A Cherry-Red 1955 Ferrari Sells for $22 Million

The sale comes as collectors are splurging for classic and exotic cars—from vintage Cadillacs to modern hot rods to offbeat models like the Nissan Skyline GT-R. Auction houses say baby boomers continue to push up prices for European sports cars by Ferrari and

Porsche,

while an influx of Gen X and millennial collectors recalibrate price levels for cars by Lamborghini, Audi and McLaren.

“They’re all going after the cars they dreamed of driving when they were kids,” said

Gord Duff,

RM Sotheby’s global head of auctions.

Ferraris tend to act as a bellwether for the market overall, and the Ferrari 410 Sport Spider was coveted in part because it was one of only two versions ever created by

Enzo Ferrari

and legendary designer Sergio Scaglietti. The car was also driven in the 1950s by famed driver and Cobra creator Carroll Shelby, whose life was the subject of the 2019 film “Ford v Ferrari.” Mr. Shelby later inscribed on the fuel tank, “Mr. Ferrari told me that this was the best Ferrari he ever built.”

RM Sotheby’s had high expectations for the vehicle, expecting it to sell for at least $25 million. Four bidders vied for the Ferrari in a bidding war that stretched at least eight minutes, but they stopped short of the house’s low estimate. The winner remains anonymous.

The sale also comes on the heels of a record-setting season marked by RM Sotheby’s €135 million sale, equivalent to about $136 million, in May for a 1955

Mercedes-Benz

300 SLR Uhlenhaut Coupé—the most ever paid at auction for a car. Mr. Duff said he didn’t expect it to break the $100 million barrier, but he said Mercedes-Benz’s factory prototype enticed bidders with the chance to own a historic model that had never been previously owned.

“Now, collectors have woken up to what can be done with these cars, that they can be compared to art,” he said.

Collectors are taking some taste cues from celebrities who have amassed full garages of vintage vehicles. These include former talk-show host Jay Leno, comedian Jerry Seinfeld and singer Lady Gaga. Other top collectors include the Sultan of Brunei, whose collection of at least 7,000 cars includes several hundred Ferraris and Rolls-Royces. Among those crowded into RM Sotheby’s Saturday sale: “Breaking Bad” star Aaron Paul and “Everybody Loves Raymond” star Brad Garrett.

U.S. collectors dominate this segment, typically taking home at least half the offerings in major sales like the ones at Monterey Car Week. Collectors from the Netherlands, Germany and Italy are also major buyers, and Russians used to be, though they were scarce at Monterey this year. Asians, who play key roles in art and luxury purchases, aren’t a bidding force in collectible cars, Mr. Duff said.

All in, the pool of serious, seven-figure car collectors globally has long remained relatively cozy, hovering around roughly 400 people, he added. But that is changing as a fresh generation of younger newcomers enters the market for the first time, many having discovered online car auctions during the pandemic. Overall, RM Sotheby’s sold roughly $550 million worth of collectible cars last year, up 47% from the year before.

Just like blue-chip paintings, collectible cars tend to be lumped into categories—from brass-era classic cars and midcentury racing cars to 1980s-era sports cars and newer, exotic models. Value often comes down to a model’s rarity in terms of how many were produced and how often each car itself has been sold or seen in prominent car shows or races since. Condition and mileage are also factors.

On Friday, RM Sotheby’s sold a $4.7 million 1935 Duesenberg Model J Convertible Coupé that Michigan collector Terence Adderley owned for nearly 55 years before it was sold as part of his estate. It had been estimated to sell for at least $4 million.

Over the same weekend, rival house Gooding & Company’s Pebble Beach sale included a 1937 Bugatti Type 57SC Atalante that sold for $9.4 million. It had been estimated to sell for at least $10 million. Bonhams, meanwhile, sold a 1931 Stutz DV-32 Convertible Victoria Coachwork by LeBaron for $1.4 million.

Newer models like the Nissan Skyline GT-R had a big week as well. Japanese domestic-model cars, or those designed for Asian or European markets, must be 25 years old before they can be imported into the U.S. Now that these mid-1990s Nissans can be sold here, they’re being greeted with enthusiasm by collectors seeking novelty. RM Sotheby’s sale included a 1995 version painted midnight purple—and nicknamed the Godzilla—that sold for $151,200, just over its $150,000 low estimate.

Ferrari still sets the pace for the overall market, though. Lately, collectors have split into two camps, with older buyers gravitating toward 1960s-era Ferraris like the 250 GTO. The high mark for this car may be the 1962 Ferrari 250 GTO that sold four years ago at RM Sotheby’s for $48.4 million. Earlier this week, boutique house Broad Arrow Auctions’ Monterey Jet Center sale included a 1995 Ferrari F50 that sold for $5.2 million, over its $5 million low estimate.

Younger collectors in their 40s tend to prefer Ferrari models from the 1980s and early 1990s, such as the F40. Three years ago, Mr. Duff said the going rate for an early 1990s Ferrari F40 topped out at $1 million. Now, Gen X collectors are pushing up prices for these later models because “they want to own the cars they hung up as posters on their walls,” Mr. Duff said. On Saturday, the house sold a 1992 Ferrari F40 for $3.9 million, over its $2.5 million low estimate.

Collectors entering this arena are also quickly discovering another potential perk: The test drive. “Collectors do like to know if the cars run,” Mr. Duff said.

