Record

1962 Ferrari 250 GTO Sells for Record $38.1M in Auction

Less than expected but still a monstrous sum of money.

It didn’t take long for this super-rare 1962 Ferrari 250 GTO to become the Most Expensive Car Sold at Auction. Ten minutes of bidding is all it took in fact, with the car swiftly sold to a telephone bidder for $34,650,000. Add on Bonham’s ten percent sales commission, and the final price comes to $38,115,000. That’s an $8m premium over the last GTO sold at auction, but around half of what many experts had predicted.

Starting off at $11 million, it took just a minute to reach $31m. The additional $3.5 million was added on in small $100k increments, before the final sale price for chassis #3851GT was reached. It’s impossible to pinpoint what affects the price of what many regard to be the holy grail of classics. Starting life in pale gray, just months after being purchased, the 19th of just 39 GTOs ever made crashed at the hands of a French racing driver, who died shortly after. The only fatal crash involving a GTO would surely hurt the car’s value. However, it also remained with one owner for nearly fifty years. It’s mechanical history is therefore verifiable, increasing its value.

On top of that, classic car prices are stratospherically high at the moment, making collectors cautious. Nevertheless, a world record was set and doubtless the next time a GTO crosses the auction block, the record will be broken again.

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