Most Expensive Cars Sold in Auction - Common Contributing Factors

Common Contributing Factors

Common contributing factors affecting the value of auctioned automobiles include:

• Low production volumes
• Rarity
• Desirability
• Demand
• Aesthetic design, even of its time.
• 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.
• 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.
• Condition, also complete documentation (such as evidence of its restoration) of the car is vital for its value. It is not unusual for these cars to have undergone restoration work in the past costing hundreds of thousands, if not millions, of dollars.
• Winning a prestigious auto show helps the car's value, this was the case for some of the cars listed below have been cited to had taken overall or class wins at the Pebble Beach Concours d'Elegance.
• Originality, typically a car that had its original mechanical components, as it was when it left the factory, is more desirable to the one that doesn't. Original bodyshell retains the value better to one fitted with a new body but the chassis of the car is more considered by collectors.
• Cars equipped with automatic transmission are considered to be less desirable than its manual counterpart.
• Cars that have been freshly restored or hidden away for a number of years or decades makes the car desirable to a show winner or a famous car.
• Eligibility to vintage events is a factor to prices as collectors typically buy vintage race cars to enter historic events as are cars that can be designed to be driven on the street but are competitive on the track.
• The originality of the car is considered important in historic racing due to the Historic Technical Passports and FIA Heritage Certificates in force, meaning cars must retain mechanical systems that belonged to the car of the period to prevent unfair advantages.
• Cars with a strong motorsport history improve on the car's desirability, better if the car have won a prestigious race such as the 24 Hours of Le Mans, the Formula One World Championship and the Indianapolis 500. An example would be the Ferrari 330 TRI/LM Spider that was sold for $9,2 million in 2007, which was the 1962 winner of the 24 hours classic. Note that sportcar racers makes up the majority of competition cars on the main list.
• A car associated with a famous person adds value to its price. Examples are:
  • Elton John in 2001 auctioned his large collection, as a result of his fame, a majority of those sold twice its estimates.
  • In 2008, TV presenter and radio personality Chris Evans broke a twenty one year old record, when he successfully placed a bid for a Ferrari 250 GT SWB California Spider that once belonged to James Coburn.
  • In 1973 a Mercedes-Benz 770 F-Cabriolet that stated to be the parade limousine of Adolf Hitler was sold for a then record of US$153,000 ($791,265 in 2013), surpassing the previous record held by a Duesenberg Model J Victoria that belonged to Greta Garbo at US$90,000 ($493,962 in 2013). Despite revealed to be the limousine of the President of Finland Carl Mannerheim, not Hitler, a week after the auction, the same Mercedes went on to surpass its own record months later despite this error.
  • On the other hand, a car belonging to a celebrity who is implicated in a credibility damaging scandal is likely to be worth less. An example of this is the Rolls-Royce Corniche belonging to British TV and radio personality, Jimmy Savile; in light of his sexual abuse scandal following his death, the car is speculated by the motoring trade to be worthless. However, the white 1993 Ford Bronco, that was involved in the chase between O. J. Simpson and LAPD, was sold for $75,000 in 2004, almost twice its original value, ten years after the incident.
• On the other hand, as above, a car that is associated with a famous otherwise factory-backed racing team, such as Scuderia Ferrari, which was the case on August 2011 when one of their factory Ferrari 250 Testa Rossa broke the new record, surpassing the record held by the same car two years before, which was a customer car.
• Auctions taking place during the annual Monterey Historics events every mid-August is expected to bring in record sales as it is considered to be the hotpoint for collectors and investors who prefer to make attendance there to awaiting the outcome.
• Auctions are not likely to command higher sale price in comparison to private sales.