Saturday, 7th November 2009

 

German classic and Ferrari top bill at London car auction

A 1960s Ferrari and a rare 1930s German roadster both valued at over £2m are the star attractions at a London classic car auction taking place in October.

The sale, being held by RM Auctions and Sotheby's, will be hoping to top the £18m raised last year, when cars from the collection of Formula One boss Bernie Ecclestone went under the hammer.

A private Latvian collector is selling a rare 1938 Horch 853 Special Roadster (pictured), which is estimated to fetch between £1.5m and £2m.

The car is one of only six surviving roadsters from the German marque, which was part of the Auto Union group alongside Audi, DKW and Wanderer.

The top Ferrari on sale will be a 1964 250 LM Berlinetta which is estimated at between £2.25m and £2.75m.

At RM Auctions' Ferrari sale held at Maranello, Italy in May, British television and radio celebrity Chris Evans paid €7m for a 1960s California Spyder, a record for a car bought at auction.

Other cars being sold in London include a 1938 Bugatti Type 57C Atalante (est £560,000 to £660,000), a 1924 Rolls-Royce Silver Ghost Torpedo (est £300,000 to £400,000) and a 1965 Ferrari 275 GTS (est £300,000 to £400,000).

Go to the RM Auctions website

Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

Rich Monitor

Sotheby's 3Q loss widens

Sotheby's third-quarter loss widened as the art auction house posted a worst-than-expected decline in revenue and a tax expense.

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