Classic Ferrari sells for world record $48.4m

A stunning 1962 Ferrari 250 GTO has been sold by RM Sotheby’s at Monterey, California – the most ever paid for a classic car at auction.

Long considered to be the ‘holy grail’ of the collectors car world, it went for $48.4m (£36.7m), smashing the previous record of $38.1 million paid for a 1963 model of the same car in 2014.

The third of a just 36 examples built, it’s arguably one of the purest and best of the breed. It was offered with its original engine, gearbox, rear axle and factory Series II body after two decades in the collection of businessman Gregory Whitten.

Chassis No 3413 GT began its life as a Series I and was used as a test car by Phil Hill for the 1962 Targa Florio road race, before proceeding to win 1st in class at the event for the next two years.

This led the car to claim the 1962 Italian National GT Championship, with victories in 9 out of 10 races.