Sold for $583,000 at 2017 Bonhams : Quail Lodge.
At the end of 1955, BMW introduced a new 3.2-liter version of its original V8 engine for its big saloon, the BMW 502. Encouraged by BMW's North American importer Max Hoffman, BMW approached Count Albrecht von Goertz to design two new cars although he had never before styled an entire car, and the all-new BMW 503 Coupe and Cabriolet prototypes debuted at the 1955 Frankfurt Auto Show. For the production cars, Carrozzeria Bertone was appointed to build the aluminum cabriolets, which were the first German car with an electrically operated top and windows. These cabriolets attracted a new group of wealthy clientele, but they were expensive and only 129 Cabriolets were sold between 1956 and 1960.

The 3.2-liter aluminum V-8 engine produces 140 horsepower and can propel the 503 to top speed of 118 mph.

This example is one of only 13 Cabriolets imported to the U.S. by BMW. It was completed on December 20th of 1956 and delivered to Hoffman Motors in New York on January 14th of 1957. It left the factory painted in Japanrot (Japan Red) with a tan interior, and optioned with a Becker Mexico radio and automatic antenna.

A three year 'body-off' 100 point restoration was completed in August 2016. The 503 is finished in charcoal gray metallic with tan leather and contrasting stone gray piping. The car is fitted with Rudge knockoff wheels. Over $600,000 was spent on the restoration.

The car was shown at the 2016 Pebble Beach Concours d'Elegance. It appeared at the Santa Fe Concorso, where it won Best in Class and Best of Show-Elegance awards. It has since appeared at the Amelia Island Concours d'Elegance, where it was awarded Best in Class in the BMW 501-507 section. It was awarded a Pinehurst Award from the Pinehurst Concours d'Elegance.