Why was there such a huge price tag for this car? There are a number of reasons, but the main reason is that only 39 of these cars were ever produced. That makes the Ferrari GTO one of the rarest and most coveted cars in the world. The limited supply is exacerbated for all the high-end car collectors out there because the few who do own the car rarely are willing to give it up.
It’s also a car that came to represent an end of an era. The car was one of the last built as both as a road car and a race car at the same time. Advances in technology and costs split the two so that race cars were no longer built for the road as well. This particular car, #19 of the 39 produced, had a life as both. It was also the only one to ever be involved in a fatal crash when then owner, and retired Olympic gold-medal skier Henri Oreiller, crashed the car into the side of a building. Some of the people who own this Ferrari model are fashion designer Ralph Lauren, WalMart heir Rob Walton, and Pink Floyd drummer Nick Mason.
The bidding for the car began at $11 million, but reached $31 million within a minute, but the big number increases stalled there. It then slowly crept up to the final price of $34.65 million. While that is the most amount of money ever paid for a car at auction, it’s not the most ever paid for a car. A private sale for the same model Ferrari last year reportedly was completed for $52 million.
Predictions for the four-day auction had some experts predicting that a half billion dollars worth of cars could be sold in Monterey, but that seems unlikely after the GTO bid. The high-end collectible car market is strong and record prices are being paid, but not quite as strong as pre-auction predictions had been. Still, the auction looks to be on pace to sell more than the $312 million it did at the same auction in 2013