Are automobiles just the new asset where billionaires park their funds?
arrived in Stuttgart, Germany, to oversee an auction. Barker’s been with the contemporary art department at Sotheby’s since 2001, and since 2016 he’s been the chairman of all European operations. Which means Barker sells a lot of art. Last month he oversaw Sotheby’s $408 million modern art sale in New York, where a Monet landscape of the Grand Canal in Venice sold for nearly $57 million with fees.
Barker arrived in Stuttgart from London, and immediately got down to business. The auction was conducted in secret, only revealed to the public after it went down, and all collectors who wanted a paddle had to be thoroughly vetted by Mercedes-Benz. With the bidders at the ready, Barker began the proceedings at an astounding figure.
Not only was this the most expensive car ever sold at auction—at $143 million when converted to dollars, it became the sixth-most-expensive anything ever sold at auction, edging out the Francis Bacon triptych portrait of Lucian Freud thatAnd it could prove to be a turning point in the car market, establishing automobiles as a legit place to park funds.
Kidston—whose father, uncle, and grandfather were all part of the pioneering English racing team called the Bentley Boys—isn’t afraid to fight for material if he believes it can sell for a big price. Once, he drove across the desert near Dubai to make a deal to buy 10 cars previously from the collection of the shah of Iran, and had to ship them home on a rented 747.
“For a year and a half I went to Mercedes, discussing the car, discussing the car market,” he said. “They had the ability to blow all the pretenders out of the water in proving the value of Mercedes as the most valuable car in the world.”
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