Iconic 1962 Ferrari 250 GTO Secures Second Spot in Auction History, Fetches Staggering $51.7 Million

The iconic 1962 Ferrari 250 GTO, adorned in vibrant red stole the show, fetching a remarkable $51.7 million and etching its name as the second most expensive car ever auctioned, according to the heartened voices at Sotheby’s.

The esteemed roadster, held by an American collector for an impressive 38 years, outshone expectations, surpassed all expectations, trailing only behind the astounding $135 million sale of a Mercedes 300 SLR Uhlenhaut Coupe in 2022. With today’s exchange rate, that equates to a staggering $144 million.

Despite earlier predictions exceeding $60 million by RM Sotheby’s, the luxury car subsidiary, the 250 GTO took center stage in the auction room, captivating the audience and securing a slightly lower but still breathtaking bid. The identity of the new owner remains a delightful mystery.

Reflecting on its 1962 origins, this Scuderia legend, with chassis 3765 and a four-litre engine producing 390 bhp, has woven itself into history with a second-place finish at the Nurburgring and the legendary 24 Hours of Le Mans. After gracing tracks in Italy and Sicily, the car embarked on a transatlantic journey in the late 1960s.

Undergoing restoration and modification, the 250 GTO passed through several American owners before landing in the hands of an Ohio-based “dedicated collector” in 1985, who, after nearly four decades of stewardship, propelled it back into the market on Monday.

Sotheby’s, describing the GTO as more than just a car, painted it as a spectacle for “touring, vintage racing, or display at major concours d’elegance and marque gatherings worldwide,” adding another chapter to its rich and storied history.

The exceptional Mercedes 300 SLR Uhlenhaut Coupe, which claimed the top spot at 135 million euros in 2022, remains a rare gem, with only two known examples. Sold in a confidential auction at the German manufacturer’s museum in Stuttgart, it stands as the most expensive car ever sold globally, either at auction or privately, according to a RM Sotheby’s spokesperson.

As the autumn season of art sales draws to a close for New York auction houses Sotheby’s and Christie’s, standing resilient in the face of challenging times, the market, fueled by the warmth from China and Asia, shows no signs of slowing down, according to the comforting assurances from Sotheby’s.

Michael Caimano of RM Sotheby’s, echoing this sentiment, compared the Ferrari to a tangible work of art, emphasizing its timeless allure and collector’s appeal, transcending the fluctuations of financial markets.