Incredibly, unlike most racing cars, it has never been wrecked and repaired. Ushered into reality at the insistence of legendary Ferrari engineer Giotto Bizzarrini, the 250GTO replaced the SWB 250 Berlinetta, a car that became unstable around 155 mph and couldn’t house the ever-growing size of racing tires, particularly at the back of the car. The ’64 season included many significant players of the day, including carmakers Porsche, Ferrari, and Shelby and drivers Dan Gurney, Edgar Barth, and Joakim Bonnier; Ferlaino’s class win in 3413 at the Targa Florio earned Ferrari enough points to secure the manufacturer’s championship at the season’s end, beating out Shelby American 84.5 points to 78.3. Driven by Formula 1 and Le Mans champion Phil Hill as SEFAC Ferrari’s official practice car for the upcoming 1962 Targa Florio, 3413 was sold just days later to privateer Edoardo Lualdi-Gabardi, who took home the 1962 Italian GT Championship with the car. This story was originally published on August 22, 2018. By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider An additional $4.4 million in, These 18 beautiful, vintage cars are worth millions and are up for auction at Pebble Beach. The stories dominating banking, business, and big deals. This material may not be published, broadcast, rewritten, As for the 250 GTO, RM Sotheby's notes that this car was long considered "the holy grail" of the car collector world, leading to much anticipation for its public auction. An additional $4.4 million in auction fees were added to bring it to the record-breaking price. The example seen here, known among the prancing-horse faithful as chassis 3413, is considered by Ferrari experts to be “one of the most authentic and original of all GTO examples” and boasts a backstory worthy of the $60-million hype. the $38,115,000 paid for a Ferrari GTO in 2014. A 1962 Ferrari 250 GTO sold for a record price of $48.4 million dollars at an RM Sotheby's Auction in Monterey, California on Saturday. Account active Sotheby's said the three collectors bidding for the car actually competed by telephone for 10 minutes as the packed house listened and looked on, with multiple millions moving in increments before the new owner hit the final auction price of $44 million. Even though the final sale price of $48,405,000 came up a bit short of that high-end estimate, it's nonetheless an almost unimaginable amount of money that set a world record for any car sold at auction. Follow, another GTO reportedly changed hands in a private sale for $70 million. In the late 1960s, the car was sold to noted Ferrari collector Neil Corner, who later sold it to Lord Anthony Bamford, a collector held in similar esteem. While the new Ferrari retained the general dimensions of the 250GT series and the 3.0-liter short-block Colombo V-12 to make sure it retained full homologation eligibility, the GTO chassis was improved with lighter tubing, stiffer springs, and dual Watt’s linkages to help stabilize the rear suspension. as well as other partner offers and accept our, Dr. Gregory Whitten, the Chairman of Numerix Software, car enthusiast, Ferrari connoisseur, and vintage racing driver. This content is imported from YouTube. This content is created and maintained by a third party, and imported onto this page to help users provide their email addresses. A new five-speed manual gearbox enabled maximum acceleration and top speed. However, another GTO reportedly changed hands in a private sale for $70 million earlier this year. Sign up for Insider Finance. RMSotheby's/Darin Schnabel, According to a statement on RM Sotheby's website, "There were cheers and applause when five-time Le Mans winner Derek Bell stepped out of the car after driving it across the auction block in front of an overflowing salesroom, followed by gasps as auctioneer Maarten ten Holder opened the bidding at the unprecedented level of $35 million.". RM Sotheby's website says this year's event welcomed bidders from 37 different countries and was the highest grossing event from Monterey Cars Week, with 83% of all cars offered at the RM Sotheby's auction finding new owners. In April of 1994, the GTO was purchased by Sir Lindsay Owen-Jones of London, then chairman and CEO of L’Oréal and a former member of the Ferrari SpA board of directors. Enzo was more focused on racing at the time than producing street-legal vehicles and since has made its mark as a dominating presence in virtually every form of … The new owner's identity has not been released. ©2020 FOX News Network, LLC. To earn the title of the world’s most expensive car of public record, this Ferrari would've needed its bidding to top the $70 million price reportedly paid in April of 2018 for—you guessed it—a 1963 Ferrari 250GTO that was purchased by David MacNeil of WeatherTech products fame. All rights reserved. While such projections are largely speculation, one thing is for sure: The hammer price of this Scaglietti-bodied 1962 Ferrari 250GTO serves as a pretty accurate barometer of the strength of the market. All market data delayed 20 minutes. Subscriber A rare 1962 Ferrari 250 GTO became the most-expensive car ever sold at auction when it went for $48.4 million at an RM Sotheby’s event in Monterey, Calif., on … The $48.4 million dollar price … Owned since 2000 by former Microsoft executive Greg Whitten, it was purchased by an anonymous bidder for a hammer price of $44 million, which translates to $48.4 