The five most expensive car auctions of all time

The small chip that controls the flow of current in electronic gadgets is causing a big problem for auto manufacturers. A new car may contain as many as 100 semiconductor chips, and without them everything from touchscreens to transmissions won’t work. Now, a global semiconductor chip shortage is causing rising prices and slashed vehicle production. Rental car companies are already snapping up used cars to keep their fleets current and more and more people are opting to buy cars at auctions.

The chip shortage has created a whole new appreciation of car auctions, but they’re not just for people looking to get a deal on a dream car or family vehicle. For the super-rich, auctions are not about a semiconductor shortage. For years auctions have appealed to high-end car collectors who routinely pay eye-watering prices for the privilege of, as sportscarmarket.com writer Steve Ahlgrim said, “sitting in the seat and knowing some of the greatest drivers in history sat right where you are.”

Here is a list of the biggest bucks ever paid for vintage cars at auction.

5.) The Ferrari 290 MM was developed in 1956 to race the Mille Miglia, an Italian 1600-kilometre endurance course made up entirely of public roads around Italy. Decked out with a V-12 engine with dual ignition the sportcar had a top speed of 280 km/h. Only four were made, and two of them made their way into the winner’s circle of the 1956 Mille Miglia, finishing first and fourth. Currently, only three of the four cars have survived, and only one has been restored to its original form. Identified by its vehicle identification number (VIN) or its chassis number (No. 0626), the restored 290 MM was sold by RM Sotheby’s, the international auction house headquartered in Blenheim, Ont. RM Sotheby’s put the item on sale at their first Petersen Automotive Museum auction in Los Angeles, Calif., where it went for a cool $28 million (U.S.) in 2018…. Read Full Article | https://www.wellandtribune.ca/ts/autos/analysis/2021/09/25/the-five-most-expensive-car-auctions-of-all-time.html

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