Vintage Ferrari’s (NYSE:RACE) Are the Most Expensive in the World
Just 4 months after a 1962 Ferrari 250 GTO sold for $48-M at an RM Sotheby’s (NYSE:BID) auction in Monterey, the highest price ever paid for a car at auction, another race car from the Ferrari history books may set a new Southern California high mark.
On 8 December a rare 1956 Ferrari 290 MM is expected to fetch $26-M when it crosses RM Sotheby’s block at Los Angeles’ Petersen Automotive Museum.
The ’56 290 MM has an illustrious history.
This racer was the last of 4 290 MMs built that year, the car took 2nd place at the 1956 Mille Miglia, driven by Peter Collins and Louis Klemantaski. In its subsequent racing history it was raced by legends Juan Manuel Fangio, Phil Hill, Wolfgang vTrips and Sir Stirling Moss.
This is a competition Ferrari with a winning history driven by famous drivers, making is a very desirable classic Ferrari racer.
This racer was bodied by Scaglietti and powered by a 3.5-liter Tipo 130 V-12 engine.
It is rarer than the 250 GTO sold last August because fewer of them were made, and rarer than the 1963 250 GTO reportedly sold last January for $70-M in a private treaty transaction to entrepreneur and racer David MacNeil.
RM Sotheby’s sold an almost identical 1956 Ferrari 290 MM for $28-M at a 2015 New York event. That car, s/n 0626 was another of the 4 original ’56 290 MMs. Driven by Fangio, it took 4th place at the 1956 Mille Miglia race, to this car’s 2nd-place finish.
Southern California is not known for its big car auctions, which are typically hosted by giants RM Sotheby’s, Gooding and Co., Mecum, Bonhams and Barrett-Jackson.
The highest-price sales occur at high-profile auctions during annual car shows at Pebble Beach, Amelia Island or England’s Goodwood.
Notably, 6 of the 10 highest prices ever paid at public auction, including the $28-M 290 MM sold in Y 2015, were for vintage Ferraris, and 7 of those Top-10 sales occurred in California.
Have a terrific weekend.
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