1957 BMW 507, hidden for over 40 years, goes to auction

After 43 years locked away in a Philadelphia garage, this rare 1957 BMW 507 Roadster Series II is headed to Bonham's Auction in Newport, Rhode Island, scheduled for September 30.

According to the BMW Blog, the car, bearing chassis number 70059, was initially delivered to Caracas, Venezuela. It was then sold to a Montreal resident, who purchased it in 1979 from the current seller's late father. According to the auction listing, it had not been driven since, although the engine had been run occasionally.

According to the BMW Blog, 507 remains in unrestored condition with a 1970s repainted Pontiac Bright Blue Metallic paint job. However, Bonhams says that the car is otherwise largely original, including the numbers-matching engine, rudge wheels, and removable hardtop.

BMW designed the 507 to compete with the rival Mercedes-Benz 300SL in the burgeoning postwar American market. Luxurious bodywork designed by Count Albrecht Graf von Goertz was paired with a 3.2-liter V-8 producing 150 hp.

Although it attracted wealthy owners, including Elvis Presley, the 507 was a sales failure. Only 252 were built, making it now one of the rarest cars in BMW history, and BMW itself struggled in the postwar years, finding no stability until the shift from low-volume luxury cars to more affordable models, as exemplified by the Neue Klassen series of the 1960s It was never able to do so.

Bonham expects the 507 to sell for between $1.8 million and $2.2 million, which would be in line with past 507 transactions; in 2018, the auction house sold a 507 owned by the late Formula 1 champion John Surtees for $4.5 million, among others, also sold an example previously owned by 507 designer Von Goertz. That car sold for $2.8 million.