This is the most expensive Ferrari sold at auction: Classic 1962 250 GTO dubbed 'the holy grail of all collector cars'

A glorious Ferrari dubbed the ‘holy grail of all collector cars’ has just set a new record in a unique sale.

It was offered to the highest bidder on Monday evening among some of the world’s most expensive modern and contemporary art at a prestigious New York auction.

The spectacular 1962 330LM/250 GTO is widely considered the rarest example of Ferrari’s most celebrated and sought-after classic car.

That’s because chassis number 3765 is the only 250 GTO ever officially entered into competition by the manufacturer’s own racing team, Scuderia Ferrari.

The winning bid of $51.7million – which works out at roughly £42.1million – is the highest price anyone has ever paid for a Ferrari at public sale and makes this the second most expensive motor sold at auction of all time.

The most expensive Ferrari to ever sell at auction: This spectacular 1962 330LM/250 GTO – widely considered the rarest example of Ferrari’s most celebrated and sought-after classic car – set the new record at an RM Sotheby’s art sale on Monday 13 November, selling for a whopping $51.7million (roughly £42.1million)

The sale price gazumps the previous record for a Ferrari, which was also a 250 GTO sold by the same auction house – RM Sotheby’s – back in 2018 for $48.4million.

Only a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe has sold for a higher price than chassis 3765.

The German sports car – a converted racer – changed hands at a top-secret auction hosted by RM Sotheby’s at the Mercedes-Benz museum in Stuttgart last year for an incredible $143million (€135million/£115million), making it the most expensive car on the planet.

Commenting after the hammer dropped on the 250 GTO lot on New York, Gord Duff, global head of auctions at Sotheby’s, said the new record price paid ‘highlights the unparalleled stature of this Ferrari as one of the world’s most desirable objects’.

He added: ‘Fetching $51.7million, this transaction adds a new chapter to a vehicle with an unmatched legacy. Now, it ranks among the most expensive cars sold at auction, a true testament to its singular place in history.’

The winning bid of $51.7million is not only the highest price anyone has ever paid for a Ferrari at public sale, it’s the second most expensive motor sold at auction of all time

The sale price gazumps the previous record for a Ferrari, which was also a 250 GTO sold by the same auction house – RM Sotheby’s – back in 2018 for $48.4million. Only a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe has sold for a higher price than chassis 3765

Its availability on Monday evening in New York came after nearly four decades in private ownership, having been fastidious cared for by the vendor for 38 years. It’s proof of just how rare it is for cars of such stature to change hands

This chart shows the rocketing value of Ferrari 250 GTOs in recent years. As you can see from this table, three examples have reportedly changed hands for more than this week’s new auction record…

John Mayhead, editor of Hagerty UK’s Price Guide for classic motors, said the sale ‘shows that the very best of the blue-chip cars still draws the attention – and bids – of the world’s ultra-rich’ as he explained to us the importance of this Ferrari being sold alongside expensive modern art rather than other vehicles.

He told This is Money: ‘Cars like this are seen not only as an entry ticket into some of the world’s most exclusive gatherings, but also sound investments.

‘Hagerty’s tracked values of 250 GTO sales shows a constantly upward curve. This car was very special indeed, combining period racing history for Ferrari, long ownership and even Pebble Beach concours honours.

‘RM Sotheby’s choice of a public art auction rather than either a car auction or semi-private ‘sealed bid’ auction was an interesting one. In a very competitive top-end auction market where Broad Arrow, Gooding & Company, Bonhams and RM Sotheby’s compete against each other for the top clients, this was a very public statement of intent.

‘Also, compared to many of the most valuable works of art, the price paid last night for this car could seem relatively affordable to the ultra-rich collector.’

What makes this particular vehicle uniquely special is its incredible history as the only official ‘works’ Scuderia Ferrari 250 GTO Tipo converted to 330LM racing specification

The Ferrari – seen here racing at Le Mans – was first entered into the 1962 Nürburgring 1000KM race on 27 May by the factory team. Works drivers Mike Parkes and Willy Mairesse piloted the Ferrari to a class win, taking second overall in the standings

With Le Mans firmly in the Scuderia team’s sights later in the year, a four-litre powerplant was added to the chassis in preparation to make the 250 GTO as competitive as possible (pictured at Le Mans in 1962)

Briton Mike Parkes and Italian Lorenzo Bandini were its drivers and the pair qualified fourth on the grid for the world’s most famous long-distance race

It wasn’t a successful event for the Scuderia Ferrari 250 GTO. Parkes crashed early in the race (and was forced to spend half an hour digging the Ferrari out of the sandbank with a shovel at the end of the Mulsanne Straight) and the four-litre engine eventually overheated after completing 56 laps of gruelling running, forcing the team’s retirement

Commenting after the hammer dropped on the 250 GTO lot on New York, Gord Duff, global head of auctions at Sotheby’s, said the new record price paid ‘highlights the unparalleled stature of this Ferrari as one of the world’s most desirable objects’

The car is considered the finest Ferrari long-nosed grand tourers of all time and one only the most well-heeled prancing horse enthusiast could afford

What makes this particular vehicle uniquely special is its incredible history as the only official ‘works’ Scuderia Ferrari 250 GTO Tipo converted to 330LM racing specification.

Its availability comes after nearly four decades in private ownership, having been fastidious cared for by the vendor for 38 years.

It’s proof of just how rare it is for cars of such stature to change hands.

As documented in copies of factory build sheets in its ample history file, the 250 GTO was originally fitted with a three-carburettor motor (engine number 42 SA) that was extensively tested in May 1962 before being installed into chassis number 3765 – believed to be the ninth car built by date and one of only 36 examples ever produced.

