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 October 1, 2008 

Bugatti racing car fetches £2.5m in sale 
A vintage Bugatti racing car has set a record after being sold to a collector for £2.5 million, say auctioneers.

By Alastair Jamieson 
Last Updated: 12:09AM BST 28 Sep 2008 (from Telegraph.co.uk)

The car, Chassis No. 4913, like the one pictured, was the work of the brilliant Italian designer, Ettore Bugatti, whose factory in Alsace, France, earned him a reputation as the greatest maker of racing cars.

The 1928 Type 35B, which competed in the first Monaco Grand Prix and has all its original components, has become the most expensive car of its kind following the private sale in Britain. 

The design classic, which also won the demanding Italian road race, Targa Florio, was snapped up by an unnamed "highly-regarded international collector" after being sold by its previous owner, the former Samsung chairman and billionaire Lee Kun-hee. 

Chris Routledge, managing director of London-based Coys auctioneers, said: "We believe it is the highest price paid for a Bugatti of this type – certainly in Britain and probably in the world. 

"It is an extraordinary piece of engineering. When you open the bonnet it is like looking inside a Swiss watch.

"Apart from a few charming battle-scars it is exactly as it came out of the Bugatti factory. It still has all its original components and body work, which is highly unusual. It is very exciting to drive. It screams." 

 He added: "It was in Switzerland during the Second World War, which is almost certainly what saved it from being damaged or scrapped and turned into warplanes." 

Prior to Mr Lee, previous owners over the past eight decades included the eccentric British car collector and pilot Hamish Moffat, who died in 2002 aged 71, and Swiss Baron Emmanuel 'Toulo' de Graffenried, who died in January 2007 aged 92. 

The car was the work of the brilliant Italian designer, Ettore Bugatti, whose factory in Alsace, France, earned him a reputation as the greatest maker of racing cars until his fellow Italian Enzo Ferrari began to dominate the scene in later years. 

Despite the Bugatti's high price tag, the most expensive car is still thought to be a black Ferrari 250 GT California Spyder bought by the BBC Radio 2 presenter, Chris Evans, earlier this year for £5,089,280. 

Ian Patton, general manager of the Bugatti Owners' Club, said: "Cars of this type are very highly sought-after by collectors. There aren't that many of them around and, because of the way there were designed and built for racing, each of them is unique." 

Mike Goodbun, deputy editor of Classic Cars magazine, said: "It is harder to verify prices in private sales rather than auctions but certainly this car is regarded as one of the finest of its kind and it is no surprise that someone is willing to pay for it. 

"In the current economic climate it is a good investment as it is unlikely to depreciate in value."