The 'Art of the Automobile' auction, held by Sotheby's and RM Auctions, saw vintage car worth over $62 million being sold in a matter of two hours. Initially, the estimated amount was $50 million, but by the end of day, the auction saw a much higher cash flow. A total of 31 gleaming vintage cars, two motorcycles and seven pieces of artwork were sold at this auction. The main highlight of this auction was that of the 31 vintage cars, almost half went for a price more than $1 million.
This event was one of the major car auctions held in Manhattan, a borough in New York City. It saw bidders coming in from over 17 countries, thereby showing the increasing interest of rich people in buying vintage cars and other collectibles of repute. Results also suggest that art market is flourishing globally. Rob Myers, Chief Executive Officer and Founder of RM Auctions, reportedly said, “The sale has successfully brought many new collectors into the market for the first time, which is fantastic news for our hobby.”
The race car 1964 Ferrari 250 LM by Carrozzeria Scaglietti was the real star at the auction ceremony. This car was sold at a whooping price of $14.3 million. The second in the list was 1938 Talbot-Lago Teardrop Cabriolet sold at $7.15 million. The estimate for this vehicle was $8-10 million. Also, 1959 Ferrari 250 GT SWB 'Competition' Berlinetta Speciale was sold at $7.04 million while 1954 Maserati A6G/2000 Spyder by Carrozzeria Zagato went for $4.45 million. Some other vehicles in the top ten list (made on the basis of auction price), sold at the auction were 1936 Delahaye Type 135 Competition Court Teardrop Coupé by Carrosserie Figoni et Falaschi and 1933 Rolls-Royce Phantom II Continental Sports Coupé by Freestone & Webb.
