Ferrari GTO from 1962 that raced at Le Mans sells for a record $51.7 million: ‘Its place in history is undisputed’

William of England
By William of England 5 Min Read

Jim Jaeger, a distinguished collector in Ohio and co-founder of the corporate that got here to fabricate Escort radars, owned the automobile for practically 4 a long time previous to the sale. A spokesperson from RM Sotheby’s didn’t establish the brand new proprietor.

The closing hammer value was $47 million—a purchaser’s premium of 10% introduced the tally to its complete value to $51.7 million. Despite the record, the ultimate sale value was decrease than expectations. In the times main as much as the sale, RM Sotheby’s had listed the worth of the car “in excess” of $60 million. 

“Its place in history is undisputed,” Oliver Barker, chairman of Sotheby’s Europe, stated at the start of the sale. 

The automobile bought in lower than 20 minutes and began at $34 million. Bidding stayed constant between primarily telephone bidders and ended in the ultimate moments as two bidders waffled round $47 million. Both the automobile, and the successful bidder, had been bodily current throughout the sale, a spokesperson confirmed. 

The V-12 racer takes the highest spot of the most costly automobiles bought this yr. The earlier excessive was a 1967 Ferrari 412P Berlinetta that bought for $30.2 million on Aug. 17. It’s been a banner yr for Ferraris, the de facto blue-chip belongings of the automobile world: All informed, 12 of the highest 15 automobiles bought at public sale this yr bore the prancing pony badge, in accordance with information compiled by Classic.com, a web site that sells collectible automobiles and tracks their values. 

“That part of the market has not changed one bit,” says Juan Diego Calle, the founder and CEO of Classic.com.   

Painted scarlet and bearing a No. 7 racing livery, the automobile is particular as a result of it is the one Ferrari GTO instance initially outfitted with a 4-liter engine and the one manufacturing facility GTO Tipo 1962 to have been raced by Scuderia Ferrari. In 1962, it earned a class win and a second-place end total at the Nürburgring 1,000 KM race. In 2012, it gained the Best in Show award at the Amelia Island Concours d’Elegance in Florida.  

It doesn’t come near the most costly automobile ever bought at public sale, nevertheless—a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe took $142 million in 2022.

But the GTO Tipo displays the power and stability of the market for the most effective Ferraris even throughout unsure financial instances. Other high-sellers in 2023 embrace the 1962 Ferrari 250 GT SWB California Spider that bought for round $18 million at a Gooding & Co. public sale March 2 and a 1964 Ferrari 250 LM that bought for €15.7 million at an Artcurial public sale July 5.

Previously, the most costly Ferrari ever bought in public was a 1962 Ferrari 250 GTO that took $48.4 million at a RM Sotheby’s public sale in 2018, a spokesperson for RM Sotheby’s confirmed. That one, which has a stronger racing history, is thought of by marque specialists to be one of the vital genuine and unique of all GTO examples, the RM Sotheby’s catalogue stated at the time.

But the actual fact that this one, Chassis 3765, was a Ferrari manufacturing facility entry at the 1962 24 Hours of Le Mans, in addition to its class win at the Nürburgring and its a number of racing entries by Scuderia as a works automobile makes it very distinctive, a spokesperson stated. Private gross sales of Ferraris have included costs that soared near $70 million, in accordance with some studies. 

Elsewhere, the collector automobile market has cooled. As of Nov. 3, total traditional automobile gross sales totals for the yr are down 23.4% yr over yr, from $321.4 million in 2022 to $245.9 million this yr, in accordance with Classic.com. The annual auctions throughout Monterey Car Week, thought of the bellwether for market values, reached a little greater than $400 million throughout 5 public sale homes, down from $473 million final yr.  

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