The Goodwood Festival of Speed set a new record – and it has nothing to do with how fast a car went. The festival kicked off in grand fashion when a W196R Formula 1 1954 Mercedes-Benz sold for a record $29.6 million. The car – called the Silver Bullet – was driven by F1 racing legend Juan Manuel Fangio and won a number of grands prix events.
The sale, conducted by Bonhams, is the most ever for an auto. It tops the $16.4 million, which was paid for a 1957 Ferrari 250 Testa Rossa in 2011.
The identify of the buyer of the W196 R was not revealed.
Alex has written for Vanity Fair, Barrons, Bloomberg and Condé Nast Traveler.