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Wilson's Auto Restoration Blog

1962 Ferrari 250 GTO Could Be the Most Expensive Classic Car Ever Auctioned

Image courtesy of RM Sotheby’s

The 2018 Pebble Beach Automotive Week is about to get started this month in Monterey, California.  The Pebble Beach Concours d’Elegance is considered by most to be the pinnacle of classic car shows where the finest automobiles in the world are shown off and judged for the most prestigious awards in the motoring universe.

This six-day classic car show in Monterey is packed with events for high-end car collectors, including auctions where sales records for the highest priced classic cars have been broken and even smashed.  This year is no different and as matter of fact, this year could be the year that the most valuable car ever auctioned will go on sale.

On Saturday, August 25, the day before Concours d’Elegance, a 1962 Ferrari 250 GTO by Scaglietti  will across the auction block at RM Sotheby’s auction being held in downtown Monterey.  It is estimated to be worth anywhere from $45 million to $60 million! If this 62 Ferrari 250 comes close to these figures, it will certainly set a new record for the highest-priced vehicle ever to be sold at auction anywhere in the world.

It can be hard to believe that anyone has that type of wealth to spend on a car!  Even if this Ferrari fetches the top estimate, it won’t be the most expensive car ever sold.  Another Ferrari 250 GTO, similar to the one up for auction, recently sold in a private deal went for $70 million!

The current auction record also belongs to yet another 250 GTO that was sold at the 2014 Bonhams’ Quail auction held during Monterey Car Week in 2014.  A bid of $38 million won that one so it will be very interesting to see the results from the auction coming up later this month.

The reason for the astounding prices is the rarity of these Ferrari.  Only 36 were of these endurance racing champions were ever produced.  These V12 masterpieces are considered amongst Ferrari enthusiasts to be the holy grail of collector cars.

This will definitely be an exciting auction to attend and the 62 Ferrari GTO isn’t the only big contender on the docket.  Here are some of the other big-ticket classics that will be auctioned off at the RM Sotheby’s auction.

RM Sotheby’s will not be the only auction held in Monterey during the 2018 Pebble Beach Automotive Week.  Mecum will have an impressive docket of classics and exotics ready to go to the highest bidder.  The main attraction at the Mecum auction will be a 1958 Porsche 550A Spyder.  One of only 39 ever built, it is estimated to pull in $4,500,000 – $5,000,000.

Russo & Steele will also be in town and have collected a number of top-tier classic car consignments to be sold as well.   Although they do not provide value estimates, everyone in attendance will be waiting to see the results from a 1974 Chevrolet Camaro IROC Race Car that was built by Penske.

Bohnams will be in the area, just down the road in Carmel, CA at the Quail Lodge Golf Club and have a docket full of seven figure collector cars including a 1962 Ferrari 250 GT SWB Berlinetta.

Last, but certainly not least will be the Gooding & Company auction.  They are the biggest competition for RM Sotheby’s in Monterey and have quite an impressive line-up of classic cars for sale as well.   A 1966 Ferrari 275 GTB/C, one of only 12 built, is estimated to pull in $12,000,000 – $14,000,000.

Other notable vehicles on the Gooding & Company docket include:

Needless to say, this is one of the highest grossing weeks for classic car auction houses in the world. So, if you have an extra hundred million dollars to spare, you should head on out to the 2018 Pebble Beach Automotive Week in Monterey, CA and pick yourself up a few more classics for your personal collection.

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