Sotheby’s in New York is preparing to auction off a rare 1962 250 Ferrari GTO this fall, with an estimated price tag of $60 million. This particular car is one of only 34 GTO models ever created and was previously raced by Ferrari’s own team, Scuderia Ferrari. Classic car collectors highly covet GTO models due to their rich history and exclusivity.
Interestingly, this car was originally sold for a mere $6,000 in 1964, equivalent to around $59,000 today. In 1985, it was purchased by Jim Jaeger of Ohio for approximately $500,000, which would be around $1.4 million in today’s currency. Jaeger had been searching for the ultimate Ferrari in the 1980s and eventually found the GTO he desired after an extensive search in Europe. He stumbled upon someone who knew an owner willing to sell the exact model he wanted, conveniently located near his home in Cincinnati. After inspecting the car and taking it for a test drive, Jaeger knew it was the one for him, stating, “This car strikes every nerve in your body when you drive it.”
Sotheby’s highlights that this GTO is the only factory-owned model that was raced by Scuderia Ferrari. It achieved an impressive 2nd place overall during the 1962 Nürburgring 1,000km race and also participated in the 1962 Les Mans. Notably, Sotheby’s made headlines in May when it sold a 1955 Mercedes-Benz 300 SLR Coupe for a staggering $142 million, making it the most expensive car ever sold at auction. Unlike the GTO, the Mercedes was a one-of-a-kind car not intended for sale on the open market.
Ferrari only produced 34 of these highly sought-after GTO models, and it is expected that this particular one will fetch a price of $60 million. According to Gord Duff, head of global auctions for RM Sotheby’s, the previous sale of the Mercedes proved that there is interest in such valuable collectible items beyond just car enthusiasts. Sotheby’s is determined to expose this car to a broader market of potential buyers.
It’s worth noting that in July of this year, a severely deteriorated 1962 Ferrari 250 GTE sold at an auction for £110,000 ($140,000). This car had been locked away in a leaking barn in west Wales for four decades and was in poor condition, missing seats, and having a deteriorated interior. In contrast, the 250 GTO being sold through Sotheby’s is well-documented with factory build sheets and magazine features.
Some links in this article may be affiliate links. Clicking on them will enable us to earn a small commission, which helps support the funding of This Is Money and keeps it accessible for free. We want to clarify that we do not write articles specifically to promote products, and our editorial independence remains unaffected by any commercial relationships we may have.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
