The "1F" license plate on this Ferrari 812 GTS could become the most expensive ever sold... more expensive than the car itself!

It's a simple assembly of two "1F" characters, but it could soon be worth more than a house in London, or even the price of a Lamborghini and a Ferrari combined. RM Sotheby's is set to auction a rare and coveted number plate, estimated at between £800,000 and £1.2 million, in London on November 1. If the hammer falls, 1F will become the most expensive number plate ever sold in the UK.

To understand this craze for exclusive plates, we need to delve into a world where rarity and symbolism are more valuable than steel and leather. The shortest plates, composed of a number and a letter, are the most sought-after. "The fascination with exclusive private number plates continues unabated," explains Sholto Gilbertson, RM Sotheby's UK Sales Director. "Usually, the shortest registrations command the highest prices, and 1F has already been traded privately for a significant sum."

Almost 70 years of history

The plate 1F was first issued in 1957, in Essex. Since then, it has adorned a number of exceptional cars, most recently a Ferrari 812 GTS worth over £300,000. Yes, the number plate is probably worth more than the car itself!

Motorsport fans will no doubt smile at the reference slipped in by RM Sotheby's. The famous commentator Murray Walker once said:

"If" is a very long word in Formula 1... in fact, "if" is "F1" backwards." A mischievous quote that makes perfect sense here: the "1F" plate is precisely "F1" upside down. A nod to Formula 1, adding to the uniqueness of this license plate.

A market that pays off

Personalized number plates have become a veritable luxury market in the UK. The DVLA, the public vehicle agency, generates over £260 million a year from the sale and transfer of personalized plates. The overall market, meanwhile, is estimated at nearly £2 billion, and the most desirable plates are now regarded as alternative investments on a par with watches, wine or classic cars.

The current record belongs to the "JB 1" plate, which sold for £608,600 this summer at Goodwood. But 1F could well double this sum, and become the new star of British auctions.