Car of the Week: This 1955 Pegaso Was the Most Advanced Supercar of Its Age. Now It Could Fetch up to $1 Million at Auction.

The decade immediately following World War II gave birth to some of the most exciting sports cars ever made. It was a fertile period for invention and discovery. In Europe, marques from Italy, Germany, England, and France proudly exuded a national identity, with engineering and stylistic attributes that easily distinguished a Ferrari from a Porsche and a Jaguar from a Talbot-Lago. The Unites States was taking notes, and soon followed suit with the Chevrolet Corvette and a number of sporty fiberglass marvels, though only the ’Vette survived the 1960s.

Few enthusiasts, however, are familiar with Pegaso, builder of Spain’s “supercar” of the 1950s. Pegaso’s parent company was Empresa Nacional de Autocamiones S.A. (ENASA), founded in 1946 to manufacture trucks, buses, and armored vehicles. The Pegaso Z-102 model gave a brief glimpse into the true passion of ENASA engineer Wifredo Wicart, who formerly worked as the chief engineer for Alfa Romeo.

Gooding & Company’s London Auction, held at Hampton Court Palace on Friday, August 30, features some notable European automotive rarities, and a highlight of the sale is a 1955 Pegaso Z-102 Series II Berlinetta. The Z-102 was built without regard to expense, so it’s little wonder that only 84 examples were produced between 1951 and 1958. The Z-102 was a dichotomy; quite technically advanced but burdened with weight, which was ameliorated somewhat when production went to aluminum bodies.

The most well-known examples were designed by Carrozzeria Touring of Milan, who built 32 using its patented superleggera (“super light”) construction method. Saoutchik, Serra, and ENASA also built bodies, and despite achieving no racing success, the Z-102 was the fastest production car sold in 1953, a supercharged version topping out at 155 mph.

The all-aluminum V-8 engine inside the Z-102 is a complicated affair, using gear-driven overhead cams opening and closing 32 valves through desmodromic actuation to eliminate valve float at high rpms. A rear-mounted five-speed transmission is unconventionally located behind the differential. The independent front-suspension is complex, and a De Dion rear axle features enormous finned-aluminum, inboard-mounted drum brakes. Pegaso did things differently.

The car on offer, chassis No. 167, is one of only 10 examples of the Z-102 Series II Berlinetta built, and is fitted with the larger 3.2-liter V-8 and a single Weber carburetor—the engine making 207 hp at 6,000 rpm. Chassis No. 167 was originally sold to a wealthy associate of General Franco named Alfredo Urra of Pamplona, Spain, who also happened to be the official supplier of braking components for ENASA.

By 1960, amateur racer Alejandro Espino of Palencia had acquired the car, competing in local events until 1962, and likely keeping it until the early 1990s, when it was sold to Dr. F. Aguilera Novo of Pamplona by 1993. In 2007, the Pegaso was sold to Douglas Blain, cofounder of Car magazine and publisher of The Automobile. Blain commissioned The Light Car Company of Oxford, England, to perform a sympathetic restoration, in addition to rebuilding complex mechanicals including the transaxle and steering system.

The vehicle received a repaint in its original two-tone color scheme, while the original interior remained unrestored. Notably, the original engine was rebuilt by Formhalls of Fordingbridge, Hampshire. Having been exhibited rarely since, the Pegaso proved its mechanical mettle competing in the Ollon-Villars historic hill climb in Switzerland. Collectors of European sports cars with a completest mindset will not have a truly representative collection without a Pegaso. This fine example carries a high-end estimate of about $1.047 million.

Click below for more photos of this 1955 Pegaso Z-102 Series II Berlinetta.