Latest news with #Ferrari250
Bloomberg
26-03-2025
- Automotive
- Bloomberg
Wanna Buy a Car? The Boss at RM Sotheby's Auctions Has Some Advice
The specter of tariffs has new automobile manufacturers bracing for the worst, but for the collecting side of the business, recent auctions indicate quite the opposite of doom and gloom. RM Sotheby's will sell almost $1 billion in cars this year, about the same as 2024, says Rob Myers, the chairman and chief executive officer of the RM Group of Companies. He's off to a blistering start. On Feb. 1, at the Mercedes-Benz Museum in Stuttgart, Germany, RM Sotheby's sold a 1954 Mercedes-Benz W 196 R Streamliner for $53 days later, at the Retromobile auto show in Paris, it sold a 1965 Ferrari 250 LM for $36 million. On Feb. 27 it sold a 1966 Ford GT40 Mk II for $13.2 million, one of 86 cars that totaled $74.4 million during two days of sales at the company's ModaMiami automotive festival in Coral Gables, Florida. In April it will sell two Fiats and one Lancia once owned by the Italian industrialist and style icon Gianni Agnelli. Myers, a Canadian entrepreneur with a reputation for being as shrewd as he is mercurial, has earned his current position in the industry with his relentless drive at the company he founded as RM Auto Restoration in 1976. Sotheby's took a minority stake in 2015 and a majority in 2022; offices now span almost a dozen cities including Dubai, London and Los Angeles.
Yahoo
31-01-2025
- Automotive
- Yahoo
IMS Museum aiming to raise $100 million by auctioning most valuable race cars
The Indianapolis Motor Speedway Museum is selling its most valuable cars in partnership with auction house RM Sotheby's and hopes to raise more than $100,000,000 from the release. A total of 11 cars have been pulled from the museum, which serves as an independent entity that lives on the property owned by Roger Penske but was not included in the purchase of IMS by Penske Entertainment in 2020. The majority of the lot represent donated cars and acquisitions of incredibly rare and valuable vehicles from series other than IndyCar and lack Indianapolis 500 provenance. Based on the anticipated auction prices listed for the 11 cars, more than $106,000,000 could be generated if the big numbers are achieved for the first two and median prices are reached for the last eight offerings. 1954 Mercedes-Benz W196 R Streamliner Formula 1 car (north of $52,000,000) 1964 Le Mans-winning Ferrari 250 LM (north of $26,000,000) 1966 Ford GT40 Mk II ($8,000,000-$11,000,000) 1957 Chevrolet Corvette SS Project XP-64 ($5,000,000-$7,000,000) 1908 Mercedes 17.3-Liter 150 HP 'Brookland' Semmering Rennwagen ($7,000,000-$9,000,000) 1907 Itala 120 HP Works Racing Car ($2,000,000-$3,000,000) 1930 Bugatti Type 35B Grand Prix ($1,000,000-$1,800,000) 1991 Benetton B191 Formula 1 ($600,000-$1,000,000) 1965 Spirit of America Sonic I ($500,000-$1,000,000) 1911 Mercedes 22/40 HP 'Colonial' Double Phaeton ($150,000-$250,000) 1911 Laurin & Klement Type S2 Sportswagen ($100,000-$150,000). According to the museum, which closed in November of 2023 and re-opens in April after seeking to raise and invest $89,000,000 into a renovation of the property, the building that opened its doors in 1956 and its board of directors will put the auction income to good use as a means to secure the museum's future. 'After much deliberation, the Indianapolis Motor Speedway Museum decided to de-access and sell nine vehicles from our collection that do not match our mission,' the museum's Kara Kovert Pray told RACER. 'We are also selling two additional vehicles previously approved for de-accession in 2021. The de-accession and sale of artifacts is something we have been doing since 2017, and these are the last of the vehicles not directly connected to the mission of the Indianapolis Motor Speedway Museum.' If there's a downside of selling some of the cars headed to RM Sotheby's, it's in the loss of variety among the Indy 500-centric machines that dominate the museum. With so many of the same cars displayed year after year, the intermingling of iconic Formula 1 cars, sports cars, land speed record vehicles and early automobiles brought variety to an otherwise and often predictable array of Indy 500 showpieces. Assuming the nine-figure sum is reached, the museum could put some of the funds towards acquiring new cars to backfill the outgoing 11. 'The proceeds from the sale will allow us to create a robust endowment that will ensure the Museum's long-term viability,' Pray continued. 'This endowment will allow us to acquire additional cars and artifacts, restore and care for our vast collection, and solidify the Museum as a cultural destination for years to come. These funds are not going towards the capital campaign funding the IMS Museum's complete renovation.' The first car to go under the auction hammer is the 1954 Mercedes-Benz W196 R in Germany on Feb. 1, followed by the 1964 Ferrari 250 LM in Paris on Feb. 4-5, and the rest are set for auction on Feb. 27-28 in Miami. Story originally appeared on Racer
