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.
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What is the value of a 250 GTO?
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. And buyers had to be evaluated and approved by Enzo himself as part of the process.
There is substantial debate over how many of these vintage Prancing Horses were made; estimates range from 36 to 39, according to Road & Track. However, Ferrari claims it ultimately manufactured and sold 39 examples.
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.
A 1962 Ferrari 250 GTO is owned by who?
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.
What remains of the 1962 Ferrari 250 GTO?
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.
What is the price of the most expensive 250 GTO Ferrari ever sold?
Paul Pappalardo apparently owned it and raced it in a variety of heritage race series before selling it in 2013. With a sale price of $70.2 million, another Ferrari 250 GTO in silver blue was the most expensive automobile ever.
What is the value of Nick Mason’s Ferrari GTO?
You’re in for a real treat when you see the footage of Nick Mason, the Pink Floyd drummer, driving Brian Johnson, the lead singer of AC/DC, in Mason’s Ferrari 250 GTO. Rarely do you get to see two rock and roll icons get into a classic Ferrari and have a thrilling ride. This is made even better by the fact that the vehicle, a genuine 250 GTO and not a clone, has a hidden financial relationship with Pink Floyd.
In 1978, Mason purchased a Ferrari 250 GTO. back in 1965, when Pink Floyd was first formed. Avoid choking, but the drummer only paid 35,000 pounds. The vehicle is now worth PS40 million, proving that it was a wise investment. But in the late 1970s, he was basking in his hard-won success and was probably not considering his Maranello sports car as a wise financial investment.
Mason used the Ferrari 250 GTO as security to secure a loan for Pink Floyd’s extensive A Momentary Lapse of Reason tour. Not everyone was optimistic Pink Floyd could make the tour profitable given the extensive schedule of 198 gigs from September 1987 to June 1990. Of course, the group was successful, and Mason kept the automobile.
Mason is used to driving such a pricey automobile on rainy roads, so don’t be terrified by it. He does, after all, reside in England, where it frequently rains. The drummer informed Johnson that it outperforms a limo in traffic and for transporting his daughters to weddings.
This video is a clip from the Brian Johnson-starring television program A Life On The Road. Try to view the whole episodes here, but be aware that it only entered the US market through AXS TV in September 2019. However, there are snippets from past episodes on Brian Johnson’s YouTube channel, which is better than nothing.
The Ferrari GTO—is it unique?
With scarcity on its advantage, a vintage Ferrari GTO recently sold privately for almost $70 million: Only 39 GTOs were produced between 1962 and 1964, and they are regarded as among the most attractive sports vehicles ever made, not just in terms of Ferraris.
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.
Who is the Ferrari 250 GT owner?
The legendary 1962 Ferrari 250 GTO, chassis 3413, owned by renowned auto collector Greg Whitten, was the highlight of Saturday night’s RM/auctions Sotheby’s at Monterey Week. Lot 247, the vehicle, sold for $44 million at the hammer price after only 12 minutes of spirited bidding in an environment brimming with enthusiasm. The final cost, including the buyer’s premium, is $48.4 million. Since the new owner was not yet known at the time of publication, the winning bid was made through an agent. As described above, the highly rare Ferrari was widely regarded as the most valuable car to ever be offered for auction.
Greg Whitten, the seller, exclaims, “I’m really thrilled,” as he clinks champagne with his wife and close friends.
Ferrari 250 GTOs continue to command astronomical prices and are in high demand. German race car driver Christian Glaesel recently sold his 1963 Ferrari 250 GTO, chassis 4153, to WeatherTech floor mats inventor David MacNeil in a private transaction for somewhere between $70 million and $80 million. The most expensive vehicle ever auctioned went for $38.1 million in 2014 when chassis 3851 was sold at auction. Paul Pappalardo, an American collector, is believed to have sold his 250 GTO for about $52 million in a separate rumored private transaction in 2013.
In a recent interview with CNBC, Ferrari historian and expert Marcel Massini said that within the next two to three years, a car comparable to the $70-million plus chassis 4153 will sell for over $100 million. Ralph Lauren, Nick Mason, the drummer for Pink Floyd, Peter Sachs, the great-grandson of Samuel Sachs, the founder of Goldman Sachs, and Jon Shirley from Microsoft are among the current owners of the 250 GTO. Two 250 GTOs are currently held by three people: Wal-Rob Mart’s Walton, hedge fund founders Tony and Lulu Wang (who are unrelated to owner Brandon Wang in the UK), and British industrialist Sir Anthony Bamford, who had briefly owned the chassis that just sold. That $100 million dollar mark is getting closer if any of them decide to sell, and Whitten’s automobile has established a new record.
The RM/performance Sotheby’s auction’s defies a vintage vehicle market that has been cooling since 2013, when shrewd investors flooded the market in search of post-recession deals. Jose Luis Celada, a vintage vehicle collector from Buenos Aires who was recently profiled by the New York Times, claims that because the opportunists are less active and the market is once again dominated by specialists, there are fewer purchasers. However, classic Ferraris are still among the most desired, particularly those that are in perfect and, ideally, operational condition.
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.