CBS News reported on the record-breaking $29.6m sale:
The 1954 Mercedes-Benz W196 race car driven by Formula 1 legend Juan Manuel Fangio sold for $29.6 million. James Knight, motoring director of Bonhams auctioneers, which handled the deal, told Reuters that the sale set a “new world auction record price.”
According to Reuters, the $29.6 million sale easily surpassed the previous record for priciest automobile ever auctioned — a 1957 Ferrari 250 Testa Rossa, which sold for $16.39 million in 2011.
The single-seater Mercedes-Benz was driven by the five-time world champion racer when he clinched his second title in 1954. The Argentine drove the car to victories in the 1954 German and Swiss Grand Prix races.