August 23, 2012
$11 million Ford GT40 sets auction record 0
The car set a brand new record for an American car auction sale. The final price was a lot more than some may have expected. Experts estimated that the car could fetch just $8 million before the auction. In the end two bidders brought the price up from $9 million to $11 million.
The American auto company failed to acquire Ferrari back in the early 1960. The Ford GT40 was originally developed in order to compete with Ferrari, the Italian super car giant. Ford wanted to beat Ferrari in long distance Le Mans 24 hour races. The car did it’s job and achieved it’s purpose by winning the race 4 consecutive years from 1966 to 1969.
Jacky Ickx has raced the vehicle at Daytona and Le Mans trails. It was also used in a film by Steve McQeen in 1971 named Le Mans.
There were other high profile sales too. $46 million was raised in the first day of the Pebble Beach auction alone. A 1955 Ferrari 410 S Berlinetta made an astonishing $8.25 million. The Cream coloured beauty was the closet sale to the $11 million Ford GT40. However the $8.25 sale price was a record for a Berlinetta. Experts believe that the prices of rare Ferrari’s are increasing year on year. If the Ferrari was sold around two years ago it may have not made as much money.
Another GT40 was sold for $2.2 million. It was a restored version which was owned by Jamie Ortiz Patino.
Was the Ford GT40 really worth $11 million? It has been made famous as it was used by Steve McQueen in the Le Mans film as a camera car as mentioned earlier. That already makes it a wonderful collector’s item.
The previous world record was set for $10.34 million back in 1931 for an automobile sold at an auction.
The American automotive industry can be very proud of their achievements. However some may have dampened the mood and have taken away some of the credit. Some parts were made outside of the United States. However most of the car was developed from parts from Detroit.