(CNBC) — A 2001 Ferrari could become the most expensive car ever sold in an online auction this week, amid expectations that it could sell for more than $4 million.
The sale by RM Sotheby’s is part of a series of online auctions being held this month by classic car companies to replace the auctions usually held in Monterey, California, as part of the Concours D’Elegance. Because of the coronavirus pandemic, the sales will be almost entirely online this year.
So far, prices and sales suggest that demand for classic cars — especially vintage Ferraris — has held up well throughout the pandemic. The strength of the sales also suggests that wealthy collectors are willing to buy six-figure and seven-figure cars without inspecting or driving them, which could shift more auctions online even after the Covid crisis.