Would you drop over $29 million dollars for a 1954 Mercedes-Benz racecar? That is precisely what happened at the Goodwood Festival of Speed recently! Even luxury auction house Bonhams must have been taken aback by the sale, which obliterated the previous exotic car sale record by double.
A 1954 Mercedes-Benz racecar nets staggering $29 million dollars at Bonhams auction
The prior record was held by a Ferrari 250 Testa Rossa prototype that sold for $16 million–which is still quite steep for just one vehicle. The $29 million dollar car is the 1954 Mercedes W196R. Argentine Manuel Fangio drove it in a few races. It is difficult to determine what makes this car worth so much more than other famous racers. Fangio raced the car many times, and won the vast majority of them.
The owner now possesses a slice of racing history and a seriously depleted bank account
The winning bid came via telephone. That is right, the person willing to drop that much money on a car could not even find the time to show up to buy it! As is typical in these types of high-end auction sales, the house closely guards the identity of the buyer. It was confirmed that a total of 11 bidders went after the classic Mercedes-Benz racecar, and that just 3 were physically present during the sale.
How much will this car be worth in 10, 20 or 50 years?
Bonhams Group Motoring Director James Knight stated: “Today we have witnessed a bit of history.” That seems to be quite an understatement.
Will this rare Mercedes-Benz racer hold its value over time, or will it be an insane investment? Knight seems to think it will be just as valuable, if not more so, in a decade.
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