62 Ferrari 250 GTO sells for record $38 million at Monterey

by Michael Satterfield

A 1962 Ferrari 250 GTO Berlinetta has set the record for the highest auction price a single car has ever sold for, with the bidding reaching $38,115,000 at Bonhams’ Quail Lodge auction in Carmel, California. While the near forty million dollar bid is still a record, the car fell far short of the seventy-five million dollar estimate that some speculated it could reach before the auction. 

The sale of the GTO eclipses the record setting sale of the ex-Fangio 1954 Mercedes-Benz W196R grand prix racer that sold for nearly $30 million at Bonhams’ Goodwood Festival of Speed auction last year. While this GTO has set a record for an auction price, it is not the highest price anyone has paid for one of the 39 Ferraris. Last year (2013) chassis number 5111GT sold for $52 million dollars in a private sale to the Torrota Collection. 

Source: Bonhams