In Monterey this weekend, where Ferraris appear to be a dime a dozen, one was was worth just a bit more than that.
The 1967 Ferrari 275 GTB/4S N.A.R.T. (North American Racing Team) Spider set a record for the highest price ever paid for a passenger car at auction. It was purchased by a private owner for $27.5 million.
This one-owner Ferrari, is one of only 10 built and was so prized that Steve McQueen actually tried to buy this model after he was rear ended and his Spider was totaled.
The selling price was that talk of the event at the Pebble Beach Concours d’Elegance the following day, but it was just one example – albeit the most spectacular – of a car that sold well above its expected asking price over the weekend. Auction revenues were up almost 33% over the weekend.
All in all, it was a good weekend for auctioneers and sellers in Monterey.