Number plate ‘1’ sells for record $14.5m

A new world record for the highest amount ever paid for a car number plate was set this weekend when an Emirati businessman placed a bid of 52.2 million dirhams, about $14.5 million, for plate number ‘1’ at an auction in Abu Dhabi. This almost doubles the previous record of 25.2 million dirhams, which was paid for plate number ‘5’, and makes last month’s sale of the number plate ‘F1’ for $880,000 look like a relative bargain.

Buyer Saeed Abdul Ghaffar Khouri told local reporters from ArabianBusiness that he hadn't bought the plate as investment but predicted its value would likely double within two years. In fact, Khouri revealed to reporters after the auction that he was willing to pay up to 100 million dirhams for the plate, roughly equal to $30 million, and that he hadn’t decided which car to use it on yet.

The auction was run on behalf of the Abu Dhabi police department and the money raised will go to a fund that helps victims of car accidents. The new record also means the United Arab Emirates now holds the seven most expensive plates in the world.