Monterey 2008: Million dollar Ferraris at the RM Auction

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The RM sports and classic car auction is one of our favorite events during the Monterey weekend. The laid back atmosphere and incredible selection of cars makes the event a perennial occurrence on our schedule. This year's event was particularly impressive, especially the selection of classic Ferraris. No less than eight surpassed the million dollar mark (seven actually sold), capped by the $4.51 million dollar sale of a 1961 Ferrari 250 GT SWB. Others breaking $1 million were a 1967 Ferrari 275 GTB/4 ($1,925,000), 1961 Ferrari 400 Superamerica Coupe Aerodinamica, and a 1973 Ferrari 365 GTB/4 Daytona Spyder ($1,485,000). A beautiful 1956 Ferrari 250 GT TDF Berlinetta had a top bid of $3.9 million but didn't meet the reserve. Follow the jump for a press release from RM and enjoy the gallery below.

PRESS RELEASE:

MONTEREY, California (August 17th, 2008) – Preeminent international auction house, RM Auctions, continued their highly successful sales run in Monterey, California overnight with eleven cars breaking the magic million dollar mark at the legendary 'Sports & Classics of Monterey' auction event.

Held at the Portola Hotel & Spa in historic downtown Monterey, it was standing room only at the two day sale as over 170 investment quality collector cars crossed the block before an international audience. As the gavel fell for the final time, total sales surpassed $42 million.

"RM's Monterey auction continues to bring together private sellers, longtime clients and end users, with cars changing hands and entering new collections where they will be enjoyed and appreciated for years to come," said Ian Kelleher, Managing Director of RM Auctions.

"The strength of our European sales had a positive affect on the weekend's auction with many of our international clients in attendance. The sales were inline with our expectations with several new records, and with seven of the eleven million dollar sales being vintage Ferraris, results indicate the continuing strength of the market for the world's most famous sports and racing marque," he added.

The top seller of the sale was a show quality 1961 Ferrari 250 GT SWB Berlinetta which brought a final bid of $4,510,000. Another highlight was the 1961 Ferrari 400 Superamerica Coupe for an impressive $1,650,000. Also attracting significant interest on the block were the prestigious luxury cars – a 1933 Rolls-Royce Phantom II Special Town Car, which brought $2,310,000, and a 1930 Duesenberg Model J Dual Cowl Phaeton for $1,760,000.

Additional highlights included: an ultra rare 1948 Tucker Sedan which achieved a new world record price of $1,017,500; a 1967 Ferrari 275 GTB/4 Berlinetta for $1,925,000; and a 1973 Ferrari 365 GTB/4 Daytona Spyder which was won with a bid of $1,485,000.

Full sales results are posted online at www.rmauctions.com. For immediate information on this event, please call Terry Lobzun on 818-703-2813.