A 1962 Ferrari 250 GTO Berlinetta has become the most valuable car in history to be sold at auction when it realized $38,115,000 (Rs 232 crores) at the Bonhams' Quail Lodge Auction in Carmel, California that was held on August 14th.
Why spend tens of millions for an automobile you ask? Well, the 250 GTO is one of the most successful (and most desirable) road racers of all time. In its racing debut at the 12 Hours of Sebring in 1962, American Phil Hill and Belgian Olivier Gendebien placed second overall in the 250 GTO, with only a Ferrari 250 Testarossa sports racing car ahead of them. This was the beginning of the 250 GTO’s racing success, which included winning the FIA International Championship for GT Manufacturers for 3 consecutive years, from 1962 to 1964. Other 250 GTO wins included the Tour de France in 1963 and 1964; the Tourist Trophy at Goodwood in 1962 and 1963; the Nürburgring 1000 kilometers in 1963 and 1964; class wins in the Targa Florio in 1962, 1963 and 1964; and category wins at Le Mans in 1962 and 1963. Talk about a record!
The GTO was based on the 250 GT SWB chassis, and started out as an experimental test car in 1961. Enzo Ferrari had put engineer Giotto Bizzarrini in charge of developing the GTO, who then lightened and reinforced the chassis of the SWB. He then moved the engine behind the front axle for improved weight distribution. However, Giotto left the company the same year, and Mauro Forghieri, as well as coachbuilder Sergio Scaglietti, were assigned the task to complete the 250 GTO. They enhanced the 2,953cc V12 engine, fitting Testarossa heads, larger valves and six double-barrel Weber carburetors, increasing the horsepower to 300bhp and replacing the SWB’s four-speed transmission with a five-speed all-syncromesh gearbox. The interior was extremely basic, to keep the weight of the car as low as possible, with no soundproofing and no speedometer even in the instrument panel. But that not only adds to the appeal – it adds to the mystique of one of the most important special pieces of automotive history.
This new sale beat the previous record of the most valuable car sold at auction, which was also set by Bonhams with the 1954 Mercedes-Benz W196 R F1 Racer that sold for $30-million at Bonhams' Goodwood Festival of Speed Auction last year.
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