Ferrari GTO from 1962 that raced at Le Mans sells for a record $51.7 million: ‘Its place in history is undisputed’

Jim Jaeger, a prominent collector in Ohio and co-founder of the company that came to manufacture Escort radars, owned the car for nearly four decades prior to the sale. A spokesperson from RM Sotheby’s did not identify the new owner.

The final hammer price was $47 million—a buyer’s premium of 10% brought the tally to its total price to $51.7 million. Despite the record, the final sale price was lower than expectations. In the days leading up to the sale, RM Sotheby’s had listed the value of the vehicle “in excess” of $60 million. 

“Its place in history is undisputed,” Oliver Barker, chairman of Sotheby’s Europe, said at the beginning of the sale. 

The car sold in less than 20 minutes and started at $34 million. Bidding stayed consistent between primarily phone bidders and ended in the final moments as two bidders waffled around $47 million. Both the car, and the winning bidder, were physically present during the sale, a spokesperson confirmed. 

The V-12 racer takes the top spot of the most expensive cars sold this year. The previous high was a 1967 Ferrari 412P Berlinetta that sold for $30.2 million on Aug. 17. It’s been a banner year for Ferraris, the de facto blue-chip assets of the car world: All told, 12 of the top 15 cars sold at auction this year bore the prancing pony badge, according to data compiled by Classic.com, a website that sells collectible cars and tracks their values. 

“That part of the market has not changed one bit,” says Juan Diego Calle, the founder and CEO of Classic.com.   

Painted scarlet and bearing a No. 7 racing livery, the car is special because it is the only Ferrari…