Less than 40 Ferrari 250 GTOs were built between 1962 and 1964, and Enzo Ferrari had to personally authorize all buyers.
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Most Expensive Auction Price: Ferrari 250 GTO
The most ardent Ferrari collectors will go to any lengths to acquire a vintage model. The absurd sums that affluent aficionados have paid to add vintage Ferraris to their collections serve as evidence for this. In 2018, a record price was paid at auction for a classic car, and the 1962 Ferrari 250 GTO is no exception.
At a Sotheby’s auction in California, one fortunate investor won the renowned Ferrari with a price of $48.4 million. It was anticipated that the red 1962 Ferrari 250 GTO would sell for between $45 million and $60 million at auction.
The winning price of $48.4 million is substantial, but it falls short of expectations given what was anticipated of the Ferrari. Even more amazingly, a 1963 Ferrari 250 GTO was also sold in 2018 for $80 million, albeit privately. The hand-built nature of every Ferrari 250 GTO that left the factory only serves to enhance the attraction of this legendary GT.
Italian 250 GTO
Gran Turismo Omologato, which translates to “Grand Touring Homologated” in Italian, stands for the displacement in cubic centimeters of each of its cylinders. The number “250” in the name signifies this.
Of the 250 GTOs, only 36 were produced between 1962 and 1964. This contains three 1964 Series II cars and 33 Series I vehicles with bodywork resembling the Ferrari 250 LM from the years 1962 to 1963. In 1964, four earlier Series I vehicles from the years 1962 to 1963 were upgraded with Series II bodywork.
The 250 GTO originally cost $18,000 in the United States, and Enzo Ferrari and his dealer in North America, Luigi Chinetti, personally authorized buyers.
[Reference needed] Since then, this model has grown in popularity among car collectors, and sales have frequently shattered price records. In June 2018, the 1963 250 GTO (chassis 4153GT) that now holds the record for the most expensive Ferrari was sold in a private transaction for $70 million.
The 250 GTO was recognized as the best sports vehicle of all time by Sports Car International in 2004 and ranked ninth on a list of the Top Sports Cars of the 1960s. The 250 GTO was ranked first on a list of the “Greatest Ferraris of All Time” by Motor Trend Classic. It was dubbed the “Hottest Car of All Time” by Popular Mechanics.
When it originally debuted, the 1963 Ferrari 250 GTO cost far less.
So, from where did this amazing car originate? According to legend, Enzo Ferrari was searching for a rival to the Jaguar E-Type. That, according to Digital Trends, is the reason the 1963 Ferrari 250 GTO exudes style and charm. However, this car is primarily intended for racing.
Gran Turismo Omologato, or “Race Homologation Special,” is what “GTO” stands for. Since then, the GTO moniker has come to mean high performance, quickness, and racing prowess. The original 250 GTO won the 1963 Tour de France after a strong start.
The 1963 Ferrari 250 GTO was always a somewhat costly vehicle, looking back. The original price of the production model was around $18,000, or $153,000 in today’s money. Enzo himself had to assess and approve buyers as part of the procedure.
There is substantial debate over how many of these vintage Prancing Horses were made; estimates range from 36 to 39, according to Road & Track. Ferrari, however, affirms that it ultimately produced and sold 39 vehicles.
As they changed hands over time, different Ferrari 250 GTO models had varying prices. A 250 GTO actually cost $5,400 when it was sold privately in 1962, before all the fanfare. A restored GTO owned by Ralph Lauren sold for $4.2 million 20 years later. The price of the Ferrari 250 GTO has only risen in more recent years; a 1962 example was sold privately in 2012 for $35 million. Another 250 GTO also set an auction record in August 2014 when it sold for $38.1 million, according to Forbes.
Undoubtedly, a vehicle’s value might soar to new heights due to limited manufacture. But why is the price of the 1963 Ferrari 250 GTO so outrageous? And how does this storied collector automobile stack up against other pricey vehicles out there? Apparently, there is a lot more to learn about the Ferrari 250 GTO.
Find out why a Ferrari 250 GTO sold for $52 million and how it came to be that price.
The Ferrari 250 GTO is extremely rare and sought-after because just 36 of them were ever produced.
Feast your eyes on the Ferrari 250 GTO if you’ve ever wondered what the most expensive car in the world looks like. It was just sold for $52 million, making it the priciest automobile ever.
It goes without saying that purchasing a classic car is not inexpensive. A increasing number of collectors are very interested in vintage cars and will pay very high prices for them. But even the most liberal funds won’t cover the Ferrari 250 GTO.
The Ferrari 250 GTO has had a 500,000% increase in value when it first cost PS6,000. There are a few main causes for this:
- It is quite valuable because Jean Guichet drove it to victory in the 1963 Tour de France.
- Only 36 GTOs were ever produced, making it one of the most coveted classic automobiles in the world.
- It boasts a strong V12 engine that allows it to reach a top speed of 174 mph.
What did the 1962 Ferrari 250 GTO sell for?
You wish you had a time machine to travel back in time and purchase a 1962 Ferrari 250 GTO when you consider how much one may sell for at auction. The Ferrari 250 GTO cost $18,000 new from the manufacturer in 1962.
Inflation-adjusted, that cost is currently $aa163,053, which is still significantly less than the 250 GTO’s auction price. The 1962 Ferrari 250 GTO was sold at auction for $48.4 million, which is about 300 times its current market value.
