Last month we reported on a Ferrari 250 GTO heading for the auction block at Pebble Beach. We knew at the time it would break records and bring in tens of millions of dollars. But now that the gavel is about to drop, it looks like even our projections could fall short.

According to a report on Bloomberg, citing the classic car authorities at Hagerty Insurance, the GTO in question (pictured above) could fetch upwards of $60 million and as much as $75 million when the auction takes place two days from now in Monterey, CA.

Hagerty's reported estimate would not only blow the previous records out of the water, but would eclipse the pre-sale estimate attributed to Bonhams, the auction house handling its sale, which placed its value between $30 million and $40 million.

The last time we heard of a 250 GTO trading hands (through a private party sale, as they usually do), it reportedly sold for $52 million. The current record for the most expensive car ever sold at auction was also set by Bonhams last year when it auctioned off Juan Manuel Fangio's 1954 Mercedes-Benz W196 "Silver Arrow" grand prix racer for nearly $30 million. Whether it's Bonhams' estimate, Hagerty's projection or the precedent of that last GTO that ultimately prevails, we're almost certain to have a new world record on our hands this weekend.


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  • 20 Comments
      x19x19
      • 4 Months Ago

      It will be interesting to see if these astronomical values hold as the car collector hobby transitions from baby boomers and older to the next generation, which are significantly less interested in automobiles. 

        Zaki
        • 4 Months Ago
        @x19x19

        If these cars are considered "art" by those that collect them, they will hold and increase in value.  There is always another who covets a little more and is willing  to pay a little more to have the piece of "art".

        At this price point it is no longer about money or cost...it is  about ego.

        gtv4rudy
        • 4 Months Ago
        @x19x19

        Some people spend twice that money on a painting. I'd rather have this than a painting.

        jonnybimmer
        • 4 Months Ago *Edited*
        @x19x19

        I'd imagine the top"elite" cars (Bugatti 57, Ferrari 250's, Talbot-Lago, etc.) will continue to hold their value simply because they've always been seen as the most valuable cars. It's the same sort of mentality for artwork; Van Gough or Monet will never decrease in value regardless what the market is into at that moment.

         However, many other cars that are currently going at ever increasing prices (lookin' at you 901's) will eventually fall because the number available and the number of people interested will begin to grow closer to each other. The current situation shows the demand is still growing larger than the supply, but as you mention, I suspect in a decade or so, that growing demand will start to reverse. 

        Groagun
        • 4 Months Ago
        @x19x19

        This is a great question and one that will be answered in the next 15-20 years and I suspect the values will drop as I think you do as well.

      Vinny68
      • 4 Months Ago

      Isn't this the one that was suspected of being a fake?

      Victor Kuc
      • 4 Months Ago

      For the car considered to be the "mona lisa" of racers, this is not all that surprising.

      Martin
      • 4 Months Ago

      I think you've overlooked another significant lot from this weekend's RM auction, 239: http://www.rmauctions.com/lots/lot.cfm?lot_id=1068795

        Jonas
        • 4 Months Ago
        @Martin

        That thing is unbelievable, thanks for the post!

      Zaki
      • 4 Months Ago

      1 Billion, no 1 Trillion ..no a few Gazillion at least!!!

      MONTEGOD7SS
      • 4 Months Ago

      For that you could get a 288 GTO, F40, F50, Enzo, LaFerrari, a Tuscan vineyard, and have half of it left over.

      sp33dklz
      • 4 Months Ago

      I think we're seeing an inflation market. Rich people padding their investments with cars and driving the meeker values up. 75mil is absurd. 

        Karl
        • 4 Months Ago
        @sp33dklz
        So is $120M for Munch's "The Scream"; and $135M for Klimt's "Portrait of Adele Bloch-Bauer I". Value is just a reflection of what we desire/want the most, whether it is paint spread on a framed canvas, or sprayed on a metal frame suspended on four wheels.
      Zaki
      • 4 Months Ago

      I really feel that the emperor has no clothes.

      People say they love the way this car because they are supposed to.

      Look at the face...if there was a car with that snout attached to it, 99% would be ridiculing it!

      As it is however, people do not want to look ignorant and so they say they just love the way that thing looks.

      jackstew
      • 4 Months Ago

      Oooops. Missed it by 'that much.'

      jesscott
      • 4 Months Ago

      cool....but can it core a apple?

      Teleny411
      • 4 Months Ago

      Personally I'd rather have a 328 driver.  What good is the car if it can only go to Pebble Beach in an armoured truck?  I know that's a plebeian view, but I only want drivers.

        r_dezi
        • 4 Months Ago
        @Teleny411

        But this story isn't about 'drivers', it's about the rarest and most famous sports car in the world.

      tbird57w
      • 4 Months Ago

      crazy stuff..it is just at an old ferrari

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