Author: John Mayhead
Images: RM Sotheby’s
In Stuttgart, on 1st February this year, a 1954 Mercedes-Benz W196R Stromlinienwagen(streamliner) racing car was sold by RM Sotheby’s for €51,155,000 including costs. The sum set a new price record for a grand prix car and became the second most expensive vehicle sold at auction after the Mercedes-Benz 300 SLR Uhlenhaut Coupe also sold by RM Sotheby’s in 2022 for €135M (£115M). The previous racing car record was set back in July 2013 when another 1954 W196R, this time clad in the more standard racing body, sold at the Bonhams Goodwood Festival of Speed sale for £19.6M.
W196R Stromlinienwagen chassis number00009/54sold this month couldn’t have better provenance. Fitted with an open-wheel body, it was driven to victory at the 1955 Buenos Aires Grand Prix by Fangio and achieved the fastest lap at the 1955 Italian Grand Prix at Monza in current streamlined form driven by Stirling Moss. In 1965, It was donated by Mercedes-Benz to the Indianapolis Motor Speedway (IMS) Museum and has been maintained there ever since.
The price of €51M was at the lower end of RM’s pre-sale estimate, said to have been €50M to €70M, and initially, that surprised me. Although more than double the price of the 2013 W196R sale, the market for racing cars has evolved hugely since then and I expected more, especially with the Uhlenhaut sale setting such a strong precedent three years ago. This W196R Stromlinienwagen design holds the title of being the only covered-wheel car ever to win an F1 race and chassis 00009/54, just one of four made, is the only one ever offered for sale to a private buyer. It is the ultimate all-access pass and, once engine and mechanicals have been recommissioned, the car and owner would undoubtedly be given a royal welcome at Goodwood, Pebble Beach, Salon Privé or Villa d’Este. There may also have been a financial benefit, too: depending on the rules in the purchaser’s country or residence, the IMS’s status as a non-profit may allow some of the cost to be offset against tax.
But even ultra-high-net worth individuals must be mindful of the wider economic and political challenges that are evident in today’s world. Across every price range, Hagerty has seen the price rises of previous years slow or reverse in 2024, and it is now clear the Uhlenhaut sale took place in a period of buying fervour that will probably not be repeated for a long time. In that respect, this sale was exactly where it should have been. I just hope I have the opportunity to see and hear it running before too long.
What’s your verdict on the record sale John mentioned? Let us know in the comments.
