1962 Ferrari auctioned for $51.7 million in New York: Sotheby’s

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NEW YORK, Nov 14, (Agencies): A 1962 Ferrari 250 GTO sports car achieved a remarkable sale price of $51.7 million in New York on Monday, ranking as the second most expensive car ever auctioned, announced Sotheby’s. The vibrant red roadster, under the ownership of an American collector for the past 38 years, now stands as the runner-up in auction price only to a Mercedes 300 SLR Uhlenhaut Coupe that commanded 135 million euros in 2022, equivalent to $144 million at the current exchange rate, according to the auction house.

The 250 GTO entered the auction spotlight on Monday evening, experiencing brisk bidding in the auction room, yet falling short of RM Sotheby’s initial expectations of over $60 million. The winning bidder’s identity remains undisclosed.

Dating back to 1962, this legendary Scuderia sports car, bearing chassis number 3765 and equipped with a four-liter engine generating 390 horsepower, secured a notable second place in both a 1,000-kilometer race on the German Nurburgring circuit and the iconic 24 Hours of Le Mans. Unfortunately, the latter saw the team withdraw due to engine failure, as per RM Sotheby’s records.

Following years of competition in Italy and Sicily, the car was exported to the US in the late 1960s, undergoing various changes of ownership before landing in the hands of a devoted Ohio collector in 1985. Offered again on Monday, the car presents itself as a symbol of touring and vintage racing enjoyment or an impressive display piece at major concoursed’elegance and marque gatherings globally, as described by Sotheby’s.

The Mercedes 300 SLR Uhlenhaut Coupe, claiming the top spot with a 135 million euro sale in 2022, stands out as one of only two existing examples of the sports car. This exclusive sale took place at a confidential auction hosted by the German manufacturer’s museum in Stuttgart, marking it as the most expensive car ever sold globally, whether through auction or private transactions, as confirmed by an RM Sotheby’s spokesperson.

Meanwhile, New York auction houses Sotheby’s and Christie’s continue their successful autumn season of art sales, unaffected by economic challenges, generating hundreds of millions of dollars since November 7. Sotheby’s recent sales include Pablo Picasso’s “Femme à la montre” (“Woman with a Watch“) for $139 million, and Christie’s reported a total of $864 million, boosted by Claude Monet’s “Le bassin aux nymphéas” (“Water Lily Pond“) sold for $74 million and three Paul Cezanne paintings totaling $53 million. The art market, fueled by demand from China and Asia, remains robust, showing resilience amid a tense international context. Sotheby’s anticipates continued strength, emphasizing the enduring appeal of a collector’s item like the Ferrari 250 GTO, likening it to a tangible and audible work of art that transcends financial market fluctuations.

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