Feb. 7 (Bloomberg) -- A Bugatti sports car that had been gathering dust in a garage in England for 50 years sold tonight at an auction in Paris for 3.5 million euros ($4.53 million).

The two-seat 1937 Bugatti Atalante 57S coupe was one of 17 vehicles of its type made by the Italian-based racing-car manufacturer.

“This was the creme-de-la-creme of late 1930s sports cars,” said Simon Kidston, a Geneva-based classic car adviser, who attended the sale. “Of the examples that have come on the market, this had by far the best history, prettiest body style and no one has seen it for 50 years. Nothing drives collectors more crazy than a car they haven’t been able to buy.”

The Bugatti had been estimated to fetch between 2.75 million euros and 4 million euros at the Retromobile sale held by London- based auction house Bonhams. The sale price included a premium.

It had been found in a lock-up garage in the northern English city of Newcastle. The 130 miles-an-hour car has 26,284 miles on the clock. It was thought the engine “had not been fired up for more than 50 years,’’ said the Bonhams catalog.

The Bugatti was owned by a local doctor and surgeon, Harold Carr, who left the garage and its contents to his family, who had been unaware of the partially dismantled two-seater coupe’s existence until they opened the garage doors. Dr. Carr also owned an Aston Martin and a Jaguar E-type sports car.

Restoration Bill

“People were taken aback by the condition,” said Kidston in an interview. “It’s gone a bit too far. Whoever has bought it will probably be looking at a restoration bill of at least 500,000 pounds. It’s a big job, but worth it. That car deserves to be preserved.”

The car was pursued by three telephone bidders and two bidders in the room, said Kidston. “That price was about right. Both the seller and the buyer can feel satisfied,” he said.

In August 2008, another 1937 Bugatti Type 57SC Atalante coupe sold for $7.92 million at Gooding & Co.’s auto auction during the annual Pebble Beach Concours d’Elegance in California, according to http://www.luxist.com. It was the highest price ever paid for an automobile at auction in the U.S., said the Web site.

(Scott Reyburn writes about the art market for Bloomberg News. Opinions expressed are his own.)

To contact the writer on the story: Scott Reyburn at sreyburn@hotmail.com.

Last Updated: February 7, 2009 17:19 EST