FYI: The Ferrari 250 GTO continues to set records, recently fetching $51.7 million at an RM Sotheby’s art auction, solidifying its standing as a coveted classic among collectors despite a fluctuating market.
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## The Ferrari 250 GTO: The Ultimate Collector’s Gem
The Ferrari 250 GTO is renowned as one of the most prized vehicles among collectors. Seen as the ultimate “blue-chip” investment, this iconic car instills a sense of triumph in its owners from the moment it is parked in their garage. Its rarity and value are such that it seldom appears at public auctions, making any auction event featuring a 250 GTO a momentous occasion.
### The 1962 Ferrari 250 GTO at RM Sotheby’s Art Auction
In a rare appearance, a notable 1962 Ferrari 250 GTO made its way to an RM Sotheby’s auction. However, instead of the usual vehicle auction setting, the car was featured as part of the annual end-of-year art auction in New York City. This strategic move highlighted the car’s status as more than just an automobile but a true piece of art. A painting by American artist Jonas Wood served as the backdrop during its presentation.
Amidst the intense bidding, the Ferrari 250 GTO ultimately sold for a remarkable $51.7 million, minus a 10% auction fee. This sale set a new record for a Ferrari at public auction. Despite the impressive figure, it was somewhat lower than the pre-sale estimate of over $60 million and less than the rumored private sale prices of other 250 GTOs in recent years.
### Factors Influencing the Auction Outcome
Several factors likely influenced the final sale price. According to Fortune magazine, the classic car auction market saw a decrease of 23.4% through November 3 compared to the previous year, with overall sales dropping from $321.4 million to $249.9 million. Additionally, the 250 GTO’s complex history may have impacted its appeal.
Hagerty revealed that the car was likely built as a Ferrari 330 LM, an evolution of the 250 using the Tipo 538 chassis. This allowed it to house a 4.0-liter V12 engine initially, distinguishing it from the standard 250’s 3.0-liter V12 with a Tipo 539 chassis. This particular chassis, referred to as the 3765LM in 330 guise, was Ferrari’s only works version, winning its class and finishing second overall at the 1962 Nurburgring 1000 KM. Post-retirement from Le Mans in 1962, Ferrari reportedly reverted it to the 3.0-liter engine, thus earning its dual designation.
As stated by a classic car dealer, “It’s a great car. Unfortunately, I don’t think everyone understands it… In a market where appearances are so important and people like the security of belonging to a group of like-minded owners, anything that requires explanation is always a little harder to sell.”
### Previous Sales and Historical Context
Interestingly, RM Sotheby’s had previously sold another 1962 Ferrari 250 GTO in 2018 for $48.4 million after auction fees. This consistency in high sales underlines the 250 GTO’s enduring value and prestige.
A notable detail in the 2021 auction was the car’s prior owner, Jim Yeager, co-founder of the Escort radar detector company. Yeager purchased the Ferrari 250 GTO, chassis number 3765LM/GT, in 1985 for $500,000, which equates to roughly $1.4 million today.
### Conclusion
The Ferrari 250 GTO remains an unparalleled icon in the collector car world. Its combination of rarity, performance history, and intrinsic value ensures that each auction event surrounding this car garners significant attention. While the recent sale fell slightly below expectations, it reaffirmed the 250 GTO’s status as a highly coveted asset that transcends the conventional bounds of automotive appeal.
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Lawrence Jacobs
Editor, Buying Guides
automotive.fyi
