1962 Ferrari 250 GTO with $45M estimate most expensive car offered at auction

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The third 250 GTO ever built has a respectable racing history under its belt.

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1962 Ferrari 250 GTO with $45M estimate most expensive car offered at auction originally appeared on Autoblog on Wed, 20 Jun 2018 15:16:00 EDT. Please see our terms for use of feeds.

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Classic Ferraris fight currency rates for bragging rights

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The 1962 Ferrari 250 GTO sold a couple of years ago in Monterey still holds the record for the most expensive car ever sold at auction, if you count in US Dollars.

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Classic Ferraris fight currency rates for bragging rights originally appeared on Autoblog on Mon, 08 Feb 2016 09:54:00 EST. Please see our terms for use of feeds.

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New Zealander builds 1962 Ferrari GTO replica in chicken shed

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Rod Temporo and his team in New Zealand work out of a chicken shed, but they create exacting replicas of vintage racers from scratch. This 1962 Ferrari 250 GTO might not be an authentic example, but the years of work in its creation are an astounding example of automotive artistry.

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New Zealander builds 1962 Ferrari GTO replica in chicken shed originally appeared on Autoblog on Wed, 04 Feb 2015 20:01:00 EST. Please see our terms for use of feeds.

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$1.3B worth of classic cars were auctioned in 2014

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Collector car insurance company Hagerty estimates that $1.3 billion in classic vehicles crossed the auction block in 2014 in North America, up slightly from 1.2 billion in 2013. About a third of that was just during the Monterey Car Week.

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$1.3B worth of classic cars were auctioned in 2014 originally appeared on Autoblog on Fri, 26 Dec 2014 18:01:00 EST. Please see our terms for use of feeds.

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1962 Ferrari 250 GTO hits record $38 million sale at Bonhams’ Monterey auction

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This weekend's Pebble Beach Concours d'Elegrance brings together some of the rarest and most expensive automobiles in the world onto a tiny peninsula in California jutting out into the Pacific Ocean. But this year, there has been one vehicle on everyone's lips - a 1962 Ferrari 250 GTO. Bonhams put up this incredibly rare Prancing Horse at no reserve for its auction at the Quail Lodge, meaning it could have sold for just a dollar. It didn't though, this ex-Jo Schlesser owned Ferrari sold for a staggering $38.115 million. That makes it the most expensive car ever sold at auction, beating out Bonhams' sale of a Mercedes W196R last year for $29.65 million.

Ferrari only built 39 of these racers, and they have been million-dollar cars for years. One reportedly sold privately for $52 million last year, and one built for Stirling Moss went for $35 million privately in 2012.

While the spectacle of seeing a 250 GTO drive across the auction block with no reserve and then set a record price was certainly amazing, it wasn't the only rare Ferrari up for sale during the evening. Bonhams also handpicked some of the most collectible Ferraris in the world and brought them to the stage. The ten cars included a 1962 250 GT Short-Wheelbase Speciale Aerodinamica that went for $6.875 million, a 1953 250 Mille Miglia Berlinetta driven to racing victory by Phil Hill for $7.26 million and even a 1978 312 T3 Formula One car for $2.31 million. All told, the group of them sold for $65.945 million.

Scroll down to read Bonhams' press release about the auction, and check our gallery to view these very valuable Ferraris.

Continue reading 1962 Ferrari 250 GTO hits record $38 million sale at Bonhams' Monterey auction

1962 Ferrari 250 GTO hits record $38 million sale at Bonhams' Monterey auction originally appeared on Autoblog on Fri, 15 Aug 2014 06:01:00 EST. Please see our terms for use of feeds.

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Ferrari 250 GTO could fetch as much as $75 million at auction

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Ferrari 250 GTO

Last month we reported on a Ferrari 250 GTO heading for the auction block at Pebble Beach. We knew at the time it would break records and bring in tens of millions of dollars. But now that the gavel is about to drop, it looks like even our projections could fall short.

According to a report on Bloomberg, citing the classic car authorities at Hagerty Insurance, the GTO in question (pictured above) could fetch upwards of $60 million and as much as $75 million when the auction takes place two days from now in Monterey, CA.

Hagerty's reported estimate would not only blow the previous records out of the water, but would eclipse the pre-sale estimate attributed to Bonhams, the auction house handling its sale, which placed its value between $30 million and $40 million.

The last time we heard of a 250 GTO trading hands (through a private party sale, as they usually do), it reportedly sold for $52 million. The current record for the most expensive car ever sold at auction was also set by Bonhams last year when it auctioned off Juan Manuel Fangio's 1954 Mercedes-Benz W196 "Silver Arrow" grand prix racer for nearly $30 million. Whether it's Bonhams' estimate, Hagerty's projection or the precedent of that last GTO that ultimately prevails, we're almost certain to have a new world record on our hands this weekend.

