Classic Ferrari one of the most expensive cars sold at auction… after fetching £8.8MILLION

November 22, 2013 | by | 0 Comments

A classic Ferrari has become one of the most expensive cars ever sold at auction after it fetched a whopping £8.8 MILLION.

The 1964 Ferrari 250 LM is an iconic Italian sports car and the firm’s first production vehicle built with the engine behind the driver.

It is powered by a 3.3-litre V12 engine developing 320bhp – an incredible figure for a 49-year-old car.

This gave the LM – which stands for Le Mans – a staggering top speed of 177mph, making it one of the fastest cars available at the time.

The stunning red Ferrari was the star lot at the Art of the Automobile sale hosted by RM Auctions and Sotheby’s in New York.

It was offered with an estimate of “more than $12 million” (£7.5m), but an anonymous phone bidder ended up paying a whopping #8.8 million ($14.3m) for the road-legal racecar.

This was a world record at auction for a 250 LM and the fourth highest dollar price paid for a car in public.

The 250 LM, which has had the same owner for the past 30 years, was one of 41 lots which went under the hammer at the auction.

Super-rich enthusiasts and investors from 17 countries ended up forking out a staggering £38 million in just two hours of intense bidding.

Automotive historian Marcel Massini, who travels around the world following the Ferrari market, described the £8.8 million sale as “a good price”.

He added: “It only took two hours and ten mins only for a total of $63 Million. They sold 38 out of 41 lots, about 93 percent, a very high sales rate.

“I would have expected more for the LM as it was absolutely fresh on the market after 30 years in private Japanese ownership.

“Ferrari built just 32 of these and all are accounted for. (This model) is a good car with Daytona and Sebring race history, has never crashed and is unmolested, $14.3 million is a good price.”

The second most expensive car sold at the auction was a 1938 Talbot-Lago T150-C SS Teardrop Cabriolet by Figoni et Falaschi, which sold for #4.4 million.

A 1959 Ferrari 250 GT SWB ‘Competition’ Berlinetta Speciale was the third most expensive car sold and is on its way to Thailand after fetching #4.3 million.

And a 1954 Maserati A6G/2000 Spyder by Carrozzeria Zagato sold for £2.75 million – with the winning bidder believed to be a 90-YEAR-OLD collector.

In total 31 cars, two motorcycles and seven pieces of artwork were sold at the Art of the Automobile sale.

It was the first major collector car auction to take place in Manhattan for more than a decade.

Rob Myers, boss of RM Auctions, said: “Working with Sotheby’s, we set out to create the finest automobile auction that there has ever been.

“Our aim has been to raise the bar and set a completely new standard for quality and presentation, and I am delighted to say that these amazing results have proven it a great success.

“What we have established here in New York is a complete demonstration of how to bring some of the world’s rarest and most exceptional automobiles to market, in both an exciting and visually arresting way.

“Furthermore, the sale has successfully brought many new collectors into the market for the first time, which is fantastic news for our hobby.”

Category: Auto

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