The Van Gogh of the car collector world: The Mercedes-Benz 300 SL “Gullwing” has become the ultimate icon.
In the world of art collecting, there are big names who consistently achieve great success whenever a work becomes available. Van Gogh, Picasso – these artists consistently appear on the list of the most valuable paintings ever sold and are well-known names even outside this community. In the world of car collecting, one model achieves seven-figure results more often than any other and is also considered an art icon: the Mercedes-Benz 300 SL “Gullwing”.
The Gullwing was introduced in 1954 as a road-going adaptation of the dominant 300 SL racing car from 1952 and was the birth of automotive royalty. The model with the internal code name “W198” was mechanically and stylistically linked to the sports racing car “W194” and the similarly successful Formula 1 car “W196” from 1954. The W198 transcended this automotive nepotism and not only earned its family name, but elevated it even further. The Gullwing, nicknamed after its unique doors, is probably one The definitive collector car.
How come? Let’s get straight to the data. A method of quantitatively assessing a car’s position in the collecting world by multiplying its average value by the total production number – a rough total market value. It is wise to exclude from this consideration new and nearly new models whose values are so tied to their MSRP, and instead focus on cars that have been allowed to “float” on the market for some time.
There are three main variants of the 300 SL with significantly different market values: the original coupé (1,371 examples built), the light alloy coupé (29 examples built) and the roadster (1,858 examples built). Interestingly, the latter completely replaced the coupe in 1957 and was not sold alongside it. According to market data from classic.com, a standard coupe today costs an average of $1.69 million, an alloy-bodied coupe costs $5.46 million and a roadster costs $1.32 million. Multiplying and adding these independently gives a current total market value of $4.93 billion for the 300 SL. Not bad for a car that sold for $7,463 in 1956 – about $90,000 today!
There is simply no low volume collector car (e.g. under 10,000 examples) that challenges this. The Ferrari F40, its closest competitor, would have to be worth an average of $3.7 million to compete with the 300 SL, and it’s almost a million less, even if you include the 19 more expensive F40 LMs. The Ferrari 250 GTO, undisputedly another contender for the title of most iconic collector car, would have to be worth an average of $137 million, more than double its actual value.
The situation is similar with the McLaren F1, several other legendary Ferraris (275 GTB, F50, Enzo), several legendary Porsches (Carrera GT, 911 Carrera RS 2.7) and the most famous Aston Martins (DB4, DB5): all have a total market value of around 1/5Th until 3/5the that of the 300 SL. The Gullwing is simply unparalleled in terms of overall market size for low-production exotics, and nothing with comparable or higher production numbers trades at comparable prices.
What underpins these figures qualitatively and makes the 300 SL an icon are key features that collectors should look for in any future modern classic, starting with the manufacturer’s provenance – an area where Mercedes-Benz excels. From the invention of the automobile by Karl Benz and the groundbreaking pre-war road and racing cars, to the 300 SL and decades of lauded luxury models, to GT1 racing success and expanded F1 dominance, Mercedes-Benz’s reputation is undeniable.
This is followed by the racing pedigree, an important factor in collector value. The 300 SL’s connections to its brothers W194 and W196 have already been mentioned, and the W198 itself also raced. Only six examples were prepared by the factory for racing, but numerous privately prepared examples successfully took part in competitions in the 1950s. This racing success was made possible by the remarkable capabilities of the standard car. The performance figures exceeded those of contemporary competitors and the enthusiastic press earned countless awards. Sports cars illustrated (Now Car and driver) described the gullwing as “the best production sports car in the world”.
The 300 SL’s looks didn’t hurt either, as the car has been considered one of the most beautiful and recognizable silhouettes since the 1950s. The “wow” factor is further enhanced by the unique “gullwing” style doors, which were born out of the necessity of the chassis design. These distinctive doors are undoubtedly a key reason why coupes command higher prices than roadsters (which have standard doors), even though the roadsters feature later developments and are generally considered to be the better-driving cars.
In addition to the inner qualities there is also the external mysticism. Owners at the time included numerous celebrities such as Sophia Loren and Clark Gable, as well as automotive legends such as Briggs Cunningham and Juan Manuel Fangio. The 300 SL was simply cool from day one. All of these factors together are probably responsible for the model being voted “Sports Car of the Century” in 1999.
For all the glitz, glamor and brilliance of the 300 SL, it is important to note that the market for this model has been steadily declining for at least a decade. While still holding its top spot, classic.com’s inflation-adjusted market data shows that the 300 SL Coupe and Roadster have fallen 17% and 21%, respectively, in real dollar terms since 2015. For some this is a buying opportunity, for others it is a sign that the car’s heyday may be over.
Be that as it may, the 300 SL continues to generate $1 million to $2 million in results worldwide more reliably than any other car. Whether the model will retain its title at the top forever remains to be seen; its closest competitor, the Ferrari F40, has grown significantly since 2015, while the 300 SL has cooled down. But the Gullwing is undoubtedly the current and long-standing highlight of car collecting and still serves as the “Van Gogh” of the market.
***Please note that the information provided is for informational purposes only and should not be considered financial advice. Readers are advised to conduct their own research or consult a financial professional before making any investment decisions.
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