Car News

1962 Ferrari 250 GTO auction record

1962 Ferrari 250 GTO breaks auction records by selling for US$38 million, with total Ferrari sales at this week’s Moneterey Car Week totaling US$65 million.

It seems the Global Financial Crisis is all but a distant memory as the well-heeled have been out in force at the Monterey Car Week with this 1962/63 Ferrari 250 GTO breaking all auction records by selling for USD$38,115,000 (AUD$40,878,378.38). That’s the most amount ever paid for a vehicle at an auction.
This Ferrari 250 GTO is now, effectively, the most valuable and coveted car in the world. Back in 2011 the first ever Ferrari 250 Testa Rossa sold for USD$16,390,000 million (AUD$17,570,000) showing the value of Ferraris pre- and post-GFC.

But back to this 1962/63 Ferrari 250 GTO. Why so much? Well, according to Bonhams, the auction house responsible for the sale, this car was the 19th Ferrari GTO to be completed and was invoiced on September 11, 1962.  It was most recently owned by Italian enthusiast Fabrizio Violati and was the centerpiece of his Collezione Maranello Rosso of precious Ferraris previously on view to the general public in the Republic of San Marino.

Violati acquired this 250 GTO in 1965 for 2,500,000 Lire, then around USD$4000 equating to around USD$33,500 today. It was originally finished in metallic pale grey with lengthwise red, white and blue centerline stripes when acquired by its first owner, French privateer Jo Schlesser.

“No other mark is commanding attention and achieving such spectacular values so far in Monterey like Ferrari, with total Ferrari sales today at Bonhams totalling just under $65 Million USD,” Bonhams said in a press release.

Additional notable sales today at Bonhams include:
1958 Ferrari 250 GT Series 1 Cabriolet – $6,820,000 USD
1953 Ferrari 250 Mille Miglia Berlinetta – $7,260,000 USD
1969 Ferrari 365 GTB/4 ‘Daytona’ Berlinetta Competizione – $935,000 USD
1962 Ferrari 250 GT Short-Wheelbase Speciale Aerodinamica – $6,875,000 USD
1978 Ferrari 312 T3 Formula 1 Racing Single-Seater – $2,310,000 USD


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Isaac Bober

Isaac Bober