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Abu Dhabi, UAETuesday 18 September 2018

Classic Ferrari GTO smashes sales record at $48m

Stunning 1962 Ferrari 250 GTO one of just 36 examples of the model that was in production from 1953 to 1964

The 1962 Ferrari 250 GTO by iconic Italian auto maker Scaglietti. EPA
The 1962 Ferrari 250 GTO by iconic Italian auto maker Scaglietti. EPA

A red 1962 Ferrari 250 GTO sold for $48.4 million on Saturday in California, the most ever paid for a classic car at auction.

The vehicle was offered by RM Sotheby’s in Monterey, and was estimated to fetch between $45m and $60m, the highest valuation yet for a vintage car at auction. It smashed the previous record of $38.1m paid for a 1963 model of the same car in 2014.

The seller was Greg Whitten, chairman of Numerix Software and an early Microsoft employee, who purchased it in 2000. Sotheby’s declined to say how much he bought it for, but said the market price for such Ferraris at the time was about $10m, according to Bloomberg.

Ferrari built just 36 examples of the model from 1953 to 1964, and these elegant race cars have generated the highest prices among all vintage automobiles in recent years. A 1963 version sold for $70m in a private transaction earlier this year, according to Sotheby’s.

epa06948799 An undated handout photo made available by RM Sotheby's shows a 1962 Ferrari 250 GTO by iconic Italian automaker Scaglietti. The car will be auctioned by RM Sotheby's on 25 August 2018 in Monterey, California, USA. The legendary motor car, one of only 36 GTOs built, is expected to sell for 45 million to 60 million US dollar. EPA/RM SOTHEBY'S/PATRICK ERNZEN HANDOUT HANDOUT EDITORIAL USE ONLY/NO SALES
Thing of power and beauty. The Ferrar's engine. EPA

The record price includes the buyer’s premium based on the hammer price of $44m, calculated at 12 per cent on the first $250,000 and 10 per cent on the remainder.

epa06948795 An undated handout photo made available by RM Sotheby's shows a 1962 Ferrari 250 GTO by iconic Italian automaker Scaglietti. The car will be auctioned by RM Sotheby's on 25 August 2018 in Monterey, California, USA. The legendary motor car, one of only 36 GTOs built, is expected to sell for 45 million to 60 million US dollar. EPA/RM SOTHEBY'S/PATRICK ERNZEN HANDOUT HANDOUT EDITORIAL USE ONLY/NO SALES
The Ferarri's interior. EPA

While the buyer remains anonymous, were he or she a resident of Abu Dhabi, they should be aware that rule changes for classic vehicles in the emirate come into force soon, Wam reported.

This month, Abu Dhabi Police announced that as of October 1, new regulations for registering classic vehicles will be implemented after the technical tests and issuance of an insurance policy.

Under the new system, classic vehicles will be classified into two categories, the first of which is a one-year registration for vehicles that can be driven on all roads for a registration fee of Dh400 and a renewal fee of Dh350, provided that the vehicle has a 13-month insurance after passing the technical tests.

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The second category covers vintage vehicles that are displayed at exhibitions and other events but not fit for use on roads. The registration of such vehicles requires an insurance policy and technical tests, in addition to a three-year registration fee of Dh1,100, or a renewal fee of Dh1,050.

The registration document for this category will clearly state: Not allowed on roads. The vehicle must be moved only on a recovery truck specially designed for the purpose.

Not that this will apply to the extremely roadworthy Ferrari 250 GTO sold at Sotheby's.

epa06948796 An undated handout photo made available by RM Sotheby's shows a 1962 Ferrari 250 GTO by iconic Italian automaker Scaglietti. The car will be auctioned by RM Sotheby's on 25 August 2018 in Monterey, California, USA. The legendary motor car, one of only 36 GTOs built, is expected to sell for 45 million to 60 million US dollar. EPA/RM SOTHEBY'S/PATRICK ERNZEN HANDOUT HANDOUT EDITORIAL USE ONLY/NO SALES
On the road. The GTO 250. EPA
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