In the last few days, two of the six most expensive cars in history have sold at auction. One for US$54 million in Germany, the other for $36 million in Paris. We're guessing that with financial storm clouds looming, the world's most astute money managers are seeking a proven economic hedge.
It might be a coincidence, because both cars are approaching perfection in any category that one might judge them, but we have other research underway that will be published in the next few days that tells a similar tale – money is seeking safe harbor until the storms subside.
We covered both cars in this article a few days ago.
The Ferrari 250 LM actually won the Le Mans 24 hour race, which the "LM" stands for. It sold for $36 million in Paris yesterday, and is "the sixth, and most important, of 32 examples built of the 250 LM." That statement comes from the comprehensive history report by Marcel Massini, which was provided with the car.
It is the only privateer-entered Ferrari to win the 24 Hours of Le Mans (1965), competing in six 24-hour races (three times at Le Mans and three times at the 24 Hours of Daytona), plus it was the Ferrari show car at the 1967 New York Automobile Show. It has spent the last 54 years of its life in a museum.
Most importantly, there are now 20 cars that have sold for more than $20 million apiece.
Mercedes-Benz might be filling the key placings, but the depth at the business end of the list suggest it's still a Ferrari world beyond the stratosphere.
Stay safe folks.
