At the start of July it emerged that a 1962 Ferrari 250 GTO was heading to the Quail Lodge auctions and set to be sold by Bonhams. What makes the upcoming auction so unique is that the car is being offered with no reserve. Now it has emerged that at tomorrow’s auction, the car could sell for as much as $75 million.
Last year, a 1963 Ferrari 250 GTO became the most expensive car ever sold after changing hands for $52 million in a private sale. According to Hagerty Group, a Michigan-based insurer and classic car database however, the Bonhams 250 GTO should eclipse that quite comfortably. As a matter of fact, it is estimating the car will sell for between $60 million and $75 million!
This particular Ferrari 250 GTO is chassis number 3851 GT and has been owned by one family since 1965. The car was just the 19th example of the 250 GTO racing car to be built and was completed on September 11th, 1962. That same year, it finished second in the classic Tour de France car race. It also participated in a host of hillclimb events through the years and has been owned by Fabrizio Violati since 1965.
In total, just 39 examples of the Ferrari 250 GTO were produced. The car features a 4.0-litre V12 engine delivering 300 hp. Incredibly, the car cost just $18,500 back in 1962 to 1964 (the equivalent of $145,733 adjusted for inflation today). Additionally, the first 250 GTOs began to sell for over $1 million in 1986 and since then it has grown in value by almost 50 times. That’s almost $2 million a year!