1962 Ferrari Sells for Historic $51.7 Million at Auction

November 15, 2023

Ciao, Bella. The sole factory-owned Series I GTO has found a new home for $51.7M, making it the most expensive Ferrari ever sold at auction …

Classic car auction house RM Sotheby’s on the sale of a 1962 Ferrari described by the auction house as “nothing short of a legend.”

Big Picture: The classic, cherry red vehicle is one of “only 36 Ferrari 250 GTOs in existence, produced between 1962 and 1964,” The New York Times reports. Monday’s sale made it the second-most expensive car to be sold at auction (the most expensive being a 1955 Mercedes-Benz which sold for $142M last year); though the buyer is unknown, others who own 250 GTOs include Pink Floyd drummer Nick Mason and fashion designer Ralph Lauren. RM Sotheby’s describes the 250 GTO as “one of the most successful racing sports cars of all time”; the particular car sold Monday has won many awards, including second overall in a six-hour race (spanning more than 600 miles) in Germany. The car was first sold to a surgeon for $6,000 in 1964 and was most recently sold for around $500,000 in 1985.

Did You Know? According to Consumer Reports, the average price for a new car in the United States is more than $48,000, while the average price for a used car hovers around $27,000.

1962 Ferrari Brings $51.7 Million at Sotheby’s (The New York Times)

1962 Ferrari 330 LM / 250 GTO by Scaglietti (RM Sotheby’s)

by Leah Grainery, based in Texas