Talacrest, an Egham (in Surrey) based Ferrari dealer for $2.7m in 1994,[35] and was eventually sold again to David Morrison (a London-based American) for an estimated $3.5 million. It was most recently passed on in 2001 to John Mozart, via private sale in exchange for a Ferrari 250 TR, who acquired it for an estimated price of $7,000,000.[31]
Although in general, prices of collectible cars have slightly recessed as a result of the recent recession,[36] prices for most high-end collector cars have held their value or continued to rise.[4] Since the 1990s recession, values of the most desirable cars have risen by at least 200%.[33] This changing trend in value fluctuation can be attributed to most investors thoroughly researching the cars they are interested prior to purchase, in contrast to the short-sighted, spontaneous purchases which destabilized the collectible car market during the 1980s.[37]
Between 2005 and 2010, the value of vintage cars have increased by an average of 21%, according to Dietrich Hatlapa of the HAGI Index (Historic Automobile Group International).[36]
One of the largest challenges faced by those who invest in collectible cars is the risk of immediate devaluation following an automobile accident which causes physical damage to the vehicle. The most expensive car crash in recorded motoring history was caused by Christopher Cox, who crashed while driving his Ferrari 250 GTO and completely destroyed its front end. The car itself has an estimated value of approximately $30 million (USD) prior to the incident.[38]
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Giovanni Michelotti was one of the most prolific designers of sports cars in the 20th century. His notable contributions were for Ferrari, Lancia, Maserati and Triumph marques. He was also associated with truck designs for Leyland Motors, and with designs for British Leyland after the merger of Leyland and BMC.
The Ferrari 250 GTO is a grand tourer produced by Ferrari from 1962 to 1964 for homologation into the FIA's Group 3 Grand Touring Car category. It was powered by Ferrari's Tipo 168/62 Colombo V12 engine. The "250" in its name denotes the displacement in cubic centimeters of each of its cylinders; "GTO" stands for Gran Turismo Omologato, Italian for "Grand Touring Homologated".
The Ferrari 275 is a series of front-engined V12-powered grand touring automobiles with two-seater coupé and spider bodies produced by Ferrari between 1964 and 1968. The first 275 series cars were powered by a 3.3 L (3286 cc) overhead camshaft Colombo 60° V12 engine producing 260–320 hp (190–240 kW). An updated 275 GTB/4 was introduced in 1966, with a revised four overhead camshaft engine producing 300 hp (220 kW). The 275 series were the first road-going Ferraris equipped with a transaxle and independent rear suspension.
Carrozzeria Scaglietti was an Italian automobile design and coachbuilding company active in the 1950s. It was founded by Sergio Scaglietti in 1951 as an automobile repair concern, but was located across the road from Ferrari in Maranello outside Modena, Italy.
The Ferrari 250 is a series of sports cars and grand tourers built by Ferrari from 1952 to 1964. The company's most successful early line, the 250 series includes many variants designed for road use or sports car racing. 250 series cars are characterized by their use of a 3.0 L (2,953 cc) Colombo V12 engine designed by Gioacchino Colombo. The 250 series designation refers to this engine's cylinder displacement of approximately 250 cc. They were replaced by the 275 and 330 series cars.
The Ferrari P was a series of Italian sports prototype racing cars produced by Ferrari during the 1960s and early 1970s.
The Ferrari 330 was a series of V12 powered automobiles produced by Ferrari in 2+2 GT Coupé, two-seat Berlinetta, spyder, and race car versions between 1963 and 1968. The name "330" refers to the approximate displacement of each single cylinder in cubic centimeters.
The Ferrari 250 GT SWB Breadvan is a one-off Ferrari made in 1962 from a 1961 Ferrari 250 GT Berlinetta SWB, chassis number 2819 GT. It was built to compete against the new 1962 Ferrari 250 GTO at the 24 Hours of Le Mans and other FIA World Sportscar Championship races.
The Ferrari 225 S was a sports racing car produced by Ferrari in 1952. It was an evolution over the preceding Ferrari 212 Export with important engine upgrades that greatly improved power output. The model was extensively used in competition, winning many international races. The most important include 1952 Monaco Grand Prix for sports cars, Portuguese Grand Prix, Coppa d'Oro di Sicilia, Coppa della Toscana, Coppa d'Oro delle Dolomiti and many others. It was the final Colombo V12 engine iteration before the 250-family stretched it to 3.0-litres capacity.
The Ferrari Monza is one of a series of cars built by Ferrari. In the early 1950s, Ferrari shifted from using the compact Gioacchino Colombo-designed V12 engine in its smallest class of sports racers to a line of four-cylinder engines designed by Aurelio Lampredi. Inspired by the success of the light and reliable 2.5 L 553 F1 car, the four-cylinder sports racers competed successfully through the late 1950s, culminating with the famed 500 Mondial and 750 Monza.
