What Makes a Car Worth $48.4M?

Since 1744, Sotheby’s has united collectors with world-class works of art—from jewelry and furniture to classic cars. When Sotheby’s partnered with RM Auctions in 2015, it became the world’s largest auction house for investment-quality automobiles. This summer, the auction drew international interest in the months leading up to it and welcomed bidders from 37 countries. At the end of August, RM Sotheby’s celebrated a historic weekend with the record-breaking sale of a legendary red Ferrari. This rare 1962 Ferrari 250 GTO sold for $48.4 million at RM Sotheby’s annual collector car sale in Monterey, California, setting the world record for any car ever sold at an auction. The car sold out in a mere 10 minutes with three hopeful owners bidding in $1 million dollar increments to become the owner of this exclusive buy. If you’re wondering how it became the most desirable car in the world, here’s what it takes to truly live in the fast lane. 

To become the holy grail of collector cars, a car first needs to be rare. And not just “kind of” rare, we’re talking so limited that at any given time, only a handful of elite collectors can call themselves owners. The Ferrari GTO 250 is so exclusive that only 36 were ever built—and they are all still running. Joining the GTO club, gets you guaranteed immediate access to the world’s most renowned automotive events, where even at these events, the mere arrival of a GTO is a historic occurrence. With a car this rare, there is never a barrier to entry, making it a collector’s dream.

The car’s rarity isn’t the only aspect that makes this gem a true symbol of status—the car itself, truly puts the pedal to the metal. Over the last 50 years, the Ferrari 250 GTO has emerged as the most enticing blend of style, exclusivity, performance, heritage, and status of any automobile. With over 15 class and overall wins during the 1962–1965 racing seasons, its speed and craftsmanship are legendary. As one of Ferrari’s most successful racing cars, the inside is all business—with no carpeting, sound-proofing, or elaborate add-ons, only the technical tools necessary to get the car across the finish line.

With the fame that no other car in the world can claim, it makes sense that the GTO has evolved into the most desirable collector car in the world—with no higher honor or greater achievement than becoming the owner of this ride. Between rarity, mechanical quality, beautiful craftsmanship, and a successful competition record, the Ferrari 250 GTO, without a doubt, earned its checkered flag as the world’s most desirable car and its hefty multi-million dollar price tag. 

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_{*Image courtesy of Sotheby’s International}