At $55 million, is this the world's most expensive car? - WRCBtv.com | Chattanooga News, Weather & Sports

At $55 million, is this the world's most expensive car?

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(CNBC) - If you're searching for the ultimate holiday gift, this 1962 Ferrari may be just the ticket — provided you have $55 million.

This eye-watering price tag vastly exceeds the current world record auction price of $38.1 million paid in 2014 for a red version (formerly belonging to British racing legend Stirling Moss) of the same 250 GTO model.

Yet according to John Collins, founder of U.K.-based Ferrari dealer Talacrest, which is selling the car, the less commonplace color of this model should make a difference to the price.

"The color's striking, the blue with a white stripe — it's original race colors and the race history on the car is really good," he explained.

"Most of the GTOs are red — if you compare this with a red one it just stands out so much more," he added.

Furthermore, the car's track record is replete with highlights. This provenance is crucial in today's slowing classic car market where increasingly discerning buyers expect the vehicles, their history and the accompanying documentation of it to be flawless.

As the second of only 39 250 GTOs ever produced, this car was the first of its type to compete in a race and succeeded in notching up 17 class podiums through competition in 27 races.

According to Collins, the famed Italian prowess for design beauty is evident in the marque.

"It's the curves, the beauty. There's a big sex appeal of the '50s, you've got all the movie stars buying Ferraris, there's something glamorous about Ferraris," he said.

"But it's not just the glamor, it's also the exceptional racing capabilities," he qualified.

Dietrich Hatlapa, founder of the Historical Auto Group, emphasized rarity as an increasingly important factor in sustaining price momentum in today's climate.

"For Ferrari that means that all models from the late 1970 onwards that have production numbers of 1,000 units or more are less likely to appreciate in value compared to the exceptionally rare, hand-made Ferraris of the 1950s to the early 1970s."

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