Credit markets might be suffering, but ultra rich guys are still spending cold hard cash on high end classics. For evidence, look no further than the Automobiles of London auction put on by RM in association with Sotheby's. The top 10 sale prices alone pulled in more than $17 million at the October 29th event. And among those top finishers were several significant Ferraris from the 1950s-1960s, a 1938 Bugatti and a teardrop-tastic 1950 Talbot-Lago. But the top bread winner, a 1997 McLaren F1, wasn't very classic at all. That didn't stop one deep pocketed individual from shelling out $4.1 million for the supercar icon though.
"That's the power of the marketplace right now for a car in such high demand", says Tom duPont, publisher and co-founder of the well known duPont Registry classifieds. "It's an extraordinary price for an extraordinary car. Keep in mind that however impressive the $4.1 million sale price was, there was twice that much was chasing the car before the gavel came down. If you've got the product, there are buyers out there."
That $4.1 sum represents a 323% increase from the roughly $970,000 asking price back in 1997. Not a bad return on investment for the anonymous Asian gentleman who purchased the car directly from the Park Lane showroom that has since been closed. The final sales price more than doubled the pre-sale estimate.
In case you have been hiding under a rock for the last 15 years, the F1 is held by many to be the most significant supercar of all time. Aside from its sexy looks, courtesy of Gordan Murray, the car held the top speed record [243 MPH] for nearly a decade before being dethroned by Koenigsegg's CCR in 2005. It remains the fastest naturally aspirated (no turbos, no superchargers) car on the planet.
The F1 designation was deemed appropriate because of all the racing technology harnessed under the shapely silhouette. The driver even sits in the middle, ahead of two small passenger seats. The F1 was the first vehicle to feature a monocoque composed of ultra light-weight carbon fibre. And while we are on the subject of high tech build components, magnesium, titanium and Kevlar were used throughout the car for strength and weight savings. At the end of the day, we are talking about a car with near perfect weight distribution (42% front - 528% rear), and power to weight ratio that would make Colin Chapman wet himself (621 HP and roughly 2,500 pounds).
Fast forward to the present where Gordon Murray is at it again, this time working on a successor to the F1 code named P11. Only this time it will be smaller, less expensive and produced in higher volume than its F1 sibling. McLaren is aiming directly at the "entry level" exotic market for P11, which means they are going head to head with Ferrari's F430 and Lambo's Gallardo LP560-4.
Our friends at AutoExpress recently spied a P11 mule in development and crafted some renderings they claim to be dead on accurate. We definitely like what we see. Judging by the short overhangs, greenhouse shape and high tail, it's clear that stylists used the F1 as a source for inspiration. Also similar between the two cars is the front air damns and headlamp positioning. Regardless of design DNA between the two cars, there is certainly enough differentiation to allow P11 to stand on its own. The side profile and rear, for instance, are a drastic departure from the F1.
What about the Mercedes SLR McLaren that you ask? Well, P11 ain't no joint venture and it will be developed completely in house at the McLaren Formula One team's factory in Woking. Look for it in 2010.
Post from autopia
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