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Ferrari dominated classic car auctions in 2014

If it seems to you that the prices being paid for top collector classics at auction keep ratcheting up, you're right. In fact in the US alone, some $1.3 billion were spent on collector cars this past year – a $100 million increase over 2013's tally. And much of that was made up of Ferraris. In fact vintage Prancing Horses accounted for nine out of the ten most expensive cars sold at auction in 2014 – and their prices went up by some 43 percent. The headline of the year, of course, was the 250 GTO which Bonhams sold in Monterey for over $38 million, setting a new world record. But impressive as that was, the GTO wasn't the only eight-figure Ferrari auctioned off this year. On the same week, RM sold a 265 GTB/C Speciale for $26.4 million. Bonhams sold a 375-Plus for $18.4 million at Goodwood, Gooding got $15 million for a 250 GT California Spider, RM raked in $11.5 million for a 250 LM and another $10 million for Steve McQueen's 275 GTB/4. The rest of the list was populated by another 250 California, another 275 and a 250 Mille Miglia, each of which sold for around $8 million apiece. That's the list reported by Ferrari itself, but while the top prices listed on Sports Car Market differ slightly, any way you slice it, the top ten slots are still taken by Maranello's finest. (Hagerty, for its part, reported a slightly different list a few days ago, with eight of the top slots taken by Ferraris and two by Ford GT40s.) Oh, and in case you're wondering, the tenth car on the list was not a Mercedes – the only marque that has traded places with Ferrari for the top place any year since the turn of the millennium. No, this year, the list was rounded out by the pristine white McLaren F1 that Gooding sold for $10.75 million at Pebble Beach this year, slotting in just above the McQueen 275. News Source: Ferrari, Sports Car MarketImage Credit: Ferrari Ferrari Auctions Classics record

Ferrari 250 TR recreation channels the spirit of Fangio

Peter Giacobbi grew up watching the likes of Juan Manuel Fangio and Phil Hill race cars like the Ferrari 250 TRs when he was a kid. Once he grew up – or at least grew older – he knew he had to have one to call his own. The trouble is that original Testa Rossas sell for tens of millions these days, and as accomplished as he may have been in his life and career, Giacobbi didn't have that kind of money to spend on a car. So he did the next best thing and built one of his own. Fortunately Giacobbi had some experience building exotic sports cars. He formed half of the duo that created the Sinthesis 2000, a one-off concept that he and designer Tom Tjaarda unveiled at the 1970 Turin Motor Show. And that project ended up serving as his interview for the job of chief engineer for DeLorean. So when he set to building his own Testa Rossa, he knew how to go about it. His recreation may not be 100 percent authentic, but then it's not entirely fake, either. The bodywork is genuine, as are many of the parts. The rest he faithfully reproduced or had made specially. The result, as you can see, is quite stunning – especially left bare in its hand-beaten aluminum form. Hear his story, see his project, and listen to that Colombo V12 engine sing in this latest video installment from the cinematographic artisans at Petrolicious.

Ferrari extends Kimi Raikkonen's contract for 2016

Veteran Formula One driver Kimi Raikkonen's second stint with Ferrari will continue in 2016, and the team announced Wednesday it's extending the Finn's contract for another season. Financial terms were not disclosed. The 35-year-old is fifth in the driver's standings this year with 76 points heading into this weekend's Belgian Grand Prix. Nicknamed the "Ice Man," Raikkonen won the 2007 World Championship with Ferrari. He left the Scuderia in 2009 and dabbled in World Rally Championship and NASCAR competition, before returning to F1 in 2012 with Lotus. He's been back with Ferrari since the 2014 season. "We believe that extending Kimi's contract into the next season will provide further stability to the team," team principal Maurizio Arrivabene said in statement. "This has been our guideline, also considering the very good relationship between Kimi and Seb [Sebastian Vettel]. On our side, this shows our great confidence in him, and I expect this confidence to be well-rewarded." Raikkonen has teamed with Vettel (who's third in driver's points) to key the Scuderia's bounce-back season. Ferrari, the sport's oldest and most successful team, is second in the constructor's standings this year with 236 points, trailing Mercedes (383). "For me, to be able to stay another year at Ferrari means that the dream goes on," Raikkonen said in a statement. "The Scuderia is my family, as I always said, it's here I want to end my career. I am more committed than ever and I want to say thank you to the people who gave me this chance." The announcement comes as Ferrari prepares for its historic 900th grand prix. It's won 16 races in Belgium, including 12 victories as Spa-Francorchamps. The team's most recent win there was in 2009 – by Raikkonen. Related Video: