$38 Million 1962 Ferrari GTO Breaks Highest Price Paid for a Car at Auction

Red 1962 Ferrari 250 GTO breaks auction record with $38 million bid
It’s the type of vehicle that car enthusiasts drool over. A red 1962 Ferrari 250 GTO (which was originally grey) with a history of crashes managed to sell for $38.115 million at the Monterey Car Week auction this week. That price includes a 10% auction fee, making the actual winning bid for the car $34.65 million. While this amount shatters the previous record price paid for a car at auction (that was $29.65 million paid for a Mercedes W196R at the Bonham’s auction last year), it was actually a bit of a disappointment to some. Many pre-auction predictions had estimated the car might fetch as much as $60 to $70 million to become the most expensive car in history.

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

This entry was posted in Cars, Personal Finance and tagged , , , , , , , . Bookmark the permalink.

5 Responses to $38 Million 1962 Ferrari GTO Breaks Highest Price Paid for a Car at Auction

  1. Francis says:

    Some people have too much money.

  2. christine says:

    Think of all the good that money could have done to help people in the US or around the world. It’s a shame that people think it’s more appropriate to buy a car for that amount than to help others. This is why the world is the way it is. Shameful.

  3. davis says:

    People are allowed to spend money the way they want if its their money. Would you feel it’s all right for others to dictate how you spend your money? Then why do you feel you have the right to dictate how others spend theirs?

  4. Bruce says:

    You are right everyone has the right by law to spend your money any way you want, but there is coming a day of account, all your wealth has been given to you on trust, we are stewards of all we have

  5. SBO says:

    GTO is a car Classic, I really like this car very much. , Dreams, I want to 1964 Pontiac GTO 1 cars.

Leave a Reply

Your email address will not be published. Required fields are marked *