Ferrari 250 GTO in New York. Which way does the scale tip?

After the recent sale at Sotheby’s in New York of the GTO #3765 for $51.7 million, it’s fair to wonder whether the other 35 owners of these Maranello masterpieces feel satisfied or let down.

In a market as exclusive as this – with only 36 GTOs ever built in Maranello, all still existing in perfect, documented condition – its dynamics are closely linked to the price of each sale. Today, we can safely say that the collective value of the 36 Ferrari GTOs stands at an impressive one billion, eight hundred and fifty million dollars. Had the car been sold for $75 million, the market would have literally jumped to something like 2.7 billion dollars. Indeed, from that moment, anyone wishing to purchase a GTO, perhaps privately as has often happened, would have to be prepared to pay an amount within that price range.

1962 Ferrari 250 GTO #3765. RM Sotheby’s, New York 2023

Conversely, had the car remained unsold in New York on Monday, November 13, it would have sent shockwaves through the GTO market. What then would be the going rate for a vehicle that has been subject to much higher speculative prices than what #3765 achieved? The immediate benchmark would likely have been the $38 million paid for a 1962 model at a 2014 Bonhams auction during Monterey Week. Such a scenario would imply an overall loss of about half a billion dollars compared to the New York sale. Alternatively, considering the 1964 model – less aesthetically appealing than the ‘62 but rarer – the reference might have been the $48.4 million fetched at a 2018 RM Sotheby’s auction in Monterey. A price not too far from the current one.

1962 Ferrari 250 GTO #3765. RM Sotheby’s, New York 2023

At this point, it’s legitimate to ask how to evaluate the outcome of the New York auction, especially considering it was part of a modern and contemporary art event and not a typical car collector’s gathering, and that the collector car market is currently feeling the combined effects of positivity and caution. In this sense, the result is positive. It’s a win for the buyer, with bids not reaching the anticipated $60 million threshold, but also a win for the GTO market. This sale confirmed a stable price position - because that’s what this sale was – and suggests that the GTOs are likely to appreciate in value. Why? Simply because a closed market with recognized value is arguably the safest long-term investment for one’s capital.

1962 Ferrari 250 GTO #3765. RM Sotheby’s, New York 2023