Saturday Night the 1962 Ferrari 250 GTO, s/n 3413 Hammered for $44-M

Saturday Night the 1962 Ferrari 250 GTO, s/n 3413 Hammered for $44-M

Saturday Night the 1962 Ferrari 250 GTO, s/n 3413 Hammered for $44-M

$BID, $RACE

RM/Sotheby’s (NYSE:BID) auctions at Monterey saw collector Greg Whitten’s 1962 Ferrari 250 GTO, s/n 3413, the Star of Saturday night’s auction, hammered for $44-M+ in 12 mins bidding.

The winning bid was placed on behalf of an agent, with the winner bidder not known. This Ferrari is considered to be the most valuable car to ever come to auction as detailed here.

“I’m very happy,” says seller Greg Whitten, clinking champagne surrounded by his wife and close friends.

The market for Ferrari 250 GTOs continues to grow, always selling for huge numbers.

In June, German race car driver Christian Glaesel sold his 1963 Ferrari 250 GTO, s/n 4153, for about $80-M in a private treaty transaction to WeatherTech founder David MacNeil.

In Y 2014, s/n 3851 sold for $38.1-M at auction, at that time the most expensive car ever auctioned.

Another rumored private sale by east coast collector Paul Pappalardo in Y 2013 estimates his 250 GTO sold for around $52-M, nothing has ever been verified.

I expect that a car to the standard of  s/n 4153 will sell for over $100-M sooner rather than later.

Current 250 GTO owners include Ralph Lauren; Pink Floyd drummer Nick Mason; Peter Sachs, grandson of Goldman Sachs founder Samuel Sachs; and Jon Shirley, of Microsoft. Three currently own two 250 GTOs, including hedge fund founders Tony and Lulu Wang, Rob Walton of Wal-Mart, and Sir Anthony Bamford.

Should any of them decide to sell, and with Mr. Whitten’s car setting a new high auction mark, that $100-M mark moves closer.

The success of the RM/Sotheby’s auction Saturday night at Monterrey shows us all that the vintage car market that has been chilling since Y 2013 is alive and well when it comes to the Tier 1 cars, as now the market belongs once again to specialists.

And notably, classic and vintage Ferraris rank as the most preferred, especially those in pristine condition with sterling provenance.

See you on the lawn this afternoon

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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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