Remaining Indianapolis Museum disposals raise $34.4m on opening night of ModaMiami

The final nine cars offered from the Indianapolis Motor Speedway Museum to raise funds for its future were sold last night by RM Sotheby’s in Miami. This really was a “once-in-a-lifetime” opportunity, as many were unique and most had been in the museum for decades.

Their condition varied, but all were special. The cars were displayed around a courtyard outside the historic Biltmore Hotel where the open air auction took place, lubricated by a cocktail party immediately preceding it. RM founder Rob Myers (below, left) welcomed bidders and thanked the Indy Museum before British auctioneer Sholto Gilbertson took over. Bidding tended to come from the telephone and targeted buyers in the room who appeared to know what they wanted and at what price. These weren’t cars for casual onlookers, they were for connoisseurs. Highest seller was the bronze 1966 Ford Mk II (top) run at that year’s Le Mans 24 Hours which achieved $13,205,000 all-in.
 
Every lot found a new owner and all but one beat its lower guide price.

The figure achieved for the fabulous-looking (and sounding) 7-litre evolution of the Ford GT40 makes an interesting comparison with $9,795,000 paid for another Holman Moody 1966 Le Mans entry, the gold, third-place car offered by RM in Monterey in August 2018. This Mk II finished second at Sebring that year but retired at the French classic in June. The Museum took ownership of it way back in 1968.
 
The car was sold over the telephone after a determined battle with another remote bidder and a client in the room.

Bidding on the formidable 17.3-litre 1908 Mercedes racing car (above) started at $3m, the reserve was lifted at $5m and it became a match between two telephone bidders, one of whom dithered too long and bid just after the hammer had gone down at $7.5m – close to lower estimate – or $8,255,000 with premium. This was one of the stars of the show, and likely the largest engine ever fitted to a Mercedes car. “The W196 of its era” was one description, but there’s no denying its market is niche: it doesn’t even have a starter motor!
 
There was a real buzz around the 1957 Chevrolet Corvette SS, est. $5m to $7m. Uniquely magnesium-bodied, advanced mechanicals and Jetsons styling all made for an important piece of US racing history. Would it hit double digits? Some thought so, but it started at $3m, went up in $1/2 million increments and was finally hammered to the telephone at $7m net, $7,705,000 all-in. The underbidder later commented “I’ve been trying to buy it for 25 years, but figured the most it’s going to ever make is here.”

The auction finished with a crowd favourite, so large (34 feet long) that it had to be displayed on a flatbed outside: the jet-engined Land Speed Record car driven by Craig Breedlove to 600.601mph at Bonneville in November 1965, a record that stood until 1970. ‘Spirit of America’ Sonic I was estimated at a broad $500k to $1m and found a delighted new owner in the front row at $1,200,000 net, $1,325,000 gross. Useable? It defines “museum piece” and will require a hangar sized garage, but for barely a quarter of the price of a run-of-the-mill Ferrari F50, there’s no denying that it represents colossal bang for your buck: literally. An inspired purchase.
 
The sale of a genuine piece of American popular culture was a fitting end to a strong evening of results for both RM Sotheby’s and the Indianapolis Motor Speedway Museum, who will use the money generated last night and in Paris and Stuttgart earlier this month (a total of some $124m less fees) to future-proof and enhance facilities at the popular venue.
 

Simon’s summary: “Fabulous cars, buzzy atmosphere and great provenance behind each offering: this was every auctioneer’s dream scenario. Chances to handle quality like this don’t come along often, and RM made the most of it. Next to a 17.3 litre racer which did 130mph over 115 years ago, or a 600mph jet car, frankly some of the multimillion dollar ‘investment grade’ lawn furniture on offer this weekend and next looks a bit plain vanilla…”

Full results incl. buyer’s premium:
 
* Gross, motor cars: $34,418,000
* Percentage sold by number: 100%
* Top-selling car: 1966 Ford Mk II $13,205,000 gross, $12,000,000 net (est. $8m to $11m)
 
1930 Bugatti Type 35B Grand Prix, $1,380,000
1966 Ford Mk II, $13,205,000
1908 Mercedes 17.3-Litre 150 HP ‘Brookland’ Semmering Rennwagen, $8,255,000
1991 Benetton B191 Formula 1, $775,000
1907 Itala 120 HP Works Racing Car, $1,325,000
1911 Laurin & Klement Type S2 Sportswagen, $179,200
1957 Chevrolet Corvette SS Project XP-64, $7,705,000
1911 Mercedes 22/40 HP 'Colonial' Double Phaeton, $268,800
1965 Spirit of America Sonic I, $1,325,000
 
Photos by K500 and Peter Singhof (evening)