‘Old is gold’ as the old adage goes, was proved once again when a 1962 Ferrari 250 GTO was sold for $38 million. Experts were predicting that it could sell for as much as $60 million and $70 million.
The 1962 Ferrari 250 GTO is something of a cult status. Bonhams is offering the car without any minimum price.
Nothing can enamor its fans more than GTO and this is a 1962 model. There are just 39 Ferrari 250 GTO in existence and this one is the 19th iteration of the premium brand. It was originally pale gray when it exited from the factory but is now Red. The 1962 Ferrari 250 GTO went down the hammer on Thursday night in Carmel for about $38 million. However experts had predicted a much higher price.
Most experts had opined that the car was worth much more but the bidders were not impressed. The bidding started at $11 million and in a very short period reached $31 million. Subsequently the enthusiasm waned and the price stopped at $34 million mark.
The bidding was very tepid and it progressed in $100,000 increments and the final price stood at $34.65 million. The buyer had to pay another 10% as buyer’s fee. The sale was preceded by months of speculation. Though the price of $38 million is not exactly what the experts had predicted, it still beat the previous record of $30 million for a Mercedes which was sold in England last year.
The car which was sold on Thursday did not have a remarkable history as it was raced, wrecked and rebuilt more than once. The car also had a dark past when French race driver Henri Oreiller, a retired Olympic gold-medal skier crashed the car into a building losing his life in the process. Experts have speculated that the dark past of the car was hurting its value.
The 3851 GT was built in the closing stages of an era when the fastest road cars were also raced professionally. The GTO owners include names such as Ralph Lauren, Pink Floyd drummer Nick Mason and Wal-Mart heir Rob Walton.