million after auction fees. RM Sotheby's said the $48.4 million dollar auction price exceeds the previous record-breaking price by more than $10 million. The new 250GTO, which marked one of the first instances that Ferrari utilized a wind tunnel to evaluate bodywork, would ensure that the manufacturer remained competitive in the newly established International Championship for GT Manufacturers against the likes of Aston Martin, Jaguar, and Shelby American. ©2020 FOX News Network, LLC. since. You may be able to find more information about this and similar content at piano.io, 2021 Volkswagen Arteon Gets $1175 Price Hike, All the Off-Road Goodies on the 2022 GMC Hummer EV, What We Know about the Hummer EV's Removable Roof, GMC Hummer EV Does Zero to 60 in 3 Seconds Flat, 480-HP Mustang Mach 1 Handling Pack Costs $3500, GMC Hummer Starts Off with $112,595 Edition 1, 2022 GMC Hummer EV to Come with Super Cruise. Finally, in January 2000, the consignor, Dr. Gregory Whitten, purchased this highly significant red car. WHAT MAY BE THE WORLD'S MOST EXPENSIVE FORD PINTO SOLD FOR $33,000. A 1962 Ferrari 250 GTO sold for a record price of $48.4 million dollars at an RM Sotheby's Auction in Monterey, California on Saturday. or redistributed. Unbelievable 1962 Ferrari 250GTO by Scaglietti Sells for $48.4 Million This gorgeous GTO was the top seller at RM Sotheby's auction in Monterey. Bloomberg reports Ferrari built just 36 examples of the 250 GTO Model model between 1963 and 1964. A rare 1962 Ferrari 250 GTO became the most-expensive car ever sold at auction when it went for $48.4 million at an RM Sotheby’s event in Monterey, Calif., on Saturday. The sale came at RM Sotheby's annual Monterey auction held at the Monterey Conference Center. The red coupe is one of just 36 that were made, each slightly unique. Hummer Is Back with a 1000-HP Electric Pickup, Hummer EV Starts at $112K, Cheaper Models to Come, GMC's 2022 Hummer EV's Competitors Are Few, Once Notorious, the Hummer Brand Aims for Glory. A look inside Sotheby's record-breaking auction of 1962 Ferrari 250 GTO The sale came at RM Sotheby's annual Monterey auction held at the Monterey Conference Center. The $48.4 million dollar price tag was the most a classic car has ever sold for at an auction. ", Sotheby's said the three collectors bidding for the car actually competed by telephone for 10 minutes as the packed house listened and looked on, with multiple millions moving in increments before the new owner hit the final auction price of $44 million. A leading-edge research firm focused on digital transformation. **Figure based on a stock 1962 Ferrari 250 GTO SI valued at $56,500,000 with OH rates with $100/300K liability/UM/UIM limits. Purchased by another privateer, Corrado Ferlaino, ahead of the 1964 International Championship for GT Manufacturers, 3416 was sent to Scaglietti and updated with the lower, more aerodynamically efficient Series II coachwork with no rear spoiler. While sales results of that nature might indicate that the Ferrari market has reached its upper limits, marque expert Massini expects that car, known as 4153GT, to bring “nine figures” in the next five years. All rights reserved. Under Whitten’s care, 3413 was regularly exhibited and driven around the world, including four appearances at the Cavallino Classic between 2001 and 2008, four seasons in the Shell Ferrari Historic Challenge between 2001 and 2009, and the GTO 50th and 55th Anniversary tours. According to. Billed by RM Sotheby’s as “the world’s most important, desirable, and legendary motorcar,” this 1962 Ferrari 250GTO certainly has some high expectations to live up to. This car has been inspected by representatives from Ferrari’s Classiche department as well as noted Ferrari historian and expert Marcel Massini, who certified its originality and numbers-matching powertrain (the gearbox is currently mated to a non-original engine block; the original engine does, however, come with the car). It has been updated to reflect the final, record-setting sale price. Bamford hung on to the car until the 1980s, when it was acquired by Nigel Moores, yet another collector of the marque. There were cheers and applause when five-time Le Mans winner Derek Bell stepped out of the car after driving it across the auction block in front of an overflowing salesroom, followed by gasps as auctioneer Maarten ten Holder opened the bidding at the unprecedented level of $35 million. The price broke the $38 million auction record set by a similar car in 2014. Gianni Bulgari (of the famous jewelry family) bought the car in April 1963 and promptly won his class in the Targa Florio with co-driver Maurizio Grana a few weeks later. According to Bloomberg, Whitten had purchased the Ferrari in 2000, with the market price for Ferrari's being around $10 million at the time. on Facebook for more car and transportation content. It has an impressive racing pedigree, with a national championship and several major wins under its seatbelts during its competitive career in the 1960s and has been a fixture on the historic racing circuit. To earn the title of the most expensive car ever sold at auction, 3413 needed to surpass the $38,115,000 paid for a Ferrari GTO in 2014. This material may not be published, broadcast, rewritten, or redistributed. All market data delayed 20 minutes. Our car experts choose every product we feature.
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