Remember the story I wrote a few days ago concerning the Classic car market? 

Well the Arizona auctions are over. The results were exceptionally strong, especially for Ferrari which broke several records for high prices. Two iconic and very much sought after Ferraris achieved record prices, the 250 LWB California Spyder set a new record at $8.25m as did the 250 SWB Competition, achieving $8.1m. Other less important (much less important Ferrari) also achieved record results. The 250 Boano, the 330 GTC and the 246 GT Dino all broke new world auction records. Did that impress us? Sure it did.

But something more important happened, that our readers should be aware of. In our last post we told you the importance of Provenance. It plays a critical role when purchasing a Classic car. Provenance, or ownership history is just as important as the condition of the car you are buying.

You see, it just does not excite people when Tom, Dick or Harry decides to sell their 300SL Gullwing. But what happens when the 300 SL Gullwing belonging to one of the most iconic Hollywood stars of the last 100 years comes up for auction? Well you can be sure that there are many people that will be interested and bid heavily. And just that happened. Normally a Gullwing 300SL in silver and red interior (which is very desirable by the way) would sell for roughly $7-800’000. A well restored one might achieve $1m or $1.1m but then the car would have to be almost perfect! But Lot 5001 at Barrett Jackson was far from perfect. The last restoration took place over twenty years ago. Yes the car was delivered with the ‘Rudge wheels’ which add value but the point is – Lot 5001 was just an ordinary 300SL Gullwing. Except for one thing.

The first owner was Clark Gable.

So what effect did this have? A cool $1m. Yes, the Clark Gable’s 300SL Gullwing sold for $2m (including commission). We believe that is a new world record for a ‘normal’ 300SL Gullwing. Did the new owner overpay? Well perhaps.

But how cool is that to come home and tell your wife or girlfriend, ‘You see that 300SL Gullwing in my garage? That used to belong to Clark Gable’.

by Edmond Saran