2009 Ferrari California 2+2 Black/black on 2040-cars

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$8.8m '58 Ferrari 250 GT California Spider highlights RM's Arizona auction

All manner of vehicles change hands at the annual auction extravaganza in Arizona, but never has one sold for as much as the Ferrari you see here. The car in question is an (obviously) eminently desirable 1958 Ferrari 250 GT LWB California Spider, one of only 50 ever made and purring onto the stage in flawless red over black livery with matching numbers of the coveted covered headlights straight from the factory.
When we reported on the car's consignment in anticipation of this weekend's sale, it was expected to bring in between $7 and 9 million - and it's done just that, coming in near the top of its valuation with a winning bid of $8.8 million. That makes for a lot of zeros, but while it set a new record for the Arizona auctions, it hardly makes it the most expensive in the world. That honor still belongs to the Mercedes-Benz W196 that sold last summer for nearly $30 million. Nor is it the most expensive Ferrari ever sold at auction, an honor which still belongs to the 250 Testa Rossa that sold for over $16 million in 2011. Heck, it's not even the most expensive 250 California ever sold, coming in behind the SWB example that sold for nearly $11 million in 2008. All of which only goes to show just how insane the collector classic car market has grown in recent years.
The California was undeniably the highlight of RM's two-day sale, but was joined by several other seven-dollar lots, including a 1961 Porsche 718 ($2.75 million), a Ferrari 250 GT Lusso ($2.44 million), a Duesenberg Model J convertible ($2.2 million) and several other million-dollar Ferraris, Mercedes and a '35 Hispano-Suiza. A 1961 Chaparral 1 failed to reach its reserve price despite a high bid of $1.75 million, neither did a 1966 Porsche 906 Carrera 6 at $1.18 million or a Ferrari 275 GTB/4 at $2.85 million. RM Auctions did, however, manage to sell 85 percent of those lots consigned to bring in a massive two-day total of $45.56 million in sales, details of which you can read in the press release below.

FIA president and former Ferrari boss Jean Todt named UN special envoy

Jean Todt, the 69-year-old former Scuderia Ferrari boss, Ferrari CEO and current FIA president has been named the United Nation's special envoy for road safety. UN Secretary General Ban Ki-moon announced the appointment Wednesday in Paris. Citing the 1.3 million people killed and the 50 million people injured each year on the world's roads, the UN is appointing Todt to mobilize "sustained political commitment towards road safety." Beyond that, the Frenchman will work towards raising awareness of the UN's "road safety legal instruments." "The road safety challenge is too often ignored, but road injuries are the number one killer of young people aged 15 to 29. That being the case, it deserves much more attention on the global political agenda," Todt said in the attached statement. "This appointment will bring greater visibility to efforts to tackle this health and development crisis, as well as new leadership and renewed momentum." Meanwhile, the FIA also confirmed Todt and 44 other delegates in Nepal to attend the organization's Asia-Pacific Sport Regional Congress in Kathmandu were safe after the country was struck by a devastating earthquake last week. Scroll on down for the official press release from the FIA. FIA President Jean Todt appointed as UN Special Envoy for Road Safety UN Secretary General Ban Ki-moon has appointed FIA President Jean Todt as his Special Envoy for Road Safety at a meeting held today in Paris. In this capacity, he will assist the UN Secretary General in mobilizing sustained political commitment towards road safety. Mr. Todt will also advocate and raise awareness about the United Nations road safety legal instruments, and share established road safety good practices, through his participations in global and regional conferences on road safety. In addition, the Special Envoy for Road Safety will generate funding for advocacy efforts through strategic partnerships between the public, private and non-governmental sectors. FIA President Jean Todt said: "The road safety challenge is too often ignored, but road injuries are the number one killer of young people aged 15-29. That being the case, it deserves much more attention on the global political agenda." adding "This appointment will bring greater visibility to efforts to tackle this health and development crisis, as well as new leadership and renewed momentum". "In my position as FIA President, with the backing of our members, road safety has become a key priority.

Ferrari stock demand exceeding supply

As with the Ferrari cars, so it is with shares in the company's initial public offering: When Ferrari has a limited quantity of something to sell, demand far outstrips supply. Investors told banks weeks ago that bids for the $1 billion in stock – up to 18.89 million shares – would exceed the number of shares available over the entire expected range of $48 to $52. Ten percent of the company is going on the block' Bloomberg reports that the books close on the IPO on Monday at 4:00 pm. The final price will be set on Tuesday, and trading will begin Wednesday under the ticker symbol RACE on the New York Stock Exchange. Piero Ferrari, the son of Enzo Ferrari, will hold onto the ten-percent stake he currently has in the company. Fiat Chrysler will disburse the final 80 percent to its investors sometime in 2016. In combination with spinning Ferrari off from its parent company next year, the share sale is expected to put $4 billion into Fiat Chrysler coffers, which will be used to help fuel the growth of Alfa Romeo, Jeep, and Maserati. Assuming all goes to plan, Bloomberg says Ferrari will be valued at roughly $12 billion, a number $1 billion greater than the valuation Fiat Chrysler CEO Sergio Marchionne put on Ferrari earlier this year and higher than the brand's own internal assessment. Related Video: