New Delhi

A 1962 Ferrari 330 LM/250 GTO recently achieved a remarkable $51.7 million at Sotheby's, solidifying its status as the most expensive Ferrari ever auctioned. Presented as a luxury object in a standalone sale during Sotheby's fall auctions of fine art in New York, the bright red classic witnessed spirited bidding, reaching $47 million before auction-house fees. 

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The buyer's identity remains undisclosed.

This Ferrari, one of only 36 Ferrari 250 GTOs in existence, grants its owner entry into an exclusive club that includes notable figures like Ralph Lauren and Nick Mason. Uniquely described by RM Sotheby's as "one of one," the car began its life as a 330 LM with a larger engine, later transformed into a 250 GTO in 1962. Notably, it holds the distinction of being the only car ever raced by Scuderia Ferrari, the racing division of the renowned carmaker.

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Despite its illustrious history, the $51.7 million falls short of the record set by RM Sotheby's last year when a Mercedes-Benz 300 SLR Uhlenhaut Coupe fetched an impressive €135 million (approximately $144 million today). However, the price represents a significant markup from its 1985 transaction at around $500,000, or $1.4 million today. 

The seller, Jim Jaeger, an Ohio-based collector and radar detection business co-founder, enjoyed a substantial return on investment over the years.

Simon Kidston, a Geneva-based classic car dealer, noted as per the New York Times that the car's unique history might have posed a challenge in a market where visual appeal and a sense of belonging are crucial.