As we settle down to the last few weeks of the year, it’s time to unveil the top ten of 2025 auction sales. OK, so there’s still the Oldtimer Galerie Toffen December 2025 sale on December 29, but barring some madness over Audrey Hepburn’s Lancia, we think we’re pretty set.
What a year it has been – after a disappointing 2024, certainly at Monterey, hopes were high for a bounce back in 2025. It certainly looked that way in Arizona at the start of the year, but that enthusiasm didn’t continue for the rest of the year, while the picture in Europe wasn’t quite as rosy.
Monterey was deemed a successful year, however, with total sales of $432.8 million, but a lot of that hinged on one lot – a charity sale that warped an indifferent year into a good one. Not every Ferrari Daytona SP3 will sell for $26m after all, and removing that from the result gives you $397.2m, which is just four percent higher than 2024’s disappointing result.
2025 was marked by some key innovations, which manifested themselves in the top ten. Firstly, modern Formula 1 machinery occupied two slots, which shows just how important this area of collecting is becoming. Michael Schumacher’s 2001 Monaco Grand Prix-winning Ferrari didn’t quite beat Lewis Hamilton’s 2013 Mercedes-AMG Petronas F1, which RM Sotheby’s sold for $18,815,000 in 2023 in Las Vegas – but that was a physical car. One of the biggest eyebrow-raisers in 2025 was the RM Sotheby’s Abu Dhabi sale of an as-yet-unbuilt, let alone raced, McLaren F1 car. Could we see other racing teams follow suit? How does this impact the F1 cost cap? What happens if the chassis is a write-off? Despite all this, one can only wonder what RM Sotheby’s sealed-bid auction for Ayrton Senna’s 1991 McLaren MP4/6 got to…
Talking of as-yet-unbuilt cars, the Gordon Murray Special Vehicles S1 LM sale in Las Vegas offered the chance to not only buy an unbuilt car, but also to contribute to its development. By no means the first manufacturer to do this – HWA did similar with its Evo restomod in 2024 – it does raise the question of whether more manufacturers will follow this route.
As for the top ten of 2025 auction sales, it’s no surprise that Ferrari is the most represented, as it is most years – but it has ‘only’ five examples this year. Despite a broader shift towards younger classics, it is still the 1950s and 1960s cars towards the sharp end of the grid, but the presence of a Ferrari F40 LM and a McLaren F1 in the top ten indicates where the future might just be.
And as for the auctioneers themselves? It’s an era of dominance for RM Sotheby’s – close ties to Ferrari and Mercedes-Benz certainly help, but it’s a hard-won dominance; just one car wasn’t sold by the Canadian HQ’d firm. The theatrical introduction of the GMA S1 LM, suspended underneath a helicopter, was a moment of pure auction theatre.
As for 2026? Now that the Gooding-Christie’s partnership has had time to bed in, plus Broad Arrow’s continued expansion and signs of recovery at Bonhams, maybe it will be more of a fight for next year’s top ten.
Here are the top ten of 2025 auction sales in the collector car world:
10. 1993 Ferrari F40 LM – $11,005,000
RM Sotheby’s, Monterey, August
The 14th of 19 examples prepared, this 1993 LM was built to 760bhp GTC specifications. It was finished in Rosso Corsa with Lexan sliding side windows and Stoffa Vigogna cloth seats, and was delivered in early 1993 to Swiss collector Walter Hagmann of St Moritz. In May 1993, the car sustained minor rear-end damage during private testing at Mugello and was subsequently repaired by Michelotto. It appeared later that year in Auto Illustrierte and began a history of event participation, including Ferrari Club Italia meetings and the Motor Classic Show in Zurich.
Ownership changed several times between Switzerland, Germany and Austria, with one long-term owner using the car at Shell Ferrari/Maserati Historic Challenge events across Europe. In April 2009, Ferrari Classiche certified this example, confirming its matching-numbers engine, gearbox and bodywork. It sold for $11,005,000 against an estimate of $8.5-$9.5m – a new record for the model, and placing it firmly in the top ten of 2025 auction sales.
