Ferrari sells for $16.4 mn at auction!

Although the world is going through tough economic times, the super rich are splurging on coveted cars.

In auctions held this weekend, nine much-desired cars were on the block.

Here we give a lowdown on the winners and losers.

A red 1957 Ferrari became the most expensive car sold at an auction, fetching $16.4 million at Gooding & Co in California.

The Ferrari 250 Testa Rossa prototype competed in the Le Mans 24-hour race.

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RM Auctions set a record for a Mercedes-Benz with the $9.7 million sale of a silver 1937 540 K Spezial Roadster.

The same model fetched $8.25 million four years ago.

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The top lot at Bonhams, a 1957 BMW 507 Roadster with its engine rebuilt by Motion Products Inc, sold for $1 million, reaching its pre-sale high estimate.

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A 1925 Rolls-Royce New Phantom, custom-designed for the Bengal tiger hunting expeditions of Maharajah of Kotah, failed to sell.

It was expected to bring $750,000 to $1 million.

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Also unsold was a 1963 Rolls-Royce Silver Cloud III Drophead Coupe, which was expected to bring between $475,000 and $550,000.

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A 1931 Duesenberg, which was expected to fetch $7 million, sold for $10.34 million.

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Steve McQueen's slate-grey 1970 Porsche 911s, featured in the movie Le Mans, sold for $1.4 million.

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Sheryl Crow's 1959 Mercedes-Benz 190 SL Roadster, expected to fetch $50,000 to $80,000, brought in $143,000.

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An Aston Martin went for $247,500 at RM Auctions.