JV Auction prides themselves on the most efficient acquisition team that allows investors to fund an undervalued item and make a profit with little investments. One such auction JV Auction will like to bring in is the automobile division. With many car connoisseurs on the market, it is definitely profitable for the investors and the firm.
The Bullitt Mustang has sold for $3.4 million — $3.74 million including buyers fees — at a Mecum Auction in Kissimmee, Fla. The hammer price was the largest payment ever spent on a Mustang at public auction, surpassing the previous record of $2.2 million for the 1967 Shelby GT500 Super Snake set at Mecum’s Kissimmee auction in 2019.
The car is recognized as the hero of one of Hollywood’s most renowned chase scenes, in which Steve McQueen raced it through the streets of San Francisco in the 1968 thriller “Bullitt.” Mecum auctioneer Matt Moravec started the bidding on the Highland Green fastback at $3,500, but the price jumped to $1 million almost instantly and then jumped to $2 million within a minute.
The peculiarly low starting price for such a well-known car was requested by the car’s owner, Sean Kiernan, who told the auction room before the bidding started that both times the car had sold previously, it was purchased for $3,500. (Robert Kiernan, Sean’s late father, purchased the car for $3,500, as did a previous owner, Frank Marranca.)
The Bullitt car is one of many McQueen machines to draw a big price with the help of his celebrity stardust. McQueen-associated vehicles have a history of fetching more than market rate: In 2014, a McQueen-owned 1967 Ferrari 275 GTB by Scaglietti sold for $10.18 million. In 2015, his 1976 Porsche 930 Turbo sold for $1.95 million — an astounding figure, considering that Porsche Turbos from that era usually sell for closer to $200,000.
The Bullitt is also now the most expensive American muscle car sold at public auction, though the record for most expensive American car ever auctioned — a 1935 Duesenberg SSJ that sold for $22 million in 2018 by Gooding and Co. — remains unscathed.
“The Bullitt Mustang has it all: a great chase scene, the McQueen connection, and a fantastic backstory,” said McKeel Hagerty, chief executive of Hagerty. “The fact that it had disappeared for decades, only to reemerge as an unrestored, movie-car time capsule is something we’ll likely never see again in our lifetimes.”