INVESTING IN CARS
Rare Ferrari expected to fetch over R100m in Monaco auction
The Ferrari 340M headlines an array of collectable exotics at RM Sotheby’s this Saturday
A rare right-hand drive Ferrari racing car is expected to fetch between €6m to €8m (R100m-R132m) when it is auctioned by RM Sotheby’s in Monaco on May 14.
The 1953 Ferrari 340M is the last of ten units built by the Italian manufacturer on its way to winning the 1953 World Sportscar Championship, and is one of only four surviving 340 MM Vignale Spiders.
It was raced with success between 1953 and ’55 including overall victory at the 1954 Pebble Beach and Palm Springs road races in the US.
Classic car values have soared in recent years, with Ferraris faring particularly well. Classic Ferraris with good provenance are in high demand and the most expensive car sold on auction to date is a 1962 Ferrari 250 GTO which fetched $48.4m (R760m) at RM Sotheby’s collector car sale in Monterey, California, in 2018.
Well-heeled car collectors will have a dazzling line-up of 84 pristine classics to choose from at Saturday’s auction in Monaco’s prestigious Grimaldi Forum.
From hypercars to historic masterpieces, notable collectables include two Formula One cars formerly raced by 1992 world champion Nigel Mansell: his 1989 Ferrari 640 and his 1991 Williams FW14. The Ferrari was raced to victory by Mansell at the Brazilian and Hungarian Grands Prix and is expected to fetch between €2.5m and €5m (R42m-R85m)
The Williams was driven to victory five times in the 1991 F1 season and was the car that famously gave Ayrton Senna a lift back to the pits at the British Grand Prix after the Brazilian’s McLaren ran out of fuel.
Regarded as one of the most technically advanced F1 cars of its era, the car is valued between €1.5m to €3m (R25m-R50m).
One of the most beautiful cars at the auction is a 1958 BMW 507 Roadster Series II, one of the most exclusive and elusive sports cars of its era.
The two-seater roadster’s combination of glamour, performance and style attracted celebrity owners such as Elvis Presley and Ursula Andress, and the 507’s cost and desirability have continued to increase over the years. It is expected to fetch between €2.1m to €2.5m (R35m-R42m).
The auction details are available here.
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