
In February, two of the most iconic classic cars in existence will go under the hammer as part of a series aimed at benefiting the Indianapolis Motor Speedway Museum. This auction series features three events showcasing 11 vehicles owned by the museum and is expected to generate a minimum of $100 million in total sales.
The first vehicle, a 1954 Mercedes-Benz W196 R Streamliner with an estimated value of around $50 million, will be presented at a private RM Sotheby’s auction on February 1 at the Mercedes-Benz Museum in Stuttgart, Germany. Just four days later, a 1965 Ferrari 250 LM, projected to reach about $30 million, will be sold at the Retromobile auto show in Paris by RM Sotheby’s.
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If these vehicles achieve their anticipated values, they will break the existing record for the highest-priced car sold at auction in 2024: a 1963 Ferrari 250 GT SWB California Spyder that brought in $17.8 million, including premiums, at Mecum Auctions in January. However, both cars would still not surpass the record-breaking $142 million sale of a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé in 2022, despite the Streamliner’s comparable significance and its $50 million price viewed as a conservative estimate.
“The 1954 Mercedes-Benz W 196 R Streamliner is considered one of the most significant cars in racing history,” stated Marcus Görig, a car specialist at RM Sotheby’s, via email. “Cars of such caliber seldom come up for sale, and their availability marks a monumental occasion.”
Both vehicles boast a racing legacy that is unparalleled in their category, which is a key factor contributing to their high valuations.
Renowned for its aerodynamic design and short-stroke, inline eight-cylinder engine, the sleek silver Mercedes was driven by two of the most revered figures in motorsport: Juan Manuel Fangio and Stirling Moss. Fangio secured a victory with it at the 1955 Formula Libre Buenos Aires Grand Prix, while Moss competed with it at the 1955 Formula One Italian Grand Prix in Monza. The Mercedes-Benz factory gifted the car to the Indianapolis Motor Speedway in 1965.
The stunning red Ferrari 250 LM was formerly owned by Luigi Chinetti, who used it for his North American Racing Team (NART), entering privateer Ferraris in various endurance and Formula 1 races. In 1965, the NART 250 LM triumphed at the 24 Hours of Le Mans, a victory that would go unmatched by any Ferrari until 2023.
The W196 will be auctioned during a standalone event in Stuttgart, in collaboration with the Mercedes-Benz Museum, allowing bidding exclusively via live and telephone participants. The other vehicles in the auction series, which include a highly coveted 1966 Ford GT40 Mk II and the Corvette SS Project XP-64, will be accessible for registered bidders, enabling online, phone, and live bidding in Paris and at the ModaMiami car show on March 1 and 2.
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The cars slated for auction were selected due to their non-affiliation with Indy racing, according to an auction representative. This sale aims to facilitate the expansion of the not-for-profit museum, which operates from a 100,000-square-foot facility owned by Penske Entertainment Corp., and is expected to ensure financial stability for the museum over the next decade.
In 2023, the museum launched a public fundraising campaign with an $89 million goal for renovations and to create an endowment for future investments. A private phase of the campaign raised $46 million, and the museum is currently closed for renovation.
Despite facing a challenging market environment marked by fluctuating interest rates impacting high-end collectors’ spending, RM Sotheby’s has recently thrived in the auction sector. In October, they achieved $30 million in sales from vintage Lamborghinis and Mercedes cars salvaged from a Los Angeles junkyard, significantly exceeding the initial auction estimate of $17 million.
© 2024 Bloomberg
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