The original owner paid around one-fifth of its sale price in 2000. Who said cars were a bad investment?
A 1962 Ferrari 250 GTO has set a new auction record at the Pebble Beach Concours d'Elegance, selling for US$48.405 million ($65.87 million) at the hands of RM Sotheby's.
Chassis 3413 was expected to top US$45 million ($61.2 million) before going under the hammer, which would have comfortably usurped the existing US$38 million ($51.7 million) auction record, also held by a 250 GTO. A privately-traded 1963 Ferrari 250 GTO still holds the 'most expensive car sold' record, moving for US$70 million ($95.3 million) in June this year.
The latest to sell was the third built of just 36, and packs a powertrain with matching numbers to the chassis under its Series 2 body. Its current owner has held the keys since 2000, when they paid just US$7.0 million. That's equivalent to around US$10.24 million, or $13.9 million, in today's money.
That bonkers appreciation hasn't come because the car is a garage queen, either. It's actually been used in classic racing events, running side-by-side with other priceless classics at full noise. Before it was a collectible auction piece, it snagged 15 class and overall victories between 1962 and 1965, giving it an impressive competitive pedigree.
"The rarity with which the model is publicly offered for sale confirms the desirability of the car and the ultra-exclusive members-only club that its ownership signifies: at any given point in time, 36 or fewer collectors can claim to be GTO owners," RM Sotheby's said.
"It is a club with virtually immediate access to the world’s most important automotive events, in which the mere arrival of a GTO is an historic occurrence and which there is never a barrier to entry."
"GTO owners count among their ranks captains of industry and luminaries of automotive collecting and, for many, acquisition of these cars is regarded the crowning achievement in an almost impossible hunt."
There's also the fact it's drop-dead gorgeous. That's got to count for something.