News

Ferrari achieves $7.26m antique valuation

August 17, 2010

Those looking for antique valuations might be interested to learn that a 1959 Ferrari has sold for $7.26 million (£4.6 million).

The Concours d'Elegance event offered a chance for automotive enthusiasts to stake a claim for ownership of the model, as reported by the Wall Street Journal.

Prior to the bidding, the LWB California Spider was estimated to be worth between $6 million and $8 million.

According to the article's author Robert Frank, "the Ferrari record bodes well for the market for hyper-priced collectible cars".

It noted that previous years have seen Gooding sell a 1962 model from the Italian car brand for $5.11 million, which may underline the enduring appeal of high-profile automotive purchases.

Recently, the Telegraph reported details of a rare Bugatti Type 51 auction arranged via RM Auctions.

It noted that the motor was expected to fetch a sum of £2.9 million when it went under the hammer.

Posted by Keith Leicester