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Yahoo
3 days ago
- Automotive
- Yahoo
1948 Ferrari Sets Record as Broad Arrow Celebrates First European Auction at Villa d'Este
⚡️ Read the full article on Motorious Broad Arrow Auctions achieved a historic milestone at its inaugural European sale this past weekend, held during the prestigious Concorso d'Eleganza Villa d'Este. Headlining the event was a 1948 Ferrari 166 Spyder Corsa, which shattered auction records for the model, selling for an astonishing €7,543,750. The sale, conducted over two days at Villa Erba, marked Broad Arrow's debut on the European stage and its first as the official auction partner of BMW AG. The event drew global attention both in person and online, with more than 8,000 viewers tuning in via Broad Arrow's livestream. In total, 78 percent of lots found new owners, generating a sales total of €31,172,625, including post-auction transactions. 'This sale was not only a commercial success, but a historic one,' said Joe Twyman, VP of Sales for Broad Arrow's EMEA region. 'The setting, the cars, and the energy in the room all came together in spectacular fashion.' The record-setting 1948 Ferrari—believed to be one of the most original examples of the early Spyder Corsa models—was previously never offered for public sale. With Mille Miglia and Targa Florio provenance, the car captivated bidders worldwide, eventually selling after a spirited round of telephone bids. Additional highlights included a 2003 Honda NSX-R that realized €934,375—setting a new auction record for the model—alongside a €2,312,500 result for a 1989 Ferrari F40 Competizione. A rare 1980 BMW M1 built to Procar specification also achieved €602,500 during the BMW-exclusive segment of the auction. Kenneth Ahn, President of Broad Arrow, reflected on the weekend's success: 'This extraordinary debut on the shores of Lake Como underscores our commitment to global growth. We are honored by the support from collectors, our partners at BMW AG, and the Concorso d'Eleganza Villa d'Este.' Broad Arrow's next auction is slated for August 13–14 at the Monterey Jet Center in California, where it will once again present a premier selection of collector cars in conjunction with Motorlux.
TimesLIVE
6 days ago
- Automotive
- TimesLIVE
Broad Arrow's first European auction nets more than R630m at Villa d'Este
UK-based Broad Arrow Auctions, in partnership with BMW AG, has wrapped up its first European sale with more than €31.17m (R632.7m) in total sales. The auction took place over two days at the Concorso d'Eleganza Villa d'Este in Italy, featuring a wide range of classic and modern cars, as well as boats and motorcycles. Held on May 24 and 25 at Villa Erba, the auction saw more than 70 lots go under the hammer, with a 78% sell-through rate. The event attracted strong in-person attendance and was watched live by more than 8,000 viewers on YouTube. A 1948 Ferrari 166 Spyder Corsa topped the results, selling for €7.54m (R153.1m). Never before offered publicly, the early Ferrari is regarded as one of the most original examples in existence. It was commissioned by one of the brand's first customers and has competed in historic events such as the Mille Miglia and Targa Florio. Other notable results included a 1954 Siata 208S Spider, the last of 33 built, which sold for €1.75m (R35.5m). Modern classics also drew international interest. A 2003 Honda NSX-R with just 15,800km on the clock attracted global bidding — including from South Africa — and set a new world auction record for the model at €934,375 (R19m). A 1989 Ferrari F40 Competizione sold for €2.31m (R46.96m), while a 2023 Ford GT went for €613,750 (R12.46m). Motorcycle collectors were also catered for. A 1990 Ducati 851 F90 Corsa, previously owned but never ridden by the late John Surtees, sold for €81,250 (R1.65m). Image: Supplied A separate BMW-only sale took place on Saturday evening, featuring cars from private collections. A 1980 BMW M1, upgraded to Procar specification by BMW Motorsport, emerged as the top lot of the session, achieving €602,500 (R12.23m). 'Our Concorso d'Eleganza Villa d'Este auction has been a resounding success,' said Joe Twyman, VP of sales for Broad Arrow's EMEA Region. 'The opportunity to present such a spectacular collection of the world's most desirable cars on the shores of Lake Como at the world famous Concorso was a great way to launch our first European sale.'
