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Art deco-style 57SC Atlantic coupé, one of only three produced by Bugatti, becomes most expensive car in the world

A sleek, curved vintage Bugatti has become the most expensive car in the world after being sold at an auction in California for about $30m (£20m), easily smashing previous records in the automotive industry.

The 1936 Bugatti Type 57SC Atlantic is one of only three of its kind ever produced. Praised for its art deco elegance, the car was considered highly avant garde in its day. It came on to the market following the death of its owner, Peter Williamson, a neurologist and well-known car collector.

A Santa Monica auction house, Gooding & Co, announced the sale and claimed to have set a new record. The firm did not officially release a sale price, although people close to the transaction said the Bugatti had gone for between $30m and $40m.

David Gooding, head of the auction house, described the car as "one of the world's most significant and valuable automobiles that has been in a private collection and rarely seen during the past four decades".

The buyer in the deal, which took place last week, was anonymous. Several US reports named the Mullin Automotive Museum, a California collection created by a wealthy executive remuneration expert, Peter Mullin. The museum issued a statement denying that it had bought the vehicle, although it said it had been in discussions with the new owner about displaying the Bugatti to the public.

The previous record for the top-priced car at auction was held by a 1957 Ferrari 250 Testa Rossa, which was bought for €9m (£7.7m) at an auction in Italy in May last year.

Financial experts have predicted that there could be more blockbuster sales to come as ultra-wealthy individuals look for alternative ways to invest their money away from the risky, volatile financial markets.

John Collins, of the British Ferrari dealer Talacrest 2000AD, told Bloomberg News that with interest rates low, affluent buyers were in the market: "They want to buy real assets that have a limited supply and that won't go down in value. Modern art and classic cars are tracking each other at the moment."InvestingAutomotive industryMotoringMotoringInvestmentsMuseumsAndrew Clark
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