California’s annual classic car auctions concluded with an unprecedented $350 million in sales, highlighted by the $38.1 million Ferrari 250 GTO Berlinetta. Bonhams, Gooding & Co, and RM Auctions hosted the events across Carmel, Monterey, and Pebble Beach, attracting collectors worldwide.
The standout was the crimson Ferrari 250 GTO, setting a new record at $38.1 million, surpassing last year’s $29.7 million. “The market is the highest it’s ever been, noted McKeel Hagerty, CEO of Hagerty. “There are new buyers from Europe, Asia, Latin America, and some from the Middle East.”
By Saturday, 702 lots were sold out of 1,192, totaling $352.4 million, exceeding last year’s $312 million. Ferraris dominated top slots, confirming their enduring allure and escalating market value.
Marcel Massini, a respected Ferrari historian, highlighted their rapid appreciation at events like the Pebble Beach Concours d’Elegance, where a display of 250 Testa Rossa models was valued at approximately $1 billion.
The $38.1 million Ferrari 250 GTO, originally acquired in 1965 by Fabrizio Violati, exemplifies automotive history and opulence. It placed second in the 1962 Tour de France Automobile race, changing ownership multiple times before its record-breaking auction.
The highest record, $52 million, is held by a privately transacted 1963 Ferrari 250 GTO racer. The fervent market reflects broader trends in luxury asset investment, where classic cars captivate global collectors and investors.
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