1964 Ferrari 250 LM realises record $14.3m with Sotheby's and RM

paulfrasercollectibles

2015-06-26 13:32:11

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1964 Ferrari 250 LM realises record $14.3m with Sotheby's and RM

A 1964 Ferrari 250 LM headlined the $62m Art of the Automobile auction in New York

A 1964 Ferrari 250 LM has set a new world record for the model at RM Auctions' and Sotheby's much anticipated Art of the Automobile auction.

Ferrari 250 LM auctionThe market for Ferrari, especially 250s, is hotter than ever following the record sale of aFerrari 250 GTO in October

Taking place on November 21 in New York, the auction showcased the finest in automobile design, with the two auction houses marketing cars as artworks for the first time.

Sale prices reflected the auction's prestigious offerings, with the Ferrari 250 LM selling for $14.3m against a $12m-15m estimate.

While $14.3m is a record for the model, it is a long way off the $52m classic car world record made by a Ferrari 250 GTO in October.

In total, the auction realised $62.8m, up 25.5% on its $50m estimate, marking success for the partnership of Sotheby's and RM Auctions. Created as an attempt to attract the attention of the burgeoning art market, the auction world will almost certainly see sales in a similar vein in the future.

"We applied the same criteria and principles that we use to evaluate works of art line, proportion, design, originality and provenance to these cars," Sotheby's Leslie Keno told the New York Times.

"We see these cars as the perfect intersection between art and technology."

Talbot Lago T150CThecars, such as this beautifully crafted Talbot Lago,were marketed as works of art to attract wealthy buyers

"It was a big experiment," added RM Auctions' CEO Rob Myers to Bloomberg News. "The results rank among the top four auctions we've ever had."

The second highest bids of the sale went to a magnificent Talbot-Lago T150-C SS Teardrop Cabriolet, a stunning example of 1930s automotive design, which made $7.1m.

Following closely behind at $7m was a Ferrari 250 GT SWB Competition Berlinetta from 1959, which has won multiple awards at the illustrious Pebble Beach Concours d'Elegance.

Ferrari 250 GT SWB Competition berlinettaThe Ferrari 250 GT SWB Competition Berlinettadisplays the 'symphonic marriage of a racing Ferrari with bespoke coachwork'

The sale offered 41 lots, of which only three remained unsold.

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