The Ferrari 250 GTO is one of the rarest Prancing Horses ever produced. Only 36 of the famed model were made, which helps them achieve incredibly high values whenever they change hands. Due to the rarity factor and high demand, when a 250 GTO goes up for sale it is a notable occasion for car collectors the world over.

A new record

This past weekend a 1962 Ferrari 250 GTO belonging to Greg Whitten fetched a record $48,4 million at the auction hosted at Pebble Beach Concours. That’s a whopping R726 MILLIYON in our money. That amount is the most ever fetched for a 250 GTO at a public auction. The car, chassis no 3413,  is considered one of the most authentic and original of all GTO examples. Total time of the auction was just 12 minutes with bidders at the auction being outbid by an unknown buyer who used an agent to bid on their behalf. You can read more on this specific car by clicking here.

In 2014,  a similar car was auctioned for $38,1m at a public event. That record stood until a few days ago. It is believed that similar cars have been sold for more money, but only in private sales. It is rumoured that a 1963 250 GTO belonging to a German racecar driver sold for somewhere between $70m and $80m earlier this year.

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The Ferrari 250 GTO was conceived as a racecar to comply with touring car rules of the era. Each model is powered by a 3,0-litre carb-fed V12 engine that produces approximately 220 kW.

Going up

Experts in the classic and collectible car field are confident that Ferrari 250 GTO prices will continue to rise and eventually breach the $100m-mark.

Current owners of GTOs include several high-profile individuals from the world of finance, business, entertainment and fashion. The most notable owner of a Ferrari 250 GTO is the drummer from rock band Pink Floyd, Nick Mason. Each car is well-documented by owners and the Ferrari factory via its Classiche division.

The 36 original 250 GTOs are typically referred to by their unique chassis number with racing pedigree, previous owners, originality and a few other factors responsible for establishing values.