Most Expensive Classic Car Sold At Auction

Cars |

A 1962 Ferrari 250 GTO has sold through RM/Sotheby’s for $48.4 million, setting the record for the highest price ever paid for a classic car at an auction. California’s Monterey Week featured the vintage vehicle, previously owned by renowned collector Greg Whitten, that was sold in just 12 minutes.

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The previous record of $38.1 million, which was set in 2014 by a 1963 model of the same car, makes this recent sale less surprising, but still very impressive. Whitten, the seller, who is also the chairman of Numerix Software Ltd., as well as an early Microsoft Corp. employee, purchased the Ferrari for an estimated $10 million back in 2000.

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There were only 36 other models built over the course of the decade from 1953 to 1964. They have consistently earned the most money for these types of automobiles in recent years. And a 1963 version sold for $70 million in a private transaction earlier in 2018.

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This model was produced by Ferrari as a race car with intentions to enter FIA's Group 3 Grand Touring Car category. GTO stands for Gran Turismo Omologata in Italian, or Grand Touring Homologated. Homologation is known in motorsports as the approval process for the certification of a car or track.

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Sports Car International named it as one of the Top Sports Cars of the 1960s, and nominated it the top sports car of all time. Motor Trend Classic says it's the Greatest Ferrari of All Time. And Popular Mechanics upped that designation by calling it the Hottest Car of All Time. When they were built, the GTO cost $18,000, a number that seems almost impossible today, especially given the recent string of record-breaking sales. Check out the video below to see the auction…

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