The 250 GTO (Gran Turismo Omologato or Grand Touring Homologation), a car often viewed (and definitely priced) as the finest embodiment of one of the world’s most recognisable brands, Ferrari. Everywhere the fabled 250 GTO is seen it commands a certain and distinct mystic. Powered by a formidable 3 litre V12, the GTO was designed to compete in the FIA Group 3 Grand Touring Car category with opponents that included Jaguar, Aston Martin and Shelby Cobras.
Built between 1962 and 1964, 36 250 GTOs were produced with 33 series 1 cars and three series 2 cars (with four series 1 cars retro fitted with the updated series 2 bodywork in period). Several cars were originally available for sale (provided Enzo Ferrari personally approved the sale) for USD$18,000.
Due to the extraordinary and exponential growth in value, these cars have become the poster child for the classic car scene, and a beacon for how well an astute investment in a classic car can perform. The car reportedly holds both the largest private sale price (USD$70 million) and largest realised auction price (USD$48.4 Million) ever achieved for a car, with both achieved in 2018.
Interestingly, the cars have gone down in price at two points in their lifespan. The first was seen soon after the initial launch where one car reportedly went on to sell at the 1969 Kruse International Auction for just $2,500 and then another (much more violent move) again in 1990s where the price of classic cars (after just experiencing a price boom) took a sudden and sizable hit due to general economic issues that hurt investments across the board, in this instance the value went from the seemingly dizzying heights of $13 million (1990) to “just” $3 million (1993), and $2.2 million (1997). A fast-paced price recovery followed closely.
The cars have since seen a meteoric rise in price and desirability with current prices placed high in the eight-figure range. The rise has been so explosive that values have increased by well over $10 million in a single year. The recent results will ensure that a frenzied interest will always be present whenever another is brought to the market.
The 100-Million-dollar question is whether these remarkable cars are at, near, or even have a price ceiling, or is the sky (stars and beyond) the only limit? Only time will tell.