Yahoo
6 days ago
- Automotive
- Yahoo
1948 FERRARI 166 SPYDER CORSA SETS NEW AUCTION RECORD AT BROAD ARROW'S INAUGURAL CONCORSO D'ELEGANZA VILLA D'ESTE AUCTION SELLING FOR €7.54 MILLION
The packed sales room at Broad Arrow's inaugural Concorso d'Eleganza Villa d'Este Auction at Villa Erba The top-selling Ferrari 166 Spyder Corsa on display at Broad Arrow's Concorso d'Eleganza Villa d'Este Auction preview LONDON, England, May 27, 2025 (GLOBE NEWSWIRE) -- Broad Arrow celebrates Concorso d'Eleganza Villa d'Este Auction, its first European sale 78% of lots sold achieving total sales value of €31,172,625 1948 Ferrari 166 Spyder Corsa sold for €7,543,750 – a new auction record for a Ferrari 166 Another auction record was broken as an outstanding 2003 Honda NSX-R sold for €934,375 BMW-only sale saw a stunning 1980 BMW M1 built to Procar specification sell for €602,500 A full list of auction results can be viewed here, and high-resolution images here The next Broad Arrow sale takes place at the Monterey Jet Center, 13-14 August 2025 Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, is celebrating the success of its first European sale as the official auction partner of BMW AG after presenting over 70 of the world's finest cars, boats and motorcycles at the prestigious Concorso d'Eleganza Villa D'Este. Two vibrant sales, held on Saturday May 24th and Sunday May 25th in the Rotunda at Villa Erba, saw packed sales rooms and an atmosphere charged with excitement. Both auctions, also watched live by over 8,000 viewers on the Broad Arrow YouTube channel, achieved €31,172,625 in total sales, with 78 percent of all lots sold. Note, these figures include three lots sold within hours of the live auction ending. 'Our Concorso d'Eleganza Villa d'Este auction has been a resounding success,' says Joe Twyman, VP of Sales for Broad Arrow's EMEA Region. 'The opportunity to present such a spectacular collection of the world's most desirable cars on the shores of Lake Como at the world famous Concorso was a great way to launch our first European sale.' Star of the Sunday sale was a 1948 Ferrari 166 Spyder Corsa, quite possibly the most original early Ferrari extant, which sold for an auction record price of €7,543,750. Never before offered publicly for sale, it is one of two 166 Spyder Corsa models commissioned by one of Ferrari's earliest customers. It has received awards at multiple prestigious shows and has competed in some of the greatest events, including the Mille Miglia and Targa Florio. The room was captivated by fast and competitive telephone bidding as two potential buyers fought for the chance to own this very special piece of Ferrari history. The last of just 33 Motto-bodied Siata 208S Spiders, from 1954, was another highlight, with strong interest from bidders attracted by its beautiful style and remarkable provenance to achieve a sale price of €1,750,000. Broad Arrow also presented a number of very special modern classic cars, including a spectacular 2003 Honda NSX-R. With just 15,800 kilometres, the Championship White, lightweight supercar attracted attention from around the world with bidders from the UK, Australia, Argentina, South Africa, and the US competing to own this rare supercar. Another electrifying sale saw a final bid duel lead to a world auction record-winning bid of €934,375. Other modern classic highlights saw an outstanding 1989 Ferrari F40 Competizione attract a winning bid of €2,312,500 and a a 2023 Ford GT sell for €613,750. To further demonstrate the broad range of enthusiast vehicles offered, a 1990 Ducati 851 F90 Corsa, owned by John Surtees but never ridden, tempted many bidders and sold for €81,250. Broad Arrow also held a dedicated BMW-only sale, featuring cars from private collectors, on Saturday evening which produced equally impressive results. Featuring some of the most highly collectible models from the German marque, hosts of the Concorso d'Eleganza Villa d'Este, an outrageously beautiful 1980 BMW M1, enhanced to Procar specification by BMW Motorsport, took the spotlight. Causing a stir in the sale room it sold for an impressive €602,500. 'Not only did we achieve remarkable sales for some of the world's most collectible models, but collectors were clearly excited by the carefully curated selection of cars we presented,' says Twyman. 