Sold: Ferrari 250 GTO goes for $48.4m

Ten minutes. Ten minutes. Three collectors literally phoned in bids over the course of nearly ten minutes - moving in million dollar increments - the winner securing one of only 36 Ferrari 250 GTOs ever built.

The final price? $48.4m after fees, making this little Ferrari a big story. It now becomes the most expensive car ever sold at public auction (though a little off the reported $70m paid for a 250 GTO a couple of months back at a private auction).

Still. Nearly fifty big ones for an old car built in the 1960s. But of course, no Ferrari 250 GTO is just an old car built in the 1960s. This one in particular is the third of the run – chassis number 3413 – and was tested by F1 world champ Phil Hill for the 1962 Targo Florio. It won there twice over the next two years. And took the Italian National GT Championship in 1962.

Today, it was sold with its original engine, gearbox and Series II body following two decades of being in the custody of Gregory Whitten. “My journey with the 250 GTO has come to an end,” he said. “But I am excited to see how this fantastic car is enjoyed by the new owner.”