11/15/2023
Here is social mood on display
the car sold originally for $6 K< what
a collector bought in 1985 for $500,000, shrewd, a bargain as the bull market in stocks got underway
What though is the buyer thinking at $52 M?
that money would make $2.5 M a year now in T bills and there are lots of other cars for that money
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A cherry red, 1962 Ferrari 250 GTO known for its rarity and winning race history has become the second-most expensive vehicle ever sold at auction.
RM Sotheby’s sold the car for $52 million on Monday, below its $60 million asking price, as the market for collectible cars falters slightly along with other collecting categories. The top-selling car is a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe, a prototype that was auctioned for $142 million last year and one of two ever manufactured.
Ohio collector Jim Jaeger, who privately bought the Ferrari for around $500,000 in 1985, sold the car to an anonymous bidder who attended the sale in a private gallery at Sotheby’s York Avenue headquarters. The Ferrari was one of 34 produced by Ferrari and one of only two GTO models ever raced by Ferrari’s own team, Scuderia Ferrari, the auction house said.
The house made the unusual move of using the car as part of its high-profile New York series of fall auctions—bidding began just before its evening sale of modern art—as a way to underscore the fact that collectors are now willing to pay as much for a vintage vehicle as they would a masterpiece painting.
Rival Christie’s joined in the parameter-pushing effort as well by tossing a red, curved Jean Royère sofa from 1952 into its contemporary art sale last week, selling it for $945,000, over its $700,000 high estimate.
These additions lent an anything-goes atmosphere to a series of auctions traditionally devoted to high-end modern and contemporary art, but it’s unclear if the tactic paid off, given the 250 GTO sold for less than expected.
Car collectors tend to pay a premium for GTO models that have championship track records as GTOs took home storied wins between 1962 and 1964 in world races including the Tour de France Automobile and International Championship for GT Manufacturers. This particular GTO at RM Sotheby’s won in its class and finished second overall at the 1962 Nürburgring 1000 KM. It was also driven by Mike Parkes and Lorenzo Bandini at the 1962 24 Hours of Le Mans.
In addition, 250 GTOs rarely come to market: The last time RM Sotheby’s sold another 250 GTO was in 2018, a 1962 model that went for $48.4 million.
The 1962 Ferrari GTO initially sold in 1964 for about $6,000, the house said.
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