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Rare 1962 Ferrari sold for record US$38.1m

Record prices for classic cars are prompting some to ask if they are the next great asset class

LAST year, two Manhattan condominiums sold for more than US$90 million and a Francis Bacon painting went for US$142.4 million. Now comes the US$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.