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1962 Ferrari 250 GTO hits record $38 million sale at Bonhams' Monterey auction

This weekend's Pebble Beach Concours d'Elegrance brings together some of the rarest and most expensive automobiles in the world onto a tiny peninsula in California jutting out into the Pacific Ocean. But this year, there has been one vehicle on everyone's lips - a 1962 Ferrari 250 GTO. Bonhams put up this incredibly rare Prancing Horse at no reserve for its auction at the Quail Lodge, meaning it could have sold for just a dollar. It didn't though, this ex-Jo Schlesser owned Ferrari sold for a staggering $38.115 million. That makes it the most expensive car ever sold at auction, beating out Bonhams' sale of a Mercedes W196R last year for $29.65 million.
Ferrari only built 39 of these racers, and they have been million-dollar cars for years. One reportedly sold privately for $52 million last year, and one built for Stirling Moss went for $35 million privately in 2012.
While the spectacle of seeing a 250 GTO drive across the auction block with no reserve and then set a record price was certainly amazing, it wasn't the only rare Ferrari up for sale during the evening. Bonhams also handpicked some of the most collectible Ferraris in the world and brought them to the stage. The ten cars included a 1962 250 GT Short-Wheelbase Speciale Aerodinamica that went for $6.875 million, a 1953 250 Mille Miglia Berlinetta driven to racing victory by Phil Hill for $7.26 million and even a 1978 312 T3 Formula One car for $2.31 million. All told, the group of them sold for $65.945 million.

Christopher Ward chrono has actual metal from a Ferrari 250 GTO

We've seen watchmakers use all sorts of methods to make their timepieces more attractive to automotive enthusiasts, from carbon-fiber dials and titanium cases to the logos of partnering automakers and racing series. Some have even designed all-new watches to go with a specific make or model. But Christopher Ward has taken things a step further with its latest chronograph.
The new Christopher Ward C70 3527 GT chronometer eschews all the usual gimmicks and goes for a more interesting one: it actually includes in its construction metal taken from the restoration of a Ferrari 250 GTO - namely chassis number 3527 GT that belongs to one Irvine Laidlaw, a Scottish nobleman and one of the wealthiest individuals in the UK.
When Baron Laidlaw bought his GTO in 2005, he sent it in for a thorough restoration that involved replacing some corroded and damaged exterior body panels. The discarded metal was acquired by TMB Artmetal, which specializes in that sort of thing, and partnered with Christopher Ward to create this limited-edition timepiece. The metal was used to make the back plate on which the number 6 - in homage to 3527's iconic 6 GTO license plate - is etched by laser and placed under museum-grade sapphire crystal.

Ferrari won't quit F1, says Christian Horner

SAO PAULO (Reuters) - Ferrari and Formula One need each other just as much and the Italian glamor team's latest threat to leave after 2020 sounds like bluster, Red Bull principal Christian Horner said on Friday. Ferrari chairman Sergio Marchionne last week warned that his team could walk away, when current contracts expire, if they disagreed with the direction the sport was taking under new U.S.-based owners Liberty Media. Ferrari have made similar threats in the past under different management and Horner, whose team were champions for four years in a row between 2010-13, was skeptical about the fresh warning. "They'll bluster that they don't need Formula One, but what other form of motor racing is going to give Ferrari the platform that Formula One does?," Horner told Sky Sports F1 after first practice at the Brazilian Grand Prix. "The two go hand-in-hand together and have done since the beginning of the championship (in 1950). Nobody wants to lose Ferrari. And I don't think Ferrari can afford to lose Formula One," added the Briton. "So there'll be a lot of brinkmanship and chest-puffing at the moment. But I think when the music stops, they'll be there." Horner suggested also that Marchionne's response was part of a bigger picture that includes possible changes to the distribution of revenues. Ferrari currently receive a bigger share than any team due to their historic status as the sport's oldest and most successful entrant, and will be resistant to taking any reduction. Former commercial supremo Bernie Ecclestone, who dealt with Ferrari for decades under late founder Enzo and then Luca di Montezemolo, told Reuters this week that Marchionne's words should be heeded however. "The difference is that Sergio wasn't the guy in control before," said the 87-year-old, who was ousted by Liberty in January. "If he decides that's what he's going to do, that's what he'll do." "The world is changing an awful lot. So things that you would say would never happen, may happen." (Reporting by Alan Baldwin in London, editing by William Maclean)Related Video: