Red Ferrari Race Car Leads RM Sotheby’s Record $67 Million Sale

1964 Ferrari 250 LM

The 1964 Ferrari 250 LM sold for $17.6 million. Source: RM Sotheby's via Bloomberg

A private collection of 25 cars that includes Ferraris, Lamborghinis and Bugattis fetched a record $67 million at auction in Monterey, California.

A red Ferrari 250 LM race car led Thursday’s RM Sotheby’s sale, which fell short of its $80 million estimate but set a record for a private collection sold during a single-day auction. Of the cars offered, 88 percent sold.

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Bonhams set the previous record for the category last year at $66 million in a sale that included a $38.1 million Ferrari 250 GTO Berlinetta, the highest price ever for a car sold publicly.

At RM Sotheby’s, the 1964 Ferrari 250 LM -- one of 32 of its kind -- sold for $17.6 million, a record for the car. It was among 10 Ferraris in the collection. A yellow 1960 Ferrari 250 GT SWB Berlinetta Competizione estimated at $17 million failed to find a buyer.

An orange 1998 McLaren F1 sports car sold for $13.8 million, a record for the car. It had been estimated at more than $12 million. A 2005 Ferrari Enzo, built as a gift for Pope John Paul II, fetched $6.1 million, which was at the high end of its estimate.

Last year, auctions at the annual classic car event at California’s coastal towns of Carmel and Monterey and at the Pebble Beach golf course reached a record tally of almost $400 million. Public sales continue through Aug. 16 at RM Sotheby’s, Gooding & Co. and Bonhams.

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