News & Opinion | June 22, 2018 12:19 pm

Rare 1962 Ferrari 250 GTO Could Break All-time Auction Price Record

"Holy Grail" of car collectors could fetch $45 million in Sotheby's August auction.

Would you pay $45 million for an old Ferrari? R.M. Sotheby’s hopes so, as the auction house is putting an incredibly rare 1962 250 GTO up for sale in late August and is expecting it to fetch at least that, if not more.

This model of a 1962 Ferrari 250 GTO, chassis no. 3413, is the third of 36 examples built and the car’s initial role was with Phil Hill running factory testing for the Targa Florio in 1962, reports Maxim. This car was then sold into private ownership and raced several times that same year. It won all but one of its events and the first owner scored the Italian National GT Championship in 1962. It has never crashed or failed to finish a race, and still has its original engine, gearbox, rear axle, and Series II body. The Ferrari 250 GTO is considered the car collector’s “Holy Grail.”