1999 Shelby Series 1

Bonhams, Greenwich, Connecticut June 3

THIS IS THE FIRST SHELBY Series 1 to be built, numbered CSX5001, owned by Carroll Shelby himself and sold as part of a grouping of Shelby-owned cars. Under the curvy bonnet is a 224ci (3.7-litre) Oldsmobile L47 supercharged quad-cam V8 driving a six-speed ZF manual gearbox. Just 249 were built, all in 1999, and this one was a prototype for future supercharged units.

The Series 1, like many other cars built in small numbers, suffered from design and build-quality issues. Perhaps the most common complaint was the convertible top, famous for not fulfilling its primary purpose of keeping water out. But what makes a lousy used car often makes a great collector car. We love the quirky features.

Shelby Series 1s have traded either side of $100,000 for many years, and it’s rare to see one with more than 10,000 miles recorded. There were lots of them at collector-car auctions in the early 2000s, and even now you could easily purchase two ‘regular’ Shelby Series 1s for the $313,000 achieved for this auction car. But the buyer gained not just the one-illustrious-owner car, but also the unmatched bragging rights that come with it.

Now that one has sold for three times the ‘normal’ price, will they all go up in value? Collector cars tend to imprint on potential owners, and more people will now think about buying a Series 1. So yes, they probably will, but don’t expect to see prices rising for a while yet. Best just to relax, enjoy the ride and stay out of the rain.

Dave Kinney is an auction analyst, an expert on the US market scene and publishes the Hagerty Price Guide.