Petersen Automotive Museum is selling a third of its collection of cars to finance a new focus on motorcycles and French art deco vehicles according to the Los Angeles Times. The shift is a turn-away from its focus on vehicles built or designed in Southern California.
The sale of one-third of a collection of more than 400 vehicles is a boon for private collectors, and part of the cyclical process of private/public ownership of classic cars.
The sales started in March, and include a 1995 Ferrari F50 sold for $1.375 million, and a 2006 Bugatti Veyron for $924,000. A 1990 Ferrari F40 raked in $715,000.
The Los Angeles museum was founded in 1994 by Robert E. Petersen—publishing scion behind the likes of Motor Trend Magazine. The Times reports that the new plans reflect the and tastes of the museum's new leadership. The strategy was launched this year by Executive Director Terry Karges — who owns a motorcycle company, Champions Moto — and new board Chairman Peter Mullin, who also heads an auto museum in Oxnard that boasts one of the world's foremost private collections of French cars.