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Classic Ferraris Dominate 2014 Pebble Beach Auctions

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1965 Ferrari 275 GTB/C Speciale (Images: RM Auctions)

1965 Ferrari 275 GTB/C Speciale (Images: RM Auctions)

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Investment in classic cars seems to be paying off even more these days. This can be seen from yet more records set during the sale of some of the most sought-after road and race cars on the planet during the past week in Monterey, California—and one brand stood out from the rest.

The highlight was the 1962 Ferrari 250 GTO bearing chassis #3851 GT, which set a new record for the highest amount paid for a car at auction when the final bid came in at a staggering $38,115,000. But the 250 GTO was just one of a handful of classic Ferraris that all sold for millions of dollars each.

Auction house RM Auctions held a two-day event where the six most expensive cars sold were all classic Ferraris. The highest bid here was $26.4 million for a 1965 Ferrari 275 GTB/C Speciale. Another 275, a 275 GTB/4 once owned by Steve McQueen, also went up for sale and fetched $10.2 million. The auction house also sold a 1965 Ford GT40 roadster prototype for $6,930,000.

Back in the Bonhams auction, where the 250 GTO was sold, a 1953 Ferrari 250 Mille Miglia Berlinetta went for $7.2 million, a 1962 Ferrari 250 GT Short-Wheelbase Speciale Aerodinamica went for $6.9 million and a 1958 Ferrari 250 GT Series 1 Cabriolet went for $6.8 million.

A record was also set for a classic Lamborghini, with one bidder snapping up a 1971 Lamborghini Miura SV for just over $2 million, eclipsing the car’s previous record of $1.7 million.

Below are the ten most expensive cars sold at auction last week in Monterey:

1) 1962 Ferrari 250 GTO: $38,115,000
2) 1964 Ferrari 275 GTB/C Speciale: $26,400,000
3) 1961 Ferrari 250 GT California SWB Spider (closed headlight): $15,180,000
4) 1964 Ferrari 250 LM Coupe: $11,550,000
5) 1967 Ferrari 275 GTB/4: $10,175,000
6) 1953 Ferrari 250 Mille Miglia Berlinetta: $7,260,000
7) 1965 Ford GT40 roadster prototype: $6,930,000
8) 1962 Ferrari 250 GT Short-Wheelbase Speciale Aerodinamica: $6,875,000
9) 1958 Ferrari 250 GT Series 1 Cabriolet: $6,820,000
7) 1959 Ferrari 250 GT Series 1 cabriolet (open headlight): $5,610,000

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