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.

Then

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.

1962

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.

1969

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’.

1986

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.

May 2012

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.

August 2014

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.

Now

June 2018

A 1963 Ferrari 250 GTO sold privately to WeatherTech founder and CEO David MacNeil for a reported $70-M

June 2018

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.”

I wonder is Mr. Whitten knows that there is only 1 #1.

Have a terrific weekend.

  250 GTO, auction, august, BID, Ferrari, MSFT, race, sale, sold, Sotheby’s

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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