Race Cars: $50 Million Mercedes and $30 Million Ferrari Available for Sale

In February, two of the most notable classic cars in the world will be auctioned as part of a series benefiting the Indianapolis Motor Speedway Museum. This auction series consists of three events featuring 11 vehicles owned by the museum and is projected to generate at least $100 million in total sales.

The first car, a 1954 Mercedes-Benz W196 R Streamliner valued at approximately $50 million, will be showcased during a private RM Sotheby’s auction on February 1 at the Mercedes-Benz Museum in Stuttgart, Germany. Just four days later, RM Sotheby’s will auction a 1965 Ferrari 250 LM, expected to reach an estimated value of $30 million, at the Retromobile auto show in Paris.

If these vehicles meet their projected values, they will surpass the current record for the most expensive car sold at auction in 2024: a 1963 Ferrari 250 GT SWB California Spyder that fetched $17.8 million, including premiums, at Mecum Auctions in January. However, both cars would still fall short of the record-setting $142 million sale for a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé in 2022, even though the significance of the Streamliner is nearly comparable, and its $50 million price tag is viewed as a conservative estimate.

“The 1954 Mercedes-Benz W 196 R Streamliner is regarded as one of the most pivotal cars in racing history,” said Marcus Görig, a car specialist for RM Sotheby’s, via email. “Vehicles of this caliber rarely come to market, and when one becomes available, it represents a monumental occasion.”

Both cars possess a racing legacy unmatched by others in their category, which is a crucial factor in their high valuations.

Celebrated for its aerodynamic design and short-stroke, inline eight-cylinder engine, the elegant silver Mercedes was piloted by two of the most esteemed drivers in motorsport: Juan Manuel Fangio and Stirling Moss. Fangio drove it to victory in the 1955 Formula Libre Buenos Aires Grand Prix, while Moss raced it at the 1955 Formula One Italian Grand Prix in Monza. The Mercedes-Benz factory donated the car to the Indianapolis Motor Speedway in 1965.

The striking red Ferrari 250 LM was previously owned by Luigi Chinetti, who utilized it for his North American Racing Team (NART), entering privateer Ferraris in various endurance and F1 races. In 1965, the NART 250 LM achieved victory at the 24 Hours of Le Mans, a feat that wouldn’t be repeated by any Ferrari until 2023.

The W196 will be auctioned during a standalone event in Stuttgart, in collaboration with the Mercedes-Benz Museum, with bidding exclusively available to live and telephone participants. The remaining vehicles in the auction series, which include a highly sought-after 1966 Ford GT40 Mk II and the Corvette SS Project XP-64, will be open for registered bidders, allowing online, phone, and live bidding in Paris and at the ModaMiami car show on March 1 and 2.

The cars up for auction were chosen due to their lack of affiliation with Indy racing, according to an auction spokesperson. This sale aims to support the expansion of the not-for-profit museum, which operates in a 100,000-square-foot facility owned by Penske Entertainment Corp., and is anticipated to provide financial stability for the museum over the next ten years.

In 2023, the museum initiated a public fundraising campaign with a goal of $89 million for renovations and to establish an endowment to facilitate future investments. A private phase of the campaign raised $46 million, and the museum is currently closed for renovation work.

Despite a challenging market environment shaped by fluctuating interest rates affecting high-end collectors’ spending, RM Sotheby’s has recently excelled in the auction circuit. In October, they recorded $30 million in sales from vintage Lamborghinis and Mercedes cars salvaged from a Los Angeles junkyard, far exceeding the auction’s initial estimate of $17 million.

© 2024 Bloomberg

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