• May 18, 2009

Record-breaking Ferrari 250 TR – Click above for high-res image gallery

RM Auctions, in conjunction with Sotheby's, held their third annual Ferrari Leggende e Passione auction this past weekend. The star of the event was a 1957 250 TR chassis #0714TR, one of only 22 "pontoon-fender" Testa Rossas built, and this one was successfully campaigned by privateer owners from 1958 to 1963. It has been fully restored and features its original race black and red livery. The car was expected to break the record price for a car sold at auction, set last year by RM at the same event by a 1961 250 GT California Spyder, and it didn't disappoint. 0714TR brought a final price of €9,020,000, or about $12,169,784 at the current exchange rate.

Is this 250 TR worth the price? Think of it this way. Prominent works of art regularly sell for tens of millions of dollars and have even surpassed $100 million several times. If you consider the 250 TR a piece of artwork, with Ferrari and Scaglietti as the artists, then $12 million is a bargain. Plus, you can't rev a Picasso to 8,000 rpm or take it vintage racing.

More details on the auction and the car in the press release after the jump.



[Source: RM Auctions]

PRESS RELEASE:

MARANELLO, Italy (May 17, 2009) – RM Auctions, in association with Sotheby's, made history at the Ferrari factory in Maranello today as a 1957 Ferrari 250 TR, chassis no. 0714TR sold for €9,020,000 at the third annual Ferrari Leggenda e Passione event to set a new world record for the most expensive motor car ever to be sold at auction.

Returning to its Maranello birthplace for its auction debut, the €9,020,000 sale price for 0714TR represents €1,980,000 more than the previous auction world record which was set at the same sale last year.

"The historical significance of this car attracted a bidding war as collectors from around the world - both in the room and on the telephone – competed to secure one of the most alluring and iconic of all Ferrari racing cars," said Max Girardo, Managing Director of RM Europe.

"The eyes of the world were watching today's sale as cars of this quality are so rarely offered to the market. The quality and the provenance of the Testa Rossa speaks for itself and the price we achieved today is testament to that. We are delighted with the result the car achieved today," he added.

The beautiful and immediately recognizable Scaglietti-designed 'pontoon-fender' 250 TR was produced from 1957 to 1958 during which only 22 examples were constructed. The Ferrari 250 TRs entered 19 international championship races from 1958 through 1961 emerging with 10 victories and earning them legendary status among discerning collectors, as well as the honor of being one of the most desirable and competitive racing Ferraris ever built. 0714TR was extensively campaigned in its day with significant finishes at the world's most important racing events including the 1000 km Buenos Aires in January 1958.

Presented by RM Auctions in association with Sotheby's, Ferrari Leggenda e Passione is the only auction of its kind dedicated to the Ferrari marque, held at the Maranello factory grounds and endorsed by the Ferrari factory.

About the car

Considered one of the most alluring, competitive and iconic of all Ferrari racing cars, the beautiful and immediately recognizable Scaglietti-designed, 'pontoon-fender' 250 TR was produced from 1957 to 1958 during which only 22 were constructed. The Ferrari 250 TRs entered 19 international championship races from 1958 through 1961 emerging with 10 victories and earning them legendary status among discerning collectors, as well as the honor of being one of the most desirable and competitive racing Ferraris ever built.

"This legendary 250 TR is one of the most exciting motor cars ever to be presented in auction history," said Max Girardo, Managing Director of RM Europe.

"The Ferrari Leggenda e Passione event, now in its third year, is firmly established as the place to sell important road and race going Ferraris, and we are delighted to present this stunning 250 TR at its Maranello birthplace," he added.

0714TR was extensively campaigned in its day with significant finishes at the world's most important racing events and is now being offered at auction for the first time. The car is resplendent in its period race-correct black livery and red nose.

In December 1957, this car was delivered to its first owner, racing driver and future coachbuilder, Piero Drogo in Modena, Italy. Drogo debuted the car as a privateer in the celebrated 1000 km Buenos Aires in January 1958 with a respectable fourth place finish competing with such legendary drivers as Phil Hill, Peter Collins, Wolfgang von Trips and Olivier Gendebien. Following entries in the Grand Prix of Cuba and Portugal, the car was sold by American Ferrari agent Luigi Chinetti to Texas rancher and entrepreneur Alan Connell whose competitive driving skills and affluence afforded him several wins on the 1959 North American racing circuit. 0714TR continued its prowess on the track with subsequent owners and competed in its last professional race in June 1963 at the Elkhart Lake 500.

The Ferrari 250 TR has become an enduring and exceedingly valuable classic whose soaring lines and sculptural elegance give it a sense of speed even when standing still. The legendary s/n 0714TR is by far the most campaigned of the 250TR cliente series cars with a fascinating ownership and racing history, establishing its rarified place in the collector world as one of the most beautiful and valuable Ferraris ever offered in auction history.


