This spectacular 1962 Ferrari 250GTO sold for a globe-record cost of $ 38,115,000 on August 14 at the Quail Lodge auction in Carmel, California. But lots of people predicted that it would command even much more. Hagerty Insurance, for instance, stated an estimate of $ 60 to $ 75 million, which would’ve broken the record sale price for an automobile, set final fall by another Ferrari 250GTO, which traded for $ 52 million in a private sale.
It took only about 90 seconds for the bidding on this GTO to go from $ 10 million to $ 34.65 million. Element in Bonhams’s commission of 10 percent, and there’s your $ 38,115,000. Verify out the video of the bidding below.
Thirty-8 million dollars is a dump-truck load of cash, but it’s a heck of a lot less than $ 52 million, let alone the “high 8-figure range” we expected.
So, what offers? Here’s what McKeel Hagerty, president and CEO of the eponymous classic-car insurance business, had to say about it: “The Ferrari GTO is arguably one particular of the most sought soon after blue-chip cars in the globe. Even even though it didn’t sell as higher as some predictions, this is the new record for the most paid for a auto at public auction. We will be watching to see if the 5-year growth trend continues.”
After the initial day of auctions in the course of Monterey Auto Week, all 10 of the top sales have been Ferraris. Bonhams brokered all of those, but 2 other auction houses—Mecum Auctions and Russo and Steele—have also been in action, selling virtually exclusively sub-$ 25,000 cars. Additional big-income sales are anticipated prior to the final lot crosses the block on Sunday evening. Will this fairly disappointing 250GTO sale be a bellwether? We’ll fill you in on the auction highlights of the weekend on Monday.
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A Steal at $38 Million? Ferrari 250GTO Sets Auction Record, Misses Lofty Expectations
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