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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.

Ferrari production to increase under Marchionne

The head of any company has to juggle the relationship between supply and demand. Of course, that applies to automakers too, even ones as high-end as Ferrari. And as with many other decisions, the way Ferrari has addressed supply and demand has come down principally to the principal.
Enzo Ferrari may have only wanted to sell as many vehicles as he needed in order to fund his company's racing department, but with the F40 - the last model made under his watch - Ferrari ended up increasing supply to meet growing demand. However, after Luca di Montezemolo took over in the wake of Enzo's passing, he started constricting supply. He figured Ferrari could sell 400 units of the F50, for example, so he built 399. More recently, Montezemolo undertook a course of action that spread Ferrari into more markets, while simultaneously constricting supply to increase demand and thereby profitability.
It's been a winning formula for Ferrari. Just days ago, the company announced record earnings up by 14.5 percent in the first half of 2014 over the same period last year, which itself had seen a 7.1-percent increase over the year before. Clearly the strategy has worked, but Montezemolo's successor is already eying a different approach.

Harry Metcalfe drives his Ferrari Testarossa in the Sahara

Take a moment to conjure some worthy answers to this question: "What can I do in a [Ferrari] Testarossa that's a really good road journey?" Then imagine yourself saying, "Tomorrow we're off to the Sahara in my Testarossa." If you were Evo magazine impresario Harry Metcalfe, those would be the kinds of Q&A sessions you'd have with yourself, and thankfully he's put the question and the answer in a fantastic 29-minute video. That answer was 2,500-mile journey out of London, on boat from Portsmouth, England, to Santander, Spain, a ferry from Tarifa, Spain, to Tangier, Morocco, a drive to Marrakech, over the snowy alpine-looking Tizi n'Tichka Pass, to Erfoud, and then to the dunes of Sahara. It involved some bribes, a twice broken-down Testarossa, confiscation of a drone, tons of speed traps and at least one ticket, a pair of lucky pants, some phenomenal scenery, and Ferrari sounds, including a long stint off-roading on a washboard track. Plus, a lot of jealousy on our part. Enjoy. News Source: Harry's Garage via YouTube Ferrari Coupe Luxury Police/Emergency Supercars Classics Videos evo harry metcalfe morocco ferrari testarossa sahara