Latest Silverstone Auction sells more than £5.3m of classics

1973 Ford Escort Mk1 Mexico sold for record amount. — AFP pic
1973 Ford Escort Mk1 Mexico sold for record amount. — AFP pic

LONDON, May 23 — While car auctions happen most days of the week all over the world, not all car auctions are created equal.

The UK’s specialist car auction house Silverstone Auctions’ latest sale saw more than £5.3million (RM28.25 million) of classics sold, and its inaugural one-make sale saw 70 per cent of the Ferraris offered for sale going to new owners.

The headline act of the Ferrari-only sale was a 1972 Ferrari 365 GTB/4 Daytona that was auctioned in a room full of applause as it went for a premium inclusive price of £540,000. The GTB/4 was one of a number of Ferrari models sold for six-figure sums at the event,

Following on the next day from the Ferrari-only sale was Silverstone Auctions’ annual May Sale, where 63 best of breed classics and modern sports cars were successfully auctioned off, including a 1973 Ford Escort Mk1 Mexico going for what is a new world record auction price of £50,625.

When the two sales are combined, 63 per cent of the classic cars on offer over the two days were successfully sold to reach that total revenue of £5.3million.

Nick Whale, the managing director of Silverstone Auctions said of the event: “We’re incredibly pleased with the results of our two sales this weekend.  With much of the nation’s focus on events at Windsor and Wembley, coupled with the fact that our Sale of Ferraris was our first ever, it was always going to be tough going. However, to have achieved sales of over £1 million more than at our May Sale last year really is a great achievement and shows that demand for best of breed classics remains incredibly strong.”

Other Ferraris of note sold at the event included a 2000 Ferrari 550 ‘World Speed Record’ that sold for £146,250, a 1964 330 GT Series 1 sold for the exact same price, and a 1978 512 BB that will have delighted its seller after going for more than £30,000 over its lower estimate for £140,625. — AFP-Relaxnews