Amwal Al Ghad English - 2013-05-26 07:52:39
A Ferrari that competed in the 1953 Le Mans 24-hour race sold last night for $11.9 million at an auction at Lake Como in Italy.
The red V-12 340/375 MM Berlinetta was estimated by RM Auctions Inc. to sell for at least 5 million euros ($6.5 million) at hammer prices. After a 20-minute battle between three bidders, one on the telephone, it sold to an unidentified buyer in the saleroom for 9.2 million euros with fees.
Earlier, another Berlinetta, a 1964 racer that competed in Italian hill climbs in the 1960s, sold for 902,750 euros, against an estimate of 925,000 euros, the top price in a Bonhams auction at the Spa Motor Circuit, Belgium. Porsche 911s were left trailing by the Italian carmaker’s prices.
The top end of the market for collectable cars is dominated by Ferraris from the 1950s and 1960s. Michigan-based Hagerty’s “Blue Chip” index of the best collectible autos was at an all-time high of 240.9 in April, boosted by a 24 percent increase within the last year for classic models by the Italian supercar marque now owned by Fiat SpA. (F)
RM’s 40-lot auction is estimated cast to raise at least 23.6 million euros. It is being held at Villa Erba in association with the nearby Concorso d’Eleganza, Villa d’Este -- Europe’s foremost beauty contest for classic cars. More»