It isn’t just the staggering sales figure; it’s also the massive price difference between this new record and the previous one. The ‘Uhlenhaut coupe’ hasn’t just moved the needle, it’s broken the pin at the 8,000rpm limiter.  

This 1956 Mercedes-Benz 300 SLR – only two of which were made – sold for a jaw-dropping $142.7 million (£115 million) at auction, more than doubling the old record. The previous champion, a 1964 Ferrari 250 GTO, held the title at £56 million. The Italian marque had been top of the pops for some time with a succession of (mainly) 250 GTOs, but 300 SLR landed a knockout blow that nobody – perhaps not even the Mercedes-Benz Museum, which put the car up for sale – could have predicted.  

While cars like the Uhlenhaut 300 SLR are only accessible to the 0.01 percent, it is a significant moment for the automotive landscape. A sale like this stirs interest, ignites conversations and affects values.  

‘A game-changer for the market’

RM Sotheby’s, which facilitated the sale, is still basking in the glory. Marketing and comms manager Peter Haynes said: “It is clear that the sale of this car is a game-changer in the collector car market and has, naturally, forced people to re-assess the values that can be attributed to cars that sit amongst the rarest and most historically significant examples in the world. But it may be many years before we see a sale of another car that can compare to this remarkable event.” 

For some time now, classic cars have been considered legitimate investments. In the same way that one might buy a painting by a famous artist, a rare and sought-after car can be fun to own and financially prudent. Whether you’re a member of the world’s financial elite or just someone with a bit of expendable income looking to be smart with your money, buying the right classic is a proven economic strategy. It doesn’t have to be a multi-million-pound Mercedes, either. An early Volkswagen Beetle, for example, bought for £7,000 a decade ago, might be worth twice that amount today.  

The trick is, as with any investment, is finding the right car. In the case of the Uhlenhaut 300 SLR – named after then-head of testing at Mercedes Benz, Rudolph Uhlenhaut – or indeed a Ferrari 250 GTO, the car’s rarity, its motorsport heritage, and the brand’s providence make it an easy pick. But how does one find an affordable car that offers some degree of confidence in its future value?  

Sharp-suited supercars

The recent Concours on Savile Row, held on that famous, high-end men’s fashion street in London, featured an impressive selection of contemporary and classic cars. Many were limited-production models made even more exclusive by independent design houses. From both a financial and a passion perspective, there is a growing appetite for high-end cars with bespoke modifications – the cost of which can often double the purchase price. These owners – and investors – are confident that the one-off nature of their car will retain or even increase its value.  

When asked about the sale of the 300 SLR, Savile Row co-organiser Geoff Love said: “The price paid for the Mercedes-Benz reflected the unique nature of the individual car. In my view, it will challenge the valuations of the most important classic cars that transcend automotive culture and move them into fine art. It will raise the bar for the absolute very best cars of real provenance, rather than have a general impact on all classic cars. It may move the general value of certain classic Mercedes, but the real winners will be those rare cars that are rolling works of art.”  

There is no doubt that style plays a part in a car’s desirability. And even though beauty is in the eye of the beholder (and sometimes even the beer-holder), there are some cars that the vast majority of people, car lovers or not, agree would look great parked outside their home.

Gold-standard classics

Hagerty is a world-renowned classic car insurer and valuations expert. Its Classic Index tracks the values of 50 individual cars to analyse the ‘gold standard’ landscape. It therefore gives a useful insight into future developments within the UK and world markets.  

John Mayhead, editor of the UK Hagerty Price Guide, said, “In general, the old ‘gold standard’ classics have been either flat or reduced in value. Pre-1970s Aston Martins, E-Type Jaguars, Jensen Interceptors, etc, have all slipped back, except very special cars (matching numbers, interesting provenance, originality, good spec and colour). Hagerty believes that if you were of the generation that remembers the impact a DB5 or an E-Type had when new, you’ve either reached the point in your life when you can afford one, or you never will.” 

We asked John about his views on future classic Mercedes-Benz models: “Early AMG Mercedes saloons (C36, C43, E55, and so on) are likely to rise if in good condition. Similarly, any well-maintained Black Series cars are already very collectable. The SLS and SLR McLaren have both been added to the Hagerty Price Guide recently for the same reason.”  

Early SL rising in value

Mayhead feels that the cars that are growing in value – apart from the ‘unicorns’ – are vehicles relevant to the generation enthusiastic about spending its money today. The baby boomers have perhaps already bought the cars they want. Gen Xers and Millennials now have their faces glued to the windows of today’s digital showrooms. It’s their hero cars that are gaining momentum.  

Mayhead also says: “At the top end, there seems to be a US-led surge in the values of the 300SL Gullwing and Roadster. Values dipped just before the pandemic, but have rallied strongly. We’ve seen a 22 percent increase in average Gullwing values (to £1.131 million) in the last three years.” 

“The original (W121) 190SL has also performed extremely well, with a rise of 18 percent over the same period (the average price is now £119,000). The (W113) ‘Pagoda’ 230SL and 280SL models have been increasing steadily, but feel undervalued. They combine classic styling with a driving practicality that puts them in a very usable category.” 

Find a perfect Pagoda

With the Pagoda set for its 60th anniversary in 2023, now could be the perfect time to snap one up. The 280SL has always been the ‘one to buy’, but both the 250SL and 230SL are now gaining momentum.   

We also asked John for final comments on the sale of the 300 SLR and whether moments like this will impact overall prices: “We think not directly. Industry insiders suggest that this is a strong play by M-B, though – to make the point that their car is the most valuable in the world. Coming so close to the release of the AMG One hypercar, it is a statement of intent to the opposition. This is such a high level of sale that it is unlikely to directly increase other Mercedes-Benz prices, but it will increase interest in the brand. That could signal a rise in values. One dealer we spoke to told us that his phone was ringing off the hook in the weeks following the sale.”  

One wonders then if the 10 people invited to the auction of the ‘Uhlenhaut’ 300 SLR and the timing of the sale were, therefore, part of a carefully structured marketing plan by the Stuttgart-based automotive giant?

Beautiful old cars

UK-based SL Shop has more than 15 years of experience with classic Mercedes-Benz models. Founder Sam Bailey told us: “The sale of Uhlenhaut’s 300 SL certainly marked a new era for the rarer classic cars. It may well be some time before we see a phenomenon like this again and drawing a direct correlation with the broader classic Mercedes-Benz market would be speculation at this stage.

“What this moment does confirm, however, is that the rich stories, experiences and popular culture that underpin a vehicle’s existence are inseparable from a vehicle’s revered style and engineering. That said, the fact that this vehicle was put up for auction by Stuttgart suggests a desire to reignite interest in the SL and the brand in general. Now that 1950s SLs are scarcely available, the knock-on effect is a relentless demand for the very best successors. Where an original 280 SL five years ago would fetch circa £150,000, we are now seeing these same vehicles sell for more than £250,000. And where previously complete originality was favoured, a fully restored W113 280 SL Pagoda is now just as appealing.” 

There is clear daylight between the handful of folks who might consider an ultra-rare crown jewel like the Uhlenhaut 300 SLR, and the rest of the classic car enthusiast community. Most of us are looking for something cool, or something beautiful, for reasonable money. The late-1980s and 1990s SLs are not yet out of reach for Millennials and can be discovered through a whole host of digital platforms, making the transaction a much more fluid process.

There’s always an easy argument to be made among motoring enthusiasts for having a beautiful old car on your driveway. If you can combine that with a sound financial decision, perhaps that search can begin today…  

Kieran Rennie is a contributor to Motoring Research

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