The Record-Breaking Ferrari Auctions: A New Era In Online Collecting

If you've been seeing an awful lot of headlines about the most expensive car ever sold at auction lately, you're not imagining things. The record was recently broken twice in a single week, both by different Ferrari automobiles. This excitement came just a couple of months after the previous record was shattered in June. The first car to set the new standard was an unrestored 1966 Ferrari 275 GTB Long Nose, selling for an impressive $3.08 million. Shortly after, a 2001 Ferrari 550 GT1 Prodrive took the spotlight with a winning bid of $4.29 million, including fees, making it the most expensive car purchased at an online auction.

The latter machine was sold by RM Sotheby’s, which provided a comprehensive breakdown of the car's historical significance. It was one of only 12 550 GT1 chassis commissioned by Prodrive for the Care Racing Development program in 2001. This particular car went on to achieve great success, becoming the winning vehicle in the 2004 FIA GT Championship. Such accolades only heighten the allure and value of these remarkable Ferraris.

John Wiley, a valuation expert associated with the automotive lifestyle brand Hagerty, elaborated on what made the 550 GT1 Prodrive so valuable at auction. He stated, “When Ferrari was justifiably concentrating on F1, customers took a modified car road racing, which had happened before with the Daytona, 365/512 BB, and F40. In this case, Prodrive – also known for Subaru rally cars – modified the 550 to go racing against cars like the Chevrolet Corvette C5R. This car won the 24 Hours of Spa in 2004.” Such a rich history and pedigree undoubtedly contribute to the rising interest in Ferrari collectibles, especially among online auction participants.