Source: The Wall Street Journal

A 1957 Ferrari 250 Testa Rossa just sold for $16.4 million at the Gooding & Co. sale in Monterey, California.  The sale was one of many automotive events in connection with the annual Pebble Beach Concours d’Elegance car show, and the $16.4 million price tag is a new record for cars sold at auction.

In general, racing Ferraris,  and Testa Rossas in particular, have been fetching record prices for the past decade, reflecting the cars’ successful history in competition and the growing popularity of racing cars among collectors. The 1957 Testa Rossa stands out because it is a prototype — the first in a long series of race-winning “red-hed” designs that continued into the early 1960s.

Several factors made the car especially appealing to bidders and helped it fetch the high price.  First, it has a racing record stretching over several years that includes top tracks and well-known drivers.  It also underwent a top-notch restoration and won a best-in-class award at the Pebble Beach Concours in 2006.  It has a well-documented ownership history and is certified by Ferrari’s Classiche department for authenticity.  The 1957 Testa Rossa is the kind of car that gets its owner invited to the top vintage-racing and show events around the world.

Source:  The Wall Street Journal

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