Oct. 30 (Bloomberg) -- A red Ferrari convertible sports-car driven by Cameron Diaz in a ``Charlie's Angels'' movie failed to sell at a London auction of classic cars last night, falling victim to the financial crisis that's curbed demand for luxuries.

The Ferrari, one of the last three short-wheel-base examples of the 250 GT California Spyder built, had a presale estimate of 3 million pounds ($5 million), said host RM Auctions. The sale, held in association with Sotheby's, raised 14.7 million pounds including fees, according to Max Girardo, an RM Auctions automobile specialist. That compares with the low estimate of 20 million. The equivalent sale last year fetched 18 million pounds.

``It's definitely more cautious,'' said Girardo. ``A certain number of buyers have been cut out of the market. A year ago, they would've thought about buying a car for 50,000 pounds, now they're not being paid a bonus or are worried about losing their job.''

In May, at a joint RM and Sotheby's sale in Italy, a Nero- black 1961 Ferrari 250 GT SWB California Spyder formerly owned by the Hollywood actor James Coburn sold for a record 7 million euros ($9.2 million). The price -- the highest ever at auction for a car -- was paid by U.K. television and radio host Chris Evans.

Last night, 30 percent of the 129 lots were unsold. Girardo said the auction house, aware of the difficult economic conditions, had contacted consignors before the sale to ask them to cut the reserve prices on their lots.

Some agreed. Sellers of a 1938 Horch 853 Special Roadster let RM Auctions sell the car, one of just six built by the German manufacturer, at 1.1 million pounds against a low estimate of 2.5 million pounds.

More Than Expected

Still, some lots fetched more than expected at last night's event.

Immediately after the ``Charlie's Angels'' Spyder failed, a silver 1997 McLaren F1 sports car sold for 2.5 million pounds, more than double its 1.1 million-pound low estimate.

The car is one of only 64 road-going versions ever sold, this particular example was an ex-Park Lane showroom model with only 437 kilometers on the clock. In 1998, a prototype of the McLaren F1 reached 391 kilometers per hour (243 miles per hour) on a test track, a record for a production car that was not broken for more than a decade, said RM Auctions.

``Good cars with good provenances still do well,'' said Girardo. ``There's still some money out there.''

Most of the lots that sold fetched less than expected. A 1965 Ferrari 250 LM Berlinetta that won in its class in the 1965 Targa Florio race fetched 2.3 million pounds against an estimate of 2.5 million-to-2.8 million pounds. A peppermint-blue 1955 Ford Thunderbird, formerly owned by Hollywood actor John Travolta, who starred in the 1950s-inspired movie ``Grease,'' sold for 18,700 pounds against expectations of 20,000 pounds-to-30,000 pounds. Estimates don't include buyers' premium.

``Cars are still a bargain compared to art,'' said U.K.-based classic car collector Kevin Corbett, founder of Zerographic Systems, in an interview. ``It's just more difficult to borrow money at the moment, and people don't want to be seen by their bank managers to be spending serious amounts of money on luxuries.''

To contact the reporter on this story: Scott Reyburn in London at sreyburn@hotmail.com.

Last Updated: October 30, 2008 00:11 EDT