Ferrari (NYSE:RACE) 250 GTO Then and Now
$RACE, $BID, $MSFT
When a Tier 1 Vintage or Classic Ferrari comes to auction it is an event, and when a 250 GTO come to auction the it is a big event, one where the world is focused.
The Ferrari (NYSE:RACE) 250 GTO is the most sought-after sports cars in history, as it is 1 of the rarest.
Only 36 Series I cars were produced, all from 1962 to 1964, ans we can account for each and every 1 of them.
In August 2014, a 1962 Ferrari 250 GTO set a record at auction when it hammered for $38.1-M (it is not a great 1)
Now, on 24 August the 3rd 1 built is coming up for sale at RM Sotheby’s (NYSE:BID) at Monterey Car Week. This example has a fairly good racing history, strong provenance and may set a auction sale record, the pre-sale estimate is $45-M, it is pictured above.
The final iteration of Ferrari’s 250 model, the 250 GTO was built to race but and was also a road car (I never drove mine on the road, it had no mufflers) GTO stands for Gran Turismo Omologato, or Grand Touring Homologated.
The body was a 250 Testa Rossa, with different ‘skin & trim’ and a 3-liter V12 engine with 300hp. The price was $18,000, and each buyer was personally approved by Enzo Ferrari.
Long before it was considered a classic, a 1962 250 GTO sold privately for $5,400, I spit blood to sell mine for $11,000 in 1969, as a used Ferrari race car was a ‘boat anchor’.
A year after Ralph Lauren bought s/n 3987 for $650,000, collector Frank Gallogly bought a 1962 250 GTO, which had stood in a field for 15 years before being restored for $1-M, just 2 years on, he sold it for $4.2-M.
In a private tready transaction for a rumored $35-M, cellphone pioneer Craig McCaw bought a 1962 250 GTO originally owned by Sir Stirling Moss.
At Bonhams’ annual Quail Lodge auction, a 1962 Ferrari 250 GTO set an auction record, selling for $38.1-M to Carlos Monteverde, son of billionaire Brazilian philanthropist Lily Safra.
A 1963 Ferrari 250 GTO sold privately to WeatherTech founder and CEO David MacNeil for a reported $70-M
After a racing career in which the car was never crashed, s/n 3413, the above 1962 250 GTO was sold to Gianni Bulgari in Y 1963. Then Sir Anthony Bamford purchased it, and after changing hands a couple more times, the Ferrari was sold in 2000 to Greg Whitten, former chief software architect of Microsoft (NaSDAQ:MSFT), for $7-M.
Now, Mr. Whitten has putting the car up for sale at RM Sotheby’s, where it is expected to break the at auction record. “I’ve had the GTO a long time,” Mr. Whitten says of his decision to sell. “There are other cars I want to buy.”
|NYSE:RACE||142.31||13 July 2018||2.65||143.25||143.7||141.89||342,095|
|HeffX-LTN Analysis for RACE:||Overall||Short||Intermediate||Long|
|Bullish (0.30)||Neutral (0.24)||Bullish (0.43)||Neutral (0.22)|
Have a terrific weekend.
Latest posts by Paul Ebeling (see all)
- The Street’s Key Stock Analysts Research Reports - September 18, 2019
- Asia: Gold, Crude Oil, Stocks, Commodities and Currency Pairs - September 18, 2019
- Gold’s Market Price Hanging in Place - September 17, 2019