The Ferrari 250 GT Berlinetta Lusso is a GT car which was manufactured by Italian automaker Ferrari from 1962 to 1964. Sometimes known as the GTL, GT/L or just Lusso, it is larger and more luxurious than the 250 GT Berlinetta. The 250 GT Lusso, which was not intended to compete in sports car racing, is considered to be one of the most elegant Ferraris.
The Ferrari 290 MM is a sports racing car produced by the Italian automobile manufacturer Ferrari in 1956. It was developed to compete in the 1956 edition of Mille Miglia as a successor to the 860 Monza, hence the acronym "MM", and four cars were built.
François Hubert Marie Perrodo is a French billionaire businessman, racing driver, and car collector. He is the chairman of Perenco, an oil and gas company with operations in 14 countries, which was founded by his father. In October 2023, Forbes estimated his family to be worth US$10 billion.
Neri and Bonacini, also known as Nembo, was a small carrozzeria and mechanic shop based in Modena, Italy, active from the late 1950s to around 1967. Founded and run by Giorgio Neri and Luciano Bonacini, the shop worked on and produced bodies for Ferrari, Lamborghini and Maserati road and race cars, both in an official capacity for those manufacturers and for private owners. Their best known projects are the Ferrari 250 GT-based Nembo spiders and the Lamborghini 400GT Monza. Neri and Bonacini also designed a car under their own name, the Neri and Bonacini Studio GT Due Litri. Two prototypes of this car were made between 1966 and 1968 but it never entered series production. The shop closed around 1967 when Bonacini went to work for De Tomaso and Neri started his own shop, Motors-World-Machines (MWM).
Gooding & Company is a classic car auction company headquartered in Santa Monica, California. Incorporated in 2003, the company holds multiple all-time records for the most expensive cars sold in auction. The company also provides private treaty sales, estate planning, and appraisals. Since 2004, Gooding & Company has been the official auction house of the Pebble Beach Concours d'Elegance. The global auction house also hosts its London Auction as the official auction partner of the Concours of Elegance at Hampton Court Palace since 2021. Additional auctions are held each year in Amelia Island, Florida. At the present, the auction house holds the world record prices at auction for 12 automotive marques, including Duesenberg, Porsche, Ferrari, Bugatti, McLaren, and RUF.
The Ferrari 410 S was a sports racing car produced by Ferrari in 1955–1956. After the racing successes of 375 Plus, mainly in 1954 Carrera Panamericana, Ferrari decided to prepare another model for this marathon. The 410 S was intended as a long-distance race car originally designed for the 1955 Carrera Panamericana and was the final model of the Lampredi V12 sports car lineage. The next generation of sports racing cars that replaced the 410 S were powered by the new Jano V12 engines.
The Ferrari 250 MM was a sports racing car produced by Ferrari from 1952 to 1954. After the initial racing successes of the 3.0-litre Colombo V12 engine, introduced in the 250 S one-off, Ferrari produced a serial racing model. It is best recognisable for the distinctive closed berlinetta bodywork by Pinin Farina. The "MM" in its name stood for the Mille Miglia race.
The Ferrari 250 GT California Spyder is a sports car developed by the Italian automotive company Ferrari. It is presented by the brand as Ferrari 250 Gran Turismo Spyder California or simply Ferrari 250 California. It was designed by Sergio Scaglietti, who adapted the styling of the 250 GT Pinin Farina, and was produced by Carrozzeria Scaglietti. The model gained considerable recognition after its appearance in the 1986 film Ferris Bueller's Day Off.
The Ferrari 250 GT Coupé represented a series of road-going, grand touring cars produced by Ferrari between 1954 and 1960. Presented at the 1954 Paris Motor Show, the 250 Europa GT was the first in the GT-lineage. The design by Pinin Farina was seen as a more civilised version of their sporty Berlinetta 250 MM. Series built cars were an answer to the wealthy clientele demands of a sporty and luxurious Ferrari Gran Turismo, that is also easier to use daily.
↑ Evans, John (April 23, 2014). "Top 10 cars with a murky past". Sunday Times Driving. Archived from the original on October 19, 2015. Retrieved January 3, 2020. Disgraced DJ Jimmy Savile owned an assortment of Rolls-Royces in his time...People who bought them believing they would rise in value have had a nasty shock with one trade guide reporting that his 2002-registered Corniche had the potential to be "totally worthless".
↑ Selby, Dave (October 2011). "The HAGI Top index". Octane (100). Dennis Publishing: 204. Despite the fact that the Monterey auctions of mid-August will offer unprecedented volume and a potential record gross, the lively activity within the market may suggest a judgment call, whereby collectors and investors position themselves in advance of the California sales rather than awaiting the outcome...
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