Why this 1964 Ferrari 250 GTO will sell for at least $45 million

Being one of just 36 ever built is just the tip of the gelato cone

A 1962 Ferrari 250 GTO by Scaglietti will be up for auction by RM Sotheby's in Monterey next month. Actually, perhaps "the" 1962 Ferrari 250 GTO would be more appropriate, because the list of its accomplishments, claims to fame and reasons for being extremely expensive are probably more than the rest. And by "rest," we mean 36. And by "extremely expensive" we mean an expected sale price of between $45 million and $60 million.

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If you want to read in vivid detail about the car in question, RM Sotheby's provides a lengthy tale of "the world's most important, desirable, and legendary motor car." Trying to regurgitate it here really wouldn't do it justice. Instead, here are some of the bullet points.
  • No. 3 of 36 Ferrari GTOs built. Known as 3413.
  • Considered by experts to be one of the most authentic and original of those 36, all of which survive
  • One of only 4 of those 36 to receive upgraded at the time with Series II GTO/64 body work by Scaglietti. It is more aggressive in appearance, more aerodynamic and many say attractive
  • Won the 1962 Italian GT Championship
  • First in class at the 1963 Targa Florio in its original body work
  • First in class at the 1964 Targa Florio in the Series II body work you see today, as detailed in the Sotheby's story
  • Won its class in the 1964 Targa Florio, helping Ferrari win the 1964 International Championship for GT Manufacturers
  • More than 15 class and overall wins from 1962 to 1965
  • Last purchased in 2000 for $7 million – There's a reason German banks are suggesting adding a classic car to your investment mix.
  • 3413 has actually been driven during that time, making appearances at countless classic events and vintage races
  • Purchase includes exclusive access to some of the world's most prestigious events and rallies, including the GTO club and tours – Value!
  • Currently fitted with a 250 GT engine block built to GTO specification to allow the car to be driven to those countless classic events and vintages races – The original block has been removed for preservation and comes with the car.

This Ferrari's expected price of between $45 million and $60 million would make it the most valuable car ever put up for auction. A 1963 250 GTO sold for $70 million in a private sale. Another sold at auction in 2013 for $52 million, so the upper level of 3413's sale estimate definitely seems feasible.

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