Author: Maheen Shaikh
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This is a list of the most expensive cars sold in auto auctions through the traditional bidding process, consisting of those that attracted headline grabbing publicity, mainly for the high price their new owners have paid. The current record is $16,390,000 for a 1957 Ferrari 250 Testa Rossa, sold on August 21, 2011 in an auction hosted by Gooding & Company in Pebble Beach Equestrian Center, the site of the Pebble Beach Concours d'Elegance in Pebble Beach, California, United States. The 1904 Rolls-Royce 10 hp Two-Seater is currently listed on the Guinness World Records as the most expensive veteran car to be sold, at the price of US$7,254,290 ($8,031,993 in 2013), on a Bonhams auction held at Olympia in London on December 3, 2007.[1] This list only consists of those that have been sold for at least $3 million in auction sales during a traditional bidding process, inclusive of the mandatory buyers premium and does not include private, unsuccessful (failing to reach its reserve price, incomplete) and out of auction sales. Low production volumes[2][3] Rarity[2][3] Desirability[2][3] Demand[2][3] Aesthetic design, even of its time.[4] Nostalgia, known as the generation effect; collectors in their prime earning years, being able to afford a seven figure car, are likely to buy cars that they are born to identify themselves with.[3] Typically sport cars are generally more expensive than comparable engined saloons, therefore desirable, the same applies to roadsters over saloons but luxury cars, as for their higher price tag, are on a higher end of the scale.[5] Condition, also complete documentation (such as evidence of its restoration) of the car is vital for its value.[6] It is not unusual for these cars to have undergone restoration work in the past costing hundreds of thousands, if not millions, of dollars.[7]