A 1930 OM 665 SS MM Superba realised £1.2m ($1.9m) at the Goodwood Revival sale, held by Bonhams on September 13.
OM (short for Officine Meccaniche) is a lesser-known Italian marque founded in 1918 and in operation until 1975 (it now produces forklift trucks).
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During the 1920s and 1930s it had a solid reputation for its competition cars of which the present example, designed for the Mille Miglia endurance race, is among the finest.
It was shipped to the UK following retirement and promptly forgotten, resurfacing again in the 1960s to healthy interest from collectors.
Part of the lot's singular appeal is that it is still eligible to race in the Mille Miglia.
James Knight, Bonhams' global head of motoring, explained prior to the sale: "Of most interest for the SS MM - or SS Mille Miglia model - is its automatic acceptance for the legendary Mille Miglia race, by way of having originally competed in this event in period.
"This hallowed status enables its next custodian to relive successes of the likes of Bassi and Gazzabini on the arduous 1,000 mile course as well as numerous other events."
Among the other top lots was a 1936 Lagonda LG45R Rapide, which set a new world record at £1.5m ($2.4m).
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