Sunday, February 9, 2014

$40 Million Ferrari sets record

$40 Million Ferrari sets record
Careening financial markets seem to not throw the collectible car market off course.

A 1957 Ferrari Testa Rossa recently the deal sold in the UK for $40 million, according to people in the vicinity. The private sale is likely be the most expensive of the year so far. While other Ferraris for higher prices in private sale shops have sold, this is the highest price for a Testa Rossa.

The sale set a strong tone for the collectible car market as the auto auctions in Paris about the stage. RM auctions on Wednesday sold a 1955 Jaguar D-type for 3.69 million euro or something more than $5 million. Total turnover for the day were 17.7 million euros, with 80 percent of its cars sold.

Collector car sales and prices, as well as stock exchanges rose in the fourth quarter. The blue-chip index collector cars by Hagerty, a collectible car insurance rose 10 percent in the quarter.

Read more: Ferrari sold for record $16.4 million

However, sales of 1957 Testa Rossa, offers the latest evidence that Ferrari have now entered a different stratosphere from the rest of the car market. Hagerty Ferrari index staged its biggest move the surging 31 percent in price the last six years, with some Ferrari models,.

The Testa Rossa was estimated for two reasons. It has a race vaunted history and it is unrestored, which means that it still not been rebuilt with new or manufactured parts. The car has top origin, were stored in the Henry Ford Museum outside before landing in Britain for 30 years Detroit.

"It is the most original unrestored 250 TR in the world," said Marcel Massini, a Ferrari historian and top expert in vintage Ferraris. "It has also perfect provenance. Fantastic car."

Read more: FFangio of Mercedes-Benz W196R sells for record $29,619,826

The car was sold by Tom Hartley Jr., a British super sports car dealers, confirmed the sale on Twitter. While Hartley, an opinion on the price or the buyer refused people say familiar with the deal, the price was $39.8 million and the buyer was a little-known British collector.

The Testa Rossa was a top racer in his time, his debut in the 1957 24 hours of Le Mans, then race in Buenos Aires, Argentina, and Sebring, Florida

On Twitter, Hartley, said that after the sale "my only disappointment is the fact that I believe that it can ever be achieved, as I really don't, it is the world's largest car."

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