Estimate: $2.1 to $2.4 million
After a longer stay and several changes of ownership in Germany, the car received an originality certificate at BMW Classic in Munich in 2014 and a final check of 900 out of 1,000 points. For the past six years, the BMW has been at home in the USA, where its owner took part in “The Quail” in 2016, among other things. The car is painted silver grey. According to Bonhams, this corresponds to the delivery condition as well as the red leather upholstery. The estimated price is 2.1 to 2.4 million US dollars, currently the equivalent of 1.97 to 2.25 million euros.
507 from family ownership
The Bonhams auction house has a BMW on September 30, 2022, in the small town of Newport, located between Boston and New York 507 auctioned off from the family property. According to the auction house, the car of the second series has not been seen in public for 43 years. Such “new to market” specimens are popular with collectors and regularly fetch high prices. The history and a certain garage find appeal can be more important than the condition of the car.
Selling price: 2.34 million euros
This is what the one for sale looks like BMW 507 proper out. The front bumper is present, unlike in an older photo. There are no dents or major rust damage to be seen, only the interior looks a bit neglected. But nothing seems to be really broken here – and the car hasn’t been restored broken either. It is unclear whether the eight-cylinder is running.
Older photos are intended to document the history of the car, which was apparently once registered with the appropriate license plate “BMW 507” and carries a flag of the USA and Venezuela on the rear. The 507 was first registered as a new car in Caracas. A hardtop was included in the scope of delivery. The car later made its way to Philadelphia via Montreal, Canada, where the seller’s father bought it in 1979. There it stood for 43 years in the garage of a family that owned several 507s. While the original interior was retained, the body was repainted in “Pontiac Bright Blue Metallic” in the 1970s. Bonhams had put the estimated price at 1.8 to 2.2 million US dollars, the equivalent of 1.79 to 2.19 million euros. $2.1 million was offered. Including the premium, the selling price is 2.31 million US dollars, which corresponds to the equivalent of 2.34 million euros.
Why does a BMW 507 cost two million euros?
The BMW 507 from the second series, painted in its original silver-grey color and produced on August 27, 1957, recently sold for a whopping two million euros at a Gooding & Company online auction in May 2021. Though the car has undergone some slight modifications, such as a modified instrument panel and a relocated fuel tank to provide more interior space, it has a documented history and matching engine and transmission numbers. It was originally delivered to Italy before being imported to the USA, where it has changed hands a few times and undergone a restoration. The car was valued at an estimated 2.25 to 2.75 million US dollars, or 1.86 to 2.27 million euros, with a final auction price of 2.2 million US dollars, equivalent to 1.81 million euros. This makes the BMW 507 significantly more expensive than a comparable Mercedes 300 SL Roadster.
RM Sotheby’s
Graf Goertz drew the lines of the BMW 507.
A rare and highly coveted 1958 BMW 507 was sold for 1,996,250 euros at an RM Sothebys auction in Paris in February 2020. This open sports car from the 1950s is considered to be the most valuable BMW model and a crown jewel in any classic car auction. Despite being an economic failure for BMW when it was first released, the 507 has since gained a reputation as a highly sought-after classic. The example offered at the Retromobile auction was in excellent condition, making it a valuable addition to any collection.
One reason: is the quantity
Brian Henniker/Gooding & CompanySwept front, wide kidney grille: The design of the 507 is iconic.
The Albrecht Graf Goertz-designed 507 is a true masterpiece of automotive design, not only because of its staggering price tag but also because of its rarity and craftsmanship. With only 252 units produced between November 1956 and March 1959, the car’s elegant aluminum body was hand-built, taking between 10 and 20 days to create each individual vehicle.
Despite its striking design and luxurious features, the open BMW failed to find success in the United States, with only 34 units being sold there. However, one of these rare vehicles, chassis number 70134, was delivered to a Hollywood producer and eventually ended up in the hands of BMW collector William Young from Colorado. He owned the white 507 until 2013, and it was later sold at Gooding’s auction on Amelia Island in March 2014 for 1.3 million euros (1,815,000 US dollars). With its exclusivity, craftsmanship, and fascinating history, the 507 is truly one of the most prized classic production cars.
Most expensive 507 auctioned for 4.5 million
BonhamsThe auction record for a BMW 507 was set by John Surtees in 2018.
The BMW 507 has a rich history of being a highly sought-after collector’s item, and its auction record stands at an impressive 4,502,795 euros. One of the most notable examples of the 507 is the car that was owned by the late John Surtees, the motorcycle and Formula 1 world champion. The car, bearing chassis number 70067 and registration number 22 GKN, was a gift from Count Domenico Agusta, as a way of thanking Surtees for winning the first world title for the Italian company MV Agusta in 1956. Surtees would go on to win all seven of his world championships on machines from MV Agusta.
