This Ferrari GTO is the most valuable car ever auctioned. It sold for $48 million

A 1962 Ferrari 250 GTO sold for $48.4 million at RM Sotheby's annual Monterey collector car sale -- a world ...

Posted: Aug 28, 2018 7:35 PM
Updated: Aug 28, 2018 7:35 PM

A 1962 Ferrari 250 GTO sold for $48.4 million at RM Sotheby's annual Monterey collector car sale -- a world record for any car ever sold at auction.

Up until now, a 1962-63 Ferrari GTO, which sold for $38 million at a 2014 Bonhams auction held that distinction. These prices include a 10% "buyer's premium" paid to the auction company.

Every August, the days leading up to the Pebble Beach Concours d'Elegance classic car show in California are filled with events for high-end car collectors. These include auctions at which record prices are often paid for the most desirable cars.

Cars have sold for far more in private transactions than at public auctions. Another Ferrari 250 GTO, a 1963 model, recently privately sold for the widely reported price of $70 million.

Related: The classic car industry could be hurt by tariffs

Classic Ferrari GTOs are extraordinarily valuable for a number of reasons. First, they were, and are, simply very beautiful cars. Second, these were some of Ferrari's most successful racing cars. There have been more successful models, such as the 250 LM, which has its engine mounted behind the driver, but the front-engined GTO is more popular because it's easier to live with and drive.

"The 250 GTO, you open the door like you do on your car, you get in and you go," said RM Sotheby's car specialist Jake Auerbach in an interview weeks before the sale. "It really is that simple."

All 36 of the 250 GTOs ever made are still running and their ownership has created a very exclusive club. Ferrari 250 owners know one another and sometimes get together for road rallies.

"The GTO tours are, as far as that level of net worth goes, the ultimate event and there really is only one way to get in and that's to own one of the 36 cars," said Auerbach.

The record-setting GTO that sold at the RM Sotheby's auction on Saturday won the 1962 Italian GT championship, and notched over 15 race victories from 1962 to 1965. Among its drivers were Phil Hill, who is most famous as the first American to be a Formula 1 World Champion. He drove this Ferrari as his practice car before the Targa Florio race in 1962. Gianni Bulgari, later president of his family's jewelry company, raced the car in 1963. Other prominent drivers also spent time in its driver's seat.

This particular GTO was only the third one built, but it was given a new body in 1963, incorporating design changes for improved aerodynamics and handling. This made the car better suited for an upcoming race, the Targa Florio in Sicily, that took place on winding roads demanding quick cornering. The Ferrari finished fifth overall, but won in its class in a race in which more than half the cars didn't finish at all.

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 113337

Reported Deaths: 3530
CountyConfirmedDeaths
Marion20936761
Lake10334319
Elkhart6438109
St. Joseph6226103
Allen6060200
Hamilton4761109
Vanderburgh349430
Hendricks2681122
Monroe251236
Tippecanoe231213
Johnson2279123
Clark215756
Porter209046
Cass19339
Delaware189561
Vigo178524
Madison161075
LaPorte138239
Floyd132161
Howard129063
Warrick122336
Kosciusko120617
Bartholomew115357
Marshall99424
Dubois95918
Boone95646
Hancock91443
Grant89733
Noble89432
Henry78125
Wayne74714
Jackson7429
Morgan70638
Shelby66629
Daviess65428
Dearborn63928
LaGrange63211
Clinton59513
Harrison56424
Putnam53810
Lawrence50628
Montgomery50521
Knox5039
Gibson4894
White48214
DeKalb46311
Decatur45739
Miami4303
Greene41935
Fayette41813
Jasper3862
Steuben3747
Scott35910
Sullivan33112
Jennings31212
Posey3090
Franklin30325
Clay2985
Orange28624
Ripley2828
Carroll27113
Wabash2628
Washington2611
Whitley2556
Starke2537
Adams2523
Wells2503
Jefferson2443
Fulton2352
Huntington2223
Spencer2223
Tipton22022
Perry21513
Randolph2097
Jay1750
Newton17211
Owen1671
Martin1640
Rush1534
Pike1411
Vermillion1260
Fountain1202
Pulaski1151
Blackford1133
Brown1033
Crawford1030
Parke961
Benton880
Ohio777
Union770
Switzerland690
Warren391
Unassigned0225

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 146753

Reported Deaths: 4687
CountyConfirmedDeaths
Franklin26393606
Cuyahoga17262654
Hamilton12913312
Montgomery7623157
Lucas7205361
Butler5771106
Summit5202250
Marion307547
Mahoning3014280
Warren297848
Stark2790170
Pickaway264144
Lorain229386
Delaware218820
Fairfield205852
Columbiana192380
Licking188362
Trumbull1861131
Clark176439
Wood175272
Clermont166521
Lake159650
Medina144239
Greene139732
Miami139451
Allen139369
Portage111066
Mercer108517
Erie92645
Tuscarawas92020
Wayne91367
Ross86523
Richland81519
Madison79212
Darke78041
Belmont71427
Geauga70948
Hancock67610
Ashtabula65348
Athens6362
Lawrence62722
Shelby59710
Auglaize5769
Putnam56823
Sandusky55820
Huron5387
Union5092
Scioto4826
Ottawa46630
Seneca46414
Preble42515
Muskingum3862
Holmes3787
Jefferson3334
Henry30713
Logan3053
Champaign3003
Perry2929
Defiance28610
Clinton28413
Brown2832
Knox28215
Morrow2552
Washington25523
Hardin25213
Jackson2414
Fulton2391
Coshocton23211
Ashland2314
Crawford2286
Fayette2276
Highland2223
Williams2053
Wyandot20512
Gallia18812
Meigs17410
Pike1740
Hocking1619
Guernsey1608
Carroll1517
Adams1264
Van Wert1143
Monroe11018
Paulding1060
Harrison622
Morgan470
Vinton453
Noble270
Unassigned00
Fort Wayne
Clear
77° wxIcon
Hi: 77° Lo: 51°
Feels Like: 78°
Angola
Clear
75° wxIcon
Hi: 77° Lo: 52°
Feels Like: 75°
Huntington
Clear
75° wxIcon
Hi: 77° Lo: 51°
Feels Like: 75°
Decatur
Clear
77° wxIcon
Hi: 77° Lo: 51°
Feels Like: 78°
Van Wert
Clear
77° wxIcon
Hi: 77° Lo: 50°
Feels Like: 78°
Sunny, Pleasant Friday
WFFT Radar
WFFT Temperatures
WFFT National

Community Events