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Sotheby’s Car Sale Highlights Category’s Growing Value

November 22, 2013 by Marion Maneker

Jim Patterson, Sr. Interview

Sotheby’s held the first car auction to take place in Manhattan in quite some time by partnering with RM Auctions, the Canadian company. The $62.8m sale of 34 cars (plus other related items) was a test of the rapidly gaining in value car market. Although the estimates were aggressive, the sale did well overall and very well in particular instances like the $14.3m Ferrari and the $7.15m Talbot-Lago sold by Jim Patterson (an interview with Patterson is available by clicking through above.) Patterson had three lots in the sale that made a total of more than $10m. Here’s Bloomberg’s Katya Kazakina on the sale:

“There were ups and downs,” said Marcel Massini, a Swiss-based Ferrari historian, who attended the auction. “At this price level, the air is very thin.”

A Maserati A6G/2000 Spyder from 1955 with coachwork by Carrozzeria Zagato sold for $4.5 million, against an estimate of $3.5 million to $4.5 million.

The buyer was Oscar Davis, a swimming pool manufacturer from Elizabeth, New Jersey, who’s been collecting cars since the mid-1950s. With the Maserati, his collection will include 41 vehicles, he said.

A 1959 Ferrari 250 GT SWB “Competition” Berlinetta Speciale, a dual-purpose sports-racing coupe with bespoke coachwork by Bertone, fetched $7 million, within the presale estimate range. It was the third priciest lot of the sale.

Ferrari 250 LM Sells for Record $14.3 Million in New York (Bloomberg)

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Filed Under: Economic Trends Tagged With: Cars

About Marion Maneker

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