A new world record was set at the Goodwood Festival of Speed today, when a 1954 Mercedes-Benz fetched the highest price for a car sold at auction.
The W196R, which was driven by Juan Manuel Fangio and won a number of grands prix, sold for a hammer price of £17.5 million (US $29.65 million) at the Bonhams Goodwood Festival of Speed sale.
Once all the buyers fees have been added the total sale price will be £19,601,500.
The previous record price for a car sold at auction was $15 million - the equivalent price of the W196 is about $29,659,000.
The car was sold to a telephone bidder, whose identity hasn't been revealed. Bonhams confirmed that there were 11 bidders in total, with three in the room at Goodwood and eight telephone bidders, the majority of which were from the US.
James Knight, group motoring director, Bonhams, said: "Today we have witnessed a bit of history."
When asked whether the car would be a sound investment he said:"Demand for the W196 will be just as big, if not greater, in 10 year's time."
The record price will also " instill further confidence in the market place," he added.
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