A 290 Ferrari 1956 MM driven by Juan Manuel Fangio sold for $ 28 million during RM Sotheby's “Driven by Disruption” auction.
RM Sotheby's auction included nine Ferraris, of which two did not sell. Although the US $ 28 million for the 290 MM became the highest price of the year, the car was below the US $ 38,1 million that was paid in 2014 for a Ferrari 250 GTO Berlinetta, which holds the world record for a auctioned car.
The most expensive lot of the night was originally designed for Juan Manuel Fangio, one of Formula 1's greatest racers, to compete in the Mille Miglia, a thousand-mile race through Italy. It was worn by other famous runners, such as Phil Hill and Wolfgang von Trips.
Classic car prices are stabilizing after a period of record sales driven by expanding global wealth. As with other collectibles segments, shoppers are becoming more selective. Even Ferrari, the brand most desired by investors and collectors, is feeling the impact.