Terence Steven McQueen was born on March 24, 1930, at St. Francis Hospital in Beech Grove, Indiana, a suburb of Indianapolis. His father, William Terence McQueen, was a stunt pilot for a barnstorming flying circus who left McQueen's mother, Julia Ann (a.k.a. Julian; nee Crawford), six months after meeting her. Several biographers have stated that Julia Ann was an alcoholic.

The blue-tinted sunglasses (Persol 714) worn by McQueen in the 1968 movie The Thomas Crown Affair sold at a Bonhams & Butterfields auction in Los Angeles for $70,200 in 2006. One of his motorcycles, a 1937 Crocker, sold for a world-record price of $276,500 at the same auction. McQueen's 1963 metallic-brown Ferrari 250 GT Lusso Berlinetta sold for US$2.31 million at auction on August 16, 2007. Except for three motorcycles sold with other memorabilia in 2006, most of McQueen's collection of 130 motorcycles was sold four years after his death. The 1970 Porsche 911S purchased while making the film Le Mans and appearing in the opening sequence was sold at auction in August 2011 for $1.375 million. The Rolex Explorer II, Reference 1655, known as Rolex Steve McQueen in the horology collectors' world, the Rolex Submariner, Reference 5512, which McQueen was often photographed wearing in private moments, sold for $234,000 at auction on June 11, 2009, a world-record price for the reference. McQueen was left-handed and wore the watch on his right wrist. From 1995 to 2011, McQueen's red 1957 Chevrolet fuel-injected convertible was displayed at the Petersen Automotive Museum in Los Angeles in a special Cars of Steve McQueen exhibit. It is now in the collection of actress Ruth Buzzi and her husband Kent Perkins.  McQueen was a sponsored ambassador for Heuer watches. In the 1970 film Le Mans, he famously wore a blue-faced Monaco 1133B Caliber 11 Automatic, which led to its cult status among watch collectors. His sold for $87,600 at auction on June 11, 2009. Tag Heuer continues to promote its Monaco range with McQueen's image.  From 2009, Triumph Motorcycles Ltd, licensed by his estate, marketed a line of clothing inspired by McQueen's association with their brand, particularly his 1964 ISDT participation.  British heritage clothing brand J. Barbour and Sons created a Steve McQueen collection, based on his ownership of a Barbour International motorbike jacket.  Steve McQueen was the second album by English pop band Prefab Sprout, which was released in June 1985. It was released in the United States under the title Two Wheels Good due to a legal conflict with McQueen's estate.

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