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$8.8m '58 Ferrari 250 GT California Spider highlights RM's Arizona auction

All manner of vehicles change hands at the annual auction extravaganza in Arizona, but never has one sold for as much as the Ferrari you see here. The car in question is an (obviously) eminently desirable 1958 Ferrari 250 GT LWB California Spider, one of only 50 ever made and purring onto the stage in flawless red over black livery with matching numbers of the coveted covered headlights straight from the factory.
When we reported on the car's consignment in anticipation of this weekend's sale, it was expected to bring in between $7 and 9 million - and it's done just that, coming in near the top of its valuation with a winning bid of $8.8 million. That makes for a lot of zeros, but while it set a new record for the Arizona auctions, it hardly makes it the most expensive in the world. That honor still belongs to the Mercedes-Benz W196 that sold last summer for nearly $30 million. Nor is it the most expensive Ferrari ever sold at auction, an honor which still belongs to the 250 Testa Rossa that sold for over $16 million in 2011. Heck, it's not even the most expensive 250 California ever sold, coming in behind the SWB example that sold for nearly $11 million in 2008. All of which only goes to show just how insane the collector classic car market has grown in recent years.
The California was undeniably the highlight of RM's two-day sale, but was joined by several other seven-dollar lots, including a 1961 Porsche 718 ($2.75 million), a Ferrari 250 GT Lusso ($2.44 million), a Duesenberg Model J convertible ($2.2 million) and several other million-dollar Ferraris, Mercedes and a '35 Hispano-Suiza. A 1961 Chaparral 1 failed to reach its reserve price despite a high bid of $1.75 million, neither did a 1966 Porsche 906 Carrera 6 at $1.18 million or a Ferrari 275 GTB/4 at $2.85 million. RM Auctions did, however, manage to sell 85 percent of those lots consigned to bring in a massive two-day total of $45.56 million in sales, details of which you can read in the press release below.

Weekly Recap: Ferrari looks to reclaim old success with new manager

Clearly, Ferrari doesn't race for fourth place, and this week, major changes continued at the Scuderia. It was a rough year for Ferrari, and the Scuderia conducted its season-ending tests in Abu Dhabi this week with a view toward a fresh start in 2015 with new leaders and a new ace driver. Though plenty of other Formula One teams were disappointed with their finishes in 2014, Ferrari was perhaps the most eager to put this season in its rear-view mirror. The Scuderia finished a distant fourth in the Constructors standings with 216 points, well behind No. 1 Mercedes (701 points), and Ferrari failed to win a single race as the Silver Arrows dominated the grid. It was an especially bitter pill for a team that claims 16 Constructors championships and 15 Drivers titles – the most in history – and is the only surviving team from F1's first season, 1950. Clearly, Ferrari doesn't race for fourth place, and this week, major changes continued at the Scuderia. Ferrari named Philip Morris executive Maurizio Arrivabene as team principal. He replaced Marco Mattiacci, who held the job for only seven months after taking over for Stefano Domenicali, who resigned in April amid the Scuderia's early-season struggles. Phillip Morris (through its Marlboro brand) is a key Ferrari sponsor, and that played a role in Arrivabene's ascension. Still, he's no stranger to F1, and has been intimately involved in the Ferrari-Marlboro partnership. He also has served as the sponsors' representative on the FIA's F1 Commission since 2010. In a statement, new Ferrari chairman Sergio Marchionne said: "We decided to appoint Maurizio Arrivabene because, at this historic moment in time for the Scuderia and for Formula One, we need a person with a thorough understanding not just of Ferrari, but also of the governance mechanisms and requirements of the sport." Arrivabene's background is primarily in marketing and communication, and most recently he held the title of vice president of consumer channel strategy and event marketing for Philip Morris. He has been with the company since 1997. Arrivabene now leads a team that's rife with change. Marchionne took over in October when longtime boss Luca di Montezemolo quit in a disagreement about Ferrari's future, and the company itself will be spun off from parent Fiat Chrysler Automobiles in 2015.

Race Recap: 2014 German Grand Prix is relapse and recovery

The 2014 German Formula 1 Grand Prix is the hump-day race in the season and the penultimate chance for drivers and teams to rack up points before the summer break. Trying to stay on top after his first DNF of the year at the British Grand Prix, Mercedes AMG Petronas driver Nico Rosberg didn't have to wait until the race for misfortune to find Lewis Hamilton; his British teammate crashed out of the Q2 qualifying session due to a brake failure, then had to change his gearbox due of the crash, a calamity that left him starting 20th on the grid.
Rosberg took pole ahead of the Williams duo of Valtteri Bottas and Felipe Massa, with Kevin Magnussen surprising everyone with a fourth place in his McLaren. Daniel Ricciardo put the first Infiniti Red Bull Racing in fifth, ahead of teammate Sebastian Vettel, Ferrari pilot Fernando Alonso, Toro Rosso driver Daniil Kvyat, the Force India pair of Nico Hülkenberg and Sergio Perez finishing the top ten.
In a replay of events in Britain but with a German accent, a first-lap incident brought out the Safety Car and the same Brazilian was taken out of the race.