To be homologated for Group 3 Grand Touring Car racing in 1962, a car had to be produced in at least one hundred examples, according to FIA standards. Ferrari only produced 36 250 GTOs (33 of the 1962-design Series I cars and three 1964-design Series II cars, with revised bodywork). The three more “330 GTO” vehicles with the four-liter 330 engine—identified by the noticeable hump on the bonnet—are occasionally added to the total production number, bringing it to 39. It became a common misconception that Enzo Ferrari moved the same automobiles between different places to give the appearance that all 100 cars were there when FIA inspectors arrived to verify that 100 examples had been produced. Actually, no deception was necessary because the older 250 GT Berlinetta SWB model’s homologation paid the cost of the construction of the 250 GTO. These homologation papers were issued in 1960, but between 1961 and 1964, extensions were often requested and approved, enabling Ferrari to make additions not covered by the initial specification, such as alterations to the engine, transmission, and suspension. Additionally, because more than 100 bodies had been constructed in accordance with the previous 250 GT SWB specification, FIA rules permitted the design of a new body, which resulted in the creation of the new 250 GTO body style. Similar procedures were employed to homologate the Aston Martin DB4 GT Zagato and the Jaguar E-Type Lightweight, so this form of homologation was not exclusive to Ferrari.
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Here is the current price of the 1962 Ferrari 250 GTO.
The GTO is largely responsible for Ferrari’s legacy, therefore let’s find out how much a 1962 Ferrari 250 GTO is currently worth.
Ferrari has a long and illustrious history of building stunning automobiles. Since Ferrari made its debut decades ago, the Prancing Horse emblem has come to represent elegance, speed, and luxury.
The classic sports and touring automobiles made by Ferrari are now worth millions of dollars. Automobile enthusiasts from all over the world come together to compete for legendary Ferraris at auctions.
The 250 GTO is one of the most coveted Ferraris ever produced. This car has broken numerous world records for auction prices throughout the years, and any auto enthusiast would adore it. Ferrari’s influence on the automotive industry goes beyond its high-end sports cars; it also revolves around success.
Since it first opened its Marinello factory doors in the 1940s, the Italian manufacturer has been at the forefront of motorsports. For Scuderia Ferrari, racers like Michael Schumacher, Niki Lauda, and Alberto Ascari achieved fame.
The GTO is largely responsible for Ferrari’s legacy, therefore let’s look at the price of a 1962 Ferrari 250 GTO right now.
Development of the Ferrari 250 GTO
For the 1961 E-Type launch and the lineage of successful Jaguar prototypes that came before it, general manager Girolamo Gardini was concerned.2 For the 1962 Manufacturer’s Championship, the emphasis was switched from sports prototypes to GT cars, and Ferrari was motivated to further develop their 250 GT as much as the rules would allow. They created the 250 Gran Turismo Omologato (GTO), which they named after the homologation procedure that gave rise to it.
The 250 GT racing chassis served as the foundation for the GTO. Before the 1962 season, Ferrari had already constructed close to 200 competition vehicles based on the 250 GT.1 Beginning in 1954 with the 250 Europa GT, the 250 series’ engine, chassis, and body improved year after year, and it “was the production car that universally spread the Ferrari name throughout the world.”1 The 250 GT’s final development was the GTO, which was impervious from the start.
Before rear-engine vehicles like the 250 LM were introduced, a small team headed by Giotto Bizzarrini was given the go-ahead to develop the 250 GT and increase its winning streak.1 Bizzarrini built a crude prototype called Papera using his own 250 GT Boano chassis and a dry-sump version of the V12 engine.4 The chassis and body were modified in secret to keep the entire vehicle as low and as aerodynamically efficient as possible. This required relocating the engine further back in the chassis, allowing for a modern, elegant fastback body.
The Papera’s body was functionally rudimentary and created by Bizzarrini’s Controlli, Collaudie e Sperimentazione racing division.2 The rear end was designed using the Kamm principle, which cutoff the rear bodywork, while the front had a small front area that made the 250 GTO predecessors look like a brick.
Early comparisons between the SWB Berlinetta and Sperimentale, commonly referred to as the GTO prototype, and the 1961 LeMans racers revealed considerable advancements in every category, according to Stirling Moss’ tests at Monza. After his horrible accident at Goodwood, Moss later bought a copy at Le Mans, but it never arrived.
Bizzarrini and a number of other important individuals departed Ferrari during the infamous Palace Revolt in November 1961, before manufacture of the GTO began. For the first racing season, Mauro Forghieri was left to organize Ferrari’s 1962 sports vehicle. He collaborated with racers like Moss to create alterations like the Watts linkage for stability and the rear spoiler.
Has every Ferrari 250 GTO been located?
Every time a Ferrari 250 GTO is put up for sale, a big event occurs. It is not only one of the most sought-after sports vehicles in history, but it is also one of the most uncommon. Only 36 were made, all between 1962 and 1964, yet, astonishingly, collectors can identify every single one of them. Ralph Lauren and computer tycoon Craig McCaw each possess one. In August 2014, a 1962 Ferrari 250 GTO broke the auction record when it sold for $38.1 million. Another 1962 GTO, the third one ever constructed, will be put up for auction at RM Sotheby’s on August 24. With a presale estimate of $45 million, this Ferrari is likely to smash the auction record in addition to having an illustrious racing history.
