Festival of Speed video: Mercedes-Benz W196 sells for £19.6m

A new world record has been set by Bonhams auctioneers, as a Mercedes-Benz Formula 1 Grand-Prix single-seater sells for an astounding £19,601,500.

The Mercedes-Benz W196 was the Formula 1 entry in the 1954 and 1955 Formula 1 seasons, winning 9 of 12 races entered in the hands of Juan Manuel Fangio and Stirling Moss.

Mercedes-Benz W196 has gone under the hammer at Goodwood's Festival of Speed 2013

Mercedes-Benz W196 has gone under the hammer at Goodwood's Festival of Speed 2013

The car becomes the most valuable motor vehicle ever sold at auction, beating the previous record of £10,086,400 set by a Ferrari in 2011.

Robert Brooks, Bonhams chairman, said: “I have handled some of the world’s most desirable and important motor cars during a motoring auction career spanning five decades, but I have reached a peak today with this legendary Grand Prix car.

“It was a personal privilege to preside over the sale of this vehicle, which is not only one of the most significant motor cars of the 20th century, but also the most important historic Grand Prix racing car ever offered for sale.”

Among the other items sold at this afternoon’s (Friday, 12) auction was the ex-John Lennon Ferrari 330 GT sold for £320,000 and the Alan Mann Racing Lotus Cortina, which won the European Touring Championship and sold for £162,500.