Ferrari 250 GTO Sells For A Record $48.4 Million

A red 1962 Ferrari 250 GTO made history this Saturday night by becoming the most expensive car ever sold at auction. The GTO sold for $48.4 million at RM Sotheby’s annual Monterey vintage car collector sale.

The price tag includes a 10 percent buyer’s premium and offers access to exclusive events and rallies including the GTO club and tours.

The red GTO, also known as 3413, is the third GTO ever built. There are only 36 250 GTOs models ever made and they are all still in running condition. GTOs were all hand built between 1962 and 1964. This model had an original price of $18,000, roughly $151,000 in today’s currency. Founder Enzo Ferrari had to approve of the final product and sale of these classics.

GTOs are valuable classic cars because of their sophisticated design and their reputation as one of Ferrari’s best racing cars with a top speed of 174 mph. The GTO is more popular than more successful racing models because they are easier to drive. Like with all classic cars, it is crucial to protect your investment with the best antique auto insurance policy possible.

The two-seater coupe was given a new body in 1963 for improved aerodynamics but still has the original engine, transmission and rear axle. This GTO won the 1962 Italian GT championship and 15 race victories between 1962 and 1965. Its accomplishments also include first in class at the 1963 Targa Florio in original body and first in class at the 1964 Targa Florio in Series 2 body work.

The drivers include Phil Hill, the first American to become a Formula 1 World Champion and used the race car for practice and Gianni Bulgari, an Italian jewelry designer and businessman.

The GTO was last purchased in 2000 for an estimated $7 million by Greg Whitten, a chairman of Numerix Software Ltd. The GTO was a regular at classic car events and vintage races.

The $48 million price tag is considerably lower than a 1963 Ferrari 250 GTO that sold for $70 million in a private sale to Weather Tech’s founder David MacNeal.

The GTO has been inspected by Ferrari’s Classiche department along with noted Ferrari historian Marcel Massini, both have certified its authenticity. 3413 is considered to be one of the most authentic and original of the 36 available cars and was originally expected to sell for up to $60 million.