Rare 1962 Ferrari 330 LM/250 GTO expected to set auction record

Ferrari 250 GTO (carbuzz.com)

Ferrari 250 GTO (carbuzz.com)

A historic 1962 Ferrari 330 LM/250 GTO by Scaglietti is poised to become the most expensive Ferrari ever sold at an auction. The rare vehicle will be up for auction through RM Sotheby’s on November 13, 2023, with estimates predicting it will sell for over $60 million. This would potentially surpass the current record for the most expensive Ferrari ever sold at $70 million in a private sale in 2018.

The auction for this iconic Ferrari is particularly significant as it’s expected to attract substantial bids. It will be part of RM Sotheby’s open auction in New York during the auction house’s marque sales of Modern and Contemporary Art. This unique positioning highlights the Ferrari’s stature as an artistic masterpiece.

Chassis number 3765, one of only 34 ever produced, carries remarkable historical significance. It’s the only 250 GTO raced under the direct ownership of Scuderia Ferrari. The 250 GTO is the namesake of the GTO nomenclature for Ferrari, serving as a spiritual predecessor to legendary models like the 288 GTO, F40, F50, and LaFerrari.

The car achieved notable racing success, securing a class win and second place overall at the 1962 Nurburgring 1000 Km and being driven by prominent racers Mike Parkes and Lorenzo Bandini during the 1962 24 Hours of Le Mans.

In 1964, the vehicle was sold to a private owner for a mere $6,000 ($61,000 today), and it went on to become the runner-up in the 1965 Sicilian Hillclimb Championship.

The car is currently owned by Ferrari collector Jim Jaeger from Ohio, who purchased it in 1985 for $500,000 ($1.4 million today) from former Ford engineer Fred Leydorf. Over the years, the car went through various modifications, including the removal of the original 4.0-liter V-12 engine in 1963 and its replacement with a 3.0-liter V-12. However, Jaeger initiated an extensive restoration that reintroduced the 4.0-liter engine while retaining the 3.0-liter, resulting in the car’s current configuration. Such alterations were common in historic racing sports cars to adapt them to different classes and events.

Despite these changes, the vehicle has amassed awards, including Best of Show at The Amelia Island Concours d’Elegance and 2nd place in the GTO class at the 2011 Pebble Beach Concours d’Elegance. According to Jaeger, the car still delivers an exhilarating driving experience that is unparalleled and stimulates the senses.

This rare Ferrari is anticipated to make history at the upcoming auction, and expectations are that it might surpass the $60 million estimate. The car is described as an automotive legend, with collectors eagerly awaiting the opportunity to acquire it. RM Sotheby’s is confident that this iconic vehicle, set against the backdrop of New York City, will enthrall collectors and possibly set a new auction record.