The McQueen Lusso makes a statement in its Marrone Metallizzato color, a far cry from the Rosso Corsa and Giallo Fly colors that permeate the Ferrari world. Under the harsh lights of the Christie’s auction block, it brought a cool $2.3 million.
On that day, that particular Lusso may have been the finest in the world. Its provenance was unquestioned, its powertrain and chassis numbers all matched, and it had been restored to the highest levels in its original col- ors. Let’s assume, for the sake of discussion, that this one, given its Pebble Beach-quality restoration, but not accounting for its ownership prov- enance, would have been worth $750,000–$800,000. So what made this magical car crack the two-million-dollar mark? Its stellar celebrity owner- ship, of course. Why the “McQueen bump?” People have been speculating on “star cars” for decades, but vehicles owned by other big names, such as Elvis and Frank Sinatra, seldom sell for markedly more than their “normal” market value.
Put aside for a moment any intrinsic value of the sheet metal. Even today, more than 30 years since his passing (McQueen died November 7, 1980, at age 50), his star power has considerable global earning potential. He ranked ninth on Forbes’ 2011 list of Top-Earning Dead Celebrities; his estate, name and likeness are well managed, with the intent of licensing their use only to top-quality products and endeavors. Says Forbes: “Tree decades after his passing, the one-time ‘Bullitt’ star continues to personify cool. McQueen’s image and likeness have been licensed for a host of sig-
nature collections for high-end brands like Dolce & Gabbana and Persol sunglasses. More recently he became the face of Tommy Hilfiger’s fall ‘icon collection’ and UBS’ global ‘We Will Not Rest’ campaign.” Was the Lusso’s record price a fluke—just an odd cosmic conver- gence of factors that vexed one wealthy enthusiast collector into paying three to four times the car’s market value? No. McQueen-owned cars, trucks and motorcycles have continued to sell for many multiples of their otherwise normal (non-celebrity) market value. Bonhams & But- terfields, now known as Bonhams, has made hay selling ex-McQueen machines. At separate sales in 2006 and 2009, the company sold two 2001 Ford Bullitt Edition Mustangs owned by McQueen descendents and family members, for $70,200 and $50,000, respectively. Tese are current Mustangs, produced decades after Steve McQueen passed away, so they obviously were never owned or driven by the actor him- self, yet both sold for more than double their prices when new. At its California Classic Auction in Los Angeles, in November 2009, Bon- hams sold a weathered, faded ex-McQueen 1949 Chevrolet pickup for more than $35,000. Again, the McQueen ownership factor pushed it to four to five times its nominal value.
After so many extraordinary sale results, people began to question the
McQueen is synonymous with many things, and this 1970 Porsche 911 is one of them. It helped to set the stage for his epic 1971 film “Le Mans” (left) and today looks like a million bucks, which isn’t far off.
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