Record-Breaking 1962 Ferrari Auctioned for $51.7 Million

A 1962 Ferrari GTO sold for $51.7 million at Sotheby's, becoming the most expensive Ferrari ever sold at auction. The price fell short of expectations, reflecting a cooling market for collectibles. The car, one of only 36 Ferrari 250 GTOs in existence, has a unique history as the only one ever raced by Scuderia Ferrari. Despite its rarity and storied past, some experts believe that its uniqueness may have made it more challenging to sell in a market where appearances and belonging to a like-minded group are important.