Villa d’Este 2013: Ferrari Racer Sold for $11.9M at Auction image

During this weekend, a Ferrari Racer which competed in the 1953 Le Mans race was sold for $11.9 million at the Lake Como auction in Italy.

RM Auctions estimated the red V-12 340/375 MM Berlinetta for at least 5 million euro ($6.5 million), but after a 20-minute battle between the bidders, the vehicle fetched 9.2 million euro. On May 25th, a 1964 Berlinetta racer, which was present at the Italian hill climbs in the 1960s, fetched 902,750 euro, compared with the estimated 925,000 euro.

From the 1950s and 1960s Ferrari vehicles have been dominating the top end of the market when it comes to collectable cars. Hagerty’s “Blue Chip” index of the best collectible vehicles reach a record 240.9 in April, thanks to a 24% increase in the past year for classic models offered by Ferrari, now owned by Fiat.

The RM auction, held at Villa Erba in association with the Concorso d’Eleganza, Villa d’Este, had 40 vehicles, from which 16 Ferraris, all finding buyers. Four Ferraris sold for more than 1 million euro and a 1962 Ferrari 400 Superamerica sold for 2.2 million euro. The value of classic Porsches has also increased in value, especially the powerful RS variant from 1973 and 1974. The auction record for a Porsche 911 was hit in 2011 at the RM Auctions in Monterey, California, when a bidder offered $1.4 million for a 1970 911S driven by Steve McQueen in the movie ‘Le Mans.’

“These were years when Porsche produced their most significant 911 designs,” said Kenny Schachter, a London-based art and classic car dealer. “The juxtaposition of race and road makes these cars desirable.”

Source: Bloomberg