Article about the Ferrari 250 GTO
By: Michael Sheehan
(Sports Car Market Magazine � September 2002 issue)
The legendary Ferrari 250 GTO was first shown to the press at Ferrari's annual press conference in February 1962. This newest Ferrari was both strikingly beautiful and, as history would prove, a race winner out of the box.
With only 36 cars built (and three of the 4�liter 330 GTO), it was the last of a line of highly competitive dual�purpose racing Ferraris. It has become the most valuable, sought after, and instantly recognizable racing Ferrari of all time. Further, with its tremendous performance coupled with superb balance, the 250 GTO is one of those rare race cars that can make even a bad driver (read that as wealthy amateur) look good on the track.
GTO stands for Gran Turismo Omologato, meaning homologated for FIA racing. The 250 GTO was a development of the 250 SWB, with the addition of dry�sump lubrication, larger valves, a five�speed gearbox, six carburetors, an oil cooler, a coil spring shock absorber combination in front and rear, and Watts linkage rear suspension. All of this made the car's handling much more stable and predictable than its predecessor, the 250 SWB.
And, as with all things valuable, the market prices of GTOs have had peaks and valleys over the years.
When introduced in early 1962, 250 GTO S/N 3387 was sold by Ferrari to Luigi Chinetti Motors for $9,700 and immediately resold to Bob Grossman for $12,000, plus $1,600 for Le Mans preparation.
Because GTOs were very competitive racecars through the early and mid 1960s, they were highly sought after and changed hands in the $12,000 to $18,000 range throughout the early and mid�1960s.
But by the very early 1970s the 250 GTOs had become merely old, non�competitive racecars, used as macho but impractical street machines. Prices dropped, with S/N 5573 going to Kirk White for $5,800 and S/N 3769 sold to Gordon Barrett for $8,500, both in 1971.
By the late '70s the collector car market had started to blossom and prices were rising. 250 GTO S/N 3757 went to Nick Mason, drummer for Pink Floyd, for approximately $86,000 in 1978. In the early 1980s Ferrari prices continued to rise, and Joe Marchetti paid what was then the unbelievably high price of $285,000 for 250 GTO S/N 4091.
In 1985. as the Ferrari market gathered momentum, 250 GTO S/N 3987 sold to Ralph Lauren of Polo fame for $650,000, and S/N 3705 went to Yoshiyuki Hayashi for $500,000.
In 1986 the Ferrari frenzy was gathering steam and S/N 3589 went to Frank Gallogly for $1 million. Mr. Gallogly did well with his 250 GTO, selling it in August of 1988, to Bert Stieger in Switzerland for $4.2 million
The Ferrari madness of the late 1980's peaked in 1989 with the sale by this author of 250 GTO S/N 3909 to Kato in Japan for $13,837,500. The only higher price ever paid for a Ferrari was $17,000,000, paid in January 1990 to Arnold and Werner Meier of Switzerland for their 330 GTO, S/N 4561 SA.
By 1990, the collector car market had sarted to collapse, and 250 GTO S/N 3607 was sold to Giorgio Perfetti in Switzerland for what seemed like a bargain at $9,588,780.
The market bottom was defined in January 1993 with 250 GTO S/N 4219 going to Brandon Wang for $3.5m and, in Septmeber of 1994, with the ex�Kato car (S/N 3909), previosuly purchased for $13,837,500, going to John Collins of Talacrest for $2.7m.
But no bear market lasts forever, and by 1996 the Ferrari market was again on the rise. 250 GTO S/N 3455 went to Matsuda in Japan for $4.2m, and 250GTO S/N 4293 sold to Patrick Ma in Hong Kong for $4.1m.
In the late '90s, prices continued to rise. Out of respect for the privacy of the recent purchasers, we won't name any names. However, S/N 3729 went to a Northwest SCM'er for $5.25m; S/N 3413 to another SCM'er in the same region for $5.5m; S/N 3909 to the Bay Area for $7m; and, in the highest price recorded in the recent market, 250 GTO S/N 4293 was sold to an SCM'er in Asia for $9m, a number close to the nose�bleed prices of late 1989.
While no one can foresee the future, I would offer that a GTO is pretty safe investment at the current time, at least in financial terms. While they haven't yet hit their former peak prices, if financial uncertainties continue to roil the world's markets, owning one of 36 GTOs certainly seems prudent compared to owning several million shares of any number of publicly traded companies whose duplicitous management makes even used car dealers look like princes.
Further, owning a GTO guarantees you an invitation to any event, competition, concours or otherwise, on the planet. By owning one you have become an instant player, one of the bad boys who walk down Main Street with a GTO ignition key dangling from your Connolly leather holster. After all, there are far fewer GTOs than there are Gulfstream Vs or Canadair Global Express superjets.
And owning a private jet just means you are rich. Owning a GTO means you understand the world of collector cars, and have decided to grab the gold ring and put it in your garage.
Spec sheet for the 250 GTO
Labels: Ferrari Dealerships
