1953 Ferrari 250 MM makes $7.2m at Bonhams' Quail Lodge auction

Bonhams' annual Quail Lodge auction has seen a 1953 Ferrari 250 MM sell well, following a record-breaking Ferrari auction on the first day of the sale.

1953 Ferrari 250 MM
The Ferrari 250 MM (Mille Miglia) was the first in Ferrari's hugely successful 250GT series

The sale, held to coincide with the 2014 Pebble Beach Concours d'Elegance, was topped by the Ferrari 250 GTO that made $38m to set a new world record for any car sold at auction.

The 250 MM, driven by Phil Hill as well as a list of illustrious racing drivers, is a stunning example of the car that launched Ferrari's ever-successful 250GT line. The first 3-litre, V12-engined Gran Turismo car from the company, it made $7.2m.

Also faring well was a $6.8m 1957 Ferrari 250 GT Series 1 Cabriolet, which continued the success of Ferrari's most famous line at $6.8m. It hailed from the lauded Maranello Rosso Museum Collection, from which 10 cars were sold at auction.

Formula One racing car
The Formula One car was driven to victory at the 1978 British Grand Prix by Carlos Reutemann before Gilles Villeneuve became winner of the 1978 Race of Champions in it

A 1978 Ferrari 312 T3 Formula 1 racing single-seater achieved $2.3m, as cars with a strong competition background saw big bids. A 1970 Brabham-Cosworth Ford BT33 Formula 1 car made $1m.

Vintage cars were led by a $990,000 1937 BMW 328 Roadster, which was formerly in the esteemed collection of Dr Frederick A Simeone, and is one of only 462 ever built.

See our classic cars news section for more on the top results from Pebble Beach.

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