The most expensive cars ever: Ferrari 250 GTO sells for $38 million

By Tim Pollard

Motoring Issues

15 August 2014 10:19

A 1962 Ferrari 250 GTO Berlinetta sold overnight for a record $38,115,000 (£22,528,626) at the prestigious Bonhams Quail Lodge Auction held during Monterey Car Week.

At a stroke, the Ferrari has become the most valuable car in the world, overtaking the 1954 Mercedes W196 R F1 Racer which sold for $30m at an auction at the 2013 Goodwood Festival of Speed.

Tellingly, seven of the top 10 most expensive cars ever sold at auction were Ferraris (see our list below).

Two historic Mercedes-Benzes feature in the top 10 highest car auction prices, the final non-Ferrari being a Ford GT40.

The Quail sale is a reflection of a booming classic car industry. Values are rising and signs are that speculators are viewing rare and exalted cars as an investment vehicle. Could the boom years be back? And is it sustainable?

‘It’s been a genuine privilege to represent this outstanding car and we are absolutely delighted with today’s results,’ said Robert Brooks, chairman of Bonhams. ‘We’ve always maintained that we would exceed the current world record and that the car would bring between $30-$40-million and today the GTO did just that.’

The Ferrari 250 GTO’s $38m price puts it straight to the top of the list of all-time auction records. We’ve done some digging around and reckon this is a pretty definitive list of the highest prices paid for cars at auction.

1962 Ferrari 250 GTO Berlinetta $38,115,000 (Bonhams Quail Lodge Auction 2014)
1954 Mercedes-Benz W196 $29,605,000 (Bonhams Goodwood Festival of Speed 2013)
1967 Ferrari 275 GTB/4 NART Spider $27,500,000 (RM Auctions, Monterey 2013)
1957 Ferrari 250 Testa Rossa prototype $16,390,000 (Gooding and co, Pebble Beach 2013)
1953 Ferrari 340/375 MM Berlinetta Competizione $12,745,500  (RM Auctions, Italy 2013)
1957 Ferrari 250 Testa Rossa $12,402,500 (RM Auctions, Maranello 2009)
1936 Mercedes-Benz 540K Special Roadster $11,770,000 (Gooding and co, Pebble Beach 2012)
1960 250 GT LWB California Spider Competizione $11,275,000 (Gooding and co, Pebble Beach 2012)
1968 Ford GT40 Gulf $11,000,000 (RM Auctions, Monterey 2012)
1961 Ferrari 250 GT SWB California Spider $10,894,000 (RM Auctions, Maranello 2008)

By Tim Pollard