INDIANAPOLIS — The Indianapolis Motor Speedway Museum is selling off some legendary and prized automobiles as a way to help finance the future.
The museum is partnering with the Sotheby's auction house to sell 11 cars to increase its endowment and to help ensure long-term financial sustainability.
"If we can have that kind of funding in the bank, the interest income alone is going to allow us to buy new things for our collection, take care of our restoration staff, and take care of our cars," Indianapolis Motor Speedway President Joe Hale said. "It is going to guarantee the future of this museum for generations to come."
One of the cars, a 1954 Mercedes-Benz W196 Streamliner, is estimated to sell for between $50 million and $70 million.
"The estimates from the auction house when we spoke, the low end for our collection was about $122 million and the high end was about $160 million," Hale said.
Also up for auction is the Le Mans-winning 1964 Ferrari 250 LM.
The vehicles will be sold at multiple sales late this year and into 2025.
The complete list of cars on the auction block are:
- 1907 Itala
- 1909 Mercedes Brookland 'Semmering Hill Climb'
- 1911 Laurin & Klement Racer
- 1911 Mercedes 22/40 "Colonial Car"
- 1928 Bugatti Type 35B Grand Prix
- 1954 Mercedes-Benz W196 Streamliner
- 1957 Chevrolet Corvette SS Project XP64
- 1964 Ferrari 250 LM
- 1966 Ford GT40 Mk II
- 1981 Benneton B191 Formula 1 car
- Sonic I 'The Spirit of America' land speed record car
Hale said the museum has prepared to sell the cars since 2017 because they no longer serve a purpose at the museum.
"They have no connection to the 500, they never ran here," Hale said. "There's just no connection to our mission."
The museum is currently undergoing a massive renovation to become more modern, interactive and better showcase its massive collection of racing memorabilia.
WATCH | IMS Museum closes until April 2025 for renovations
Hale said the museum will reopen on April 1, 2025.
Hale said 80 percent of IMS museum visitors are from outside of Indiana. He hopes the proceeds from the auction will keep the museum in good shape for when the new becomes old.
"You're always looking at what's next. Our staff, we've taken field trips every quarter to museums all over the Midwest," Hale said. "We are a bucket list destination."
