1962 Ferrari 250 GTO sells for US$51.7 million at Sotheby’s becoming second most expensive car

A 1962 Ferrari 250 GTO has been sold for a staggering US$51.7 million ( 18.6 million baht) at Sotheby’s in New York, making it the second most costly car ever auctioned.

The sleek red vehicle had been held by an American collector for the preceding 38 years. The record for the highest auction price is still held by a Mercedes 300 SLR Uhlenhaut Coupe, which fetched 135 million euros (US$144 million at current exchange rates) last year.

The Ferrari was sold yesterday, November 13 through a few minutes of energetic bidding. However, the final price did not reach the anticipated sum of over US$60 million as projected by RM Sotheby’s, the luxury car branch of the auction house. Sotheby’s has not disclosed the identity of the successful buyer.

The 1962 Ferrari 250 GTO is a historic vehicle in the motor racing world. Sporting a 4-litre engine capable of delivering 390 horsepower, it had placed second in a 1,000-kilometre endurance race at the German Nurburgring circuit. It had also participated in the iconic 24 Hours of Le Mans but had to withdraw due to engine failure.

After several years of competing on the Italian mainland and in Sicily, the car was sold and transported to the US in the late 1960s. The Ferrari, having been restored and modified, changed hands among various American owners before being acquired by a dedicated collector from Ohio in 1985, who was the seller yesterday.

Sotheby’s anticipates the new owner will find great enjoyment in touring and vintage racing, or in showcasing the vehicle at major concours d’elegance and marque gatherings worldwide.

Conclusion of sales

The record-holding Mercedes 300 SLR Uhlenhaut Coupe, sold for 135 million euros last year, was one of only two of its kind. It was auctioned at the German manufacturer’s museum in Stuttgart and is the most expensive car ever sold, either at auction or privately, reported Bangkok Post.

This week marks the conclusion of the autumn season of art sales for New York auction powerhouses Sotheby’s and Christie’s, with the sales generating hundreds of millions of dollars, seemingly unaffected by economic downturns. The market, driven predominantly by China and Asia, shows no signs of abating, according to Sotheby’s, despite a tense global climate.

Michael Caimano of RM Sotheby’s equated the Ferrari to a piece of art that can be touched, felt and heard, noting that a car of this calibre is a collector’s item, a once-in-a-lifetime opportunity, regardless of any fluctuations in the financial markets.