1962 Ferrari 250 Gto

Sold at Pebble Beach, this 1962 Ferrari 250 GTO became the most valuable car ever sold at an auction.

The third 250 GTO ever built has a respectable racing history under its belt.

The 1962 Ferrari 250 GTO sold a couple of years ago in Monterey still holds the record for the most expensive car ever sold at auction, if you count in US Dollars.

Rod Temporo and his team in New Zealand work out of a chicken shed, but they create exacting replicas of vintage racers from scratch. This 1962 Ferrari 250 GTO might not be an authentic example, but the years of work in its creation are an astounding example of automotive artistry.

Collector car insurance company Hagerty estimates that $1.3 billion in classic vehicles crossed the auction block in 2014 in North America, up slightly from 1.2 billion in 2013. About a third of that was just during the Monterey Car Week.

This weekend's Pebble Beach Concours d'Elegrance brings together some of the rarest and most expensive automobiles in the world onto a tiny peninsula in California jutting out into the Pacific Ocean. But this year, there has been one vehicle on everyone's lips – a 1962 Ferrari 250 GTO. Bonhams put up this incredibly Chris Bruce

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.

UPDATE: A previous version of this article incorrectly listed the production period for the 250 GTO. The text below has been updated with the correct information.

It often seems that cars worth millions of dollars are kept under lock and key in climate-controlled garages, never to see the open road. Christopher Cox's 1962 Ferrari 250 GTO is not one of the those cars. The American investor drives the car, one of just 39 built, regularly and has participated in numerous events around the world since he purchased it in 2005. In fact, we've seen the brightly colored 250 GTO, Drew Phillips

Bloomberg reports that a 1962 Ferrari GTO has been sold for $35 million, making it the most expensive car in the world. The record price eclipses the $32 million paid for a 1964 Ferrari 250 GTO back in February and the $30-34 million dish

Seeing a Ferrari 250 GTO in action is something that should be on every car enthusiast's bucket list. For us, it's been checked off this weekend. Last week we saw several 250 GTOs participate in the Pebble Beach Tour, driving up and down Hwy 1 on the Monterey coastline, and just a few days later we headed to the track to see them in action at Mazda Raceway Laguna Seca.