This Classic Ferrari Just Sold For $US38 Million At Pebble Beach

Ferrari 250 Record AuctionFerrariThis is now the most valuable car on Earth.

On Thursday night, a rare 1962/63 Ferrari 250 GTO Berlinetta was auctioned for a record-setting $US38 million.

The auction house was Bonhams. Numerous vintage Ferraris, along with other highly collectible cars, are being auctioned this week and into the weekend, as part of the festival of motoring known as the Pebble Beach Concours d’Elegance.

Ferrari released the following statement:

[T]he 1962/63 Ferrari 250 GTO, chassis number “3851GT,” sold for $US38,115,000 USD. This is the most ever paid for an automobile at auction, underscoring the unrivalled desirability for Ferrari in the collector car market and the continued dominance of the brand at auctions. This Ferrari 250 GTO is now, effectively, the most valuable and coveted car in the world.

The company also noted that several other Ferrari’s were auctioned by Bonhams for stupendous prices, demonstrating the the marque is now the most coveted among the world’s wealthiest collectors:

•1958 Ferrari 250 GT Series 1 Cabriolet — $US6,820,000 USD

•1953 Ferrari 250 Mille Miglia Berlinetta — $US7,260,000 USD

•1969 Ferrari 365 GTB/4 ‘Daytona’ Berlinetta Competizione — $US935,000 USD

•1962 Ferrari 250 GT Short-Wheelbase Speciale Aerodinamica — $US6,875,000 USD

•1978 Ferrari 312 T3 Formula 1 Racing Single-Seater – $US2,310,000 USD

The New York Times pointed out that “the hammer price of $US34.65 million (before the buyer’s premium) was a success, though it fell short of expectations by some that exceeded $US50 million.”

The seller was Fabrizio Violati, who originally acquired the 250 GT for a paltry $US4,000 in 1965.

The auctions at Pebble Beach will continue through Saturday and Sunday, with plenty of other Ferraris coming up for bid.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

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