In what seems a never-ending escalation of sales prices--despite the global economy--another Ferrari 250 GTO has claimed the title of world's most expensive car.
This time, it's a 1963 250 GTO that sold for $52 million.
The car is an ex-racer from the collection of Paul Pappalardo, reports Bloomberg, similar to the car pictured above. No other details on the sale are known, and Pappalardo declined comment when Bloomberg contacted him.
The new title holder is the latest in a long line of Ferrari 250 models to win the crown. Just over a year ago, a 1962 Ferrari 250 GTO (pictured below) sold for $35 million, taking the title from another '62 250 GTO that sold for $28.7 million. Before that, a 1957 Ferrari 250 Tesa Rossa sold for $16.4 million at a Pebble Beach auction.
Can the value of these cars truly be stated in the tens of millions of dollars? Perhaps--but even with a history of setting record-breaking prices at private sale and auction, the current prices for the Ferrari 250 GTO have clearly gone into frenzy; it's unlikely similar rises can continue for much longer.
1962 Ferrari 250 GTO sells for record $35 million. Image via Talacrest Limited.