Ferrari 250 GTO sells for a record $51.7 million at auction; here’s why

A 1962 Ferrari 250 GTO has been sold at the RM Sotheby’s auction for a hammer price of $51.7 million, well below the initial estimate of $60 million. However, it still tops the list of the most expensive Ferraris sold at auction.

Ferrari 250 GTOs often fetch astronomical prices at auctions. This 1962 example though was a bit special. It was the only Tipo 1962 campaigned by the factory racing team. It finished first in class at the 1952 Nurburgring 1000 Kilometers. It also raced at the 24 Hours of Le Mans but failed to take the checkered flag due to overheating issues.

This 250 GTO was acquired by its current owner in 1985. Since then, it has been in the United States and has featured in various vintage racing events, and even won ‘Best of Show’ at the 2011 Amelia Island Concours d’Elegance. The car was originally powered by a 4.0-liter V12, which was later swapped out for a 3.0-liter engine by the factory.

That being said, the most expensive car to ever sell at auction remains the Mercedes 300 SLR Uhlenhaut Coupe, which fetched $143 million in 2022.

Source: RM Sotheby’s