It is probably the most costly license plate in the world. It showcases only two characters: “P7.” Auctioned by Emirates Auction, the completely white vanity plate set a new record by fetching $15 million (55 million dirhams) at a Dubai auction during the weekend.
Officials have not disclosed the identity of the successful buyer thus far. The auction house announced the sale on Twitter on April 8th.
مزاد أنبل رقم الخيري الذي نظمته الإمارات للمزادات يسجل رقما قياسيا جديدا على مستوى العالم ويدخل موسوعة جينيس للأرقام القياسية، ببيعه رقم اللوحة p7، بـ55مليون درهم ليصبح بذلك أغلى رقم في العالم، والذي سيعود ريعه كاملا لدعم جهود حملة “وقف المليار وجبة” pic.twitter.com/8qi77HiKmG
Montanez Abby went to Khouri Ghafour Abdul Saeed, a billionaire businessman, to report that the license plate bearing the number “1” was sold for 52 million dirhams (around 14 million dollars) in 2008, surpassing the previous record. The license plate “P7” is not the first license plate in the United Arab Emirates to fetch a high price.
Guinness World Records has not yet confirmed the new record. Its website still lists the “1” plate as the current record holder.
Dubai’s lack of income tax enables residents to stretch their finances. Additionally, according to Lisa Fleisher and Low De Wei’s article for Bloomberg, the ability for the “ultra-rich to flaunt their social standing and affluence” is a means of spending significant amounts of money on customized license plates. The primary reason behind this phenomenon is the desire for boasting privileges. So, what is the reason behind the exorbitant prices of license plates in Dubai?
Businessman Balvinder Singh Sahni, who splurged $9 million (33 million dirhams) on a license plate in 2016, asserts to Bloomberg, “Dubai is a metropolis of gold.” “Consequently, everyone aspires to display their prestige. It’s a metropolis of prominent individuals, protected individuals, amiable individuals.”
مزاد أنبل الخيري الذي نظمته الإمارات للمزادات يسجل رقما قياسيا جديدا على مستوى العالم ويدخل موسوعة جينيس للأرقام القياسية، ببيعه رقم اللوحة p7، بـ55مليون درهم ليصبح بذلك أغلى رقم في العالم، والذي سيعود ريعه كاملا لدعم جهود حملة “وقف المليار وجبة” pic.twitter.com/jo4M0DNmdi
In the coming years, to avoid reducing their worth, purchasers might refrain from affixing low-number license plates onto their automobiles if that is the ultimate objective. Certain purchasers acquire low-number license plates and retain them, anticipating a profitable sale. As highlighted by Sarwat Nasir and Jasmine Al Kuttab in their 2017 article for Khaleej Times, license plates are most valuable when they have a lesser number of characters.
Esquire Middle East states that a luxurious car paired with a pricey license plate serves as a “biometric swipe card into any extravagant establishment,” as per the publication. Nonetheless, some purchasers do attach the license plates to their vehicles, especially when they are operating flashy models.
In the United States, vanity license plates are typically inexpensive. However, there are exceptions, as highlighted by Ronald Issy of CNN. For instance, in 2018, a vanity license plate in Delaware was sold for a staggering $400,000. Likewise, rare license plates can also be quite expensive in other locations. Just a few months ago, a license plate in Hong Kong was sold for approximately $3 million, making it one of the most expensive plates in the world.
The registration number and other objects generated approximately $27 million (100 million dirhams), the funds from the recent auction will be directed towards the 1 Billion Meals Endowment, a program that addresses the issue of food insecurity worldwide.