Merriam-Webster defines “rare” as “1: seldom occurring or found, uncommon, 2a: marked by unusual quality, merit, or appeal: distinctive, 2b: superlative or extreme of its kind.”
Only a few cars can be classified as “rare,” and they are among the most expensive collector’s items in the world.
Many of them boast outstanding performance, exceptional beauty, and are difficult to purchase. Some of the best and most sought-after models were built in limited quantities, which adds to their prestige, desirability, and value to the rarest cars.
The 1962 Ferrari 250 GTO is considered by many experts to be the rarest car in the world.
The two-seater, rear-wheel drive, front-engined supercar coupé is equipped with a naturally aspirated 3-liter 24v V12 engine. The GTO has a curb weight of 920 kg and accelerates from 0 to 62 mph in 4.6 seconds on its way to a maximum speed of 173 mph.
Through the years, Ferrari has produced some of the highest-performance sports cars ever made, and nearly all of them display remarkable beauty. Their sleek, flowing curves and exotic designs have been called “works of art,” and the GTO is no exception.
Forbes Magazine wrote, “The 1962 Ferrari 250 GTO has more curves than Sophia Loren.”
So how much does it cost to own the world's rarest car?
What Makes the 1962 Ferrari 250 GTO So Rare?
Ferrari built the 250 series of sports cars and grand tourers from 1952 to 1964. The line represents the company's most successful early models, offered in many variants designed for sports car racing and road use.
In 2004, the 250 GTO made the Sports Car International’s list of Top Sports Cars of the 1960s and was nominated as the top sports car of all time. Motor Trend Classic awarded it first place on their list of the "Greatest Ferraris of all time."
Ferrari 250 GTOs are in high demand by collectors and command top prices for several reasons. The 1962 GTO was the final evolution of the extraordinarily successful 250 line, the first Ferrari GT Berlinetta with a five-speed gearbox. It was also the last front-engine GT car, as Ferrari changed the design to a mid-engine configuration.
Perhaps just as important, only 36 Ferrari 250 GTOs were produced from 1962 to 1964. Furthermore, all of them are still accounted for and in the hands of collectors.
The 250 GTO, with its timeless proportions and distinctive silhouette, is considered by many to be the most beautiful example of Ferrari design and the work of Giotto Bizzarrini. However, the sports car is also known for its forgiving handling, making it a sheer pleasure to drive.
Experts claim the GTO is the most successful combination road and racing car Ferrari ever built, having placed first in its class, or winning overall in nearly 300 races worldwide.
As a result, Ferrari 250 GTOs are found in the world’s most famous automobile collections. Peter Sachs, descendant of Goldman Sachs founder Samuel Sachs, Pink Floyd drummer Nick Mason, hedge fund founders Lulu and Tony Wang, founder of Wal-Mart, Rob Walton, and Ralph Lauren, all possess at least one model.
Ferrari in the 1960s
Enzo Ferrari once said, “The best Ferrari is the next one,” demonstrating his pursuit of perfection both in the performance of his creations as well as their unparalleled beauty.
But in 1962, the same year he launched the Ferrari 250 GTO, he complimented the Jaguar E-Type calling it, “the most beautiful car ever made.”
Perhaps Enzo really believed the Jaguar, with its long sweeping hood, small, uncomplicated grille, elegant curves, and iconic silhouette was the most beautiful, or perhaps he praised the E-Type because his own sports car demonstrated similar features.
The 50s and 60s are considered by many to be the golden era for Ferrari. In 1967, Ferrari racing cars placed first, second, and third at the 24 Hours of Daytona. to honor the achievement, Ferrari released the 365 GTB4 at the 1968 Paris Motor Show, christening it the “Daytona.”
Two Cars Arguably Just as Rare as the Ferrari 250 GTO
Although the 1962 Ferrari 250 GTO excels in every category that qualifies a vehicle as the world’s rarest car, several other vehicles are close competitors. The 1957 Ferrari 250 Testa Rossa and the 1956 Aston Martin DBR1 are two high-performance sports cars that could have easily been selected for the “rarest.”
The 0704 model Ferrari 250 Testa Rossa made its race debut at the 1957 24 Hours of Le Mans and racked up wins with Phil Hill and Peter Collins driving in Buenos Aires and Sebring. Only 34 models of the 1957 Testa Rossa were made. The unrestored 0704 car spent 30 years in The Henry Ford Museum, before being sold in 1997. The car was reportedly brought over $39 million in a private sale, making it the most expensive car ever sold in the United Kingdom.
Sir Stirling Moss raced the 1956 Aston Martin DBR1, which has been described by some experts as the "most important Aston Martin ever produced." Aston Martin built only five models between 1956 and 1958. In 2017, a DBR1 became the most valuable British-made car ever (based on auction sales), when it sold for $22.5m at the annual Monterey Car Week auction.
1962 Ferrari 250 GTO Sold For A Record Price At Auction
In August 2018, the chassis 3413 model 1962 Ferrari 250 GTO sold for a record auction price of $48.4 million at an RM Sotheby's Auction in Monterey, California.
The $48.4 million price tag was anticipated, based on previous private sales for the same model.
In 2014, chassis 3851 GTO sold for $38.1 million, making it the most expensive car ever auctioned at the time. In 2013, the unconfirmed private sale of American collector Paul Pappalardo’s 250 GTO fetched nearly $52 million. And, just prior to the sale of the 3413, David MacNeil, founder of WeatherTech, the famous maker of car floor mats, purchased the 1963 Ferrari 250 GTO, chassis 4153 from German race car driver Christian Gläsel for at least $70 million.
The 1962 Ferrari 250 GTO, acknowledged by most enthusiasts as one of the most beautiful and significant racing cars ever, is arguably the World's Rarest Car. With Ferrari losing the trademark for the 250 GTO name, who knows how this will affect the price in the future.
Sources: rarest.org, gizmodo.com, carlogos.org, westside-59.com