Car Auctions Off for Record-Breaking $34M

A rare 1962 Ferrari 250 GTO once owned by a famed racing driver and Olympic gold medalist has sold for $34.65 million. Yesterday's sale at an auction in California during Monterey Car Week is believed to be a record public auction price for a classic car, topping the nearly $30 million paid for a Mercedes W196 last year in England. The Los Angeles Times reports the $38 million total price—including 10% buyer fees—is half of what experts said it could fetch ("Spare another $500,000?" the auctioneer asked at one point, as bidding limped at $100,000 per increment). One example reportedly sold for $52 million in a private transaction. The car is one of just 39 Ferrari GTOs produced and was once owned by racer and retired Olympic gold medal skier Henri Oreiller, who died after crashing it into a building. (More auction stories.)