Sotheby's is selling a 1962 Ferrari 250 GTO — and it could see bids of more than $60 million
While used car prices are high these days, the inflation rate on the bright red 1962 Ferrari 250 GTO going up for bids this November might just take the cake.
Of course, this is no ordinary sports car. It’s one of just two models raced by Ferrari’s own team before being sold, having raced in the 1962 Le Mans tournament. When it was initially sold in 1964, it fetched about $6,000. When the auction concludes on Nov. 13, it could easily sell for $60 million—and possibly a fair bit more.
Courtesy of RMSotheby’s
A 250 GTO hasn’t gone up for sale since 2018, when a 1962 model went for $48.4 million, according to the Wall Street Journal. (Just 34 of the cars were produced.) This particular vehicle has been in the garage of the current owner for 38 years, making occasional trips to car shows, where it regularly won best of show awards.
Before that, though, it had quite a history. Beyond LeMans, it finished second overall in the 1962 Nurburgring 1,000 km race. It was the runner-up in the 1965 Sicilian Hillclimb Championship. And it was formerly owned by a chairman of the Ferrari Club of America.
Courtesy of RMSotheby’s
Ferraris are always hot items at car auctions, but this particular vehicle’s rarity is expected to make it especially desired by collectors. The owner, Jim Jaeger of Ohio, hadn’t considered selling it until recently.
One thing that might have changed his mind was the record sum captured last May, when Sotheby’s saw bids of $142.9 million for a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe. That was the most money ever paid for a car at auction.