How much was the auction price for a 1962 Ferrari?
On Saturday night, a 1962 Ferrari 250 GTO broke the previous record for the most expensive vehicle ever sold at auction by selling for $48.4 million.
At the RM Sotheby’s auction in Monterey, California, where bidding began at a whopping $35 million, the immaculate Prancing Horse was purchased. This video demonstrates how bids increased gradually over the course of the seven-minute bidding fiesta, ultimately reaching a hammer price of $44 million, just shy of the $45 million forecast. The winning bid was increased by a 10% commission, resulting in an out-the-door price of $4,405,000.
This specific 250 GTO, chassis number 3413 GT, was Ferrari’s third creation. Phil Hill, the defending Formula 1 world champion, piloted it in the 1962 Targa Florio, and Gianni Bulgari drove it the next two years. Dr. Greg Whitten, a software lead at Microsoft throughout the company’s rise, purchased this exact automobile last in 2000. Whitten raced it numerous times.
Dr. Whitten said to Auto Classics, “My journey with the 250 GTO has come to an end, but I am happy to watch how this great automobile is appreciated by the new owner.” They will have seen the long list of adjectives that are used to describe it, such as legendary, historic, and holy grail, but I can guarantee them that once they are in the car, they will realize that each one of them is accurate.
Only three GTOs have been put up for public auction in the new millennium, according to Shelby Myers, an automotive specialist with RM Sotheby’s.
An additional 250 GTO was secretly sold to the CEO of Weathertech earlier this year for a reported $80 million. The 250 GTO, by far the most valuable car model ever, is predicted to surpass the $100 million mark within the next several decades. We can only wait to see if it turns out to be the case.
How many Ferrari 250 GTOs are there today?
A 1963 silver Ferrari GTO was sold privately for $70 million in June 2018, which is said to be the most money ever spent on a vehicle.
A 1962 Ferrari 250 GTO in red went for $48.4 million at auction in August of that year.
And in October 2017, British historic vehicle dealer and former race driver Gregor Fisken purchased the blue 1962 Ferrari 250 GTO owned by Washington, D.C.-based attorney Bernard Carl for $44 million.
The car’s gearbox is currently the subject of a $500,000 legal dispute between Carl and Fisken.
According to The Telegraph, Fisken claims he purchased the Ferrari with the knowledge that it lacked the original gearbox, a component of the transmission, but with the agreement that Carl would eventually provide it to him.
Fisken sued Carl for contract breach and demanded that Carl deliver the original gearbox right now. Carl then filed a lawsuit against Fisken, alleging that Fisken failed to locate the part because neither he nor Carl would pay a $25,000 fee to the American auto dealer that Carl claims is in possession of it. In addition, Carl is requesting from Fisken $500,000 to pay the expense of his search for the original gearbox.
Both men no longer actually own the car, but the matter is still pending. According to The Telegraph, Fisken sold the Ferrari to a “rich unnamed collector” in 2017 for an unknown sum.
The racing heritage of Ferrari GTOs contributes to their popularity. The GTO at the focus of the legal dispute competed in a number of notable races in the 1960s, including two in particular.
Famous endurance racers Phil Hill and Olivier Gendebien drove this Ferrari in the “12 Hours of Sebring” in 1962, finishing second.
The most renowned endurance race, the “24 Hours of Le Mans,” was won by Hill and Gendebien in the Ferrari that same year.
Its components were frequently taken out and changed as a race car to increase the likelihood of success on the track. Forbes claims that this is the reason the vehicle’s original gearbox was taken out and not replaced.
Ferrari claims that the 3-liter V12 engine used in the 250 GTO produces 300 horsepower at 7,400 rpm. It is left- or right-hand drive and features a cable-operated handbrake on the rear wheels.
What makes the Ferrari 250 GTO unique?
The Ferrari 250 GTO was able to reach an extraordinary top speed of 170 miles per hour because to its fantastic V12 engine and aerodynamic body design. One of the most storied engine combinations in a car is this one because it has larger valves and dry-sump lubrication.
Additionally, the engine had a twin overhead camshaft, six twin-choke Weber carburetors, and wet cast-iron cylinder liners. A five-speed all-synchronized transmission was also added to the Ferrari. When you put it all together, you get a 2,953cc masterpiece that had 300 horsepower.
The Ferrari 250 GTO won the GT World Championships in 1962, 1963, and 1964 using this engine and architecture. It also won the Targa Florio, Sebring 12-hour, Le Mans, and Spa 1000km.
The Ferrari won more than 300 races across the world when it was on the track, taking first place in its class. These accomplishments rank among the best wins for a road car, or any car for that matter. Legendary statistics back this up.
Only three 4.0L with 3967cc engine GTOs were produced in 1964. At 7500 rpm, the engine was producing 390 horsepower.
This was in fact Ferrari’s last excellent front-engine GT car to be produced.
What was the purchase price of Chris Evans’ Ferrari 250 GTO?
Italian 250 GTO Chris is alleged to have declared his desire to acquire a 250 GTO after developing a taste for Ferraris. And he actually accomplished that in 2010. He spent a whopping $17.7 million on what must be the most coveted trophy of all automobiles, a red 1963 Ferrari 250 GTO.