The Surtees-507 was sold at Bonham’s auction house at the 2018 Goodwood Festival of Speed and holds the record of the highest-ever price for a BMW 507 sold in an auction. Furthermore, a few months later on January 18, 2019, a 1958 example sold for $2,175,000 at RM Sotheby’s in Arizona, becoming the last 507 offered at auction. The interest in the 507 remains high, and with the upcoming Paris auction, the result is eagerly awaited if the lowest limit of the estimate of 1.75 million euros will be reached. It is worth mentioning that in 2019, at two different Paris auctions as part of Retromobile, both cars failed to meet the reserve bid and were unsold.
Second reason: exclusive new price
RM Sotheby’sAt that time, open cars accounted for around a fifth of the market in the USA.
The success of the BMW 507 was heavily influenced by its selling price from the beginning of its production in the mid-1950s. US importer Maxi Hoffman had campaigned for the creation of an open-top sports car and was initially very excited about the result when it was presented at the Waldorf Astoria Hotel in New York, expressing interest in purchasing 5,000 units. However, the price he offered of 12,000 marks was too low for BMW, and despite Hoffman’s enthusiasm, the expected quantity had to be drastically reduced. The German automaker ultimately set a sales price of 8,988 US dollars in the US, which was considered too expensive in comparison to American competition such as the Ford Thunderbird and Chevrolet Corvette.
This difference in pricing caused tension between BMW and Hoffman, and at one point BMW withdrew representation from the importer, with other importers purchasing the 507 directly from the company. It is worth noting that Hoffman had previously had great success selling the Mercedes-Benz 300 SL Gullwing in the US, and was interested in an open-top sports car due to Americans’ preference for convertibles which accounted for around 20% of the car market at that time. He was unable to get an open-top sports car from Mercedes which lead him to approach BMW but was not satisfied with the prototype for an open two-seater by Ernst Loof and that’s how he reached Albrecht Graf Goertz, the designer who eventually created the iconic shape of the 507.
In Germany as expensive as a house
RM Sotheby’sThe cost of the BMW 507 was considered exorbitant when it was first released, with the price of the vehicle being equivalent to the value of a single-family house in Germany. Despite the positive reception it received during its debut at the IAA Frankfurt auto show in 1955, where it was called “undoubtedly the showpiece of the entire exhibition” by AUTO MOTOR UND SPORT, the car struggled to find buyers due to its high cost. Although the 507 was priced lower than the Mercedes-Benz 300 SL, it was still considered unaffordable for many consumers.
The 507’s technical specs were also not as impressive as the Mercedes 300SL. The car’s aluminum V8 engine with carburetors produced 150 horsepower, while the 300SL boasted a 215 horsepower, fuel-injected engine with better torque. Despite being 90 kilograms lighter than the Mercedes, the BMW had a lower power-to-weight ratio. In performance comparison tests, the 507 fell short of the 300 SL, with a slower 0-100 km/h acceleration and a top speed that failed to reach 200km/h. These factors all contributed to the 507’s limited sales success.
Mercedes also liked the BMW 507
Studio SeekampThe BMW 507 was designed with comfort in mind, in contrast to the more performance-focused Mercedes 300 SL. The car’s chassis was built to provide a more refined driving experience, and its V8 engine is meant to make it a more refined and comfortable car to drive, rather than a pure sports car. Some BMW 507 owners have described the car as a “cultivated cruiser” which highlights its comfort aspect. At its debut in 1955, the 507 caused a stir among its competitors at the IAA Frankfurt Auto Show, where AUTO MOTOR UND SPORT reported that Mercedes executives were seen more often in the BMW hall than in the Mercedes one. The 507’s story is interesting, if the original importer Max Hoffman had gotten his desired order of 5,000 units at the price he proposed the 507 might have been long forgotten, but as a rare and exclusive classic, it continues to be highly sought-after by collectors and enthusiasts.
Conclusion
Possessing a BMW 507 is a true treasure for car enthusiasts and collectors, as it’s a combination of timeless design and an opportunity for a sound investment due to its scarcity. The result of various auctions demonstrates that acquiring one of these rare vehicles will require an investment of approximately two million euros. The 507’s sleek and elegant design has aged gracefully and still looks modern today. It’s a collector’s item that holds both aesthetic and financial value, making it a true garage gold for car enthusiasts.