1962 Ferrari 250 GTO Becomes The Worlds Most Expensive Car

1962 Ferrari 250 GTO Becomes The Worlds Most Expensive Car
31st August 2018 Finance Motorsport Team
In News
Race Car Finance

Meet the worlds most expensive car

1962 Ferrari 250 GTO sells at RM Sotheby’s Monterey Sale 2018

And becomes the worlds most expensive car…

The 1962 Ferrari 250 GTO that twice won its class in the Targa Florio has sold for a world record price of $48,405,000 at RM Sotheby’s Monterey sale.

Boasting an impressive provenance, this 250 GTO wass a key contributor to Ferrari’s victory in the 1964 International Championship for GT Manufacturers with its class win in the 1964 Targa Florio, following on from a win at the same event in 1963. Throughout 1962 and 1965 seasons the car logged over 15 class and overall wins

It was bought in 2000 by Greg Whitten, chairman of Numerix Software Ltd for $10 million.

Against a pre-sale estimate of $45m to $60m, bidding started at $35m before climbing to $40m. Bidding slows before climbing in $250,000 increments to the final hammer price of $44,000,000, taking it up to $48,405,000 with premium and fees – or £37,250,309.78.  This firmly makes it the worlds most expensive car.

You can read the original description and check out the photos on the RM Auctions website here

There aren’t too many ways to turn $10 million into $44,000,000 over an 18 year period…

What does this mean for the state of the market and the collector car sector and the future?