This car was just sold for R690-million - TechCentral

This car was just sold for R690-million

Image: RM Sotheby’s

A red 1962 Ferrari 250 GTO sold for US$48.4-million (about R690-million) on Saturday in California, the most ever paid for a classic car at auction.

The vehicle was offered by RM Sotheby’s in Monterey, and was estimated to fetch between $45-million and $60-million, the highest valuation ever for a vintage car at auction. It smashed the previous record of $38.1-million paid for a 1963 model of the same car in 2014.

The seller was Greg Whitten, chairman of Numerix Software and an early Microsoft employee, who purchased it in 2000. Sotheby’s declined to say how much he bought it for, but said the market price for such Ferraris at the time was about $10-million.

Ferrari built just 36 examples of the model from 1953 to 1964, and these elegant race cars have generated the highest prices among all vintage cars in recent years. A 1963 version sold for $70-million in a private transaction earlier this year, according to Sotheby’s.

The record price includes the buyer’s premium based on the hammer price of $44-million, calculated at 12% on the first $250 000 and 10% on the remainder.  — Reported by Frederik Balfour, (c) 2018 Bloomberg LP

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