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Ferrari race car sells at auction for record-making $48.4 million

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6 years ago

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The 1962 Ferrari 250 GTO, similar to the one above, keeps breaking records on the track and at the auction house.
The 1962 Ferrari 250 GTO, similar to the one above, keeps breaking records on the track and at the auction house.

Image: Michael Cole/Corbis via Getty Images

2016%2f10%2f18%2f6f%2f2016101865slbw.6b8ca.6b5d9By Sasha Lekach2018-08-26 20:37:20 UTC

A 1960s race car that originally cost $18,000 (that’s $151,203.60 in today’s money) shattered records with a nearly $50 million auction sale this weekend.

The valuable 1962 Ferrari 250 GTO, a two-seater coupe, sold at an RM Sotheby’s auction in California for $48.4 million. This is the highest auction price ever for a vehicle. A 2014 auction previously held that title, for a $38 million Ferrari.

Only 36 of the Ferrari 250 GTO were made between 1962 and 1964, making it a rarity and highly desirable for collectors. This particular Ferrari raced in the 1962 Italian GT Championships — and won. The car has a top speed of 174 mph.

This was the third 250 GTO made and it comes with a strong lineage of racing wins and achievements. The new owners now have access to highly exclusive auto events. Fancy.

While this weekend’s auction sale was a record, it doesn’t beat the sale price of a 1963 version of the Ferrari that sold earlier this year for a whooping $70 million.

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