London, United Kingdom

Wednesday, 17 August 2011

Classic Style (Cars) - Ferrari 250 GTO

A thing of beauty....

The Ferrari 250 GTO is a GT car which was produced by Ferrari from 1962 to 1964 for homologation into the FIA's Group 3 Grand Touring Car category.

The numerical part of its name denotes the displacement in cubic centimeters of each cylinder of the engine, whilst GTO stands for "Gran Turismo Omologata", Italian for "Grand Touring Homologated."

From the late 1970s to the late 1980s, classic car values rose rapidly and the 250 GTO, touted as the Ferrari that most successfully embodies the salient traits of the marque, became the most valuable of all Ferraris.

According to an anonymously authored article in Times Online, a 250 GTO seized by the FBI from a convicted drug dealer was sold in a sealed auction in 1988 for approximately $2 million.In 1989, at the peak of the boom, a 250 GTO was sold to a Japanese buyer for $14.6 million plus commission. By 1994 that example changed hands for about $3.5 million.In 2008, a British buyer bought a 250 GTO that formerly belonged to Lee Kun-hee of Samsung Electronics at an auction for a record £15.7 million. In May 2010, BBC Radio 2 DJ Chris Evans bought chassis number 4675 GT for £12 million.

Scarcity and high monetary values led to the creation of several replica 250 GTOs on more common Ferrari chassis. Misrepresentations of the original cars, offered for sale at full market value, have been reported.

However the values of legitimate high-demand Ferrari models have continued to rise through the present decade.

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