A 1962 Ferrari 250 GTO sold for $38,115,000 (£22,843,633, €28,528,626) at the Bonhams Quail Lodge 2014 Auction, held Thursday, August 14th at the Quail Lodge and Golf Club in Carmel Valley, California. The sale price for the GTO broke the all-time auction record set only last year by the 1954 Mercedes-Benz W196R that Bonhams sold for £19,601,500 (USD $29,650,095) at their Goodwood Festival of Speed sale.
Bidders from around the world were in attendance in the audience and on the telephones. The auction pavilion was filled to total capacity with overflow on the lawns watching the happenings live on the numerous television screens. After the start of a bidding war that at times resembled a tennis match, complete with moments of silence interrupted by cheers, the audience erupted in applause when the fall of the gavel confirmed the final price.
Robert Brooks, Chairman of Bonhams, said, “It’s been a genuine privilege to represent this outstanding car and we are absolutely delighted with today’s results. We’ve always maintained that we would exceed the current world record and that the car would bring between $30-$40-million and today the GTO did just that.”
Offered at no reserve, the 1962 Ferrari 250 GTO, chassis 3851 GT, was built on September 11, 1962, the 19th of 36 250 GTO Berlinettas built. It was delivered new to the leading French racing driver Jo Schlesser, to be co-driven by himself and French ski champion Henri Oreiller in the 1962 Tour de France. The pair finished 2nd overall behind the Ferrari 250 GT SWB Berlinetta of Andre Simon and Maurice Dupeyron.
Other cars from the Maranello Rosso Collection of ten important Ferraris also sold for a combined total $65,945,000 (£39,522,440 or €49,359,559).
For additional information, visit Bonhams.com/Quail.
[Source: Bonhams; photo: Tim Scott / Fluid Images]
According to Rick Carey in his article “The Beginning of the End” this is was exactly what the collector market needed. “The best thing that could happen in Monterey is that the no-reserve Ferrari 250 GTO sells for $35 million, re-setting expectations to more reasonable levels. It’s the one thing that might scrape the froth off the frenzy and return expectations to less exuberant levels.” Apparently it may not be the beginning of the end.