Classic cars regularly fetch high prices at auction, so when the world record gets broken, you
know it’s a big deal. A 1962 Ferrari 250 GTO smashed the record by selling for £37 million at the RM Sotheby’s auction at Monterey Car Week in the US. It was auctioned on behalf of Dr Greg Whitten, a former chief software architect at Microsoft.
The GTOs are legendary in the classic car industry, with only 36 being built. They have become the most in demand cars on the market. The car sold within ten minutes of being put up for auction. It was sold to an unnamed buyer for the record breaking amount. The £37 million is ten times more than the asking price 25 years ago, making it a truly extraordinary purchase.
Dr Whitten described his time with the car. “My journey with the 250 GTO has come to an end, but I am excited to see how this fantastic car is enjoyed by the new owner. They will have seen the seemingly unbelievable list of superlatives that are used to describe it – legendary, historic, holy grail – but I can assure them that once they get behind the wheel, they will understand that every one of them is true.”
The GTO surpassed the previous record of £22.8 million, held by another 250 GTO, which sold in 2014. The Monterey Ferrari has a stellar pedigree. Known as Chassis 3413 GT, it won the 1962 Italian National GT Championship. The car has a 3-litre V12 engine, capable of putting out a top speed of 174 mph.
Rebodied as a Series 2 car in 1964, the GTO was owned by the likes of Lord Anthony Bamford and Sir Lindsay Owen-Jones. It competed 20 times and was never involved in an accident or retired from a race. This is a rare feat for a race car, with the model keeping hold of its original gearbox and engine.
The 1962 GTO is an amazing vehicle and it’ll be interesting to see if another GTO is able to surpass the sales record in future.
