1962 Ferrari 250 GTO Sells for Record $51.7 Million at Sotheby's

A 1962 Ferrari 250 GTO has sold for $51.7 million at a Sotheby's auction in Monterey, California, setting a new world record for the most expensive car ever sold at public auction.

The car, chassis number 3413GT, is one of just 36 examples built and carries an unbroken racing provenance that includes class victories at the Tour de France Automobile and the Targa Florio.

A Perfect Storm of Desirability

The 250 GTO represents the ultimate convergence of beauty, performance, rarity, and history. Designed by Giotto Bizzarrini and bodied by Scaglietti, it was Ferrari's homologation special for GT racing — built in just enough numbers to qualify, and no more.

"The GTO is the Mona Lisa of automobiles," said auction specialist Marcus van der Berg. "There will never be another car like it, and there will never be enough of them to satisfy demand."

The Bidding War

Bidding opened at $30 million and climbed steadily through telephone and in-room bidders. The final duel was between two phone bidders, with the hammer falling after a tense three-minute pause at $48 million. With buyer's premium, the total price reached $51.7 million.

Market Implications

The sale confirms the 250 GTO's position at the absolute pinnacle of the collector car market. Of the 36 cars built, fewer than three change hands in any given decade, making each transaction a seismic event in the collecting world.

Experts predict the result will have a positive ripple effect across the broader Ferrari market, with competition-history cars from the 1950s and 1960s likely to see increased interest.