Ferrari 250 GTO Sold for $52M

By | October 8, 2013

Ferrari 250 GTOThis isn’t the first time we have reported on a Ferrari 250 GTO sale.  You may remember one made second on our most expensive cars auctioned list selling for a mere $19M back in 2010.  Last year two more of the original 39 cars were sold.  They brought in $32M and $35M, each breaking the previous record as the most expensive 250 GTO ever.  The most recent 250 GTO (not photoed) sale happened recently with a reported price of $52M!  That eclipses the 1936 Bugatti Type 57 Atlantic’s previous outright record of $43.7M as the most expensive car in the world.

The car in question is number 5111 GT.  Why is 5111 GT worth so much?  It has race history.  For example, it was piloted by Jean Guichet in 1963 to a Tour de France victory.

I asked a friend of mine, a local collector, for his thoughts as to why the 250 GTO has become so valuable and he stated that many feel the GTO marked the end of an era in automotive racing.  An era where you could purchase a car brand new and with little or no modification you could enter it in local racing events and with a bit of driving talent had a good shot at an overall win.  Others have stated that the GTO has become somewhat of a cult car among billionaires.  It is the must have car for them and they are willing to pay unprecedented amounts of money for the car.  A car which is good looking but amongst Ferrari enthusiasts not the favorite or even the most rare model.  My friend was also not at all surprised by the purchase price saying that it was bound to happen eventually.  Nick Mason, drummer for Pink Floyd and Ferrari enthusiast, has reported being offered $40-50M for his 250 GTO.  Current owners likely aren’t looking to sell but for the right price (which I am sure they have a predetermined number in their minds) will sell.

With this reported $52M price tag shows the exponential increase in value of the car.  Remember it was only three years ago that one was sold for $19M, less than half of the current value.  If these prices continue to soar at the same rate then expect to see one sell for $100M+ sometime in 2016.

Source: Bloomberg

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