9. 2026 McLaren Formula 1 Team MCL40A – $11,480,000
RM Sotheby’s, Abu Dhabi, December
The scene of McLaren’s standout year – a World Championship one for the team and its driver, Lando Norris – also provided one of the most fascinating ownership propositions: the purchase of an as-yet-unbuilt-and-raced F1 car. The chassis will be one campaigned by McLaren Formula 1 drivers Norris and Oscar Piastri, and will be supplied with a 2026-specification Mercedes-AMG High Performance Powertrains unit, presented in its season livery.
Due to Formula 1 regulations governing intellectual property and technical confidentiality, delivery of the MCL40A to the successful bidder will take place at the end of the first quarter of 2028; until that time, McLaren Racing will provide a non-running 2025 show car for display. Once delivered, the car may be used for approved demonstration runs and track days, supported by McLaren Racing engineers and mechanics. It sold for $11,480,000 against a pre-sale estimate of $10m-$12m, putting it in the top ten of 2025 auction sales.
8. 1966 Ford GT40 MkII – $13,205,000
RM Sotheby’s, Miami, February
The Indianapolis Motor Speedway Museum’s reduction of its historical cars to focus on its museum was one of the big stories of the first half of the year – we’ll come back to it later, more than once. ModaMiami saw the sale of the vast bulk of the collection put up for sale following select lots being offered in Paris. One of eight racing Ford GT40 MkIIs built, this 1966 car, chassis P/1032, was entered into the 1966 Sebring 12 Hours by Holman-Moody, with Walt Hansgen and Mark Donohue on driving duties, and it finished second following Dan Gurney and Jerry Grant’s disqualification. Hansgen was due to drive the car at Le Mans, but died at the Le Mans test day when driving GT40 P/1011. The car seen here was sent to Ford’s Kingman test track in Arizona and then to Riverside Raceway for trials with two NASCAR drivers, although it was also driven by Ken Miles during this time.
For Le Mans, Donohue was due to be partnered with Mario Andretti, but instead Australian Paul Hawkins got the nod. The race was certainly for eventful for P/1032 – it was first delayed by a broken half-shaft off the start, then dogged by continued vibration. Mark took the car out and found it was misfiring, with bent rods being the cause. With new rods installed, Donohue rejoined the race only to soon find himself sans rear clamshell at 210mph down the Mulsanne Straight. After some discussion with the stewards, he drove around the circuit slowly to retrieve the clamshell. It was fixed, but the transaxle’s locking differential was damaged, leading to the car’s retirement after six hours and 56 laps.
After the race it’s believed the GT40 was exhibited at the 1966 Paris Motor Show, followed by the 1967 Geneva Motor Show and then the Monza Auto Show that same year. The Ford was then returned to the US, repainted to look like the Le Mans-winning McLaren/Amon car, and then donated to the Indianapolis Motor Speedway Museum in 1968. It was later treated to a five-year restoration back to 1966 Le Mans specification.
Estimated at between $8m and $11m, it sold for $13,205,000, entering the top ten of 2025 auction sales.
7. 2001 Ferrari F2001 – €15,980,000
RM Sotheby’s, The Crown Jewel sale, Monaco, May
Michael Schumacher’s 2001 Monaco Grand Prix-winning mount wasn’t actually the car he was supposed to be in – after an untidy lap that left him 0.201sec down on pole-sitter David Coulthard, his qualifying effort ended up in the barriers, with suspension damage inflicted. Thus chassis 211 was called into action, having only been shaken down at Fiorano by Luca Badoer and used in the warm-up for the Spanish Grand Prix.
After Coulthard’s starting-line drama, Schumacher swept to a dominating victory, setting lap records along the way. Chassis 211 was the last Championship-winning Ferrari to take victory at Monaco. The car would also see action in Canada as a stand-in for Rubens Barrichello after he clipped the Wall of Champions; he qualified fifth.
