The Italian car brand’s 1962 Ferrari 330 LM/250 sold for a whopping $51.705 million at RM Sotheby’s auction. Ferrari made only 39 units of the car model which added rarity to its charm.
RM Sotheby’s posted automobile designer Carrozzeria Scaglietti’s rare 1962 Ferrari 330 LM/250 GTO on its website. The bidding closed when the car sold for $51.705 million at auction.
The sale took place in New York on November 13. The auction company offered the unit to the public for the first time in 38 years.
The auction company dubbed the Ferrari as “the only GTO Tipo 1962” that the Scuderia Ferrari. The car went into “fastidious care” under its most recent owner as per the website.
“Unparalleled stature” of the 1962 Ferrari
The Italian car maker introduced the Ferrari 250 GTO in February 1962 at a press conference. RM Sotheby’s described the car as absolutely stunning.
RM Sotheby’s global auctions head Gord Duff said that the sale highlighted the Ferrari’s unparalleled stature as one of the world’s most desirable objects.
CNN reported that Duff said in a press release that the transaction added a new chapter to a vehicle with an unmatched legacy.
The car ranked among the most expensive cars sold at auction. “A true testament to its singular place in history,” Duff added.
An undisputed place in history
Prominent Ohio collector Jim Jaeger owned the 1962 Ferrari 330 LM/250 GTO for four decades prior to the sale. An RM Sotheby’s spokesperson did not disclose the current owner as per Fortune.
The car sold in less than 20 minutes where bidding stayed consistent between phone bidders. The bids started at $34 million until two continued vying for the rare, coveted Ferrari.
$47 million became the final price and a buyer’s premium of 10 percent brought the total purchase cost to $51.7 million.
“Its place in history is undisputed,” Sotheby’s Europe chairman Oliver Barker said as the sale commenced.
Only 39 examples made
CNN reported that the Italian marque only made 39 examples of the 1962 Ferrari 330 LM/250 GTO between 1962 and 1964.
Sotheby’s suggested that a singular GTO’s public availability may never repeat itself within our lifetime.
Banner photo from RM Sotheby’s website via Jeremy Cliff.