Author: Jason / Date: August 17, 2022 / Tags: auctions
(RareCarMarket.com) – Auctions can be a great place for people to find and buy items they wouldn’t normally have access to. Car auctions are the same. People attend them in hopes of getting a good deal on a vehicle they desire. However, if the offerings are truly unique, it’s not uncommon for bidding to escalate very quickly. That’s what happened during a recent sale of a Mercedes that shattered records.
Sotheby’s is one of the most prestigious auction houses in the world, and it’s where collectors go to buy some of the rarest and most pristine cars. Enthusiasts know what they want and aren’t afraid to spend the money necessary to get it. Take, for instance, the recent sale of a 1956 Mercedes-Benz 300 SLR, also known as the “Uhlenhaut Coupe,” named after the head of testing at the company during that time.
Since only two of these cars were ever created, people knew it was going to come with a hefty price tag — but no one expected the $142.7 million final bid. The sale didn’t just break the previous record, held by a 1964 Ferrari 250 GTO, which sold for $67.7 million, it more than doubled it.
What does this mean for the collector car market?
Peter Haynes, the Marketing and comms manager at Sotheby’s, which facilitated the sale, explained that selling the car was a “game-changer” for the collector car market. Haynes added the sale of the Uhlenhaut would force owners to reassess the value of their cars, especially ones among the rarest and most historically significant.
Collectors have seen classic cars as an investment for some time now. In many cases, people buy them and watch them appreciate in value, the same way paintings do. The recent 300 SLR sale stands as proof that the investment can be worth the risk as long as you know what to buy and when.
The Uhlenhaut likely only fetched the price it did due to its exclusivity and uniqueness. Ultimately, another car will likely break the new record one day, but when is anyone’s guess.
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