The car itself would be used in the warm-up by Schumacher; the German would also use it in the warm-up for the European and French Grands Prix, and in the German Grand Prix itself. That race ended in retirement with a fuel-pressure fault. Chassis 211’s final outing was in Hungary, where Schumacher took both pole position and the win, securing the 2001 World Drivers’ Championship with this car. It sold for €15,980,000 against a pre-sale estimate of €15m, putting it at number seven in the top ten of 2025 auction sales.
6. 2026 Gordon Murray Special Vehicles S1 LM – $20,630,000
RM Sotheby’s, The Special One Sale, Las Vegas, November
Created as a celebration of the McLaren F1’s Le Mans 24 Hours win 30 years ago, just five examples of the S1 LM are being built – and this was chassis number one (more details on the S1 LM can be found in our overview here). The purchaser will not ‘just’ be getting a new car – they will collaborate with Gordon Murray and the Special Vehicles team during the specification and build process via a sales contract directly with Gordon Murray Special Vehicles.
The owner will take part in selected development test drives and will be able to provide feedback during the final calibration phase. Access during this process includes interaction with executive product and brand director Dario Franchitti and with Gordon Murray, too. Estimated at in excess of $20m, it went for $20,630,000 in the 2025 auction sales.
5. 1961 Ferrari 250 GT SWB California Spyder Competizione – $25,305,000
Gooding-Christies Pebble Beach, Monterey, August
The only non-RM Sotheby’s result in the top ten was something very special indeed. Chassis 2383 GT, one of only two alloy-bodied, full-competition-spec Ferrari 250 GT SWB California Spyders, rolled out of Maranello in 1961 and was delivered new to gentleman racer Ernst Lautenschlager. The German campaigned the car in hillclimbs and circuit races across Austria and Germany, including the 1962 Solitude GT race in Stuttgart – his final outing – where he finished fourth in class.
The Ferrari then passed through a handful of owners in Germany and Switzerland, before being exported to the US in 1968, when it was acquired by renowned marque collector Lee Wilson of Fort Wayne, Indiana. Wilson’s ownership tenure saw 2853 GT displayed at the Auburn Cord Duesenberg Automobile Museum and showcased at various FCA events. Fast-forward to the mid-1980s, and the 250 GT SWB California Spyder passed into the ownership of American television producer and Ferrari collector Greg Garrison. He kept the car largely out of public view, except for its appearance at the 1994 FCA International Concours in Monterey.
It later received a full restoration by renowned specialist Dino Cognolato. As part of the process, the aluminium Scaglietti bodywork was resprayed from its original Grigio Argento to Grigio Fumo. At Pebble Beach the car sold for $25.305m, a record for both the model and the auction house itself, with an estimate of in advance of $20m, putting it at number five in the 2025 auction sales
4. 1994 McLaren F1 – $25,317,500
RM Sotheby’s, Abu Dhabi, December
Of the 64 road-going McLaren F1s built, chassis 014 was the 14th completed. Originally finished in Titanium Yellow with a black leather and Alcantara interior, it was delivered new to the Brunei Royal Family before later being exported to the UK. During its brief return to Britain, the car was bought through former McLaren Cars director David Clark and serviced by McLaren. It was then sold to the US, where it remained for several years, maintained by BMW of North America in New Jersey, the official service arm for McLaren Cars. In 2006 the F1 was acquired by a long-term owner when it had covered just over 3200 miles.
The following year it was returned to McLaren for a full rebuild. Repainted in Ibis White, it was fitted with the High-Downforce Kit, which included a fixed rear wing, GTR-style front bumper and splitter plus LM-type louvres in the front wings. It was the last of eight F1s to receive this upgrade. The car also gained updated headlights, a revised exhaust system and black OZ Racing wheels.
Inside, the air-conditioning was improved and the cabin reworked to LM specification with a race-style seat and exposed carbonfibre. The refurbishment cost over $500,000 and was completed at McLaren’s Technology Centre. Before its repaint, the door sill was signed by Michael Schumacher, in March 1996. After the rebuild, Lewis Hamilton added his signature to the left-hand luggage compartment during his debut Formula 1 season.
The F1 was later driven across the US, its mileage reaching 12,000 by 2018, when McLaren Philadelphia carried out an engine-out service and replaced the fuel cell. Coming from Danish ownership, it sold for $25,317,500 against a pre-sale estimate of $21m-plus.
