DATABANK

The Fast Lane

ART+AUCTION JANUARY 2014 | BLOUINARTINFO.COM

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IN MONTEREY THIS PAST AUGUST, RM Auctions’ sale of classic cars became the highest grossing ever when 87 percent of the 120 vehicles

on offer sold for a combined $125 million, with more than a dozen cars setting benchmarks for individual models. Among these was a 1967

Ferrari 275 GTB/4*S N.A.R.T. Spider, which brought $27.5 million. The month before, a 1954 Mercedes-Benz W196R Formula 1 sold for $29,650,095 at

Bonhams’ Goodwood Festival of Speed sale in England, the highest price paid for a car at auction. (The figure was topped in October when Connecticut-

based collector Paul Pappalardo sold a 1963 Ferrari 250 GTO to an unnamed buyer for $52!million, setting a new private sale record.) As anomalous

as such astronomical prices may seem, they are part of an overall upward trend in classic car sales. To take the temperature of the red-hot auto

market, we looked at data from more than 20,000 sales by 23 auction houses that specialize in classic cars over a 15-year period from 1998 to 2012.

While the highest prices have been achieved since then, new records may very well be set at the Scottsdale sales January 12–19. BY ROMAN KRAEUSSL

A 1967 Ferrari 275 GTB/4*S N.A.R.T. (North American Racing Team) Spider, above, was sold for $27.5 million (est. $14–17 million) by RM Auctions this past August, setting an auction record for the Italian automaker. The car, one of only 10 built, retailed for less than $15,000 in the 1960s. A 1957 Ferrari 250 Testa Rossa, left, brought $16.4 million at Gooding & Co.’s Pebble Beach auction in August 2011.

The majority of classic cars sold are by American automakers Chevrolet and Ford. When it comes to value, however, Ferrari leads the way, followed by Mercedes-Benz.

SALES BY MAKE AND MODEL, 1998–2012

Aston MartinCadillacChevroletFerrariFordJaguar

Mercedes-Benz

Other

PlymouthRolls-RoyceShelby

Aston MartinBentleyCadillacChevroletFerrariFord

JaguarMercedes-Benz

Other

Rolls-RoyceShelby

CLASSIC CAR SALES, 1998—2012

Over 15 years, Ferraris have performed the best by far even in volatile financial markets. Muscle cars such as the Plymouth 1969 Road Runner, the 1971 Superbird 440, or the 1971 Barracuda have shown more market variability but still proved to be wise investments. A 1968 Dodge Charger R/T 440, for example, was sold in 2001 for $39,000 and fetched $170,000 a decade later.

Volume in USD

450

400

350

300

250

200

150

100

50

0

600

500

400

300

200

100

0

1998 2000 20042002 2008 2010 20122006

USD

(mill

ions

)

 

   

 

 

 

     

TOP

10 M

AKE

S BY V

ALUE IN USD 1998–2012    

29.6%

22.1%

5.4% 4.2%

2.9%2.5%

3.9%

10.0%3.8%

5.6%

10.0%

49.8%

 

TOP

10 M

AK

ES B

Y NUMBER OF SALES 1998–2012

21.9%

35.9%

3.5%

2.7%

3.9%

3.1%

6.3%

10.4%

4.4%4.0%

3.9%

Pre-1949 Car Index

Muscle Car IndexFerrari IndexAll Classic Cars Index

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FOR OTHER INDICES AND MORE THAN 4.8 MILLION FINE ART AND DESIGN AUCTION RESULTS, GO TO ARTSALESINDEX.ARTINFO.COM

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TOP 20 CLASSIC CAR AUCTION SALES

Eight of the top 10 marques have set individual records during the past 24 months. The newest car on our top-20 list, aside from the McLaren Formula 1 racing car, is the 1968 Ford GT40 Lightweight; it and the Duesenberg roadster are the only non-European cars to crack the upper echelons of this market.

RANK MAKE/MODEL YEAR PRICE IN USD AUCTIONEER/LOCATION YEAR SOLD

1 Mercedes-Benz W196R Formula 1 1954 $29,650,095 Bonhams, U.K. 2013

2 Ferrari 275 GTB/4*S N.A.R.T. Spider 1967 $27,500,000 RM Auctions, USA 2013

3 Ferrari 250 Testa Rossa 1957 $16,390,000 Gooding & Co., USA 2011

4 Ferrari 340/375 MM Berlinetta Competizione 1953 $12,747,600 RM Auctions, Italy 2013

5 Ferrari 250 Testa Rossa 1957 $12,168,300 RM Auctions, Italy 2009

6 Mercedes-Benz 540K Special roadster 1936 $11,770,000 Gooding & Co., USA 2012

7 Ferrari 250 GT LWB California Spider Competizione 1960 $11,275,000 Gooding & Co., USA 2012

8 Ford GT40 Gulf/Mirage lightweight racing car 1968 $11,000,000 RM Auctions, USA 2012

9 Ferrari 250 GT SWB California Spyder 1961 $10,962,900 RM Auctions, Italy 2008

10 Duesenberg Model J LWB Coupe 1931 $10,340,000 Gooding & Co., USA 2011

11 Mercedes-Benz 540K Special roadster 1937 $9,680,000 RM Auctions, USA 2011

12 Ferrari 250 GT 14-Louver Berlinetta 1957 $9,460,000 Gooding & Co., USA 2013

13 Alfa Romeo Tipo C 8C-35 50013 “ex-Tazio Nuovolavi” 1935 $9,385,620 Bonhams, U.K. 2013

14 Ferrari 330 TRI/LM Testa Rossa Spyder 1962 $9,283,590 RM Auctions, Italy 2007

15 Ferrari 375 MM Spider 1953 $9,075,000 RM Auctions, USA 2013

16 Bugatti Type 57SC Atalante 1937 $8,745,000 Gooding & Co., USA 2013

17 Ferrari 250 GT SWB California Spyder 1962 $8,580,000 RM Auctions, USA 2012

18 McLaren Formula #1 1997 $8,470,000 Gooding & Co., USA 2013

19 Mercedes-Benz 680S Torpedo roadster 1928 $8,250,000 RM Auctions, USA 2013

20 Mercedes-Benz 540K Special roadster 1937 $8,057,190 RM Auctions, U.K. 2007

A 1954 Mercedes-Benz W196R Formula 1 single-seater, once driven by Argentine racing legend Juan Manuel Fangio, became the most expensive car ever sold at auction when it achieved $29,650,095 at Bonhams’ Goodwood Festival of Speed sale in England this past July.