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'62 Ferrari 250 GTO sells for record $38 million at Monterey Car Week
'62 Ferrari 250 GTO sells for record $38 million at Monterey Car Week

A 1962 Ferrari 250 GTO sold at auction Thursday night in Carmel for about $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% is added on in buyer’s fees. ...

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