1962 Ferrari 250 GTO Headed to Auction Could Fetch $60 Million
Selling price in the estimated value range will make this Ferrari the most expensive auction car ever.
The 68th annual Pebble Beach Concours d’Elegance event in Southern California starts later this month and one of the key attractions is the annual RM Sotheby’s auction. According to the Daily Mail, a 1962 Ferrari 250 GTO will hit the auction block with an estimated value that will make it the most expensive car ever sold at a collector’s auction. Mind you, there have been reports of collectable cars being sold privately for more than $60 million, but when it comes to the high-profile collector’s auction, this Ferrari could set a new world record.
The Big Number
The current record for the highest hammer price at a collector’s auction was set back in 2014, when a 1962 Ferrari 250 GTO sold at the Bonham’s auction during Monterey Car Week for $38-million. The car being auctioned off this year has an estimated value of $45-60 million, so anywhere within that range will beat the old record by a considerable margin. If this 250 sells for $45-million, it will account for an 18% increase in the record number while a bidding war pushing the hammer price closer to $60-million would lead to an increase of 59% over the previous high-priced GTO auction car.
Why So Much?
The Ferrari 250 GTO is regarded as one of the greatest road-legal racing cars of all time, which is the first piece of the puzzle when determining the value. The car was only built from 1962 to 1964 and over the course of those three years, only 36 examples were produced. When you couple the legendary performance capabilities with the low production volume, it isn’t hard to see why these cars fetch so much money at auction.
Basically, the Ferrari 250 GTO is one of the best performance cars ever and the right to own one of the greatest cars ever comes with a big price. To be exact, that right comes with the biggest price tags ever, but collectors are happy to pay these prices to say that they owned one of the greatest performance cars ever built.
While the 1962 Ferrari 250 GTO might become the most expensive car ever sold at auction, it is not the only record-setter in attendance.
A 1963 Aston Martin DP215 Grand Touring Competition Prototype will also be auctioned off by RM later this month. With an estimated value of $18 to 20-million, this car could take a run at the record for the most expensive British car sold at auction. That record is held by a 1956 Aston Martin DBR1 which sold for $22.5-million last year.
The current record for an American car came back in 2016 when someone paid $13.8-million for a 1962 Shelby Cobra, but a 1966 Ford GT40 with an estimated value of $9-million could challenge that record if the right buyers come to Monterey Car Week 2018.