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1962 Ferrari 250 GTO sold for $48.4 million at RM Sotheby's annual Monterey collector

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  • 1962 Ferrari 250 GTO sold for $48.4 million at RM Sotheby's annual Monterey collector

    Click image for larger version  Name:	1.jpg Views:	1 Size:	275.5 KB ID:	6086 © CNN Money (You can click on the image and it will open in another window larger.)

    CNN Money published today the following:

    A 1962 Ferrari 250 GTO sold for $48.4 million at RM Sotheby's annual Monterey collector car sale -- a world record for any car ever sold at auction.
    Up until now, a 1962-63 Ferrari GTO, which sold for $38 million at a 2014 Bonhams auction held that distinction. These prices include a 10% "buyer's premium" paid to the auction company.

    Every August, the days leading up to the Pebble Beach Concours d'Elegance classic car show in California are filled with events for high-end car collectors. These include auctions at which record prices are often paid for the most desirable cars.

    Cars have sold for far more in private transactions than at public auctions. Another Ferrari 250 GTO, a 1963 model, recently privately sold for the widely reported price of $70 million.


    Classic Ferrari GTOs are extraordinarily valuable for a number of reasons. First, they were, and are, simply very beautiful cars. Second, these were some of Ferrari's most successful racing cars. There have been more successful models, such as the 250 LM, which has its engine mounted behind the driver, but the front-engined GTO is more popular because it's easier to live with and drive.

    This 1962 Ferrari 250 GTO is expected to set a record as the most valuable car ever sold at auction.
    "The 250 GTO, you open the door like you do on your car, you get in and you go," said RM Sotheby's car specialist Jake Auerbach in an interview weeks before the sale. "It really is that simple."

    All 36 of the 250 GTOs ever made are still running and their ownership has created a very exclusive club. Ferrari 250 owners know one another and sometimes get together for road rallies.

    "The GTO tours are, as far as that level of net worth goes, the ultimate event and there really is only one way to get in and that's to own one of the 36 cars," said Auerbach.

    The record-setting GTO that sold at the RM Sotheby's auction on Saturday won the 1962 Italian GT championship, and notched over 15 race victories from 1962 to 1965. Among its drivers were Phil Hill, who is most famous as the first American to be a Formula 1 World Champion. He drove this Ferrari as his practice car before the Targa Florio race in 1962. Gianni Bulgari, later president of his family's jewelry company, raced the car in 1963. Other prominent drivers also spent time in its driver's seat.

    This particular GTO was only the third one built, but it was given a new body in 1963, incorporating design changes for improved aerodynamics and handling. This made the car better suited for an upcoming race, the Targa Florio in Sicily, that took place on winding roads demanding quick cornering. The Ferrari finished fifth overall, but won in its class in a race in which more than half the cars didn't finish at all.

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  • #2
    Thank you Jeff. That is an amazing car. It’s race heritage and more make it truly unique. Lucky buyer.
    GBA Black; HTO Twilight/Tension interior; Z51 & Mag Ride; E60 lift; 5VM visible carbon fiber package; 5ZZ high wing; FA5 interior vis CF; ZZ3 engine appearance; 3LT; Q8T Spectra Gray Tridents; J6N Edge Red Calipers; SNG Edge Red Hashmarks; VQK Splash Guards; RCC Edge Red engine cover; VJR illuminated sill plates. Lifetime, annual contributors, and 23 year members of National Corvette Museum. Home is the beautiful Pacific Northwest.

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    • #3
      Originally posted by [email protected] View Post
      There have been more successful models, such as the 250 LM, which has its engine mounted behind the driver, but the front-engined GTO is more popular because it's easier to live with and drive.
      Out of curiosity, I looked up the 250 LM - nice looking car, and it was the last Ferrari to win the 24 Hours of Le Mans, back in 1965.


      My C8:
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      Current Vettes:
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      • #4
        Originally posted by [email protected] View Post
        Click image for larger version Name:	1.jpg Views:	1 Size:	275.5 KB ID:	6086 © CNN Money (You can click on the image and it will open in another window larger.)


        All 36 of the 250 GTOs ever made are still running and their ownership has created a very exclusive club. Ferrari 250 owners know one another and sometimes get together for road rallies.



        [If you would like to know how include images in your posts please see


        I tip my hat to any gent who can drop 48 mil on a beauty like that and put it on the road. I smiled big when I read the above portion of the quote. All that were made are still running, and many driven.

        Simply outstanding.

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        • #5
          Don't tell anyone, but that GTO is on its way to my garage right now!
          SunKissed, my 2015 2LT, 7MT, Black over Daytona Sunrise Orange Metallic, Stingray convertible (One of about 40)

          Purchased 5/2/2015,
          >36,000 miles

          Proud member of the Old Dominion Corvette Club. Check us out http://www.olddominioncorvetteclub.org

          Never grow up - It's a trap.

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          • #6
            Originally posted by meyerweb View Post
            Don't tell anyone, but that GTO is on its way to my garage right now!
            I'll stop by for a test drive.

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            • #7
              Originally posted by Fireeagle View Post

              I'll stop by for a test drive.
              Don't rush.
              SunKissed, my 2015 2LT, 7MT, Black over Daytona Sunrise Orange Metallic, Stingray convertible (One of about 40)

              Purchased 5/2/2015,
              >36,000 miles

              Proud member of the Old Dominion Corvette Club. Check us out http://www.olddominioncorvetteclub.org

              Never grow up - It's a trap.

              Comment

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