1962 Ferrari GTO sells for record $51.7 million at auction
A 1962 Ferrari 250 GTO by Scaglietti, has set a new record as the priciest Ferrari ever auctioned, selling for $51.7 million at RM Sotheby's auction in New York City. This sale also represents the highest amount paid for a classic car in a public auction this year. The final bid was $47 million, with a 10% buyer's premium raising the total to $51.7 million. Sotheby's Europe Chairman Oliver Barker remarked, "Its place in history is undisputed."
The car was sold in less than 20 minutes
For almost 40 years, the car belonged to Ohio-based collector Jim Jaeger, who co-founded the company that produced Escort radars. The auction began at $34 million and wrapped up in under 20 minutes, with most bidders participating via phone. The final moments saw two bidders hovering around $47 million before the hammer dropped. Both the winning bidder and the car were physically present at the sale, as confirmed by a spokesperson from RM Sotheby's who didn't reveal the new owner.
It possesses a distinctive racing heritage
The one-of-a-kind, scarlet-hued car features a No. 7 racing livery and is the sole Ferrari GTO originally fitted with a 4-liter engine. It is also the only factory GTO Tipo 1962 to have been raced by Scuderia Ferrari. In 1962, the car secured a class victory and second place overall at the Nürburgring 1,000km race. Additionally, it won the Best in Show award at the Amelia Island Concours d'Elegance in Florida in 2012.
Ferraris continue to dominate auction sales in 2023
According to Classic's data, Ferraris have dominated auction sales this year, with 12 of the top 15 cars sold at auction sporting the iconic prancing pony emblem. Juan Diego Calle, founder and CEO of Classic, noted, "That part of the market has not changed one bit." Other high-selling Ferraris in 2023 include a 1962 Ferrari 250 GT SWB California Spider, which went for approximately $18 million, and a 1964 Ferrari 250 LM that garnered €15.7 million.
