A red 1962 Ferrari 250GTO sold for $48.4 million on Saturday in California, making it the most ever paid for antique car at an auction. The vehicle, offered by RM Sotheby’s in Monterey, was estimated to bring in between $45 million and $60 million, the highest valuation ever for a vintage auto offered at an auction.
This 1962 Ferrari crushed the previous record of a 1962-63 Ferrari GTO, which sold for $38 million at a 2014 Bonhams auction.
The red 1962 Ferrari 250 GTO has an impressive racing history, with a national championship and several major wins under during its competitive career in the 1960s. The car has even been a fixture on the historic racing circuit, and, unlike most racing cars, it has never been wrecked and repaired.
Every August, the Pebble Beach Concours d’Elegance classic car show in California is filled with all sorts of events for high-end car collectors, including auctions. Classic Ferrari GTOs are extraordinarily valuable for a number of reasons. First, they are very beautiful cars. Second, they were some of Ferrari’s most successful racing cars. The front-engined GTO is most popular because it’s easier to live with and drive.
All 36 of the 250 GTOs built from 1953 to 1964 are still running and their owners have created a very exclusive club. Ferrari 250 owners know each other and sometimes get together for road rallies.
By: Maytinee Kramer
