Recently, a 1962 Ferrari 330 LM/250 GTO achieved an extraordinary $51.7 million at Sotheby’s, solidifying its position as the most expensive Ferrari ever auctioned. The bright red classic, presented as a luxury item in a standalone sale during Sotheby’s fall fine art auctions in New York, experienced spirited bidding, reaching $47 million before auction-house fees.
This particular Ferrari, one of only 36 Ferrari 250 GTOs in existence, grants its owner entry into an exclusive club that includes notable figures like Ralph Lauren and Nick Mason. Uniquely described as “one of one” by RM Sotheby’s, the car initially started as a 330 LM with a larger engine, later transformed into a 250 GTO in 1962. Notably, it is the only car ever raced by Scuderia Ferrari, the racing division of the renowned carmaker.
While the $51.7 million falls short of the record set last year by RM Sotheby’s when a Mercedes-Benz 300 SLR Uhlenhaut Coupe fetched an impressive €135 million (approximately $144 million today), it still represents a significant appreciation from its 1985 transaction at around $500,000, equivalent to $1.4 million today.
The seller, Jim Jaeger, an Ohio-based collector and co-founder of a radar detection business, realized a substantial return on investment over the years. Simon Kidston, a Geneva-based classic car dealer, mentioned to the New York Times that the car’s unique history might have posed a challenge in a market where visual appeal and a sense of belonging are crucial.
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