#1962Ferrari250GTO

A 1962 Ferrari 250 GTO became the most expensive car ever to have the gavel dropped on it at an RM Sotheby’s auction during Monterey Car Week. How much did the the cavallo rosso sell for? A jaw-dropping $48.4 million.

That’s the kind of money you’d expect someone to spend on a second-hand jet fighter, not an automobile. But it’s not as wild of a price for a vintage Ferrari as one might expect. The previous auction record was also set by 250 GTO. That vehicle, a 1963 model, was sold for $38.1 million four years earlier.