Write to Kelly Crow at [email protected]

The sale comes as collectors are splurging for classic and exotic cars—from vintage Cadillacs to modern hot rods to offbeat models like the Nissan Skyline GT-R. Auction houses say baby boomers continue to push up prices for European sports cars by Ferrari and

Porsche,

while an influx of Gen X and millennial collectors recalibrate price levels for cars by Lamborghini, Audi and McLaren.

“They’re all going after the cars they dreamed of driving when they were kids,” said

Gord Duff,

RM Sotheby’s global head of auctions.

Ferraris tend to act as a bellwether for the market overall, and the Ferrari 410 Sport Spider was coveted in part because it was one of only two versions ever created by

Enzo Ferrari

and legendary designer Sergio Scaglietti. The car was also driven in the 1950s by famed driver and Cobra creator Carroll Shelby, whose life was the subject of the 2019 film “Ford v Ferrari.” Mr. Shelby later inscribed on the fuel tank, “Mr. Ferrari told me that this was the best Ferrari he ever built.”

RM Sotheby’s had high expectations for the vehicle, expecting it to sell for at least $25 million. Four bidders vied for the Ferrari in a bidding war that stretched at least eight minutes, but they stopped short of the house’s low estimate. The winner remains anonymous.

The sale also comes on the heels of a record-setting season marked by RM Sotheby’s €135 million sale, equivalent to about $136 million, in May for a 1955

Mercedes-Benz

300 SLR Uhlenhaut Coupé—the most ever paid at auction for a car. Mr. Duff said he didn’t expect it to break the $100 million barrier, but he said Mercedes-Benz’s factory prototype enticed bidders with the chance to own a historic model that had never been previously owned.

“Now, collectors have woken up to what can be done with these cars, that they can be compared to art,” he said.

Collectors are taking some taste cues from celebrities who have amassed full garages of vintage vehicles. These include former talk-show host Jay Leno, comedian Jerry Seinfeld and singer Lady Gaga. Other top collectors include the Sultan of Brunei, whose collection of at least 7,000 cars includes several hundred Ferraris and Rolls-Royces. Among those crowded into RM Sotheby’s Saturday sale: “Breaking Bad” star Aaron Paul and “Everybody Loves Raymond” star Brad Garrett.

U.S. collectors dominate this segment, typically taking home at least half the offerings in major sales like the ones at Monterey Car Week. Collectors from the Netherlands, Germany and Italy are also major buyers, and Russians used to be, though they were scarce at Monterey this year. Asians, who play key roles in art and luxury purchases, aren’t a bidding force in collectible cars, Mr. Duff said.

All in, the pool of serious, seven-figure car collectors globally has long remained relatively cozy, hovering around roughly 400 people, he added. But that is changing as a fresh generation of younger newcomers enters the market for the first time, many having discovered online car auctions during the pandemic. Overall, RM Sotheby’s sold roughly $550 million worth of collectible cars last year, up 47% from the year before.

Just like blue-chip paintings, collectible cars tend to be lumped into categories—from brass-era classic cars and midcentury racing cars to 1980s-era sports cars and newer, exotic models. Value often comes down to a model’s rarity in terms of how many were produced and how often each car itself has been sold or seen in prominent car shows or races since. Condition and mileage are also factors.

On Friday, RM Sotheby’s sold a $4.7 million 1935 Duesenberg Model J Convertible Coupé that Michigan collector Terence Adderley owned for nearly 55 years before it was sold as part of his estate. It had been estimated to sell for at least $4 million.

Over the same weekend, rival house Gooding & Company’s Pebble Beach sale included a 1937 Bugatti Type 57SC Atalante that sold for $9.4 million. It had been estimated to sell for at least $10 million. Bonhams, meanwhile, sold a 1931 Stutz DV-32 Convertible Victoria Coachwork by LeBaron for $1.4 million.

Newer models like the Nissan Skyline GT-R had a big week as well. Japanese domestic-model cars, or those designed for Asian or European markets, must be 25 years old before they can be imported into the U.S. Now that these mid-1990s Nissans can be sold here, they’re being greeted with enthusiasm by collectors seeking novelty. RM Sotheby’s sale included a 1995 version painted midnight purple—and nicknamed the Godzilla—that sold for $151,200, just over its $150,000 low estimate.

Ferrari still sets the pace for the overall market, though. Lately, collectors have split into two camps, with older buyers gravitating toward 1960s-era Ferraris like the 250 GTO. The high mark for this car may be the 1962 Ferrari 250 GTO that sold four years ago at RM Sotheby’s for $48.4 million. Earlier this week, boutique house Broad Arrow Auctions’ Monterey Jet Center sale included a 1995 Ferrari F50 that sold for $5.2 million, over its $5 million low estimate.

Younger collectors in their 40s tend to prefer Ferrari models from the 1980s and early 1990s, such as the F40. Three years ago, Mr. Duff said the going rate for an early 1990s Ferrari F40 topped out at $1 million. Now, Gen X collectors are pushing up prices for these later models because “they want to own the cars they hung up as posters on their walls,” Mr. Duff said. On Saturday, the house sold a 1992 Ferrari F40 for $3.9 million, over its $2.5 million low estimate.

Collectors entering this arena are also quickly discovering another potential perk: The test drive. “Collectors do like to know if the cars run,” Mr. Duff said.

Write to Kelly Crow at [email protected]