The most expensive Ferrari in history sold at auction

A Ferrari broke the record auction price at a recent RM Sotheby's auction event held in New York. A collector handed over 51,705,000 dollars for a 1962 model of the 330 LM / 250 GTO Scaglietti, marking a savvy acquisition.

Before the auction, experts had estimated the car could potentially fetch up to 60 million dollars. However, the hammer ultimately fell at 47 million dollars. After accounting for auction fees, the final payment amounted to roughly 51.7 million dollars. This sum might not seem considerable to collectors of Picasso or Cezanne's artworks, but the Ferrari 330 LM / 250 GTO sold on November 13th in New York exceeded the sales price of the most expensive car of this brand by 3.3 million dollars.

Considering inflation in the world's largest economies and that the previous sale of a car of this model happened in 2018, the deal doesn't come off as inferior. It may still fall short of the Mercedes 300 SLR Coupe which sold for 143 million dollars, the most expensive car in history, but the Ferrari 330 LM / 250 GTO now proudly holds the second position in the global ranking.

Worth noting, this record price applies to cars officially sold at auctions with a publicly disclosed price. Sometimes, collectors purchase such cars outside of the auction format. The unofficial record is tied to a 250 GTO model from 1963, supposedly sold for 70 million dollars in 2018.

Why is the 51.7 million dollars car so special then? The Ferrari 250 GTO, of which only 36 were built, is traditionally a hot model among collectors. The auctioned car is unique as it originally left the factory with a four-liter V12 engine instead of a three-liter. This was due to changes in regulations for the premier races in the early 1960s, including 24h Le Mans, Sebring, Targa Florio, and Nürburgring 1000 km.

The car's worth is heightened due to its unique history. Bearing the chassis number 3765, this car was a part of the Scuderia Ferrari factory team, unlike the rest of the GTO Tipo 1962 which belonged to private racing teams initially. In 1962, the car won its class and secured the second position in the overall standings at the Nürburgring 1000 km race. The same year, it featured in the 24h Le Mans with Mike Parkes and Lorenzo Bandini. Regrettably, due to an overheated engine, it couldn't finish the race. During this race, the car had six carburetors (instead of three) for an expected output of 390 horsepower.

In 1962, Scuderia Ferrari sold this car to a private buyer from Trieste who rebuilt it to GTO specifications and installed a 3-liter V12 engine which remains in the car today. All records documenting these alterations have been preserved. Following this, the car continued to race for several more years. In 1967, it was repainted yellow and transported to the U.S. Fred Leydorf, an engine constructor at the American Motors Corporation and the president of the Ferrari Club of America, purchased it in 1974. He displayed it at club outings and at the Chrysler Styling Auto Show organized by Chrysler's design studio in 1976.

In 1985, Leydorf sold the car to a Ferrari collector named Jim Jaeger from Ohio for 525,000 dollars, a hefty amount for that time, given the original 1960s price of the car was 6,000 dollars. Over the subsequent 38 years, the 330 LM / 250 GTO was restored and remained with Jaeger, winning accolades in several notable car beauty contests which include Amelia Island and Pebble Beach.