World Notes BRITAIN

Lord knows, the Italian-made 1931 Bugatti Royale is not for everybody. The dancing-elephant hood ornament is a tad gaudy. The maximum speed of 70 m.p.h. would hardly satisfy Porsche fans. Parking the 19-ft. monster is a nightmare. And just try replacing the hubcaps on a car that is one of only seven ever built.

Christie's was not worried. The British auction house rented London's Royal Albert Hall last week, invited 3,000 guests and started the bidding at $3.6 million. Bids came by phone from two continents. Two minutes later, the gavel came down. Sold, for $9.8 million, the highest price ever paid for a car. The buyer, a London vintage-car dealer named Nicholas Harley, said afterward, "Structurally, it's a work of art. I look forward to driving it." Sure, but keep an eye on those hubcaps.