Another day and another record breaking deal for a Ferrari 250 GTO. It was only last year that British race car driver Sterling Moss’s apple green 1962 Ferrari GTO got sold for a then record $35 million in a private deal. As Bloomberg reported yesterday this record was broken by a huge margin of 49 percent increase – sold for $52 million to be exact.
Latest record breaking 1963 Ferrari 250 GTO with chassis number 5111 was also sold in private deal. This red competition car has a distinguish history in racing, with a win in 1963 Tour de France road race with French driver Jean Guichet. One of the previous owners of this car was Connecticut based collector Paul Pappalardo, but most recent was a Spanish collector. Papalardo bought the car in 1974, restored and driven in many races by him including the 2002 Le Mans Classic, prior to him selling it.
Values for Ferraris for 1950’s and 1960’s has seen an exponential increase in recent years. Demand from both car enthusiasts and collectors continue to grow, prompting fears of a vintage car bubble in the market. In August during Pebble Beach Concours d’Elegance, RM Monterey Weekend Auction sold a 1967 Ferrari 275 GTB/4 NRT Spider convertible for a $27.5 million.
Only 39 of the Ferrari 250 GTO ever made. Other well-known owners include Pink Floyd drummer Nick Mason, Goldman Sachs scion Peter Sachs, Wal-Mart chairman Rob Walton and Tommy Hilfiger financier Lawrence Stroll. Reports indicate Mason received offers between $40-$50 million for his car from enthusiastic buyers.
Not everyone is gung ho about the GTO. London-based über Ferrari dealer Joe Macari is one of them. Said Macari “I don’t understand the appeal of them. They’re not very beautiful and they never won Le Mans. I’d rather have a Testa Rossa.” For one Macari there are thousands of enthusiasts though. Just ask eager buyers that wants to buy Nick Mason’s GTO.