Iconic Ferrari 250 GTO auctioned for record breaking price at Monterey Car Week

At the Bonhams auction, records were shattered as a 1962/63 Ferrari 250 GTO with chassis number '3851GT' was sold for a record breaking USD$38.1 million (S$47.4 million). This is the most ever paid for an automobile at an auction, underscoring the unrivalled desirability for Ferrari in the collector car market and the continued dominance of the brand at auctions worldwide. With the sale, the Ferrari 250 GTO is now, effectively, the most valuable and coveted car in the world.

The car was the 19^th Ferrari GTO to be completed and was sold on 11^th September 1962. The iconic car was most recently owned by Italian enthusiast Fabrizio Violati and was the centerpiece of his Collezione Maranello Rosso of precious Ferraris previously on view to the general public in the Republic of San Marino.

Violati acquired this 250 GTO in 1965 for 2.5 million French Lire, approximately £22,000 (S$45,731 at current rates). It was originally finished in metallic pale grey with lengthwise red, white and blue centre line stripes when acquired by its first owner, French privateer Jo Schlesser.

So far, total Ferrari sales at Bonhams have accumulated at just under $65 million ($80.9 million).