A 1963 Ferrari 250 GTO racer has become the world’s most expensive car, selling for $52m.
Bloomberg reports that the red competition car, owned by the Greenwich, Connecticut-based collector Paul Pappalardo, was acquired last month by an unidentified buyer in a private transaction, said three specialist traders who independently confirmed the purchase and price to Bloomberg News.
The price is a 49% increase on the record for any auto, achieved last year for another 250 GTO. Values of classic cars, particularly postwar Ferraris, continue to grow, attracting new enthusiasts, investors and speculators - and prompting fears of a bubble in the market.
'Today the GTO is considered the top car to own', the California-based dealer Don Williams of Blackhawk Collection said in an interview. 'It’s like the Mona Lisa. It has a mystique. If you have a GTO, you have a great collection'.
One of the dealers who spoke about the record-breaking sale was directly involved in the transaction. Based in the U.K., he said he was unable to comment directly because of confidentiality clauses.
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