McLaren F1 is promoting for $ 20.5 million, the most costly automobile to be auctioned this 12 months

1995 McLaren F1

Photo: Mike Maez | Gooding & Co.

A McLaren F1 was auctioned for $ 20.5 million in Pebble Beach on Friday night, demonstrating the continued strength of the classic car market.

Gooding & Co. auctioned the rare McLaren F1 in front of a packed and excited audience, blowing its estimate of at least $ 15 million. One of the most sought-after collector’s cars due to its rarity and place in auto history, the F1 became the most expensive car to be auctioned that year and the most expensive McLaren F1 ever sold.

The sale provided evidence that after a pause in overpriced car auctions during the coronavirus pandemic, sales of seven and eight digit cars remain particularly strong.

1995 McLaren F1

Photo: Mike Maez | Gooding & Co.

“It seems that the same buzz in the lower price ranges exists in the highest,” said Hagerty, the collector’s car insurance company.

Sales to date at Monterey Car Week in California – which spans multiple auctions, shows, and awards, and includes the Concours d’Elegance – are up 34% over the same period in 2019 to exceed $ 210 million, according to Hagerty.

The McLaren F1 was the undisputed star of the week, with collectors and auction houses keeping a close eye on its selling price as a barometer of the market. The F1 is considered to be one of the first modern supercars and is held responsible for the revival of the racing and car brand McLaren. McLaren has only built around 100 F1s so they rarely come up for auction and collectors around the world are eagerly awaiting sale.

With a massive 6-liter V-12 developing over 600 horsepower, it reached a top speed of 240 mph and was described as “the first Formula 1 car to hit the road”.

1995 McLaren F1

Photo: Mike Maez | Gooding & Co.

The sticker price for McLaren F1 when it was launched in the mid-1990s typically ranged from $ 800,000 to $ 1 million. While many scoffed at the high price tag at the time, the F1’s rising value makes it one of the best performing cars of all time when it comes to price hikes. Jay Leno once called his Formula 1 “the best investment I’ve ever made”.

The F1 that Gooding auctioned on Friday was particularly valued as it only had 241 miles, making it a “time capsule” car. It was also executed in a rare “Creighton Brown”. A 1994 McLaren – with custom LM racing specifications – sold at RM Sotheby’s for $ 19.8 million in 2019.

It is unclear who made the winning bid.

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