Finished in ‘Rosso Cina’ red paint, the uprated GTO debuted for the factory team at the Nürburgring 1000KM on 27 May 1962, where it was entered as number 120.

Works drivers Mike Parkes and Willy Mairesse piloted the Ferrari to a class win, taking second overall in the standings.

With Le Mans firmly in the Scuderia team’s sights later in the year, a four-litre powerplant was added to the chassis in preparation.

This time with Briton Mike Parkes and Italian Lorenzo Bandini at wheel, the 250 GTO qualified fourth on the grid for the world’s most famous long-distance race.

However, having crashed early in the race (Parkes was forced to spend half an hour digging the Ferrari out of the sandbank with a shovel at the end of the Mulsanne Straight), the four-litre engine eventually overheated after completing 56 laps of gruelling running, forcing the team’s retirement.

Following the disappointment at Le Mans and the conclusion of the 1962 season’s four-litre class-eligible events, there was little purpose for Ferrari to continue campaigning chassis 3765 as a factory outfit and – as a result – the car was refurbished in preparation for public sale.

In November 1962, it was purchased by Italian Pietro Ferraro for a reported (though unconfirmed) $6,000, who then commissioned a series of factory modifications at Ferrari’s Maranello factory under the request to return it to 250 GTO specification.

This included fitting its third engine – internal number 670/62E – that remains under the bonnet to this day.

The Ferrari was offered to the highest bidder on Monday evening among some of the world’s most expensive modern and contemporary art at a prestigious New York auction. It was the only vehicle lot in the sale

This engine in the 250 GTO is its third, showing internal number 670/62E. This three-litre V12 motor had originally been used as a developmental engine for another Ferrari racer and was paired with a 250 GTO specification five-speed gearbox

The documented history shows that once the drivetrain build was complete in the early ’60s, none other than John Surtees test drove the car at the Modena Autodromo a few days later to ensure everything was running tickety-boo

This three-litre V12 motor had originally been used as a developmental engine for another Ferrari racer and was paired with a 250 GTO specification five-speed gearbox.

Once the drivetrain build was complete, none other than John Surtees test drove the car at the Modena Autodromo a few days later to ensure everything was running tickety-boo.

The Ferrari went on to have a decorated racing history in the hands of Ferraro for the following years – including securing the runner-up positing in the 1965 Sicilian Hillclimb Championship – before being traded back to the factory in 1967.

It was bought soon after by California resident Mario Tosi who commissioned a yellow respray before exporting the Ferrari to the US – though he kept it only for around 12 months.

The Ferrari went on to have a decorated racing history in the hands of its first private owner, Pietro Ferraro. He finished second in the 1965 Sicilian Hillclimb Championship – before trading the 250 GTO back to the factory in 1967

In 1967, it was bought by California resident Mario Tosi who exported the Ferrari to the US. Just a few years later, it was purchased by Fred Leydorf of Birmingham, Michigan, who was chairman of Ferrari Club America

In April 1985, Leydorf sold the V12-engined Ferrari to renowned collector, Jim Jaeger, 75, who had been amassing sports cars since his teenage years

The 250 GTO then found itself in the hands of American keepers, including Fred Leydorf of Birmingham, Michigan, who was both the manager of American Motors Corporation’s engine design team and chairman of the Ferrari Club America.

During his decade-long ownership, he exhibited the GTO at various events, which only raised the profile of the car among wealthy US collectors.

In April 1985, Leydorf sold the Ferrari to the vendor, renowned collector and Ohio resident, Jim Jaeger, now 75.

He said he began hunting for the ultimate Ferrari in the 1980s and quickly realized what he wanted was a 250 GTO.

In 1985, after a lengthy search that took him across Europe, he bumped into someone at a race who knew an owner looking to sell the exact model he wanted. The car was sitting in Detroit, just four hours from his Cincinnati home.

He paid $500,000 for it (which roughly works out at $1.4million in today’s money) and has retained and cherished the 250 GTO until last night’s sale.

Today, it remains one of the finest Ferrari long-nosed grand tourers of all time and – with a pair of contrasting blue seats and mighty V12 engine under the bonnet – is a car only the most well-heeled prancing horse enthusiast could afford.

The 250 GTO has been incredibly well cared for and dry stored. It comes with the traditional contrasting blue racing seats

RM Sotheby’s had for months been waxing lyrically about the availability of the car, saying: ‘Its appeal transcends the automotive sphere and reaches every kind of collector’

This car now holds the esteemed crown as being the most expensive car with a prancing horse emblem to have change hands at auction

Gold Duff from RM Sotheby’s said chassis 3765 is ‘the one, the car that collectors can only dream of acquiring and we’re thrilled to be able to provide someone the chance to make a dream come true’

Speaking ahead of the sale, Duff, described the car as being ‘more than a classic; it’s a legend’.

He said: ‘Being the only series I GTO to ever race as a factory campaigned car, it represents an unparalleled piece of automotive history.

‘Its appeal transcends the automotive sphere and reaches every kind of collector.

‘This is the one, the car that collectors can only dream of acquiring and we’re thrilled to be able to provide someone the chance to make a dream come true.’

Mari-Claudia Jiménez, Sotheby’s Chairman and President of the Americas, added: ‘As the holy grail of collector cars, it is entirely fitting that Sotheby’s is presenting this icon of motor history and design during our Marquee sales of Modern and Contemporary Art this November in New York.

‘Our Fall auction series has borne witness to record-breaking sales of some of the most important objects of Fine Art and Design in history.

‘The presentation of such an exceptional example of one of Ferrari’s most successful sports cars ever campaigned and their most sought-after collector car, marks an exciting chapter with our partners at RM Sotheby’s and solidifies our deep commitment to offer our clients universally desired masterpieces.’

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