Ferrari 250 GTO could fetch as much as $75 million at auction originally appeared on Autoblog on Wed, 13 Aug 2014 10:56:00 EST. Please see our terms for use of feeds.

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1962 Ferrari 250 GTO for sale in Germany at $64 million [UPDATE]

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Ferrari 250 GTOs at Pebble Beach in 2011

UPDATE: A previous version of this article incorrectly listed the production period for the 250 GTO. The text below has been updated with the correct information.

Prices keep climbing for the Ferrari 250 GTO with virtually no end in sight. In 1969 one sold for just $2,500, but by the 1980s they were trading for hundreds of thousands, then millions, then tens of millions to the point that the last last year, one was reported to have changed hands at $52 million. But now there's a GTO for sale in Germany that could eclipse even that gargantuan price tag.

Ferrari made 39 examples of the 250 GTO between 1962 and 1964, and the item listing on mobile.de doesn't give much in the way of specifics as to which exactly we're looking at. But last we checked, there were only two GTOs in Germany, and the other one was silver. That leaves chassis number 3809GT, which was delivered new in '62 to Switzerland and participated in numerous endurance races and hillclimb events throughout the early 60s. 3809GT has been owned until now by one Hartmut Ibing, who bought it in 1976 when values were in the tens of thousands, not tens of millions. Given how his asset has appreciated so dramatically, and with less than 10,000 miles on the odometers over 52 years, we could understand how Ibing would want to cash out.

Of course we could be mistaken and we could be looking at an entirely different example - the vast majority were, after all, painted red and fitted with blue upholstery just like this one - but either way, we're looking at a price tag of 47.6 million euros. That's nearly $64 million at today's rates, inclusive of Germany's 19 percent VAT rate that adds a staggering $10 million in taxes to the pre-tax price of 40 million euros, which comes in under $54 million but would still be the most ever paid for a GTO (or really, just about any car ever made).

If that's too rich for your blood but you're still in the market, you could try your luck with the one which Bonhams will auction off at The Quail next month. Who knows, with no reserve price, maybe you'll do better. But more likely, the bidding will have driven the sale price up even higher and Ibing will rush to increase his asking price before a rejected bidder snaps his up.

1962 Ferrari 250 GTO for sale in Germany at $64 million [UPDATE] originally appeared on Autoblog on Tue, 29 Jul 2014 11:29:00 EST. Please see our terms for use of feeds.

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1962 Ferrari 250 GTO for sale in Germany at $64 million

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Ferrari 250 GTOs at Pebble Beach in 2011

Prices keep climbing for the Ferrari 250 GTO with virtually no end in sight. In 1969 one sold for just $2,500, but by the 1980s they were trading for hundreds of thousands, then millions, then tens of millions to the point that the last last year, one was reported to have changed hands at $52 million. But now there's a GTO for sale in Germany that could eclipse even that gargantuan price tag.

Ferrari made 39 examples of the 250 GTO between 1962 and 1962, and the item listing on mobile.de doesn't give much in the way of specifics as to which exactly we're looking at. But last we checked, there were only two GTOs in Germany, and the other one was silver. That leaves chassis number 3809GT, which was delivered new in '62 to Switzerland and participated in numerous endurance races and hillclimb events throughout the early 60s. 3809GT has been owned until now by one Hartmut Ibing, who bought it in 1976 when values were in the tens of thousands, not tens of millions. Given how his asset has appreciated so dramatically, and with less than 10,000 miles on the odometers over 52 years, we could understand how Ibing would want to cash out.

Of course we could be mistaken and we could be looking at an entirely different example - the vast majority were, after all, painted red and fitted with blue upholstery just like this one - but either way, we're looking at a price tag of 47.6 million euros. That's nearly $64 million at today's rates, inclusive of Germany's 19 percent VAT rate that adds a staggering $10 million in taxes to the pre-tax price of 40 million euros, which comes in under $54 million but would still be the most ever paid for a GTO (or really, just about any car ever made).

If that's too rich for your blood but you're still in the market, you could try your luck with the one which Bonhams will auction off at The Quail next month. Who knows, with no reserve price, maybe you'll do better. But more likely, the bidding will have driven the sale price up even higher and Ibing will rush to increase his asking price before a rejected bidder snaps his up.

1962 Ferrari 250 GTO for sale in Germany at $64 million originally appeared on Autoblog on Tue, 29 Jul 2014 11:29:00 EST. Please see our terms for use of feeds.

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