Ferrari’s $38M price deemed low

A 1962 Ferrari 250 GTO sold at auction Thursday night in Carmel, Calif., for nearly $38 million – a record, but far less than many experts had predicted.

Classic car experts had expected the car could bring up to twice that amount, but bidders begged to differ. Amid a packed house of well-heeled collectors, the bidding started at $11 million and hit $31 million within a minute.

But enthusiasm for the car fell flat at the $34 million mark.

“Spare another $500,000?” auctioneer Robert Brooks asked the audience.

The response was tepid, as the bidding progressed in $100,000 increments toward the final sale price of $34.65 million. Another 10 percent is added on in buyer’s fees.

Thursday’s sale culminates months of furious speculation about the final price of the Ferrari, which is known by its chassis number 3851GT. Though bidding failed to meet expectations, $38 million sets a new high for a classic car market that has surged in recent years. It beats the previous record sale of nearly $30 million, for a Mercedes W196 sold in England last year.