A 1962 Ferrari 250 GTO has sold for a record breaking $51.7m (£42m) at a Sotheby's auction in New York, becoming the second most expensive car of all time.

Just 36 models were produced between 1962 and 1964 - chassis number 3,765 being the ninth - making it one of the most sought after cars in history. In bold red, of course, the 330 LM/250 GTO model is the only one to have been raced by Scuderia Ferrari. The property of one careful owner for the last 38 years, the Ferrari represented a “once in a generation chance” at auction and sparked a bidding frenzy at Sotheby’s New York.

Its racing pedigree is cemented in the history books with Mike Parkes and Lorenzo Bandini piloting the car at the 1962 24 Hours of Le Mans and finished second at the Nürburgring 1,000km in the same year.

Originally fitted with a 4.0-litre engine, this was later changed to a 3.0-litre Colombo V12 and after it retired from racing, it won the FCA Platinum Award, the Coppa Bella Macchina at the Cavallino Classic, and finished second in the GTO class at the 2011 Pebble Beach Concours d’Elegance.

Gord Duff, RM Sotheby’s Global Head of Auctions, said: "Celebrating this sale during Sotheby’s marquee week highlights the unparalleled stature of this Ferrari as one of the world’s most desirable objects.

“Now, it ranks among the most expensive cars sold at auction, a true testament to its singular place in history," he added.

Words: Mike Booth
Pictures: RM Sotheby’s