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.
In This Article...
Breaking the auction record, a Ferrari 250 GTO sold for $48.4 million.
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.
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.
A 1962 Ferrari 250 GTO just broke the auction world record by selling for $48.4 million.
- On Saturday, a 1962 Ferrari 250 GTO fetched a record-breaking $48.4 million at an RM Sotheby’s auction in Monterey, California.
- The highest amount ever paid at auction for a classic automobile was $48.4 million.
- Dr. Gregory Whitten, the chairman of Numerix Software, a Ferrari lover and former racer, had owned the vehicle.
- The $48.4 million auction price, according to RM Sotheby’s, surpasses the previous record-breaking price by more than $10 million.
The highest amount ever paid at auction for a classic automobile was $48.4 million. Dr. Gregory Whitten, the chairman of Numerix Software, a vehicle aficionado, Ferrari expert, and former racer, sold the 1962 Ferrari 250 GTO. Bloomberg claims that Whitten bought the Ferrari in 2000, when they sold for about $10 million on the open market.
The transaction took place at the Monterey Conference Center’s annual RM Sotheby’s Monterey auction. According to the RM Sotheby’s website, this year’s event attracted bids from 37 different nations and broke sales records, with 83% of all the vehicles up for auction at the RM Sotheby’s auction finding new owners.
The public auction for the 250 GTO was eagerly anticipated because it was long regarded as “the holy grail” of the vehicle collector community, according to RM Sotheby’s.
There were cheers and applause when five-time Le Mans champion Derek Bell exited the vehicle in front of a packed salesroom after driving it across the auction block, according to a statement on the RM Sotheby’s website, “followed by gasps as auctioneer Maarten ten Holder opened the bidding at the unprecedented level of $35 million.”
The three collectors actually competed over the phone for 10 minutes while a crowded house listened and watched, shifting multiple millions of dollars in increments until the new owner reached the final auction price of $44 million, according to Sotheby’s. In order to reach the record-breaking price, bidding fees were applied for a total of an extra $4.4 million.
Bloomberg states Between 1963 and 1964, Ferrari produced just 36 units of the 250 GTO Model.
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.
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.
Who purchased the Ferrari 250 GTO in 1964?
A Ferrari 250 GTO sold for the then-record-breaking sum of $52 million back in 2013, breaking all previous records for car purchases. On June 1st, another 1963 250 GTO, of which only 39 were made, sold for a tidy sum of $70 million USD, breaking the previous record.
WeatherTech president David MacNeil, a devoted racing fan and auto collector, purchased the 250 GTO. Cooper MacNeil, his son and a professional race car driver, will compete in this year’s 24 Hours of Le Mans while operating a Ferrari 488 GTE.
It is understandable why a Ferrari aficionado like David MacNeil would choose to invest such a staggering sum in the Ferrari 250 GTO. The word “invest” is appropriate because it won’t be long before another Ferrari 250 GTO is sold for a higher price.
Christian Glaesel, a German car collector, owned the vehicle that was sold. With Lucian Bianchi and Georges Berger serving as the car’s co-pilot and pilot, respectively, it competed in the 1964 Tour de France Automobile and took first place. This 1963 version of the vehicle bears the chassis number 4153 GT. In the GT division, the two drivers competed for the Ecurie Nationale Belge team. The vehicle competed in the 1963 24 Hours of Le Mans as well, finishing fourth. Over the next two years, it continued to compete in a lot more races. Amazingly, it never had an accident, which was at the time a small miracle.
Paying $70 million for an automobile is absurd to the average person. However, this sort of arrangement requires a different perspective. In particular, the 250 GTO model, powered by a V12 engine, is regarded as the pinnacle of Ferrari’s long history, on par with a great painter’s most renowned creation. Due to its mystique and the fact that just 39 of the 250 GTOs were made, its value has increased dramatically.
The car will be kept in the buyer’s private collection and will appreciate in value over time, much like a wise investment.