ALBAWABA - The "Ferrari 250 GTO" from 1962 has become the second most expensive car ever sold at auctions worldwide. It was successfully auctioned in New York for a staggering $51.7 million, according to Sotheby's, reflecting the robust market despite various crises.
The renowned auction houses, Sotheby's and Christie's, are concluding their fall season this week, expecting billion-dollar sales thanks to works by Picasso, Monet, Cézanne, Rothko, and others. The auction events in luxurious New York attract wealthy art collectors and discreet buyers who engage in competitive bidding, with the "Ferrari 250 GTO" standing out as a masterpiece, described by Sotheby's as the pinnacle among sports cars.
Despite being owned by an American car collector for 38 years, this luxurious Italian vehicle surpassed the record set by another "Ferrari 250 GTO," sold at a Sotheby's auction in 2018 for $48 million. However, the recent sale fell short of the absolute auction price record held by a "Mercedes" 300 SLR Uhlenhaut, sold for €135 million in 2022.
A 1962 Ferrari 250 GTO, the most valuable car ever offered at auction, is displayed at a preview at Sotheby’s in New York on November 2, 2023. (Photo by ANGELA WEISS / AFP)
A spokesperson for RM Sotheby's, the luxury car branch of Sotheby's, revealed that one of the only two available versions of this car was sold at a secret auction held in 2022 at the German manufacturer's museum in Stuttgart. At that time, it became the "most expensive car ever sold" globally, either at an auction or through a private sale.
Only a few minutes into the auction, a select group of potential buyers participated, and the "Ferrari 250 GTO" was sold for $51.7 million, below the estimated price of "over $60 million." This sports car, part of the Ferrari Scuderia team, with chassis number 3765 and a four-liter engine producing 390 horsepower, dates back to 1962. It achieved second place in the Nürburgring endurance race and faced engine troubles during the famous 24 Hours of Le Mans in the same year, leading to the team's withdrawal.
A 1962 Ferrari 250 GTO, the most valuable car ever offered at auction, is displayed at a preview at Sotheby’s in New York on November 2, 2023. (Photo by ANGELA WEISS / AFP)
After participating in competitions in Sicily, Italy, for a few years, the car was sold and exported to the United States in the late sixties. Over the years, it underwent restoration and modification under various American owners, ultimately being acquired by an Ohio car enthusiast in 1985, who has retained ownership to this day.
Sotheby's assured before the fall auctions that the wars in Ukraine and Gaza did not show any "indicators of slowdown" in the market for luxury artworks and products. Both Christie's and Sotheby's have achieved sales in the hundreds of millions since the beginning of the fall auction season in New York, with Christie's selling Monet's "Water Lily Pond Blessing" for $74 million. Sotheby's reported total sales of $864 million, including the sale of Picasso's "Woman of the Hour" for $139 million, marking the second most expensive painting ever sold by the artist who passed away 50 years ago.
