A 1962 Ferrari 250 GTO that was bid to $48,405,000 at the RM Sotheby’s sale at Monterey, California has become the most valuable car ever sold at public auction, beating the previous record for a 250 GTO at $38,115,000 which was set back in 2014. The car sold on Sunday is the third of the 36 examples of the 250 GTO Model models built by Ferrari between 1953 and 1964. The car is also one of four early cars subsequently converted by the Scaglietti coachworks in 1964 with more aerodynamic bodywork designed by Pininfarina.

There were cheers and applause when five-time Le Mans winner Derek Bell stepped out of the car after driving it across the auction block in front of an overflowing salesroom, followed by gasps as auctioneer Maarten ten Holder opened the bidding at the unprecedented level of $35 million. Sotheby's said the three collectors bidding for the car actually competed by telephone for 10 minutes as the packed house listened and looked on, with multiple millions moving in increments before the new owner hit the final auction price of $44 million. An additional $4.4 million in auction fees were added to bring it to the record-breaking price. RM Sotheby's further added that the $48.4 million dollar auction price exceeds the previous record breaking price by more than $10 million.

The Ferrari 250 GTO is acknowledged as being one of the most significant racing cars of all times. The first owner of this specific car, Edoardo Lualdi-Gabardi, was one of the most successful Italian privateers on track and in hillclimbs. With it he took the class win in the 1962 Italian GT Championship. Second owner, Gianni Bulgari, took first in class and 4th overall at the 1963 Targa Florio and the third owner, Corrado Ferlaino, repeated that class victory and came 5th overall at the same gruelling endurance race the year after with the modified bodywork.

However the identity of the new owner has not been made public.