A Record $3.85 Million At Mecum Auctions

A Record $3.85 Million At Mecum Auctions

Jason FogelsonContributor
I cover luxury automotive, motorcycles and related topics.
The 1965 Shelby GT350R on the auction block.
Photo Courtesy of Mecum Auctions, Inc.A 1965 racing prototype Shelby GT350R sold at last week’s Mecum Auctions Indianapolis event for $3,850,000, the highest price paid for a Ford Mustang at auction to date. It’s been a good year for Mustang sales, coming on the heels of the sale of a 1968 Ford Mustang GT. That car, alongside its driver, Steve McQueen, was the star of the film “Bullitt,” and was arguably the most famous Mustang of all time. The Bullitt Mustang sold at Mecum’s January 2020 Kissimmee auction for $3,740,000, setting a Mustang record that seemed secure at the time.
The GT350R in restored condition.
Photo Courtesy of Mecum Auctions, Inc. The Shelby GT350R, chassis number 5R002, has a history and provenance that includes some of the biggest names in racing. First and foremost, it was a prototype and racing vehicle prepared under the supervision of Carroll Shelby, and was the first Shelby Mustang R-model ever produced. It went on to be the first Shelby Mustang to win a race.
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The "Flying Mustang" photo from 1965.
Photo Courtesy of Mecum Auctions, Inc.With driver Ken Miles behind the wheel on February 14, 1965, the GT350R won the B Production races at Green Valley Raceway. Miles, who was portrayed by Christian Bale in the 2019 film “Ford vs. Ferrari,” drove so assertively that the Mustang literally left the ground racing over a rise in the track, a feat that was captured in a photograph that led to the nickname “Flying Mustang.” This came at a time when the motto “Race on Sunday, sell on Monday” connected auto racing and showroom sales, and helped to boost the popularity of the Mustang in its earliest days.

 

The engine in the Shelby GT350R. Photo Courtesy of Mecum Auctions, Inc.The engine in the Shelby GT350R.
Photo Courtesy of Mecum Auctions, Inc. Following Miles in the driver’s seat, several legends of the race track took their turns with 5R002. Bob Bondurant, Jerry Titus, Peter Brock, Chuck Cantwell and Bill Clawson raced in the coupe. The car has changed hands a number of times over the years, moving from California to Michigan to Texas, and settling for a time in Mexico. In 1989, 5R002 returned to the United States, and found its way to the Shelby American Museum in Boulder, Colorado.
The interior of the Shelby GT350R.
Photo Courtesy of Mecum Auctions, Inc. Collector John Atzbach, an antique dealer who is a leading authority in the field of Russian art, bought the car in 2010, and commissioned a full restoration to February 1965 condition by John Brown of Thoroughbred Restorations in Oklahoma City. The process took four years, and used mountains of research and information from documents and first-hand accounts from the car’s creators.
The most valuable Mustang in the world -- for now.
Photo Courtesy of Mecum Auctions, Inc. The restored 5R002 made its debut at the 2014 Amelia Island Concours, where it won Best in Class for its division. In the years since, the car has been shown at numerous significant events, like the 2015 Pebble Beach Concours d’Elegance and the 2016 North American International Auto Show, and has been featured in advertisements and magazines.

The buyer of the Shelby GT350R remains anonymous so far. According to Mecum Auctions, the transaction was conducted by phone.
The Shelby GT350R will probably see little time on the track or road, and more time in a collection.
Photo Courtesy of Mecum Auctions, Inc.