The 250 GTO, the last edition of Ferrari’s 250 model, was designed for racing but also served as a road vehicle. GTO stands for Gran Turismo Omologato, meaning Grand Touring Homologated. The body, which was effectively a 250 Testa Rossa, was powered by a 300 horsepower, 3-liter V12 engine. Each owner of such a beauty received the personal endorsement of Enzo Ferrari, who set the price for such a beauty at $18,000 (about $150,000 today).
1962 250 GTO was a steal at $5,400 when it was sold privately, decades before it was deemed a classic.
The Greatest Barn Find: Chassis 3987 spent 15 years decaying in a field before it was repaired and brought back to life. In 1986, [+] was sold for $1 million.
A 1962 250 GTO that had rusted in a field for 15 years before being repaired was purchased by collector Frank Gallogly for a then-record $1 million a year after Ralph Lauren paid $650,000 for chassis 3987 and Ferrari fever was in full swing. He sold it for $4.2 million two years later.
Cellphone pioneer Craig McCaw purchased a 1962 250 GTO that had formerly belonged to racing icon Stirling Moss in a $35 million private deal.
Record Holder, Part 1: Will the 1962 Ferrari 250 GTO’s auction sale price be surpassed in… August [+]?
A 1962 Ferrari 250 GTO earned a record price at Bonhams’ annual Quail Lodge auction when it sold to Carlos Monteverde, the son of billionaire Brazilian philanthropist Lily Safra, for $38.1 million.
Record Holder, Part 2: The CEO of WeatherTech reportedly paid $70 million for this 1963 Ferrari.
David MacNeil, the founder and CEO of WeatherTech, purchased a 1963 Ferrari 250 GTO privately for an estimated $70 million (the equivalent of about a million car mats).
The New Prize: Will this 1962 Ferrari 250 GTO surpass all previous auction records for a vehicle?
After a successful racing career, Gianni Bulgari purchased the 1962 250 GTO chassis 3413 in 1963. The Ferrari was bought by billionaire Sir Anthony Bamford six years (and a few owners) later, and after a few more owners, Greg Whitten, a former Microsoft chief software architect, bought it in 2000 for $7 million. The car is currently being offered for sale at RM Sotheby’s, where it is anticipated to break auction records. Whitten justifies his choice to sell by saying, “I’ve had the GTO for a long time.” “I want to buy additional cars as well.”
How many Ferrari 250 GT are still available?
Although it’s popularly believed that all 36 of the 250 GTOs are still in existence today, it was just the third 250 GTO to ever roll off the Maranello assembly line.
How uncommon is a 250 GTO Ferrari?
This one is for you if you consider yourself to be a car enthusiast or if you enjoy classic vehicles. Every few years, a Ferrari 250 GTO is put up for auction, and it always appears to be a big deal. It is not just the most sought-after and perhaps even most revered sports car in history, but its scarcity is amazing as well.
Less than 40 were created between 1962 and 1964. Additionally, all of these few occurrences can be attributed to collectors. Stay tuned if you’ve ever wondered how much a 1963 Ferrari 250 GTO may sell for in the current market. This rare of a gem commands a hefty price.
One Ferrari 250 GTO, anyone?
Two 250 GTOs are currently held by three people: Wal-Rob Mart’s Walton, hedge fund owners Tony and Lulu Wang (who are unrelated to owner Brandon Wang in the United Kingdom), and British industrialist Sir Anthony Bamford, who had briefly owned the chassis that just sold.
Why are Ferrari 250 GTOs so uncommon?
Given how few were produced by the Italian company, the Ferrari 250 GTO is so pricey. During a brief production cycle from 1962 to 1964, only 36 were produced.
These sports vehicles were created for on-track competition in the FIA’s Group 3 class. The Ferrari 250 GTO had an exceptional track record during its prime because to such design. It became an icon after winning the 24 Hours of Le Mans, Tour de France Automobile, and several Grands Prix.
The 250 GTO was a force to be reckoned with as soon as it reached the circuit. The performance of the vintage Ferrari exceeded all expectations, and it quickly rose to collectible status.
It’s virtually impossible to get a genuine 1962 Ferrari 250 GTO because so few of them were ever made. Anyone who owns one wants to keep it, and anyone who wants to purchase one needs to have a lot of extra money.
Who has the largest collection of Ferraris?
The Sultan Hassanal is not the only member of the royal family that enjoys automobiles. Six 456 GT Venice Ferrari station wagons were ordered by his brother, Prince Jefri. The collection also includes an F90, a 1995 FX (the Sultan requested six of these cars), two 250 GTOs, and an F40, among other notable Ferraris.
There are several, numerous more. actually too numerous to list. The world’s largest automobile collection is so extravagant and lavish that it makes people cringe. However, every vehicle enthusiast must take a moment to collect themselves before leaving this literal sea of luxury due to the collection’s sheer size, worth, and beauty.
What GTO is the most desired?
The most expensive car in the world at the moment is a 1962 Ferrari 250 GTO. One went through a private sale in the last few years for an estimated $700,000. The 1969 Judge convertible with the 370-hp Ram Air IV engine is the most expensive Pontiac GTO. Only five units total, each equipped with a four-speed transmission. In #3 (Good) condition, they are currently valued on average at $430,000, while the best examples can get up to $550,000.