Original vintage 1974 Road & Track article on discussing two epic Ferrari models, the 1963 Ferrari GTO and 1952 Ferrari Mexico.
Dimensions: This article is one page, and measures eight inches wide by 11 inches high.
The Ferrari 250 GTO is a grand tourer produced by Ferrari from 1962 to 1964 for Fédération Internationale de l'Automobile (FIA) Group 3 Grand Touring Car category. It was powered by Ferrari's Tipo 168/62 Colombo V12 engine, with the “250” denoting the displacement in cubic centimeters of each of its cylinder.
Just 36 of the 250 GTOs were manufactured between 1962 and 1964. This includes 33 cars with 1962–63 bodywork (Series I) and three with 1964 (Series II) bodywork similar to the Ferrari 250 LM.
When new, the 250 GTO cost $18,000 in the United States, with buyers personally approved by Enzo Ferrari. This model has since become highly desired by automobile collectors and sales have repeatedly set price records. Until a single iconic Mercedes suddenly sold for $142 million, becoming the most expensive car ever, the Ferrari 250 GTO was the undisputed king of the collector-car world.
Each of the 39 (or 36, if you only count the 3.0-liter cars that should technically be called "250 GTO" by Ferrari's naming conventions) cars is worth a princely sum, as no GTO has been sold for under $30 million since 2010. This one, a 4.0-liter car raced by the factory, could be worth significantly more.
While the GTO is now arguably one of the most valuable collector car in the world, it was merely a no-frills used race car in the late 1960s and very early 1970s. Many of the vehicles were offered at or acquired for four-figure (USD) sums. In contrast, restored Duesenberg Model Js often sold for about $50,000 around 1970.
From the late 1970s to the late 1980s, classic car values rose rapidly and the 250 GTO became the most valuable Ferrari model, touted as the Ferrari that most completely embodies the characteristics of the manufacturer. Prices fell substantially during the car market crash of the early 1990s, resulting in lows of $2,700,000 in September 1994 and $2,500,000 in May 1996.
Prices began to climb again in the late 90s and have continued to rise through the present day. 250 GTOs have repeatedly broken records for most expensive car ever sold at auction or private sale. The current record for world's most expensive Ferrari was set in June 2018 when a 1963 250 GTO (chassis 4153GT) was sold to David MacNeil in the aforementioned private sale for $70 million.
On 25 August 2018, RM Sotheby's sold Greg Whitten's 250 GTO 3413GT at their Monterey auction. The final price inclusive of buyer's fee was $48,405,000, representing a new record for most expensive car ever sold at auction. The previous record was also held by a 250 GTO, 3851GT, which was sold at the Bonhams Quail Lodge auction in 2014.
Scarcity and high prices led to the creation of several replica 250 GTOs on more common Ferrari chassis. Misrepresentations of the original cars, offered for sale at full market value, have been reported.
