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With $38 million Ferrari, classic car market revs up

At the Bonhams Quail Lodge auction, nine Ferrari models set records, as did a Rolls-Royce once owned by Elvis Presley

James B Stewart 

Last year, two Manhattan condominiums sold for over $90 million and a Francis Bacon painting went for $142.4 million. Now comes the $38.1-million car. That’s the price of a 1962 Ferrari 250 GTO Berlinetta that sold this month at the Bonhams Quail Lodge auction in Carmel, California. The price was 28 per cent higher than the previous record of $29.7 million, set by a Mercedes-Benz racecar last summer. Another Ferrari 250 GTO is believed to have sold for $52 million in a private transaction. The Ferrari ...

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First Published: Sun, August 31 2014. 06:00 IST