The car collecting world’s very own Van Gogh: the Mercedes-Benz 300 SL ‘Gullwing’ has become the ultimate icon.
In the art collecting world, there are marquee names that time and time again achieve huge numbers whenever a work becomes available. Van Gogh, Picasso – these artists appear repeatedly on the list of most valuable paintings ever sold and are recognizable names outside of just that community. In the car collecting world, one model achieves seven-figure results more frequently than any other while also standing as an art icon itself – the Mercedes-Benz 300 SL ‘Gullwing’.
Introduced in 1954 as a road-going adaptation of the dominant 300 SL race car from 1952, the Gullwing was born into automotive royalty. The model, codenamed ‘W198’ internally, was mechanically and stylistically linked to that ‘W194’ sports racing car as well as the similarly-successful ‘W196’ 1954 Formula 1 car. Transcending this automotive nepotism, the W198 not only merited its family name, but elevated it. The Gullwing, nicknamed after its unique doors, is arguably the definitive collector car.
How so? Let’s get right to the data. A method of quantitatively assessing a car’s position in the collector world by multiplying its average value by its total production count – a rough total market value. It’s astute to exclude from this exercise new and nearly-new models whose values are tied so much to their MSRPs and instead focus on cars that have been allowed to ‘float’ on the market for some time.
Three major variants of the 300 SL exist with materially different market values – the original coupe (1,371 built), the alloy-bodied coupe (29 built), and the roadster (1,858 built). The latter interestingly replaced the coupe entirely in 1957 rather than be sold alongside it. Per classic.com market data, a standard coupe averages $1.69m today, an alloy-bodied coupe $5.46m, and a roadster $1.32m. Multiplying these independently and adding yields a total current market value of $4.93b for the 300 SL. Not bad for a car that retailed for $7,463 in 1956 – about $90k in today’s dollars!
There simply is no low-volume (say, sub-10,000 unit) collector car that challenges this. The Ferrari F40, the closest contender, would need to be worth $3.7m on average to match the 300 SL, and it comes up nearly a million short, even including the 19 pricier F40 LMs. The Ferrari 250 GTO, indisputably another candidate for the title of most legendary collector car, would need to be worth $137m on average, more than twice its actual value.
It’s a similar story for the McLaren F1, several other legendary Ferraris (275 GTB, F50, Enzo), several legendary Porsches (Carrera GT, 911 Carrera RS 2.7), and the best-known Aston Martins (DB4, DB5): all come out to total market values roughly 1/5th to 3/5ths that of the 300 SL. The Gullwing is quite simply unparalleled in total market size for low-production exotics, and nothing with comparable or higher production numbers trades at comparable prices.
What qualitatively supports these numbers and makes the 300 SL an icon are key attributes collectors should watch for in any prospective modern classic, starting with manufacturer pedigree – an area where Mercedes‑Benz excels. From Karl Benz’s invention of the automobile and seminal pre-war road and race cars, through the 300 SL and decades of vaunted luxury models, to GT1 racing success and extended F1 dominance, Mercedes-Benz’s reputation is undeniable.
Following that is racing pedigree, a major driver of collector value. The 300 SL’s ties to its W194 and W196 brethren are already noted, and the W198 itself went racing, too. Only six examples were race-prepared by the factory, but numerous privately-prepared examples competed successfully in the 1950s. Enabling this racing success were the notable capabilities of the standard car. Performance figures leapfrogged that of contemporary rivals, and endless accolades poured in from the adoring press. Sports Car Illustrated (now Car and Driver) described the Gullwing as ‘the finest 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 gorgeous and recognizable silhouettes since the 1950s. Only adding to the ‘wow’ factor are the unique, ‘gullwing’-style doors which were born from necessity from the chassis design. These signature doors are undoubtedly a major reason coupes command higher prices than roadsters (which have standard doors), even though the roadsters carry later advancements and are generally considered the better-driving cars.
Adding to the intrinsic qualities is the extrinsic mystique. Period owners included numerous celebrities like Sophia Loren and Clark Gable, as well as automotive legends like Briggs Cunningham and Juan Manuel Fangio. The 300 SL was simply cool from day one. All these factors combined are likely why the model was voted ‘Sports Car of the Century’ in 1999.
Amidst all the glitz, glamour, and brilliance of the 300 SL, it must be pointed out that the model has been experiencing a steadily falling market for at least a decade. While still firmly holding its spot at the top, classic.com market data, adjusted for inflation, shows that the 300 SL coupe and roadster have respectively fallen 17% and 21% in real dollars since 2015. For some, this is a buying opportunity, and for others a sign that the car’s heyday has potentially passed.
Either way, the 300 SL continues to churn out $1-2m results around the world more reliably than any other car. Whether the model will hold its title at the top forever remains to be seen; its closest contender, the Ferrari F40, has gained significantly since 2015 while the 300 SL cooled. But the Gullwing is unquestionably the current and long-time pinnacle 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 as financial advice. Readers are encouraged to conduct their own research or consult with a financial professional before making investment decisions.
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