'We are extremely proud to have achieved such strong results, and a number of auction record sale prices, at our first European auction, and I now look forward to expanding Broad Arrow's European sale calendar throughout 2025.' Kenneth Ahn, President of Broad Arrow, added, "First and foremost, thank you to everyone for the tremendous interest and support for our very first auction in Europe, held on the stunning shores of Lake Como. By all accounts, it was an incredible success. We're also deeply grateful to our wonderful partner, BMW AG, and the Concorso d'Eleganza Villa d'Este. We look forward to welcoming even more car enthusiasts and industry friends as we continue to grow our presence in Europe." Broad Arrow Auctions Concorso d'Eleganza Villa d'Este 2025 - Top 10 Sales 1. 1948 Ferrari 166 Spyder Corsa by Ansaloni - €7,543,750 2. 1938 Talbot Lago T150 C Lago Speciale Teardrop Coupe by Figoni et Falaschi - €3,606,250 3. 1989 Ferrari F40 Competitzione - €2,312,500 4. 1954 Siata 208S Motto Spider - €1,750,000 5. 1965 Ferrari 275 GTS - €1,525,000 6. 2006 Porsche Carrera GT – Sold Ahead of Auction 7. 1957 Mercedes-Benz 300 SL Roadster - €1,007,500 8. 2003 Honda NSX-R - €934,375 9. 2023 Ford GT - €613,750 10. 1980 BMW M1 - €602,500 The next auction on the Broad Arrow calendar is Monterey Jet Center, California on 13-14 August 2025, held in conjunction with Motorlux. Interviews and further information available on request. NOTE: All prices are listed in Euros and include buyer's premium, which is equal to the sum of fifteen percent (15%) plus VAT of the first €250,000 of the Hammer Price 12.5% plus VAT of the amount by which the Hammer Price exceeds €250,000 for all motor car lots. For non-motor car lots, Buyer's Premium is equal to twenty-five (25) percent of the Hammer Price. Event images by Tom Clutterbuck. Ends. Editors Notes About Broad Arrow Auctions Broad Arrow Auctions, a Hagerty (NYSE: HGTY) company, is a leading global collector car auction house. Founded in 2021 by highly experienced industry veterans, Broad Arrow offers exceptional quality cars to collectors and enthusiasts around the world. As the fastest growing auction house in its segment, Broad Arrow's flagship annual events include The Monterey Jet Center Auction, in conjunction with Motorlux in California, The Amelia Auction, as the official auction of The Amelia (Concours d'Elegance) in Florida, and The Porsche Auction, in conjunction with Air | Water by Luftgekühlt in California. Broad Arrow expanded its global footprint in 2023, with renowned car specialists joining the team in the UK and Europe. Broad Arrow is launching its first auction in Europe in May 2025 as the new official auction house of the Concorso d'Eleganza Villa d'Este in Italy. Learn more at and follow us on Instagram, Facebook, LinkedIn, and Twitter. About Hagerty, Inc. (NYSE: HGTY) Hagerty is an automotive enthusiast brand committed to saving driving and to fueling car culture for future generations. The company is a leading provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the 67 million Americans who self-describe as car enthusiasts. Hagerty also operates in Canada and the U.K. and is home to Hagerty Drivers Club, a community of over 875,000 who can't get enough of cars. For more information, please visit or connect with us on Facebook, Instagram, X and LinkedIn. Forward-Looking Statements - This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current intentions, expectations, or beliefs regarding the business. Because forward-looking statements relate to the future, they are subject to inherent risks and uncertainties that are difficult to predict and may be outside of our control. Some of the factors that may cause our actual results to differ materially from those contemplated by our forward-looking statements include: (i) our ability to recognise the anticipated benefits of the subject of this press release; (ii) our ability to compete effectively within our industry and attract and retain members; and (iii) the other risks and uncertainties listed in our Form 10-K filed with the U.S. Securities and Exchange Commission ('SEC') on March 14, 2023. This press release should be read in conjunction with the information included in our other press releases, reports, and other filings with the SEC. Understanding the information contained in those filings is important in order to fully understand our reported financial results and our business outlook for future periods. We do not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law. Attachments The packed sales room at Broad Arrow's inaugural Concorso d'Eleganza Villa d'Este Auction at Villa Erba The top-selling Ferrari 166 Spyder Corsa on display at Broad Arrow's Concorso d'Eleganza Villa d'Este Auction preview CONTACT: Ian Kelleher Broad Arrow Auctions 917-971-4008 ikelleher@ Meghan McGrail Broad Arrow Auctions 519-365-8750 mmcgrail@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
21-05-2025
- Automotive
- Time of India
South Africa to offer Elon Musk Starlink deal before Donald Trump meet
