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$8.8m '58 Ferrari 250 GT California Spider highlights RM's Arizona auction

All manner of vehicles change hands at the annual auction extravaganza in Arizona, but never has one sold for as much as the Ferrari you see here. The car in question is an (obviously) eminently desirable 1958 Ferrari 250 GT LWB California Spider, one of only 50 ever made and purring onto the stage in flawless red over black livery with matching numbers of the coveted covered headlights straight from the factory.
When we reported on the car's consignment in anticipation of this weekend's sale, it was expected to bring in between $7 and 9 million - and it's done just that, coming in near the top of its valuation with a winning bid of $8.8 million. That makes for a lot of zeros, but while it set a new record for the Arizona auctions, it hardly makes it the most expensive in the world. That honor still belongs to the Mercedes-Benz W196 that sold last summer for nearly $30 million. Nor is it the most expensive Ferrari ever sold at auction, an honor which still belongs to the 250 Testa Rossa that sold for over $16 million in 2011. Heck, it's not even the most expensive 250 California ever sold, coming in behind the SWB example that sold for nearly $11 million in 2008. All of which only goes to show just how insane the collector classic car market has grown in recent years.
The California was undeniably the highlight of RM's two-day sale, but was joined by several other seven-dollar lots, including a 1961 Porsche 718 ($2.75 million), a Ferrari 250 GT Lusso ($2.44 million), a Duesenberg Model J convertible ($2.2 million) and several other million-dollar Ferraris, Mercedes and a '35 Hispano-Suiza. A 1961 Chaparral 1 failed to reach its reserve price despite a high bid of $1.75 million, neither did a 1966 Porsche 906 Carrera 6 at $1.18 million or a Ferrari 275 GTB/4 at $2.85 million. RM Auctions did, however, manage to sell 85 percent of those lots consigned to bring in a massive two-day total of $45.56 million in sales, details of which you can read in the press release below.

Despite early struggles, Ferrari F1 still has Mercedes in its sights

It would be an understatement to say that Ferrari has not had the opening to the 2016 Formula 1 season that it had hoped for. Having come in to the new campaign brazen about wanting a winning start, that Mercedes has taken all the poles and all race victories so far has come as a disappointment. There have been other headaches too – including reliability problems for both Kimi Raikkonen and Sebastian Vettel, and of course the points lost with the China/Russia incidents with Daniil Kvyat. But perhaps of more concern is that the trend of performance has not pointed towards a narrowing of the gap between Mercedes and Ferrari – as the Silver Arrows advantage seemed greater than it had been any point this season in Russia. So with the results against it, and it seemingly having no response in pace terms, the cynics are already suggesting that it is game over for Ferrari's 2016 title ambitions. But that is not how Maranello itself sees the situation: and it still has reason to believe not only that there is plenty to play for this season: but that it can take the fight to Mercedes. Pressure game Ferrari is well aware that it needs to quickly make up lost ground in both championship standings (Mercedes has more than double its point haul) and pace terms. But rather than be downbeat about what has happened, team principal Maurizio Arrivabene still senses opportunities: especially with Mercedes appearing to be on the edge in reliability terms. And it this area that he thinks needs to be exploited to give Ferrari the opening it needs. "If you have before you a team that has won four races out of four, you cannot but take note that they are very strong," he said after the Russian Grand Prix. "But if we look at what happened to [Lewis] Hamilton [with engine problems in qualifying], we see that they also have had reliability problems. "We must put pressure on them. That is our first goal. "All their problems have happened on a single car, while ours have happened on both. But there are still 17 races to go, that is something worth emphasising, so there time to make up the difference." Power battle Ferrari introduced an upgraded engine at the Russian Grand Prix that it hoped would lift it closer to Mercedes in the power stakes. But the weekend appeared to show that wasn't the case, with Mercedes' advantage on the Sochi circuit – the fourth most power-sensitive venue on the calendar – appearing bigger than ever.

Ferrari reveals LaFerrari-based FXX K in Abu Dhabi

Ever since Ferrari revealed the latest evolution of its flagship hypercar series with the debut of LaFerrari at the Geneva Motor Show last year, the question on everyone's mind – aside from how it would stack up against rivals like the McLaren P1 and Porsche 918 Spyder – is what it would look like in its ultimate, unhinged, track-focused iteration. But now we need wonder no more as the Prancing Horse marque has revealed the new FXX K. The what-letters-now, you ask? FXX K. The name is drawn from the Enzo-based FXX that kicked off the company's client development program the better part of a decade ago, but with an extra letter tacked on to signify the KERS hybrid system on board. In the FXX K, that system has been further optimized: the electric motor now delivers 187 horsepower (instead of 160) and the 6.3-liter V12 has been boosted to 848 hp (up from 789) for a total output of 1,035 prancing ponies – a solid increase from the 950 hp in the road-going LaFerrari, but at 664 pound-feet, it's down in the torque department by 51 lb-ft. Of course output isn't the end of the story, and as you can see the scarlet-clad engineers in Maranello have focused a considerable amount of energy on optimizing the aero package. The front end gets a two-part splitter derived from Ferrari's victorious GT racing program, with vertical fins along the flanks, side skirts extending between the wheels, a dynamic rear wing, vertical fin and a giant diffuser. All of this and more contributes to as much as 50 percent more downforce, aided by increased mechanical grip from the Pirelli racing slicks, with carbon-ceramic brake discs measuring 15 inches across (plus or minus, front to rear) to keep it all in check. Unveiled at Ferrari's Finali Mondiali event at the Yas Marina Circuit in Abu Dhabi, the FXX K also boasts a recalibrated electronic differential, traction control, ABS, Racing SSC (Side Slip Angle Control) and a four-mode Manetinno dial on the center console to switch between levels of electric boost. In short, Ferrari has pulled out all the stops, and we wouldn't be surprised to see the FXX K taking the Fiorano lap record for anything this side of an F1 car. The record is currently held by the 333 SP at 1:11, nine seconds ahead of the road-going LaFerrari's 1:20. That's roughly the same differential between the FXX and the Enzo on which it was based, or the 599XX Evoluzione and the 599 GTO.