In Northern California, some of the world’s most valuable cars are being auctioned off during Monterrey Classic Car week. CCTV America’s Mark Niu reports.
Vintage Ferrari available for over $38 MIn Northern California, some of the world's most valuable cars are being auctioned off during Monterrey Classic Car week. CCTV America's Mark Niu reports.
In Northern California’s Carmel Valley, classic cars are around every corner. Monterrey Classic Car week is host to six days of festivities and high-priced auctions, which last year raked in a record $312 million.
This year, expectations were even higher. With all the beautiful and prestigious vintage cars at the show, there was still one that rose above the rest: a 1962 Ferrari 250 GTO Berlinetta. The red two-seat coupe is vied to fetch the highest car auction price in history.
“It is the benchmark, it is the yardstick. It’s the most important collector car in the world. They very rarely come on to the open market. The car has been in long time ownership for almost 50 years, which is almost unheard of, so when a car is freed up from 50 years with one owner it creates an enormous amount of excitement.” – Mark Osborne, Head of Motors Department, Bonhams
The car was owned by an Italian family that had a close friendship to Ferrari founder Enzo Ferrari. It’s one of only 39 Ferrari GTO’s ever made and even came in 2nd at the 1962 Tour de France.
“Some race cars you buy might not be that civilized on the street, but I can tell you I know a guy that’s had his car since the 1970’s,” said Osborne. “In fact, he used to drive his daughters to school in the car. That will give you an idea of how usable they are. Besides that he could go out on any weekend and be on the front of the grid with a potential win as a I say at any historic race meeting. So eminently usable.”
The goal is to surpass Bonham’s auction last year, where this 1954 Mercedes-Benz W196 F1 Racer sold for a record $29.65 million.
The bidding kicked off fast and furiously: $14 million, $15 million, $16 million, and $20 million bids.
Soon the numbers entered record-breaking territory, fueling a showdown between a buyer in the crowd and an overseas buyer on the phone who eventually won out.
The final selling price was over $34.5 million, plus a buyer’s premium, which brings the sale to record breaking total of $38.115 million.
Even at that huge sum, many felt it was actually a bargain fueling speculation that it won’t be long before another vintage vehicle races past this record.