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Classic Car Market Auction Breaks a Record Selling $301.9 Million in Rare Vehicles

Ivan Andrews / September 14, 2013

Ferrari rage was much evident last month at the Concours D’Elegance Pebble Beach. The occasion was indeed special for Ferrari lovers as a rare 1967 Ferrari 275 GTB/4S Spider being handled by RM Auctions went for an astonishing $27.5 million.

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This amount is a record for Ferrari and by virtue of this sale the Ferrari became the second costliest car to be auctioned. This particular Ferrari was one of the ten produced worldwide and it was estimated to sell between $14 and $17 million.

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What was surprising and amusing both was the fact that the total sales for the weekend at Pebble beach touched a high of $301 million. According to vintage auto insurer, Hagerty Insurance this amount surpassed the last year’s sale when the fortunes generated amounted to $265 million.

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Apart from RM Auctions other auction houses that participated in the auction included Gooding and Company and Bonhams. Other premium cars that were sold during the auction included a 1957 Ferrari 250 GT TdF Berlinetta, 1953 Ferrari 375MM Spyder, 1937Bugatti Type 57SCAtalante, 1997 McLarenF1 Coupe, 1928Mercedes-Benz 680S Torpedo Roadster, 1939Mercedes-Benz540KSpecial Roadster, 1955 Ferrari 250GTCompetizione Berlinetta, 1948 Alfa Romeo6C 2500 Competizione Coupe and 1931Bentley 4.5 Litre Supercharged Le Mans Roadster.

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The second costliest Ferrari that was auctioned went for $9,460,000 with the least amount for the auction being $4,647, 500 for the  1931Bentley 4.5 Litre Supercharged Le Mans Roadster.

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