By on August 26, 2018

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.  (Read More…)

By on April 4, 2017

sothebys-trump-ferrari

While Donald Trump seems to take a keen interest in the current state of the automotive industry, he doesn’t exactly come across as an car enthusiast. However, he is very rich and has had his share of obligatory Rolls, Benz, and Bentley-built vehicles over the years. And, like any exceptionally wealthy American male, he purchased a tomato red Ferrari, drove it infrequently, and then sold it off.

That car — a 2007 Ferrari F430 F1 Coupe — was auctioned by Sotheby’s over the weekend for a little less than one might expect. You would assume having the opportunity to say you owned “the president’s Ferrari” would add a substantial premium to the final sale price, but you’d be wrong. (Read More…)

By on December 18, 2015

RM-NYC-2015-1955-Mercedes-Benz-300SL-Sportabteilung-Gullwing-15

During the last week, much has been written about the “Driven By Disruption” auction Dec. 10 by RM Auction/Sotheby’s.

Most of that reporting was about Janis Joplin’s Porsche, which sold for a mildly outrageous sum of $1.6 million (plus fees), which beat the estimate about 2.5 times. Other top-dollar cars were mentioned as well, especially the first Aston Martin DB4GT Zagato sold in almost a decade, or the Ferrari 290 MM that was driven by the famous Juan Manuel Fangio in the Mille Miglia. Both cars brought even more eye-watering amounts of money – $13 million for the Aston, $25.5 million for the Ferrari. The Aston even set a historical record for the most expensive British car ever sold at auction.

The message is clear: The collector car market is not only alive and well, it’s thriving. Cars sell for ever-higher sums and they are a marvelous investment value. After all, they aren’t making any more classic Ferraris and Astons, are they? So the value can only go up, right? (Read More…)

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