Ferrari 250 GTO is Now Worth More Than Gold
The math is very simple really. Last year, at an RM Sotheby's auction Ferrari 250 GTO, chassis number 3413GT, sold for $48,405,000. An all-time record for an auctioned car. Having in mind that the car weighs only 880kg, it still comes up to a staggering $55,000 per kilogram. Gold is $41,500/kg. The GTO is worth more than its weight in gold.
It is widely considered that Ferrari models between 1950 and 1970 embodied the purest essence of the company. Among them, those that have been taken racing like the 250 GTO are more sought after than the elixir of life. Also, the 250 GTO is extremely rare. Only 36 of them have been produced, and all have an extensive racing history.
On the other hand, the number of wealthy people in the world is growing faster than ever before. China alone makes two new billionaires every week! All that means that once awhile, when a GTO does go on auction, all these new eager prospective owners will pit their bank accounts against each other and go crazy.
Crazy amounts of money
As I mentioned before, the 250 GTO (3413GT) sold in August 2018 set the new record for the most expensive car ever sold at an auction. A record it took from another 250 GTO auctioned in 2014.
Earlier that same year, a 250 GTO (4153GT) was privately sold for a staggering amount of $70,000,000! That makes it the most expensive car... ever. Nearly double the price of weight in gold! And again, a record stolen from yet another GTO (5111GT) privately sold in 2015. I'm starting to see a pattern here.
Many details about the $70M purchase are still a secret, but a leading Ferrari historian Marcel Massini, who described the car as one of the top three or four GTOs in the world, confirmed it had been bought by an American businessman.
Prices throughout the history
When New: $18,500 ($150,000 in today's money)
1969: $2,500 (Kruse International auction)
1975: $35,000 (Number 3223GT)
1977 : £37,000 (sold to Pink Floyd drummer Nick Mason)
1978: $90,000 (Number 3987GT - Good original condition)
1978: $125,000 (Number 3387GT - Concours (perfect) condition)
1980: $180,000-200,000 (Number 3445GT - asking price following restoration)
1985: $650,000 (Number 3987GT)
1986: $1,000,000 (Number 3589GT)
1987: $1,600,000 (Number 4757GT)
1988: $4,200,000 (Number 3589GT)
1993: $3,000,000-3,500,000 (Number 4219GT)
1998: $6,000,000 (Number 3729GT)
2000: $7,000,000 (Number 3413GT)
2004: $10,600,000 (Number 3223GT)
2010: $26,000,000 (Number 3943GT)
2012: $35,000,000 (Number 3505GT)
2013: $52,000,000 (Number 5111GT)
2014: $38,115,000 (Number 3851GT)
2018: $70,000,000 (Number 4153GT)
2018:$48,405,000 (Number 3413GT) - same car that was sold in 2000 for 7M!
Is there a cheap one?
The cheapest 250 GTO ever sold was in 1965 to a Ferrari collector and historic racer Fabrizio Violati, for only $4000, which is around $20,000 today. Interestingly, that was his first Ferrari ever, and Violati saved it from being cannibalized by a powerboat racer for its engine. God bless him a thousand times!
Fabrizio's Ferrari didn't change hands until 2014, four years after his death when it was sold at an auction for $38M. Yes, the cheapest GTO ever later held a record for the most expensive one.
If you think you can get one cheap, it will not happen. Not today. What is more likely to happen is a 250 GTO being the first car ever to break the $100,000,000 figure. It's just a matter of time.