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1962 Ferrari 250 GTO hits record $38 million sale at Bonhams' Monterey auction

This weekend's Pebble Beach Concours d'Elegrance brings together some of the rarest and most expensive automobiles in the world onto a tiny peninsula in California jutting out into the Pacific Ocean. But this year, there has been one vehicle on everyone's lips - a 1962 Ferrari 250 GTO. Bonhams put up this incredibly rare Prancing Horse at no reserve for its auction at the Quail Lodge, meaning it could have sold for just a dollar. It didn't though, this ex-Jo Schlesser owned Ferrari sold for a staggering $38.115 million. That makes it the most expensive car ever sold at auction, beating out Bonhams' sale of a Mercedes W196R last year for $29.65 million.
Ferrari only built 39 of these racers, and they have been million-dollar cars for years. One reportedly sold privately for $52 million last year, and one built for Stirling Moss went for $35 million privately in 2012.
While the spectacle of seeing a 250 GTO drive across the auction block with no reserve and then set a record price was certainly amazing, it wasn't the only rare Ferrari up for sale during the evening. Bonhams also handpicked some of the most collectible Ferraris in the world and brought them to the stage. The ten cars included a 1962 250 GT Short-Wheelbase Speciale Aerodinamica that went for $6.875 million, a 1953 250 Mille Miglia Berlinetta driven to racing victory by Phil Hill for $7.26 million and even a 1978 312 T3 Formula One car for $2.31 million. All told, the group of them sold for $65.945 million.

Race Recap: 2014 Russian Grand Prix is like Valencia, but in Russian

The Sochi International Street Circuit used to host the Russian Formula One Grand Prix has a few things in common with the Valencia Street Circuit that was used to host the European Grand Prix. Both are built among existing infrastructure used for other events, both contain long, narrow stretches run between concrete walls and chain link fencing, and both are, shall we say, not exactly exciting.
We wouldn't know that after qualifying, though, when Lewis Hamilton in the Mercedes AMG Petronas finally put in a mistake-free Saturday to line up first on the grid, ahead of teammate Nico Rosberg in second. Valtteri Bottas got his Williams closer than anyone expected, blistering the first two sectors but falling apart in the third and ending up third on the grid. Behind him, Jenson Button impressed in the McLaren in fourth, Daniil Kvyat even more impressive in the Toro Rosso, taking fifth in front of his home crowd. Kevin Magnussen put the second McLaren in sixth, Daniel Ricciardo was the first Infiniti Red Bull Racing in seventh ahead of a Ferrari duo who knew they'd have a hard time, Fernando Alonso in eighth and Kimi Räikkönen in ninth. Jean-Eric Vergne made sure to keep himself in the news with tenth position.
When the lights went out, the most exciting events of the entire race happened in just sixty meters of the braking zone going into Turn 2.

Weekly Recap: Takeaways from the Frankfurt Motor Show

We obsessively covered the 2015 Frankfurt Motor Show, and naturally, we selected our favorites from this fall's biggest automotive event. Now that the dust has settled, we're looking ahead to what it all means. Here are three takeaways from the floor in Frankfurt. The Germans are serious about electric vehicles: It's a bit cliche to say BMW, Mercedes, and Audi have downplayed electrics in favor of other technologies, like diesels. For a time that may have been true, but those three companies, along with Porsche and Volkswagen, are emerging as leaders in EV development. That was on display in Frankfurt, when all of them revealed either all-electric or plug-in hybrid models. Gas prices are relatively low in the United States, but clearly the Germans are thinking long-term and globally. Everyone is serious about SUVs: You gotta have one, even if you're Bentley or Jaguar. It's 2015 and it's what consumers want. As Jaguar design director Ian Callum put it, "Not to be in the sector would be a little naive for the sake of purity." It's not just the flashy exotic luxury makers. Nissan showed the Gripz concept, which is rakish, radical, and meant to blend traits of SUVs and sports cars into a vehicle that really crosses over. Look for more, especially in the luxury sector, as Rolls-Royce, Lamborghini, and Aston Martin ramp up their own SUV efforts. There's no ceiling to the luxury market: Speaking of high-end cars, companies are continuing to invest in extravagant wares beyond just SUVs. Even during the recession, ultra-luxury makers remained relevant, and now they're back at full stride. In Frankfurt, that was illustrated by yet another S-Class model, the cabriolet, which will come in S550 and S63 AMG variants in the United States. Ferrari also showed off the 488 Spider, and Lamborghini opened up the Huracan LP 610-4 Spyder. Meanwhile, Bugatti's Vision Grand Turismo concept reminded enthusiasts that it's plotting life after the Veyron. European auto shows always draw the glitziest reveals from luxury makers, and this year didn't disappoint. OTHER NEWS & NOTES 2016 Honda Civic redesigned with snazzier style, turbo power The 10th-generation of the Honda Civic debuted this week at events in Los Angeles and Detroit ahead of its launch in the United States this fall as a 2016 model. Honda fortified the Civic with LED lights, an available turbo engine, and a more tech-laden cabin.