Classic Feat: 1962 Red Ferrari Set to Break Another Sale Record

Published August 5th, 2018 - 01:01 GMT
1962 Ferrari 250 GTO, estimated to be worth between $45 million and $60 million.
1962 Ferrari 250 GTO, estimated to be worth between $45 million and $60 million.

The most valuable car ever purchased at a public auction is going up for sale this month and may set another world record. 

RM Sotheby's annual sale is planning to showcase a 1962 Ferrari 250 GTO, estimated to be worth between $45 million and $60 million, according to CNN

If the car fetches anywhere close to that valuation, it will easily beat the record set in 2014 when another 1962-63 Ferrari GTO sold for $38 million. 

And the auction is just one of a litany of events scheduled for the 68th annual Pebble Beach Concours d'Elegance car show starting August 21. 

In fact, car aficionados say that this year could potentially see three separate auto auction records, with the most valuable British car and the most valuable American car also going up for auction.  

The Concours d'Elegance, being held as always in the city of Montery, California, has become synonymous with high-rollers dropping big bucks for one-of-a-kind cars.

'It's the Super Bowl of car shows,' says Dave Magers, CEO of Mecum Auctions, whose company sold a Porsche once owned by the late actor Steve McQueen for more than $2 million.

At the swank Bonhams auction at Carmel Valley's Quail Lodge, some cars fetch more than 10 times that price. All told, collectors are expected to spend more than $400 million on cars sold at auction during the week.  

Car collectors have spent far more on vehicles in private transactions in the recent past, with another Ferrari 250 GTO being sold to anonymous buyer for a reported $70 million in 2017.

So why are Ferrari GTOs consistently fetching the most money from collectors on the market? 

CNN explains it boils down to three factors: Ferrari's reputation for building the world's most successful racing cars; Second, they are extremely rare, with only 36 ever being produced; and third, they 'are simply very beautiful cars.'

'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. 'It really is that simple.' 

'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,' added Aurbach. 

Also being showcased at this year's Concours d'Elegance is a 1963 Aston Martin DP215 Grand Touring Competition Prototype, estimated to be worth $18 million to $20 million, CNN reported. 

The vehicle is still considered one of Britain's greatest automotive achievements. 

An Aston Martin DBR1, built in 1956, set the UK record last year at Pebble Beach at $22.5 million, according to RM Sotheby's

The American entry this year is a 1966 Ford GT40, which finished third at the 24-hour Le Mans in France that same year. The race car's value is estimated to be $9 million to $12 million. 

'It doesn't really get any better in American racing, full stop, than 1966 Le Mans,' Aurbach said. 

The most valuable American car ever sold was a 1962 Shelby Cobra, the first ever built, for $13.8 million at RM Sotheby's Monterey auction in 2016.

This article has been adapted from its original source.

© Associated Newspapers Ltd.

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