$16.4 million: 1957 Ferrari 250 Testa Rossa breaks record for most expensive car sold at an auction

Back in July, there were predictions that a 1957 Ferrari Testa Rossa racecar would break the record for being the most expensive car ever sold at an auction…and it has!

After the Gooding & Company auction in California, the 1957 Ferrari 250 Testa Rossa, one of the very first prototypes that spawned a huge wave of cars that defined the brand even more, sold for $16.4 million this past Saturday.

“The $16.4 million sale of the prototype at Gooding goes to show that the market for great racing Ferraris is very competitive and collectors want to have the most significant example as the centerpiece for their collection,” said McKeel Hagerty, president of the collector car insurance company Hagerty Insurance.

Despite being the most expensive car ever sold at an auction, Hagerty said that Ferrari’s have sold privately for as much as twice the price of the 1957 250 Testa Rossa.

– By: Chris Chin

Source: CNN