Five years ago, a 1962 Ferrari 250 GTO sold for a whopping $48.4 million (£36.8 mil) at RM Sotheby's, setting a record for the iconic Italian sports car brand. That record was broken on 13 November 2023 at RM Sotheby's, when another 1962 Ferrari took the crown at $51.7 million £41.3 mil) in New York.

Introduced in February 1962, the Ferrari 250 GTO is often considered the holy grail of Ferraris and sports cars in general. Only 36 of the 250 GTOs were produced between 1962 and 1964, making them exceedingly rare on the auction market and the most valuable collector cars.

In 1961, Enzo Ferrari called on engineer Giotto Bizzarrini to update the original Ferrari 250 GT berlinetta prototype to create a car with aerodynamics that could compete with rivals like the Jaguar E-Type and the Shelby Cobra. This newly developed car, with chassis number 3765, was raced by Formula 1's Scuderia Ferrari at the 1962 Nürburgring 1000 KM, the 1962 24 Hours of Le Mans, and the 1965 Sicilian Hillclimb Championship.

This racing treasure had been carefully preserved and spent the past nearly 40 years in a single-owner collection. In August 2011, it was shown in the Pebble Beach Concours d’Elegance as part of the GTO class and was awarded 2nd-place among 22 other GTO examples.

"Celebrating this sale during Sotheby’s marquee week highlights the unparalleled stature of this Ferrari as one of the world’s most desirable objects," said Gord Duff, RM Sotheby's Global Head of Auctions. "The result, achieved through collaboration between Ferrari, RM Sotheby's, and Sotheby's, echoes our mutual pursuit of perfection—mirroring the very ethos Enzo Ferrari embodied when designing this car. Fetching $51.7 million, this transaction adds a new chapter to a vehicle with an unmatched legacy. Now, it ranks among the most expensive cars sold at auction, a true testament to its singular place in history."

See also: 10 Most Expensive Classic Cars Ever Sold at Auction

This Ferrari is only beaten out by the 1955 Mercedez-Benz 300 SLR, more precisely an 'Uhlenhaut Coupé', which sold for €135 million ($118 million) in May 2022 at RM Sotheby's in Germany.

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Not only is this 1962 250 GTO the most expensive Ferrari ever sold, it is also the second most expensive car ever auctioned.

The Most Expensive Ferrari Sells for $51 Million

NEO Enchères specialises in Indian art, with a particular focus on the works of contemporary Indian artist Sayed Haider Raza. On 28 November, seven of his finest works, meticulously selected by the French auction house, will be offered for auction. Spanning from captivating landscapes to abstract compositions, these seven works offer a glimpse into the artist's talent and artistic evolution.

Sayed Haider Raza was born in 1922 in Kakkaiya, a small town in India. He was one of the founding members of the Progressive Artists' Group (PAG), formed in Bombay in 1947. The PAG played a crucial role in introducing modernism to India, laying the foundations for the development of contemporary art in the country.

The artist initially attended the Nagour School of Fine Arts before being awarded a joint scholarship from the Indian and French governments in 1950, granting him access to the École des Beaux-Arts in Paris. This opportunity allowed him to assimilate Western expertise and artistic techniques, reinforcing his artistic identity. The culmination of this training was his victory of the Critics' Prize in 1956.

Raza was deeply inspired by the beauty of the French countryside and incorporated elements of French artistic movements, particularly expressionism and abstract art, into his work.

Two of the paintings offered for sale, Sentier and Village, come from a private collection owned by the Boudet family, dedicated enthusiasts of Raza's art. Over the years, they have amassed at least ten paintings by this esteemed artist, with two of them being showcased in the Raza exhibition at the Centre Pompidou in February 2023. Sentier was directly acquired from Raza's gallery owner, Lara Vincy, in 1972 by the Boudet family, attesting to the exceptional provenance of the painting.

These two works illustrate Raza's evolution, who, upon his arrival in France, directed his artistic exploration towards landscapes. He drew inspiration from the two-dimensional space of Indian miniatures, Byzantine icons, and Romanesque sculptures, especially when portraying the medieval villages of the Menton region. His palette, characterised by warm colours, vibrant contrasts, and expressive brushwork, evokes the styles of both Vincent Van Gogh and Paul Gauguin. The canvases also exemplify his method of blending the motif into the pictorial material, signalling his transition to oil painting and the use of a palette knife. It was this particular technique that brought him into contact with the École de Paris.

See also: 8 Artists Inspired by the South of the France

From the 1980s onward, Raza delved into Hindu symbolism and spirituality, reconnecting with his Indian cultural roots. He explored the motif of the Bindu ('dot' in Sanskrit), a theme that remained integral to his artistic journey and one to which he brought new dimensions in the decades that followed. The spiritual elements rediscovered in his works marked his evolution from an expressionist painter to a master of the abstract. The Prakriti tapestry serves as an exemplary instance, emphasising the Hindu and Buddhist concept of Prakriti, translating to 'nature' or 'primordial matter/cosmic substance' in Sanskrit. The textile piece naturally evokes the Bindu, a recurring motif in Raza's creations, and is highly coveted at auctions.

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The Nagas painting is another example of symbolism and spirituality, bringing to the forefront the Nagas – serpentine deities revered in Hinduism for their association with water, fertility, and the protection of nature. The Nagas are represented as divine snakes possessing mystical powers. This abstract work, which typifies Raza's final artistic period, uses vibrant colours, and invites multiple interpretation.

The auction will also showcase pieces by Janine Mongillat, the partner of Sayed Haider Raza. A skilled and versatile artist, she delves into various techniques, including oil painting, collage, and sculpture, skillfully capturing the essence of nature and everyday life with sensitivity. The collaboration between Raza and Mongillat has forged a unique synergy, inspiring each other's work and expanding the horizons of their artistic expression.

The auction dedicated to Sayed Haider Raza and Janine Mongillat will be held on 28 November at 6, rue Bargue 75015 Paris.

Find the entire NEO Enchères catalogue here.

On Tuesday 28 November, a unique auction will showcase several pieces by Sayed Haider Raza.

Works by Sayed Haider Raza Head to Auction

This week: Have you heard of the myth of alligators lurking in the New York City sewers? The legend has endured for well over a century and was recently immortalised by Swedish artist Alexander Klingspor, who unveiled his monumental sculpture New York City Legend in New York’s Union Square last month. Alexander turned to sculpture during the pandemic and created a masterpiece inspired by the resilience of both the large reptiles and New Yorkers, depicting a life-size bronze alligator curled around a New York manhole cover. Join us as we talk to Alexander about the artistic process of bringing his vision to life, what he hopes visitors take away from New York City Legend and what’s next for him in 2024.

#49 Legend Revived: An Alligator in New York

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In this week's episode, we talk to Swedish contemporary artist Alexander Klingspor about his monumental sculpture of an alligator which was just unveiled in New York. 

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The Most Expensive Ferrari Sells for $51 Million

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