Rare 1963 Ferrari 250 GTO becomes world’s most expensive car by selling for $52 million

Connoisseurs of antiquated exotic cars know the exclusivity and desirability of the highly sought-after Ferrari GTO’s. Every once in a while, when a rare 250 GTO goes under the hammer, a few records are bound to break. Sir Sterling Moss’s 1962 Ferrari 250 GTO, which raced the 24 hour Le Man’s race, was previously the costliest car that changed hands in 2012 for a record deal of $32 million in a private deal.

A new Ferrari 250 GTO has broken the previous standing record to $32 million by miles. With the chassis number 5111 and distinguished competition history of having won the 1963 Tour de France road race with the French driver Jean Guichet at the wheel, the latest GTO has fetched $52 million in a private deal, becoming the world’s most expensive car. That’s a whopping 49% increase in the record for any deal.

The classic car industry is growing rapidly, giving proper competition to exotic and rare artwork by earning top dollar. Every deal breaks the previous record by a huge margin, which suggests a bubble formation in the market. This year at Goodwood Festival of Speed, Fangio’s 1954 championship-winning Merc set an auction record by selling for $29.3 million.

[Via – Bloomberg]