Credit markets might be suffering, but ultra rich guys are still spending cold hard cash on high end classics. For evidence, look no further than the Automobiles of London auction put on by RM in association with Sotheby's. The top 10 sale prices alone pulled in more than $17 million at the October 29th event. And among those top finishers were several significant Ferraris from the 1950s-1960s, a 1938 Bugatti and a teardrop-tastic 1950 Talbot-Lago. But the top bread winner, a 1997 McLaren F1, wasn't very classic at all. That didn't stop one deep pocketed individual from shelling out $4.1 million for the supercar icon though.
"That's the power of the marketplace right now for a car in such high demand", says Tom duPont, publisher and co-founder of the well known duPont Registry classifieds. "It's an extraordinary price for an extraordinary car. Keep in mind that however impressive the $4.1 million sale price was, there was twice that much was chasing the car before the gavel came down. If you've got the product, there are buyers out there."
That $4.1 sum represents a 323% increase from the roughly $970,000 asking price back in 1997. Not a bad return on investment for the anonymous Asian gentleman who purchased the car directly from the Park Lane showroom that has since been closed. The final sales price more than doubled the pre-sale estimate.
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