A bright red Ferrari sold for $51.7 million, with buyer’s fees, yesterday – becoming the most expensive automobile from that Italian carmaker ever sold at auction. The price fell short of the auction house’s expectations at a time when the once red-hot market for collectibles has begun to cool amid geopolitical uncertainty and rising interest rates. RM Sotheby’s, the automobile seller in which Sotheby’s bought a controlling stake in 2022, offered the 1962 Ferrari 330 LM/250 GTO by Scaglietti with an unpublished estimate of $60 million. Two bidders drove the price to $47 million before auction-house fees. (RM Sotheby’s declined to give any information about the buyer.) Sotheby’s promoted the car as a luxury object, offering it in a stand-alone sale during its marquee fall auctions of fine art in New York. There are only 36 Ferrari 250 GTOs in existence, produced between 1962 and 1964. Owners of the car instantly become members of an exclusive club that includes fashion designer Ralph Lauren and Nick Mason, the drummer for Pink Floyd.
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