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$11.55 million 1964 Ferrari 250 LM highlights RM Auctions' first night in Monterey

Some of the biggest auto auctions of the year are held during the weekend of the Pebble Beach Concours d'Elegance. Millionaires gather in hopes of outbidding their contemporaries for incredibly rare cars. As Bonhams' record sale on Thursday of a 1962 Ferrari 250 GTO for $38 million showed, these days the world's most expensive vehicles are found at auctions, often with a prancing horse on the nose.
RM Auctions' Friday sale reinforced this even more when a 1964 Ferrari 250 LM topped the evening by bringing in $11.55 million, after the 10 percent commission. It wasn't the only million-dollar vehicle of the event, though. A 1965 Ford GT40 Roadster Prototype garnered $6.93 million, and a 1966 Shelby Cobra 427 brought $1.705 million. Even a classic 1948 Tucker 48 had a final price of $1.57 million.
Surprisingly, some rather new cars actually brought in quite big money, too. A 2013 Bugatti Veyron 16.4 Vitesse Le Ciel Californien sold for $2.42 million, and a 2006 Ford GT with just 13 miles sold for $407,000.

Marchionne holds Maranello talks amid Ferrari's struggles

Ferrari president Sergio Marchionne has been in Maranello this week holding key meetings with staff to work out what needs to be done to rescue its season. With the Formula 1 campaign approaching its halfway point, Ferrari is still without the victory that it has been targeting since the first race in Australia. And worse than that, it appears to have fallen behind in the development stakes against Mercedes and Red Bull – leaving it now facing a challenge to finish second in the constructors' standings. On the back of a deeply disappointing British Grand Prix, where the team struggled for pace all weekend, Marchionne has elected to spend the last few days in Maranello to try to get to the bottom of what has gone wrong. For although its early season progress was impacted by the tragedy surrounding technical director James Allison, whose wife died just after the Australian Grand Prix, progress more recently has not been good enough. While Mercedes has been pushing on with upgrades at each race to keep improving its speed, Ferrari is still struggling to understand why its car has such a sensitive set-up that allows it to be competitive only in a very narrow performance window. Rather than sitting back and simply hoping for answers, Marchionne has taken it upon himself to push things forward. Motorsport.com has learned that he has held a series of key meetings at Maranello with the chassis and aerodynamic departments – with a particular focus on speaking to those who report to department heads as well as their juniors. Marchionne is determined to find out whether or not there is a belief from the shop floor that more potential can be extracted from the SF16-H, and if the true state of progress of the car is as he has been led to believe by senior management. It is possible that Marchionne could take action after these meetings to tidy up internal structures – moving around those staff who he believes have not been exploited to their best, and moving aside those whom he believes have been holding things back. It could be this action plan that team principal Maurizio Arrivabene was referring to after Silverstone, when he said that the situation at Maranello was now getting more serious – and that the potential for big change was coming if things did not improve. "After Hungary we cannot fool around any more," said Arrivabene.

Ferrari 488 Pista Spider drops its top in the sun at Pebble Beach

Ferrari, as Ferrari does, has been moving fast. In the space of just five months, we were introduced to the new Ferrari 488 Pista at the Geneva Motor Show, had the chance to drive a Pista prototype and then a production version of the $345,300 supercar, and finally we were tantalized by the mere-mortals-can't-have it Pista Piloti Ferrari. Now Ferrari has its latest Special Series variant at Pebble Beach, the Ferrari 488 Pista Spider concept. Ferrari says it is the 50th convertible in company history and has the lowest weight-power ratio yet in a droptop at 1.92 kg/cv (or about 4.22 pounds per horsepower). That equation is helped in no small part by 710 horsepower, driving a car with a dry weight of just 3,036 pounds — it's that slight if you've checked all the boxes for lightweighting options, that is. That's about 200 pounds more than the coupe, but Ferrari says this car still does 0-to-62 in 2.85 seconds and has the same 211 mph top speed. Ferrari says it maintained the aerodynamics of the coupe, and the convertible also shares the coupe's lightweighting from gobs of carbon fiber and simplification. The driver's door handle is a mere strap. This species of Spider can be identified by a central stripe down its back, which, Ferrari says in its announcement, "recalls the movement of the airflow and exalts the lines of the car." The blue stripes over a white body also happen to be traditional racing colors of the United States, another nod to the car's debut site and America's love of convertibles. Assisting the car's at-the-limits driving dynamics is a new lateral control system called the Ferrari Dynamic Enhancer. The Spider has 20-inch diamond-finish alloy wheels with berlinetta rims, though you can opt for one-piece carbon-fiber wheels offering a 20 percent weight reduction. No mention of whether the 488 Pista Spider will enter production, but Ferrari notes the popularity of its droptops in the U.S., so we're going to assume it's happening. And if Lamborghini can do a droptop version of its hardcore Huracan Performante, why shouldn't Ferrari with the Pista? Related Video: Featured Gallery Ferrari 488 Pista Spider at Pebble Beach View 16 Photos Related Gallery Ferrari 488 Pista Spider Image Credit: Ferrari Design/Style Ferrari Convertible Performance Supercars Pebble Beach