Some of the most beautiful automotive designs ever created have been the result of the urge to overcome friction.
Early in the motoring journey, engineers realised that brute force was not enough to overcome wind and road resistance, and that they had to work with the forces of nature if they were to create a vehicle that could maximise its potential.
The Ferrari 250 GTO, a racing car built over a period of two years between 1962 and 1964, is one of the ultimate examples of this combination of engineering excellence and aerodynamic beauty.
On the track, the results were spectacular, both as a Scuderia Ferrari team car and private racing team entry. The 250 GTO achieved a class win at the 12 Hours of Sebring on its debut in 1962 and followed this up with wins in the RAC Tourist Trophy at Goodwood and class wins at Le Mans and the Targa Florio.
Over the following two years, it took GT class prizes in these races and other major outings such as the Nürburgring 1,000km, then in the hands of privateers won everything from hillclimbs to rallies.
Jaguar, which had been outclassed by the car on its release, even borrowed a 250 GTO from Colonel Ronnie Hoare, the UK importer at Maranello Concessionaires, so that their aerodynamicist Malcolm Sayers could unlock its secrets and improve the design of their own ‘low-drag’ coupé E-Type.
Hagerty considers that the Ferrari 250 GTO is at the pinnacle of collectable cars because it combines so many of the attributes that enthusiasts lust after: a dominant racing record in period; a beautiful and instantly recognisable body; a phenomenal engine; very limited production numbers; and that special prancing horse badge on the bonnet. Every one of the 36 examples of the model has its own exceptional story, and today ownership offers the chance to take part in the world’s most exclusive events.
One of the 36 was sold at auction by RM Sotheby’s in New York in early November 2023. Registered as a 330LM by the factory, the 250 GTO’s sibling fitted with a bigger four-litre engine than the standard model, it was raced as a Scuderia Ferrari works car at the Nürburgring and Le Mans before being converted by Ferrari to full 250 GTO spec in 1963.
In more recent years, it has gained awards in the 250 GTO category at the Pebble Beach concours, among others. Including commission, the car sold for $51.7m, a price that set a new auction record for a Ferrari and was the second-highest car auction result ever, behind the 2022 sale of the Mercedes-Benz 300 SLR ‘Uhlenhaut’ coupe.
Although it was a record, some commentators suggested that the sale price was too low. Other 250 GTOs have sold in private for sums that are widely reported as being much higher, but that doesn’t take into consideration the model’s original purpose as a racing car.
Ferrari 250 GTOs were treated like any other track car in this period: bodies were adapted over the season or repaired when bent, engines changed from race to race, and broken parts changed for new. That means very few of the 36 cars are exactly the same as when they emerged from the factory, and although prices have risen significantly over the years, values of different cars can vary a great deal.
Those that survived with the same engine, gearbox, chassis and body as when they left Maranello – especially the earlier ‘Series 1’ cars – consequently command a substantial premium.
This one, starting life as a 330LM before being effectively rebuilt as a ‘pure’ 250 GTO by Ferrari, doesn’t have that unblemished history although the Ferrari works racing pedigree and recent concours success at the highest level both add to its charm.
The price attained is almost exactly the same as Hagerty’s lowest Price Guide value for the 250 GTO, but significantly higher that its top 300LM value. That suggests that buyers perceived it more as an extraordinary example of the latter rather than a ‘fair’ example of the latter.
RM Sotheby’s decision to sell the car at the end of an art auction in New York rather than a dedicated car sale may also have been intentional, aiming at an audience that cared less about its early provenance and more about its aesthetic and position in the market. Plus, the price has to be put in context; compared with top art auction sales, $51.7m is a drop in the ocean.
Despite the overall sale record being held by Mercedes-Benz, Ferrari still dominates the list of the most valuable cars ever sold at auction with no fewer than 21 Ferraris in the top 30 including eight in the top ten. Plus, the 250 GTO sits right in the middle of Ferrari’s most collectible era: all but two of the 25 most expensive Ferraris sold at auction were built between 1955 and 1967.
The prancing horse, it seems, still has a huge amount of draw for the very top collectors. Ferrari 250 GTO values have been on a steep upward curve since the 1990s, and demand isn’t likely to abate any time soon. They remain the ultimate status symbol for the ultra-rich car enthusiast and ownership gives entry to a club occupied by names such as Lawrence Stroll, Ralph Lauren and Nick Mason. That’s one heck of a group to be part of.
So, what’s the outlook for the Ferrari market in 2024? Michael Mann’s biopic Ferrari, released on Christmas day 2023 has refocused attention – not that it was ever lost – back on the prancing horse, and especially the Scuderia cars of the late 1950s.
An early, Series 1 250 GTO with 1962 Nürburgring 1,000km history has also hit the market, offered with price on application by dealer Tom Hartley Jnr. Others, including a very rare alloy-bodied 1966 275 GTB 6C and a 1958 long-wheelbase California Spider have been consigned by RM Sotheby’s and Artcurial respectively for their European opener Paris auctions.
Others will undoubtedly follow at Monaco in May, then at Monterey in the summer. Over the past few years, there’s been a trading of blows between Mercedes-Benz and Ferrari at the very top of the market, repeating the rivalry their teams show on the F1 circuit.
What is certain is that this will continue; with Mercedes-Benz holding the records for overall auction price paid for a car (Uhlenhaut Coupe, €135M in 2022), the most expensive historic racing car (Fangio’s Mercedes W196, £19.7M in 2013) and the most expensive modern F1 car (Lewis Hamilton’s 2013 W04, $18.815M in 2023), it’s Ferrari’s turn to land a punch.
For more on classic cars, see: hagerty.co.uk
