This weekend, a 1957 Ferrari 250 Testa Rossa Prototype smashed the world record for most expensive car sold at auction, bringing in a hefty $16.4 million — the sale price was $14.9 million, plus a premium for Gooding and Co, the auction house — at the annual Pebble Beach Concours d’Elegance car auction, in Monterey, CA.

The 250 Testa Rossa was a legendary car in the racing world, and this specific car had a storied racing history, both in Europe and South America, including an outing at the Le Mans 24-hour race.

Just two years ago, another ‘57 Testa Rossa set the world record for most expensive car sold at auction, changing hands for no less than $12.1 million. The year prior to that, another Ferrari — this one owned by James Coburn — set the previous world record: $10.9 million.

The Ferrari was estimated to be worth $13 million leading up to the auction, but sold for significantly more to an unknown buyer. The President and founder of Gooding, David Gooding, described the car thusly: “Being in the presence of the 1957 Ferrari Testa Rossa Prototype is a visceral and breathtaking experience unlike anything I’ve ever known.”

Check Out: Luxury Spending — Back In Fashion?

Gooding & Company, who put on the auction every year at Pebble Beach, are known for selling multiple multimillion dollar lots at the event. Last year, Gooding sold three cars for upwards of $6 million each, and sold more than $64 million worth of automobiles in 106 different lots.

Gooding also helped broker the deal of the most expensive car sold in history, outside of auction: a 1936 Bugatti, which was sold to California’s Mullin Automotive Museum for somewhere between $30 million and $40 million, in May of last year.

The collector car market, which had slowed along with other markets after the 2008 crash, is making a comeback, as both buyer and seller confidence returns. Appropriately for 2011, however, you would need hundreds of millions of dollars to take part in the rising tide.

Did you enjoy this article? Yes No
Oops! What was wrong? Please let us know.

Ask a Question