South Africa 's government plans to offer Elon Musk a workaround of local Black-ownership laws for his Starlink internet service to operate in the country, aiming to ease tensions with both the billionaire and US President Donald Trump . The offer will come at a last-minute meeting planned for Tuesday night between Musk or his representatives and a delegation of South African officials traveling with President Cyril Ramaphosa , according to three people familiar with the discussions. It's meant to defuse the onslaught of criticism by Musk and Trump — who've spread the conspiracy theory that there's a genocide against White people in Africa's most-industrialized nation — before Ramaphosa's visit to the White House on Wednesday, said the people, who asked not to be identified as they're not authorised to discuss the matter. The rand strengthened on the news, advancing as much as 0.7% against the dollar and trading 0.5% stronger at 18 per dollar by 3:21 p.m. in Johannesburg. 'News regarding the Starlink workaround regarding Black-ownership laws for Elon Musk to provide internet services in South Africa have boosted investor optimism regarding a favourable outcome resulting from the upcoming Ramaphosa-Trump meeting,' said Phoenix Kalen, head of emerging-market research at Societe Generale SA. The alternative to so-called Black economic-empowerment laws that in some cases require 30% Black ownership is not specific to Starlink and Musk, the people said. It would be applied to all information and communication technology companies, including those from China and the Middle East, the people said. A so-called equity-equivalent option would instead involve investments in infrastructure or training, or providing Starlink kits to rural areas in order to help improve Internet access. The auto industry in 2019 signed up for a similar workaround that involved the largest car manufacturers — including BMW AG, Ford Motor Co. and Toyota Motor Corp. — setting up a fund to invest in bring disenfrachised groups into the sector. South Africa introduced BEE rules after the end of apartheid, during which Black people were subjugated and excluded from the formal economy by the ruling White minority. Today, White people earn on average five times what Black citizens do, according to official statistics, and own the vast majority of farmland despite making up 7% of the population. The new rules for ICT firms aren't about 'providing access to a single company, but rather part of a broader strategy to create an enabling environment for international investment and expand digital connectivity across South Africa,' the country's Department of Communications and Digital Technologies said in a response to a request for comment. They form part of the government's 'medium-term plans,' it said. Starlink Talks Stall Talks on launching Starlink in South Africa stalled earlier this year after Musk and Trump ramped up public rhetoric against policies such as BEE laws. Musk, who was born in Pretoria, claimed that he was not allowed to operate his satellite service in South Africa 'because I'm not Black' and accused the government of having 'openly racist ownership laws.' Trump has also granted refugee status to minorities in South Africa and criticised a law that gives the government the power to take land for a public purpose. The act is similar to US eminent-domain laws — though the legislation in South Africa allows for expropriation without compensation in certain cases such as land that's been abandoned and state-owned property not in use. For now, the government hasn't seized any land, though millions of people have taken occupation of private and state property — official data show that about 12% of households are situated in informal settlements. Trump twice last week repeated the false claim that White people are subject to a genocide in South Africa. A local court in February ruled that there was no evidence to support the claim, calling the idea 'clearly imagined and not real.' South Africa's talks with Musk over Starlink won't necessarily form part of a proposed larger trade deal with the US, though getting the entrepreneur on board may assist with more positive engagements between the two countries, said the people familiar with the discussions. Starlink's technology, which relies on a constellation of low-Earth orbit satellites, would be a potential game-changer for South African users who've historically faced expensive or unreliable internet options. Only 1.7% of rural households have access to the internet, according to a 2023 survey compiled by the local statistics agency. Also Read: Grok AI's 'white genocide' claims row: All you need to know
Economic Times
20-05-2025
- Automotive
