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Classic Car Sales Could Reach Half a Billion at Auction

If you’re heading over to Pebble Beach, then you may want to take an extra chequebook with you. At the Contours d’Elegance and subsequent auctions, it looks as though records are set to tumble, and a colossal half a billion dollars could be raised from car auctions alone!

Over the course of the weekend, it looks as though some of the world’s most unique and innovative cars are set to be sold and, if you don’t have a huge wallet jam packed with spare cash; it’s unlikely that you’ll be driving one home.

A 44% Increase on Last Year

Last year, a colossal $312 million worth of cars exchanged hands at the auction, but this year Hagerty’s (a company who insures and tracks the values of classic cars) believes that we could see a 44% increase in this figure.

Overall, it is believed that as many as a dozen cars could sell for eight figures and above, and it appears all but certain that the previous record for most expensive classic car sold at auction will be broken, if not shattered entirely.

Records Look Set to be Smashed

The current record stands at just under $30,000,000, but Haggerty’s believe that one car- a Ferrari 250 GTO- could sell for as much as $75,000,000 on its own, more than double the current record.

The ‘Holy Grail of Classic Motoring’

The Ferrari 250 GTO is widely regarded to be ‘the holy grail’ of classic car motoring, and a public auction is ultra rare. Earlier this year, one sold at a private auction for $50,000,000, but it looks likely that this will be comfortably beaten.

Elsewhere in the auction, there’s another car that certainly catches the eye: Steve McQueen’s old Ferrari 275. Owned by McQueen for a number of years and delivered to him on the set of Bullitt, this classic red Ferrari looks set to be one of the auction’s stars. If you’re interested in its history, AA Cars wrote extensively about its history.

It looks likely that it won’t command a price as high as the 250 GTO, but the new owner will undoubtedly walk away with the perfect slice of motoring history.

So, there we have it, this year’s Pebble Beach auctions look set to break a whole host of records, with half a billion dollars set to be raised. The only question that remains is just about how high the price can go.

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