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News18 » Auto
1-min read

Rare Ferrari 250 GTO Sold For Record Rs 340 Crore at 2018 Pebble Beach

The rare 1962 Ferrari 250 GTO sold for a final price of $48,405,000, which smashes the previous record set in 2014 of $38.1 million for a 1963 version of the same model.

AFP Relaxnews

Updated:August 28, 2018, 6:01 PM IST
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1962 Ferrari 250 GTO
1962 Ferrari 250 GTO - most expensive car ever sold at auction. (Image: AFP Relaxnews)

If you want to see some of the rarest and most valuable cars in the world the annual gathering Monterey Car Week at Pebble Beach in California is the place to be each August, and this year a number of new auction sale records have been broken at the world-famous event -- a look at the cars that managed the feat. Perhaps the biggest headline-grabber was inevitably the 1962 Ferrari 250 GTO which even prior to the event was already being touted as likely to break the record for the most expensive car ever sold at auction.

Including fees, the final price for the car came to an astonishing $48,405,000, which smashes the previous record set in 2014 of $38.1 million for a 1963 version of the same model. The auctioneers certainly knew their stuff, as back in June they placed an estimate on the car of between $45 million and $60 million when it was initially entered into the Pebble beach auction.

Although a long way short of the $48 million the Ferrari went for, another notable world record was set by a 1935 Duesenberg SSJ sold by Gooding & Co at their Pebble Beach auction. Even though the $22 million it went for is less than half that the Ferrari sold for, that sale price brought two world records for the Duesenberg. First, it made the car formerly owned by Hollywood icon Gary Cooper the most valuable pre-war car ever to be sold at auction.

On top of that though, it also became the most expensive American collector car ever sold at auction. And that's quite some record to take as the previous holder was none other than the very first Shelby Cobra to be built, which went for $13.75 million back in 2016. Not every sale was as successful as these though. A Concours restored 1969 Ford Bronco test vehicle was estimated to fetch somewhere between $180,000 and $220,000 but in the end, the hammer came down on that one at $121,000, which although still a lot of money for a Bronco, fell well short of what was expected.

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| Edited by: Abhinav Jakhar
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