Car News 24 Feb 2016

Several Records Smashed at Pebble Beach Classic Car Auction!

Several Records Smashed at Pebble Beach Classic Car Auction!

Pebble Beach is considered to be one of the world’s most prestigious classic car events, and this year proved again that motors can be lucrative investments.  

Over $128m classic cars were sold during the event, with 3 cars sold above $10m and 26 cars below $1m, breaking thus the company’s record.  

The auction demonstrated how important provenance is and how it can affect a car’s value. A 1976 930-series Porsche 911 Turbo, which was once owned by Steve McQueen (image), was sold for £1.25m, that is around 10 times the value of a standard 930. 

Similarly, car’s heritage and rarity proved to be equally important. A 1953 Jaguar C-type Lightweight was sold for $13.2m as it was one of just three made and it ran at Le Mans in 1953 and 1954.  

Ferrari managed to gather the highest bids (seven of the top 10 sales) with a 1961 Ferrari 250 GT SWB California Spider sold for $16.8m and a 1962 250 GT SWB Berlinetta Speciale for $15.5m.

One of the auction’s highlights was a collector’s private collection, named the Pinnacle Portfolio, which was sold for $75.4m breaking the record for a private collection sold in a one-day auction!

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