Ferrari Milestone: 1962 330LM/250 GTO Breaks Records with $51.7 Million Sale

An Unprecedented Sale

The highly coveted 1962 330LM/250 GTO, often referred to as the ‘holy grail of all collector cars,’ shatters records in a unique sale held among the world’s most expensive modern and contemporary art in New York.

The winning bid of $51.7 million, approximately £42.1 million, not only establishes a new high for Ferrari but also secures its position as the second most expensive motor car ever sold at auction.

A Ferrari of Distinction

Chassis number 3765 stands out as the rarest example of Ferrari’s celebrated 250 GTO, distinguished by its unique history as the only one officially entered into competition by Scuderia Ferrari, the manufacturer’s own racing team.

Surpassing Previous Records

The staggering sale price surpasses the previous record for a Ferrari, held by another 250 GTO auctioned by RM Sotheby’s in 2018 for $48.4 million. Only a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe has fetched a higher price at auction, making chassis 3765 a true gem in the automotive world.

Gord Duff’s Perspective

Gord Duff, global head of auctions at Sotheby’s, expresses the unparalleled stature of the Ferrari, highlighting its unique legacy.

The transaction, reaching $51.7 million, adds a new chapter to the vehicle’s unmatched history, firmly placing it among the most expensive cars ever sold at auction.

Unique Racing Heritage

Chassis 3765, now the second most expensive motor car sold at auction, holds a distinctive place in automotive history.

Originally fitted with a three-carburetor motor and extensively tested in May 1962, it became the only ‘works’ Scuderia Ferrari 250 GTO Tipo converted to 330LM racing specification.

Decades in Private Ownership

After nearly four decades in private ownership, the Ferrari has been meticulously cared for by the vendor for 38 years.

This rarity in ownership changes underscores the significance of the vehicle, further accentuated by its documented factory build sheets.

A Journey Through Racing History

The Ferrari’s racing history includes notable achievements, such as a class win at the Nürburgring 1000KM in 1962.

Despite a setback at Le Mans later that year, the car underwent refurbishment for public sale, eventually finding its way into the hands of Italian Pietro Ferraro.

From Restoration to Renowned Ownership

Purchased in November 1962 by Pietro Ferraro, the car underwent factory modifications to return it to 250 GTO specification.

Its racing legacy continued through various owners, including a stint in the U.S. under Fred Leydorf, chairman of the Ferrari Club America.

Jim Jaeger’s Cherished Ownership

Renowned collector Jim Jaeger, the vendor, acquired the Ferrari in 1985, retaining and cherishing it until the recent record-breaking sale.

Jaeger reflects on his journey, describing the 250 GTO as the ultimate Ferrari that he pursued since the 1980s.

Sotheby’s Commitment to Masterpieces

Mari-Claudia Jiménez, Sotheby’s Chairman and President of the Americas, emphasizes the exceptional nature of presenting this Ferrari during the Marquee sales of Modern and Contemporary Art in New York. The auction solidifies Sotheby’s commitment to offering universally desired masterpieces across various categories.

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