This $16.4 Million Ferrari Testa Rossa Clobbered All Past Auction Records


Photo: Gooding & Co.

When the gavel fell at last week’s Gooding & Co. auction, crushing the record highest price ever paid for an automobile, the eyes of the world fell on vintage cars and their investment potential.With the previous record sale of $12.5 million in 2009 for another 1957 Ferrari 250 Testa Rossa,The Wall Street Journal points out this sale is the single biggest increase since 1987.

The car, a rare protoype, had been expected to sell in the range of $15 to $20 million.

1985 — $2,788,513 a 1934 Alfa Romeo Tipo B Monoposto.

Ferrari 250Insider the Gooding & Co. auction at Pebble Beach

Photo: duck marx via flickr

1985 —  $3,424,490 for a 1957 Aston Martin DBR2.

1987 — $9,800,000 for a 1931 Bugatti Type 41 Royale

2008 — $10,894,400 for a 1961 Ferrari 250 SWB California Spyder

2009 —  $12,402,500 for a 1957 Ferrari 250 Testa Rossa

2011 — $16,390,000 for a Ferrari 250 Testa Rossa Prototype

WSJ suggests the reason for such high prices may not be the promise of return, but the promise of enjoyment — a pleasure particularly easy to rationalize as other investments produce relatively low rates of return.

DON’T MISS: The Best Moments From The 2011 Pebble Beach Classic Auto Show >

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.

Tagged In

ferrari thelife-us toys