Pebble Beach auction breaks record with $400M in sales

Last week's automotive auction held in Monterey, Calif. saw almost $400M in automotive sales, putting the 2014 Pebble Beach auction down in the record books.

This 1954 Mercedes-Benz 300 SL Gullwing sold for $1,320,000 reports Autoweek.com.

Gooding and Company

Last week's automotive auction held in Monterey, Calif. saw almost $400M in automotive sales, putting the 2014 Pebble Beach auction down in the record books.

The event has became an annual festival up in Monterey, Calif. during Monterey Car Week that has grown larger with time. In fact, the $400M total of all cars sold this year was 28 percent higher than the total for 2013, despite the fact that only 60 percent of the lots offered managed to sell.

A rare 1962 Ferrari 250 GTO sold for $34M at the auction, breaking the record for most expensive car to ever be sold at a public auction.

The famed Italian brand also saw one of its 1954 Ferrari 375 MM Scaglietti Coupes beat 217 other cars at the 2014 Concours d'Elegance, which coincides with the Pebble Beach auction, to take home the "best of show" award.

Autoweek reports that out of the 745 lots that sold during the event, these 10 cars sold for the highest (after buyer fees):

1. 1962 Ferrari 250 GTO Coupe: $38,115,000

2. 1964 Ferrari 275 GTB/C Speciale Coupe: $26,400,000

3. 1961 Ferrari 250 GT California SWB Spyder: $15,180,000

4. 1964 Ferrari 250 LM Coupe: $11,550,000

5. 1967 Ferrari 275 GTB/4 Coupe: $10,175,000 

6. 1953 Ferrari 250 MM Coupe: $7,260,000

7. 1965 Ford GT40 Prototype Roadster: $6,930,000 

8. 1962 Ferrari 250 GT SWB Speciale Aerodinamica Coupe: $6,875,000 

9. 1958 Ferrari 250 SI Cabriolet: $6,820,000 

10. 1959 Ferrari 250 SI Cabriolet: $5,610,000