Ferrari Race Car Sold At Auction For $48.4 Million

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Photo by Brian Snelson via Flickr

A race car that dates back to the 1960s and originally cost $18,000 (which is equivalent to $151,203.60 in today’s money) broke records after it was sold for almost $50 million at an auction sale that was held this weekend.

The valuable 1962 Ferrari 250 GTO is a two-seater coupe. It sold at an auction that was organised by RM Sotheby in California, USA for a whopping $48.4 million. This is the highest auction price ever recorded for a vehicle. This GTO is also the most valuable automobile ever offered for public sale. Previously, an auction that was held in 2014 held that title after it sold a $38 million Ferrari.

Only 36 units of the Ferrari 250 GTO were made between the period of 1962 and 1964 which makes it a rarity and a highly desirable item for collectors. Also, this particular Ferrari was able to race during the 1962 Italian GT Championships — and won. The car has a top speed that reaches 174 mph.

The vehicle is widely considered as the most beautiful Ferrari design. It was also one of the most successful racing cars that the marque ever built. Decades down the road, the Ferrari 250 GTO has already become the ultimate collector car, not only because of its incredible pedigree but also because of a group of collectors from France who organized the first gathering of GTO owners way back in 1982 which is held every five years since its inception. The meeting is a glorious driving and dining tour across the nation of their choice, and the only way to secure a membership in this exclusive club is ownership; making the GTO the hottest ticket in the world of car collectors.

This was the third 250 GTO that was ever made and it comes with a strong lineage of racing wins and achievements. The new owners of the car now have access to highly exclusive auto events.

However, while the auction this weekend broke records, it still does not beat the sale price of a 1963 version of the Ferrari that was sold earlier in the year for a whopping $70 million.