This Ferrari GTO is the most valuable car ever auctioned

NEW YORK (CNNMoney) – A Ferrari 250 GTO from 1962 was sold for $ 48.4 million during the annual Monterey Collector Car Sale from RM Sotheby – a world record for every car ever sold at auction.

So far, a Ferrari GTO from 1962-63, which sold for $ 38 million at a Bonhams auction in 2014, made that distinction. These prices include a "buyer's premium" of 10% paid to the auction house.

Every year in August, the days leading up to the Pebble Beach Concours d & # 39; Elegance Classic Car Show in California are filled with events for high-end car collectors. These include auctions where record prices are often paid for the most desirable cars.

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

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

"The 250 GTO, you open the door as you do with your car, you get in and you go," said RM Sotheby's auto specialist Jake Auerbach in an interview weeks before the sale. "It's really that simple."

All 36 of the 250 GTOs that have ever been created are still running and their property has created a very exclusive club. Ferrari 250 owners know each other and sometimes come together for road rallies.

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

The record-setting GTO, which was sold at the RM Sotheby & # 39; s auction on Saturday, won the Italian GT championship from 1962, and scored more than 15 victories from 1962 to 1965. Among the riders was Phil Hill, who played the most known as the first American, a World Champion Formula 1. He rode this Ferrari as his practice car before the Targa Florio race in 1962. Gianni Bulgari, the later president of the jewelry business of his family, raced the car in 1963. Other prominent drivers also spent time on his driver's seat.

This specific GTO was only the third one to be built, but received a new body in 1963, with design changes for improved aerodynamics and roadholding. This made the car better suited for an upcoming race, the Targa Florio in Sicily, which took place on winding roads and required a fast turn. The Ferrari finished fifth overall, but won in its class in a race in which more than half of the cars did not finish at all.

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