Number Plates News

Double Your Money

22 February 2010

Amidst extraordinary scenes of frenzy and excitement in Abu Dhabi, the number plate '7' has sold for the equivalent of more than £3m.

We have become accustomed to the staggering prices commanded by personal registrations in this part of the world, but the story of this particular sale has an interesting twist to it.

The very same plate was sold at a similar auction in February 2008 to local businessman Talal Ali Mohammad Khouri for £1.58m. At the time, this was the third largest sum ever paid for a number plate anywhere in the world. For the number to appear again just two years later, one might imagine that Mr Khouri must either have tired of his purchase, or that he saw an opportunity to capitalise in a spectacular way on the ever-increasing interest in the personal plate market.

After starting with a relatively modest reserve of just £70,000, the price rose to an astronomical £3m in a matter of minutes. This is virtually double the price paid by its previous owner. Surprisingly, the 100% increase in the hammer price has not altered the number's ranking in the table of top plate sales. It stays at number three, just behind the registration '5' which was also purchased by Mr Khouri in February 2008 for £3.5m - but still a long way off the price of the legendary number '1', which still holds the appropriate prime position at an eye-watering £7.25m.

It seems, however, that there may have been a more altruistic motive behind the sale: The entire proceeds of the auction, held at The Emirates Palace and organised jointly by the Abu Dhabi Police and the Emirates Auctions company, are to be donated to charity. In total, £88m changed hands in return for a varied selection of lots, including the three-digit registrations, '333', '700' and '105' alongside the quirky '7777'.

The Abu Dhabi Police's Director of Privatisation and Resources Development Department, Brigadier Salem Ali Al Shamsi, commented: "Arrangements have been made to enable the participants to bid for their favourite number and contribute to social institutions."