Everyone loves Ferraris, both old and new. But is it $45 million worth of love?
R.M. Sotheby’s sure hopes so, as the storied auction house will be putting an incredibly rare 1962 GTO on the block in late August… and they believe the elder Prancing Horse will fetch at least that.
Here’s a brief history of this particular vehicle, from Sotheby’s:
RM Sotheby’s is extremely proud to offer this 1962 Ferrari 250 GTO, chassis no. 3413, at our flagship Monterey auction 24-25 August. The third of 36 examples built, this car’s initial outing was with Phil Hill running factory testing for the Targa Florio in 1962. The car was sold into private ownership and campaigned several times that same year, winning all but one of its races, earning its first owner the Italian National GT Championship in 1962.
In 1963 the car finished 1st in class and 4th overall at the Targa Florio. In 1964 the factory converted the car to the new Series II body, with which the car again took a 1st in class victory at the Targa Florio. Chassis no. 3413 never once crashed or failed to finish a race, and it retains its original engine, gearbox, rear axle, and Series II body to this day.
And here’s why this era of GTO is so damn collectable:
Perhaps the ultimate collector car, Ferrari’s 250 GTO was effectively the final evolution of the marque’s famous 250 model, which debuted in 1953 and ended with the last GTOs in 1964. In total, a mere 36 examples of the 250 GTO were ever produced, all of which have survived. Widely considered the most beautiful Ferrari design, the model was one of the most successful road/racing cars that the marque ever built, claiming overall victory or 1st in class in nearly 300 races worldwide.
Decades down the road, the Ferrari 250 GTO has become the car collector’s “holy grail”, thanks not only to its incredible pedigree, but to a group of French collectors who organized the first gathering of GTO owners in 1982. Occurring every five years since its inception, the meeting is a glorious driving and dining tour across the country of their choosing, and the only entry into this exclusive club is ownership; making the GTO the hottest ticket in the collector car world.
A few months back, a 1964 example sold for a staggering $70 in a private sale. That one won the Tour de France in 1964, and its rich racing history is what gave it such staggering value.
So if you have some extra cash set aside and a love of red Italian sheet metal, head to Monterey at the end of August and grab that ‘Rarri.
