Ferrari Auction Sets Record

Washington DC May 22, 2007; The AIADA newsletter reported that Ferrari hosted an exotic garage sale at its factory outside of Maranello, Italy, this week, an event punctuated by a record-shattering bid for a vintage car.

Sotheby's and automotive specialist RM Auctions Inc. hosted the Leggenda e Passione, an auction of 33 rare Ferraris, including a 1962 330 TRI/LM Testa Rossa that sold for $9.275 million – the biggest sale ever at public auction.

The Wall Street Journal reported that, when adjusted for inflation, the deal ranks among the top five public sales. Overall, the auction grossed over $46 million -- a blockbuster even for Ferrari whose cheapest model has a base price of more than $150,000 – and broke world-wide records for a one-day sale of vintage automobiles.

A third of the models offered sold for over $1 million each. Various vintage memorabilia from lucky racing gloves to race car parts both mythic and miscellaneous brought in another $617,095.