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The Most Expensive Classic Car Sold at Public Auction

A 1957 Ferrari 250 Testa Rossa was sold for a staggering $12 million at an Italian public auction on the 17th of May, 2009. The sale was an all-time record for a car sold at an auction, surpassing the previous record set by a 1961 Ferrari 250 GT last year by more than $2 million. Both the buyer and the seller did not want their identities to be revealed to the public.

Ferrari produced the Testa Rossa from 1957 to 1958, with a total of 22 units made. The Testa Rossa that was sold at the auction raced for the first time at the Buenos Aires 1000 km in 1958. By 1961, the car had taken part in 19 international championships, and it managed to record 10 victories altogether. Because of its great success on the racetrack, it soon became a legend in the racing world. With the passing of time, it became one of the most coveted cars in the world. The Testa Rossa has a special “pontoon fender” that was designed by Carrozzeria Scaglietti.

Even though the classic car market has been affected by the current recession, prices of collectable Ferraris continue to rise, and buyers do not mind spending large sums of money on cars that have great historical significance. Bidders in the auction room, as well as those who called in through the phone, competed feverishly for ownership of the magnificent Testa Rossa.

A number of Ferraris had fetched higher prices than the Testa Rossa, but all of them were sold privately. This Ferrari Testa Rossa is the most expensive car sold at a public auction.