Step aside, Fangio’s Mercedes-Benz W196: There’s a new auction sale price record-setter in town. Perhaps the most-anticipated car to go up for auction ahead of the Pebble Beach Concours d’Elegance -- a 1962 Ferrari 250 GTO -- has crossed the block at the Bonhams Quail Lodge sale.
The result? An impressive, yet still somehow slightly underwhelming, $38.115 million (Fangio’s ride couldn’t quite crack $30 million). For you sticklers out there, the car actually sold for $34.65 million; the larger number includes premiums. Still, we’re at the point where a car can near $40 million and we can yawn, shrug our shoulders and say, we thought it would go for more.
The collector car world has officially made us jaded.
Part of it was that this 250 GTO represented the best chance yet for a collector car to break that magical $50 million barrier. We certainly thought it seemed reasonable, even probable.
In the days leading up to the auction we even heard whispers of a $75 million top bid being possible (though we didn’t give them much credence). The $52 million reportedly realized in a sale last year (that exchange was private and remains unconfirmed) further fueled speculation.>
The Ferrari 250 GTO needs little introduction to most readers. Whole books have been written about the GTO’s racing exploits and it now regularly commands eight-figure sale prices. Nonetheless, ...
But the hammer has fallen, the results are in (and to be clear, they’re not too shabby), one stunning 250 GTO has a new home and we’ve got other auctions to cover.
Here are the top ten Monterey car week auction sales so far courtesy of Hagerty:
1. 1962 Ferrari 250 GTO Coupe sold for $38,115,000 (Bonhams)
2. 1953 Ferrari 250 MM Coupe sold for $7,260,000 (Bonhams)
3. 1962 Ferrari 250 GT SWB Speciale Aerodinamica Coupe sold for $6,875,000 (Bonhams)
4. 1958 Ferrari 250 SI Cabriolet (closed headlight) sold for $6,820,000 (Bonhams)
5. 1978 Ferrari 312 T3 Formula 1 sold for $2,310,000 (Bonhams)
6. 1968 Ferrari Dino 166/246 T Formula 2 sold for $1,210,000 (Bonhams)
7. 1981 Ferrari 512 BB Coupe sold for $990,000 (Bonhams)
8. 1969 Ferrari 365 GTB/4 Coupe sold for $935,000 (Bonhams)
9. 1969 Ferrari 365 GTC Coupe sold for $858,000 (Bonhams)
10. 1969 Ferrari Dino 206 GT Coupe sold for $572,000 (Bonhams)
Notice a pattern?
Yes, the other cars are all from Bonhams, and, like the 250 GTO, they’re all Ferraris. It’s not coincidence – this set of particularly desirable cars were all part of the Maranello Rosso Collection.
So, will the 250 GTO’s whopping, yet still slightly underwhelming, sale price set the tone for the entire Pebble Beach weekend? Or were bidders not buying into the hype (and sky-high unofficial estimates) surrounding the car?
We’re as curious as you are, so stay tuned for ongoing coverage.
Graham Kozak - Graham Kozak drove a 1951 Packard 200 sedan in high school because he wanted something that would be easy to find in a parking lot. He thinks all the things they're doing with fuel injection and seatbelts these days are pretty nifty too.
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