Classic car enthusiasts will not be surprised to read that, once again, another Ferrari has been sold for a record price. As you will be aware, the Ferrari 250 GTO is probably the most sought after classic car in the world and when one does become available for sale it no doubt attracts a great deal of interest and this is reflected in the price such a vehicle achieves.

Well, at RM Sotheby’s auction that took place in Monterey, California from the 24th to 25th August 2018, a 1962 Ferrari 250 GTO was sold for the huge price of $48,405,000. This is a world record for a car being sold at an auction anywhere in the world. The wonderful vehicle was actually driven into the sales room by the well known racing driver Derek Bell.

Apparently, it only took about 10 minutes of bidding for the classic car to be sold at the auction and there was a great deal of interest in particular from 3 bidders. The new purchaser wished to remain anonymous.

Not many of these cars were built and this one had been in the same ownership for many years and had been well looked after being in wonderful condition but one would not expect anything other than this to have been the case as these classic vehicles are so sought after.

There were no doubt many other valuable classic cars sold at the above auction as sales totalled $157,931,940. This just goes to show how much interest there is in the classic car market around the world.

It would be very interesting to find out how much the premium would be to arrange classic car insurance on a vehicle of this stature. Presumably, the new buyer has arranged such cover to protect their prized possession in the event of it being stolen or seriously damaged in a road traffic accident. We will continue to keep our readers updated about any other interesting sales of classic cars in the coming months.