Just over a year ago, a 1962 Ferrari 250 GTO (pictured below) sold for $35 million, the current prices for the Ferrari 250 GTO have clearly gone into frenzy; it's unlikely similar rises can August 15, 2014 at 3:50 AM. Motor Authority. The 1962 Ferrari 250 GTO that went up for auction yesterday during the Bonhams sale at The Quail, A Motorsports Gathering finally sold for $38,115,000, setting a new record for the highest price paid for a car at auction. The previous record was $29,650,000, paid last year for a 1954 Mercedes-Benz Carmel, California – Thursday, 14 August 2014 – The 1962 Ferrari 250 GTO Berlinetta has become the most valuable car in history to be sold at auction when it realized $38,115,000 (£22,843,633 The 1962 Ferrari 250 GTO, which was sold for a record US$48.4 million at auction last Saturday, won many races including the ’63 and ’64 Targa Florio endurance races in Sicily, Italy. Unveiled at the annual pre-season Ferrari press conference in January 1962, the 250 GTO was the sole front-engine model amongst a line-up of mid-engine racers. New owners needed to afford the $18,000 price tag, as well as be personally approved by Enzo Ferrari. The automobile company boldly affirmed that the 1962 Ferrari 250 GTO is the car that best summed up the philosophy of Ferrari — the Ferrari of Ferraris. If we are to look back in time for era-defining cars, this machine won't be overlooked. Popular Mechanics named it the "Hottest Car of all time." Similarly, the 250 GTO topped Motor Trend See prices, photos, and find dealers near you. Find Ferrari 250 Classics for sale by classic car dealers and private sellers near you. 1962 Ferrari 250 The 1962 Ferrari 250 GTO beat the previous record by over $10 million. Three collectors phoned in to compete with one another, pushing the price up to $44 million in about 10 minutes. With Classic Ferrari 250GTO For Sale 1962 Ferrari 250GTO Price Inquire ferrari 250gto s by Year 1962 Ferrari 250GTO. More ferrari The 1962-3 Ferrari 250 GTO, chassis 3851, sold at Bonhams Quail Lodge 2014 for $38,115,000 to take the world record price from a 1955 Mercedes-Benz W196R Silver Arrows Formula 1 racing car that Bonhams sold for $29,650,000 at the Goodwood Festival of Speed Sale in 2013. BPF5.