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 22 Comments
      • 5 Years Ago
      I'll never forget the remains of Ted Baumgartner's 250TR after he rolled it at the end of Elkhart Lake's main straight in the Early 60's It was light metallic blue-I wonder where it is now ??
        • 5 Years Ago
        Dear JP Hedin: I'm Rand Baumgartner (Ted's son). The Ferrari was repaired and actually was dark blue. It was raced once at State Fair Park at a regional by Augie Pabst when he was recuperating from his serious racing injuries. My dad raced it with Buzz Hahn at the Road America 500 after that and unfortunately the engine blew. It was rebuilt and I don't know the history of it after that. While my dad raced it, it was owned by Dave Deuble out of Chicago. He was a former race driver who had been paralized in a racing accident in his RSK Porsche. My dad and he were very good friends. The last that I heard of the car was that it was owned by a car collector in the Minneapolis area. I had found info in book that had been written on historic ferraris. It had been totally restored and was painted white, which was the color it had when it left the factory
      • 5 Years Ago
      I'm confused, because here they say it didn't reach the reserve of ~$9.7 mil

      http://axisofoversteer.blogspot.com/2009/05/1212123154-black-ferrari.html

      maybe the bidding was still open at the time the other posting was made?
      • 5 Years Ago
      For those who can't quite understand paying 12 million for a car:

      First of all, it's a great investment, since it will obviously increase in value. The owner could probably put it up for auction next year and get 14 million for it.

      Second, all Ferrari race cars from this era were hand-built, meaning that each body panel was hand-hammered and formed, one at a time, over a wood frame and sand bags. In other words, a body panel from one might not fit another one, due to slight diffferences in size and shape. No machine stamping at all. The engine parts were all sand-cast or machined, again, by hand. These cars certainly do fit the description of "works of art".
      • 5 Years Ago
      The "disadvantaged" will still be disadvantaged regardless of the price of this car. You can never be poor enough to make the poor richer. Sweet ride.
      • 5 Years Ago
      good thing we are not in a recession or anything...
      Dont let Obama or Pelosi know that you spent that kinda money...
      250GT
      • 5 Years Ago
      0714TR - a great machine, I remember it well. Got a ride in it at Watkins Glen and it was impressive - smooth as silk at idle or puttering around and instantly a tiger when poked. If my rusty memory serves me, 0714 had been updated to disc brakes and a Halibrand Quick Change rear had been fitted - second experience with a 250TR was night & day - loud, rude but not crude also a violent creature but that did not stop then owner Dick Merritt from driving it up from DC to PA on the public roads. AH the things we did when we didn't know old Ferraris were "ART", just obsolete race cars and cool Sports Cars.
      • 5 Years Ago
      Wow!

      More curves and bigger headwights than Nancy Pewowsi!

      She would have bid on this herself, but she is busy telling lies about the lies she told about her briefs with the CIA.
      patrick
      • 5 Years Ago
      I HAPPEN TO LOVE BEAUTIFUL THINGS! THAT INCLUDES CARS.MY 1ST CAR WAS AN ALPHA ROMEO SPIDER VELOCE. GOD,I HAD A MAJOR BONER FOR THAT CAR! THIS CAR FOR OVER 12 MIL. WERE I TO BE WORTH $100MIL.,AND I BOUGHT THAT CAR,MY PERSONAL THING WOULD BE,THAT ID NEED TO SPEND A CERTAIN AMT.ON HOMELESS FOLKS WHO REALLY NEED HELP. IF I SPENT A LARGE AMT. ON THOSE WHO ARE SUFFERING I MAY BE ABLE TO JUSTIFY SPENDING A FORTUNE ON THIS CAR....THOUGH $12 MIL.IS PRETTY CRAZY. NOT SURE ID SPEND THAT.THATS A LOT OF FU--ING CASH!
      • 5 Years Ago
      For me..the beauty of owning a classic car is the pride in knowing you did the restoration yourself. When you can afford anything you want, nothing is special except the very rare. I don't know if spending 12 million on a car is something to be proud of ??? I would rather hear about the craftsmen who made this car new again.
      • 5 Years Ago
      beautiful car, but I have a feeling it will be one of those cars which will never see the light of day, and remain locked away in the garage as something to admire..
      • 5 Years Ago
      Beautiful car, gross price.

      Saw this over on wired.com; funny to read what non-car folk think about this.

        • 5 Years Ago
        It's a ridiculously gorgeous car in person. I've been lucky enough to touch a 250TR. I wish i could have sat in it, but I obviously wasn't given the chance. Such an amazing cacophony of curves. Pity Ferrari doesn't design them like this anymore, the whole brick house aerodynamics being a problem today (well and them racing in f1 and various GT classes but nothing necessitating the sort of car as this).
      • 5 Years Ago
      WOW. That car is amazing. And, I hope to see it vintage racing. Welcome anytime at Roebling Road Raceway in Savannah GA!
      The truth is - yeah, economic times are hard... but even I find myself spending money on the things that MATTER most to me. To each his own. I love Dave Matthews... and working at a race track. You love Buying cars... and maybe listening to DMB ;)
    • Load More Comments