Cars Go High; Equities Go Low; Will Autumn Art Sales Follow?

The weekend’s array of California collectible car sales offered a clue as to where the art market might be heading in the midst of global financial uncertainty. Bloomberg’s Katya Kazakina reports that  ’57 Ferrari that raced at Le Mans was sold at Gooding & Co. over the weekend for $16.4m:

“The ultra-rich remain ultra-rich,” said Marcel Massini, a Swiss-based Ferrari historian, who attended several auctions last week. “The very, very best sells easy and incredibly high.”

Gooding’s two-day sale brought in more than $78 million, beating its 2010 tally of $64.6 million. Sales at RM Auctions totaled about $80 million, topping its previous high of $67 million last year.

“The stock market being volatile almost helped us,” said Max Girardo, managing director of RM Auctions in Europe. “It makes classic cars even more desirable” because they are seen as safe tangible assets.

RM Auctions set a record for a Mercedes-Benz with the $9.7 million sale of a silver 1937 540 K Spezial Roadster. It was consigned by Sam Mann, a collector from Englewood, New Jersey. The same model fetched $8.25 million four years ago, according to Girardo.

Red Ferrari Scores $16m at Auction (Bloomberg)