3. 2025 Ferrari Daytona SP3 ‘Tailor Made’ – $26,000,000
RM Sotheby’s, Monterey, August
The car that shocked even its auctioneer – and helped to skew the results for the entire Monterey Car Week auction season. Chassis 599+1 was created as a final one-off example of the Daytona SP3 to be auctioned at Monterey Car Week to benefit the Ferrari Foundation charity that supports global educational initiatives.
The car featured a two-tone exposed carbonfibre and Giallo Modena finish, contrasted by gloss-black carbon-composite elements on the front splitter, side skirts and rear diffuser. A full-length Ferrari logotype livery ran from nose to tail – a first for a Ferrari road car. It was equipped with 20-inch front and 21-inch rear forged diamond-finish wheels, complemented by Giallo Modena brake calipers.
The interior went through the bespoke Ferrari Tailor Made programme, incorporating Q-Cycle fabric upholstery developed from recycled tyres. The instrument binnacle and steering column featured a chequered-flag carbonfibre motif derived from materials used by Scuderia Ferrari in Formula 1. Against a pre-sale estimate of $3.5m, it sold for $26m.
2. 1964 Ferrari 250 LM – €34,880,000
RM Sotheby’s, Paris, February
Offered from the collection of the Indianapolis Motor Speedway Museum, this 1964 Ferrari 250 LM was the star of the Paris sales. Chassis 5893 was originally sold to Irene and Walter Young of Wilton, Connecticut, and it was sold back to supplying dealer Luigi Chinetti fairly quickly. It was subsequently fitted with an aerodynamically efficient nose by Piero Drogo, and entered into the 1965 Le Mans 24 Hours with Masten Gregory and Jochen Rindt behind the wheel – as well as, it has been claimed, Ed Hugus.
As the Ford challengers slipped away, and Ferrari’s own prototypes encountered problems, chassis 5893 took the victory. This would be the first of six 24-hour races the car would be entered into, including Daytona and further Le Mans events. However, despite the best efforts of the likes of Rindt, Gregory, David Piper, Bob Bondurant, Luigi Chinetti Jr, Sam Posey, Charlie Kolb, Teodoro Zeccoli and Gregg Young, it wouldn’t repeat its 1965 heroics. Estimated at more than €25m, it sold for €34,880,000.
1. 1954 Mercedes-Benz W 196 R Stromlinienwagen – €51,155,000
RM Sotheby’s, Germany, February
The biggest sale came right at the beginning of the season, at a private event at the Mercedes-Benz Museum in Stuttgart. Chassis 00009/54’s sale was the first time a streamliner-bodied W 196 R had been offered publicly; it had been donated to the Indianapolis Motor Speedway Museum in 1965 by Daimler-Benz AG. Chassis 00009/54 was completed towards the end of 1954 and entered in the Formula Libre Buenos Aires Grand Prix on January 30, 1955, where it would be driven by Fangio. Importantly, it was also fitted with an open-wheel body, which Mercedes-Benz deemed to be an improvement on tighter circuits where high top speeds were less important than agility and the ability to see the extremities of the car. Fangio earned pole position and finished second in both heats, enough for him to claim overall victory in this car.
Fitted with streamliner bodywork, 00009/54 was entered for the Italian Grand Prix at Monza with Stirling Moss driving. Fangio secured pole in a similar machine, with Moss second on the grid; Stirling took over the lead on the ninth lap, but ultimately finished seventh after mechanical difficulties. Nevertheless, in this car, he achieved the fastest lap of the race, clocking a time of 2:46.900 at an average speed of 215.7km/h. At the end of the season, Fangio took his second Formula 1 World Championship in a row, with Moss finishing second.
In two seasons, the W 196 R had won nine of its 12 races. Estimated at in excess of €50m, it sold for €51,155,000 in Germany, making it the most valuable Grand Prix racing machine ever sold, as well as the second most valuable car of any kind to be sold at auction. Of course, this meant it topped the 2025 auction sales
