Rare Ferrari 250 GTO May Fetch Record $45 Million at Auction (Video)

A 1962 Ferrari 250 GTO is set to go up for auction in August and is expected to sell for over $45 million. Josh King has the details

Another year, another trophy to test millionaires’ desires for classic Ferraris.

A red 1962 Ferrari 250 GTO will be auctioned in August during the annual Pebble Beach Concours d’Elegance motoring week in California. The car is being offered by RM Sotheby’s, which estimated it at more than $45 million, the highest valuation ever for a vintage auto at auction.

Ferrari built just 36 examples of the model from 1953 to 1964, and these elegant race cars have generated the highest prices among all vintage automobiles in recent years. In 2014, a 1963 edition fetched $38.1 million at Bonhams, the current record for a classic car at auction. Another 1963 version sold for $70 million in a private transaction earlier this year, according to Sotheby’s.

While Ferraris remain the gold standard for many car collectors, vintage autos as a category declined 1 percent for the 12 months ended in March, according to the Knight Frank Luxury Investment Index. Still, the asset class has returned 288 percent over the past decade.