- Economic Times
South Africa to offer Elon Musk Starlink deal before Donald Trump meet
South Africa's government plans to offer Elon Musk a workaround of local Black-ownership laws for his Starlink internet service to operate in the country, aiming to ease tensions with both the billionaire and US President Donald Trump. The offer will come at a last-minute meeting planned for Tuesday night between Musk or his representatives and a delegation of South African officials traveling with President Cyril Ramaphosa, according to three people familiar with the discussions. It's meant to defuse the onslaught of criticism by Musk and Trump — who've spread the conspiracy theory that there's a genocide against White people in Africa's most-industrialized nation — before Ramaphosa's visit to the White House on Wednesday, said the people, who asked not to be identified as they're not authorised to discuss the rand strengthened on the news, advancing as much as 0.7% against the dollar and trading 0.5% stronger at 18 per dollar by 3:21 p.m. in Johannesburg.'News regarding the Starlink workaround regarding Black-ownership laws for Elon Musk to provide internet services in South Africa have boosted investor optimism regarding a favourable outcome resulting from the upcoming Ramaphosa-Trump meeting,' said Phoenix Kalen, head of emerging-market research at Societe Generale SA. The alternative to so-called Black economic-empowerment laws that in some cases require 30% Black ownership is not specific to Starlink and Musk, the people said. It would be applied to all information and communication technology companies, including those from China and the Middle East, the people said. A so-called equity-equivalent option would instead involve investments in infrastructure or training, or providing Starlink kits to rural areas in order to help improve Internet access. The auto industry in 2019 signed up for a similar workaround that involved the largest car manufacturers — including BMW AG, Ford Motor Co. and Toyota Motor Corp. — setting up a fund to invest in bring disenfrachised groups into the Africa introduced BEE rules after the end of apartheid, during which Black people were subjugated and excluded from the formal economy by the ruling White minority. Today, White people earn on average five times what Black citizens do, according to official statistics, and own the vast majority of farmland despite making up 7% of the new rules for ICT firms aren't about 'providing access to a single company, but rather part of a broader strategy to create an enabling environment for international investment and expand digital connectivity across South Africa,' the country's Department of Communications and Digital Technologies said in a response to a request for comment. They form part of the government's 'medium-term plans,' it said. Starlink Talks Stall Talks on launching Starlink in South Africa stalled earlier this year after Musk and Trump ramped up public rhetoric against policies such as BEE laws. Musk, who was born in Pretoria, claimed that he was not allowed to operate his satellite service in South Africa 'because I'm not Black' and accused the government of having 'openly racist ownership laws.'Trump has also granted refugee status to minorities in South Africa and criticised a law that gives the government the power to take land for a public purpose. The act is similar to US eminent-domain laws — though the legislation in South Africa allows for expropriation without compensation in certain cases such as land that's been abandoned and state-owned property not in now, the government hasn't seized any land, though millions of people have taken occupation of private and state property — official data show that about 12% of households are situated in informal twice last week repeated the false claim that White people are subject to a genocide in South Africa. A local court in February ruled that there was no evidence to support the claim, calling the idea 'clearly imagined and not real.' South Africa's talks with Musk over Starlink won't necessarily form part of a proposed larger trade deal with the US, though getting the entrepreneur on board may assist with more positive engagements between the two countries, said the people familiar with the discussions. Starlink's technology, which relies on a constellation of low-Earth orbit satellites, would be a potential game-changer for South African users who've historically faced expensive or unreliable internet options. Only 1.7% of rural households have access to the internet, according to a 2023 survey compiled by the local statistics agency. Also Read: Grok AI's 'white genocide' claims row: All you need to know
