An immaculate McLaren F1 sold for £2.5 million last night at RM Auction’s flagship sale in Battersea, London.
The 1997 example of the iconic McLaren – an ex-Park Lane showroom car with just 270 miles on the clock - fetched £1.1 million more than its estimated value. Money experts described it as a sound investment in times when even the banks seem unsafe.
But other rare cars couldn’t defy the credit crunch. The highlight of the show, a short wheel base Ferrari 250 GT California Spyder, driven by Cameron Diaz in the Charlie’s Angels film, failed to meet its reserve, let alone its £3 million estimate.
“It's definitely been more cautious,” admitted Max Girardo, RM Auction’s car specialist, “some buyers have been cut out of the market. A year ago, they would've thought about buying a car for £50,000, now they're not being paid a bonus or are worried about losing their job.”