The American car auction scene has witnessed some truly jaw-dropping moments that have changed the way collectors and investors view automotive history. From legendary muscle cars to historic race machines, these events showcase a growing admiration for classic and rare American automobiles. Here are ten unforgettable milestones that shaped the U.S. car auction scene and set new standards in the industry.

Record-Breaking Sale of the 1962 Ferrari 250 GTO

The 1962 Ferrari 250 GTO’s 2018 Monterey sale shattered records and fetched $48.4 million. This sale redefined ultra-rare car value and sparked massive interest in elite, historically significant cars. It was the highest-ever U.S. auction bid for any car. Who could resist such automotive prestige?

Steve McQueen’s 1968 Mustang GT Sells for $3.4 Million

Steve McQueen’s 1968 Mustang GT from Bullitt stunned Mecum’s 2020 auction when it sold for $3.4 million. Culturally iconic, this Mustang broke records, as its Hollywood legacy and McQueen’s touch fueled a bidding fight and elevated the status of celebrity-linked American cars.

The 1965 Shelby GT350R Becomes the First $1 Million Mustang

Named “The Flying Mustang,” this iconic 1965 Shelby GT350R ignited interest in rare pony cars. In 2020, Mecum Auctions sold it for $3.85 million, which made it the most expensive Mustang ever sold at that time. It proved that American muscle can achieve multi-million-dollar bids. 

1935 Duesenberg Model SSJ Roadster Fetches $2.2 Million

Confirming the demand for historical elegance in high-stakes auctions, the 1935 Duesenberg Model SSJ Roadster owned by Hollywood’s Gary Cooper exemplified Art Deco luxury and American craftsmanship. At Gooding & Company’s 2018 auction, this pre-war classic sold for $2.2 million.

1954 Oldsmobile F-88 Concept Car Sells for $3.24 Million

Barrett-Jackson’s 2005 auction made headlines when the 1954 Oldsmobile F-88 Concept Car sold for $3.24 million. Originally a GM show car with a futuristic design broke auction records. The price emphasized the enduring allure and value of American automotive innovation from mid-century concept collections.

Ford GT40 Gulf/Mirage Sells for $11 Million

In 2012, RM Auctions sold a 1968 Ford GT40 Gulf/Mirage for $11 million, setting a record for an American car at auction. Known for its iconic Gulf livery and Le Mans history, this GT40 epitomized speed and success. It also boosted demand for American cars with legendary race pedigrees.

1966 Shelby Cobra 427 Super Snake Sells for $5.5 Million

One of the rare gems with only two ever produced and a prized piece of Carroll Shelby’s legacy, the 1966 Shelby Cobra 427 Super Snake shattered records in 2007 by selling for $5.5 million at Barrett-Jackson. This landmark sale underscored the collector market’s reverence for rare American muscle cars.

1931 Bugatti Royale Crosses $1 Million Mark

Although European, the 1931 Bugatti Royale’s sale in 1987 ignited a trend for million-dollar American cars and also sparked a new era of premium car investments in the U.S. In that auction, the Bugatti crossed the $1 million threshold, setting a remarkable record.

1962 Shelby Cobra CSX2000 Sells for $13.75 Million

In 2016, the very first Shelby Cobra ever built—the 1962 Shelby Cobra CSX2000—sold for $13.75 million at RM Sotheby’s Monterey auction. This was Carroll Shelby’s car and the genesis of the iconic Cobra lineage. Its sale made history in the American car auction scene at the time. 

1967 Chevrolet Corvette L88 Sells for $3.4 Million

In 2014, a 1967 Corvette L88 made waves at Barrett-Jackson and sold for $3.4 million. As one of only 20 produced, this rare muscle car set a new standard for Corvette valuations, proving that American powerhouses could compete with European classics at elite auctions.