How much would you spend on a car? For most people, they would call $100,000 their upper limit. Spending more than this would be financial suicide, to say the least!
The same cannot be said for the 1 percent… Indeed, the wealth and affluence of some of the richest people in the world knows no boundaries.
Just a few months back in August, the most expensive car was sold at an auction, fetching a whopping $48 million!
The Desirable GTO Ferrari
Yep, that’s right….millions
The car, in particular, is a vintage Ferrari 250 GTO, which was auctioned at the RM Sotheby’s as part of the Concours d’Elegance held at Pebble Beach.
You can call it the Coachella of the affluent, where the crème de la crème of society get to see the classiest cars and wealthy collectors are invited to partake in races around Pebble Beach and Monterey, tours, unveilings, parties, five days of auctions; practically the whole shebang!
What’s even more interesting is that the sale of the Ferrari brought the total sales for collectible cars to an impressive $368 million.
This translates to a 12 percent increase in terms of collections from the event’s previous year.
A Subtle Taste for The Classics
Additionally, as per data by the research firm and classic car insurance firm Hagerty, this is the first rise since the car market stalled in 2014.
Additionally, a 1935 Duesenberg SSJ Roadster was also sold during the event for a whopping $22 million.
This broke the record for the most expensive American car to be auctioned.
Indeed, the results demonstrate that when a super rare vehicle is up for grabs, it can ultimately smash records despite the market remaining largely stagnant.
According to research firm Hagerty, despite many buyers not being bullish, heavyweight bidders rose to the challenge and purchased some of the A-list cars in question.
As a matter of fact, the new record for the most expensive car going to the Ferrari 250 GTO shows why this car is still the most revered vehicle for classic car collectors.
A Limited Collection
Indeed, Ferrari only made 36 of these babies, and they have been the most dominant racing cars since their heyday on the track, winning over 300 races in total.
Moreover, a large section of collectors also considers the 250 GTO the most aesthetically pleasing Ferrari ever made.
Thanks to its timeless sleek style, there have even been reports that another GTO was sold in private for a whopping $70 million! That being said, the car that publicly broke the record at the Concours d’Elegance was the third GTO to be produced.
It still retained a large section of its original parts and was sold by former Microsoft Executive Greg Whitten who purchased the vehicle in 2000. Interestingly, at the time that Whitten purchased it, it was one-tenth of its sale price on Saturday.
Indeed, Whitten purchased the car to participate in vintage car races and he also claimed to have gotten it above 155 mph.
Reminiscing on his days with the car, he admired its beauty and went further to say that one won’t feel whole until they race it.
That being said, as vintage racing became more open to a wider range of cars, Whitten admits that he had a difficult time racing the car when pitted against newer, more powerful cars.
The GTO, a Classic to Be Handled with Care
Additionally, he also noted that owners of less expensive cars tended to be careless on the racetrack with their cars.
However, this was not the option for him as he had a way more valuable car in the GTO. Indeed, he felt it was no longer fun to enjoy the races on his own.
That being said, despite selling the prized GTO, Whitten still has plenty of Ferraris sitting in his garage, and he soon hopes to purchase a number of classic car races.
When quizzed on how it is fathomable one single car could cost the price of a number of mansions, to which Whitten responded that when you’re competing with some of the most notable car collectors around the world, a Ferrari is the most desired collectible in the industry, and at the apex, of course, the GTO!
Indeed, to be in such territory, you have to be willing to battle with some of the wealthiest individuals who are looking to grab their hands on one.