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. The price was 28 per cent higher than the previous record of US$29.7 million, set by a Mercedes-Benz race car last summer. Another Ferrari 250 GTO is believed to have been sold for US$52 million in a private transaction.

While the Ferraris are rare - just 32 were built by hand between 1962 and 1964 - the price for the 250 GTO was hardly the only record during this month's annual week of prominent car auctions...

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