Another Ferrari auction – another record? image

There’s a tradition here already. We have a high profile auction, a high profile classic Ferrari. So, we’re all betting we’ll have a high profile record.

The Ferrari 250 GTO Berlinetta we’re discussing has been owned by the scion of a wealthy Italian family for almost half a century – and it’s now ready to head to the auction, to fetch a reported record price of as much as $75 million.

“We’re confident we’re going to break the record” for a car sold at any auction globally, says Robert Brooks, Bonhams chairman. “It’s difficult to know where it will go from there, Ferraris have always attracted a lot of attention and have done very well.”

“There’s a lot on the market but there is more demand,” adds David Gooding, Hagerty Group’s president. “Pretty much everybody that was an active buyer and collector last year is still very active and there are new people coming in.”

According to Hagerty, a Michigan-based insurer and classic car database, the 1962 red two-seat coupe set to be auctioned off Aug. 14 in Carmel, California on the outskirts of the oceanside Pebble Beach, could fetch between $60 to $75 million. Bonhams is more reserved, with an estimate of $30 to $40 million. Both though are north of the current record for a global auction – held since last year by a 954 Mercedes-Benz W196R Formula 1 racing car, sold for $29.7 million.

Via Bloomberg