Why this 1962 Ferrari 250 GTO Will Likely Set a Record at Auction
Last year, at RM's Monterey sale, a Ferrari 275 GTB/4 N.A.R.T. Spider became the most expensive series-production car ever to sell at auction, for $27.5 million. This year, another Ferrari looks set to blow that figure away.
Bonhams recently announced that its Quail Lodge sale will be headlined by a 1962 Ferrari 250 GTO, which is believed to be the first time in decades that one of the ultra-low-production (39 built) sports racers has come up for auction. Usually these cars change hands in a private sale, so this is a once-in-a-lifetime opportunity that is sure to draw bidders from the world over.
Automobile Magazine auction analyst Dave Kinney points out: "This 1962 Ferrari 250 GTO has two extra elements that the collector-car market loves: a known history, and longtime stewardship by a single owner—the car has been with the selling family for 49 years." Bonhams claims this to be is the longest single ownership of any GTO in existence.
"This car has the potential not only to be the most expensive production car, but could be the most expensive automobile ever to sell at auction," Kinney adds. To do that it would have to beat Fangio's 1954 Mercedes-Benz W196 race car, which netted $29.6 million in July of last year. How high might the price of this 1962 Ferrari 250 GTO go? "We could be talking $50 million or better," Kinney says. "Possibly much better."
1962 Ferrari 250 GTO photo courtesy Bonhams.