- A Ferrari 250 GTO was sold on RM Sotheby's on Saturday night for record $ 48.4 million as part of the Pebble Beach Concours d 'Elegance.
- Greg Whitten, who joined Microsoft in 1979 as his 15th employee and sold the car, said it has been a better investment since buying it for one-tenth of the sales price in 2000.
A 1962 Ferrari RACE-IT became the most expensive car that never sold at auction and picked up 48.4 million dollars this weekend.
The car, a Ferrari 250 GTO, was sold at RM Sotheby on Saturday night as part of the Pebble Beach Concours Elegance – a kind of Coachella for classic cars and wealthy collectors that include five-day auctions, parties, bugs, tours, and races around Monterey and Pebble Beach, California.
The events ended on Sunday with Concours d 'Elegance prices for best car updates.
Ferrari sales helped push total sales for collective car auctions to around $ 368 million, 12 percent in last year and the first increase since the car market peak in 2014, according to Hagerty, the classic car insurance and research company.
A 1935 Duesenberg SSJ Roadster also sold Gooding & Co. on Friday. for $ 22 million. Record for the most expensive American car ever sold at auction. Car analysts said the results show that super rare trophies can still destroy records, even though the wider classic car market remains worse.
"Heavyweight bears stepped up in the challenge of so many A-lorries, but the rest of the buyers were weren. It's so bullish," said Hagerty.
The record-bearing Ferrari again showed that 250 GTO is still the holy grail for classic car collectors. Ferrari made only 36 of them and dominated racing during the day and won more than 300 races combined. Many also consider the 250 GTO the most beautiful Ferrari ever made, with its elegant elegant styling remaining timeless. As CNBC reported, sold a GTO in a private sale this spring for more than $ 70 million.
The car that broke record lørdag was the third GTO Ferrari team, and it maintains many of its original parts. It was sold by Greg Whitten, a former Microsoft MSFT- Leader who bought the car in 2000 for what experts say was less than a tenth of Saturday's selling price.
Whitten said he bought the car to run in vintage races and once "It's a beautiful car, but it's a r not quite before you drive it, "he said.
But as vintage carriage was opened for a wider range of cars, Whitten said he had a hard time throwing the car against more powerful, newer cars. And he said that the owners of cheaper cars could be careless on the race track around the much more valuable GTO – so it was no longer so fun to drive and own.
"Some of these people do not respect car," he said. Although he sold his GTO, Whitten said he still has "about a dozen" other Ferraris, and he hopes to buy many other classic race cars.
When they crash, it's not a big deal.
asked how a car could possibly be worth the price of several mansions, he said: "It's very hard to grasp. But you're in a room where you have collectors, and Ferraris is the most collectible car and GTO is the top of Ferrari. You are really in rare territories, and there are collectors who want one. "
Whitten, who was the 15th employee in Microsoft and joined in 1979, said he does not buy cars as investment – but to become driven and raced.
When asked who had been a better investment, Microsoft stock or GTO, he said it was dependent on the timeframe. From 2000, when he bought the car, GTO had been "a much better investment" because Microsoft was trading in 2000. But since 1979, "Microsoft was a much better investment, but GTO is much more fun," he said.
More from CNBC