Classic car auctions range from televised no-reserve events with thousands of cars to exclusive sales where a single car can sell for tens of millions. The basics: most lots have a reserve (a minimum price) unless marked no reserve; the winning bidder pays a buyer’s premium on top of the hammer price; and serious buyers inspect cars and documentation beforehand. The most valuable car ever sold is a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé, sold in 2022 for a reported €135 million.

How auctions work

Term Meaning
Reserve Minimum price the seller will accept
No reserve Sells to the highest bidder regardless of price
Hammer price The winning bid
Buyer’s premium A percentage added to the hammer price
Provenance Documented history of ownership and racing
Matching numbers Original engine and major components

Major auction events

  • Monterey Car Week in August hosts several high-end auctions alongside Pebble Beach. Read the Pebble Beach Concours.
  • Arizona in January hosts large sales, including well-known no-reserve events.
  • Florida and other U.S. venues host some of the largest auctions by volume.
  • Europe hosts major sales at events such as Goodwood and in Paris. Read the Goodwood Festival of Speed.

Record sales

  • 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupé — sold in 2022 for a reported €135 million, the most expensive car ever sold.
  • Ferrari 250 GTO — several examples have sold for tens of millions of dollars, including in public auctions.

Tips for buyers

  • Research values and recent sales.
  • Inspect in person or hire an expert.
  • Check documentation and matching numbers.
  • Budget for premium, transport and taxes.