GTO means “Gran Turismo Omologato”, Italian for “Grand Touring Homologated.”
When new, the GTO sold for US $18,000 in the USA, and buyers had to be approved by Enzo Ferrari and the company’s North America distributor, Luigi Chinetti.
In all 36 cars were made in the years ’62/’63, then in Y 1964 the ‘Series II’ was introduced, which had a slightly different look, 3 series II GTO’s were made, and 4 older ‘Series I’ were given a ‘Series II’ body, bringing the total of Ferrari 250 GTO produced to 39.
In Y 2004, Sports Car International placed the 250 GTO 8 on a list of Top Sports Cars of the 1960s, and nominated it the #1 Sports Car of All Time. And Motor Trend Classic placed the 250 GTO #1 on a list of the “Greatest Ferraris of all time”.
The 250 GTO was designed to compete in GT racing.
The car was based on the 250 GT SWB. Chief engineer Giotto Bizzarrini installed the 3.0 L V-12 engine from the 250 Testa Rossa (TR) into the chassis from the 250 GT SWB and worked with designer Sergio Scaglietti to develop the body.
After Bizzarrini and most other Ferrari engineers were fired in a dispute with Enzo Ferrari, development was handed over to new engineer Mauro Forghieri, who worked with Scaglietti to continue development of the body, including wind tunnel and track testing.
Unlike most Ferrari’s, it was not designed by a specific individual or design house.
The GTO’s interior was basic in the extreme, to the point where a speedometer was not installed in the instrument panel, and many of its switches came from the Fiat 500 Cinquecento .
A 250 GTO (4757GT) was seized by the US government (DOJ) belonging to the deceased Chris Murray, a drug dealer who fled the United States in Y 1984, the car was sold in a sealed bid auction in Y 1987 for approximately $1.6-M.
Then a notable sale of a 250 GTO wa made to a Japanese buyer for $14.6-M + commissions. By Y 1994 that example changed hands for about $3.5-M.
In May 2010, BBC Radio 2 DJ Chris Evans bought chassis number 4675 GT for GBP 12-M.
Then in May 2012 the 1962 250 GTO made for Stirling Moss became the world’s most expensive car, selling in a private transaction for $35-M to US billionaire Craig McCaw.
Just a bit over a month ago in October 2013, 250 GTO chassis number 5111GT was to an unnamed buyer for a new record of $52-M.
Here is a personal rememberence of #5111GT, it is a good read: http://www.velocetoday.com/henry-manney-and-the-52-million-dollar-gto/#more-54583
Note: Buyer Beware, the rarity factor and high “Dollar” values led to the creation of several replica 250 GTOs and other rare and in demand classic Ferrari’s on more common Ferrari chassis, misrepresentations of the original cars, offered for sale at full market prices have been reported.
It is very important that when considering acquiring one that the utmost care be taken, the professional and ethical consultants, purveyors and auction houses be engaged at the start of the acquisition process.
HeffX-LTN enjoys a long time relationship with the top participants in the vintage and classic car field and is available to assist in the sale or purchase of tier 1 collector grade examples of the top marques, including; Ferrari, Mercedes-Benz, Porsche, Bugatti, Alfa Romeo, Maserati, Bentley and other rairities.
Below it a complete price development list as of this writing for the Ferrari 250 GTO, as follows;
1962-4 (New FOB USA): $18,500
1965 (Dec): $10,500
1968 (Jun): $6,000
1971 (Jan): $9,500
1971 (Jul): $12,000
1973 (Jul): $17,500
1975 (Dec): $48,000
1978: $85,000 (#3987 Ralph Lauren)
1980 (Mar): $180,000-200,000
1987 (Oct): $1,600,000
1988 (Jul): $4,200,000
1989 (Jul): $10,000,000
1990 (Jan): $13,000,000
2012 (May) $35,000,000
2013 (Oct) $52,000,000 (#5111GT)
Prices fell substantially during the car market correction of the early 1990′s, tapping a low of $2,700,000 in September 1994, and $2,500,000 in May 1996.
Prices began to climb again in the late 1990s, and reached about $7,000,000 by Y 2000.
They reach $10,000,000 again in Y 2004. As of Y 2013 the most recent record is now 4X (400%) that of the $13-M paid in January 1990.
Stay tuned, this is an exciting and dynamic anternative investment sector.
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