THE TOP MOST EXPENSIVE CARS
The most expensive cars out there aren't the ones coming out of factories today. Instead, they are vehicles built decades ago.
A Ferrari made in 2015 will run you from about $180,000 to $400,000. But to get your hands on a collector's model manufactured 50 years ago, you might be looking at numbers in the millions.
Dietrich Hatlapa, founding member of the London-based research company and think tank Historic Automobile Group (HAGI), estimates the rare automobile market's capitalization to be about $100 billion. He says the market has tripled since 2009, and the prices of some specific cars have jumped five-fold or six-fold in the same period.
"We're talking a very small market compared to mature asset classes. And if you see an increased demand in such a small market, you could say that market gets squeezed and gets pushed upwards because there are more buyers," he said.
Today's top-tier automobile market is largely dominated by rare production and racing cars from Ferrari, as well as cars made by big names like Bugatti, Bentley and Mercedes-Benz.
"The market for cars has been accelerating at a pretty fair clip, especially European sports cars," said Eric Minoff, a specialist in the motoring department at Bonhams, the auction house behind a number of the biggest classic car transactions in recent years.
A number of factors come into play in determining a vehicle's price, including competition pedigree and technical finesse. And, of course, there is the issue of just how hard these cars are to get.
"Cars that are setting world records have not been available for a long time," Minoff said. "One of the major reasons the values of the car is so high is because they're generational vehicles."
Car collecting is a worldwide endeavor, though in some markets it is more prominent than in others. "It's a global market; however, the United States and Europe both represent the very large majority of the market and where collectors are based," said Hatlapa. He also noted that buying cars goes far beyond investing. "These things have become a lifestyle," he said.
Most transactions take place on the private market -- Hatlapa estimates about 70% -- meaning prices are not always known. Other sales transpire on the auction blocks, and because they are public, their prices are out in the open.
Here are 10 of the most expensive cars to ever go down in the record books.
1. 1962-63 Ferrari 250 GTO Berlinetta: $38.1 Million
The 1962-63 Ferrari 250 GTO Berlinetta became the world's most expensive car ever sold at auction in August 2014 after going for $38.1 million to an investment group at Bonham's Quail Lodge Auction in Carmel, California.
The car has a rather dark history, as Henri Oreiller, a retired Olympic skier, died after crashing it in a race in 1962. When it arrived in the hands Italian racer Fabrizio Violati in 1965, it was valued at just $4,000 and was what Minoff described as a "washed up race car."
Ferrari manufactured just 39 cars to be considered in the GTO family, of which 28 have a three-liter V12 engine rendering them 250 GTOs. "It's rare, but not the rarest thing in the world," Minoff said. He also pointed out that the vehicle isn't purely for competition. "It's kind of the last race car you could drive to the track, race, win, and then drive to the bar and celebrate."
Bloomberg reported that vehicle of the same make and model was sold in a private transaction in 2013 for $52 million.
2. 1954 Mercedes-Benz W196 Silver Arrow: $29.6 Million
Before the Ferrari 250 GTO took the top spot, the 1954 Mercedes-Benz W196 Silver Arrow held the world record for the most expensive car sold at auction. The car was sold for $29.6 million, also through Bonhams, in July 2013 in the United Kingdom.
Once driven by legendary Argentine racecar driver Juan Manuel Fangio, the Grand Prix-winning vehicle is the only of its kind to be privately held (the others are at museums or inside Mercedes-Benz).
"It is really a spectacular piece of engineering," Minoff said. "Even 15 years [after it was built], the car was still light years ahead of everything else."
3. 1967 Ferrari 275 GTB/4*S NART Spider: $27.5 Million
The 1967 Ferrari 275 GTB/4*S NARD Spider sold for $27.5 million at an August 2013 auction hosted by RM Auctions (now RM Sotheby's).
Just 10 such cars were ever built, rendering the vehicle extremely rare. One NART Spider was featured in the 1968 "The Thomas Crown Affair," and the 1968 film's star, actor Steve McQueen, bought one for himself.
Before arriving at the auction block, the Ferrari had only one owner, Eddie Smith Sr. The one-time mayor of Lexington, North Carolina, Smith died in 2007. His family saidthen planned to donate the proceeds from the sale to charity.
4. 1964 Ferrari 275 GTB/C Speciale: $26.4 Million
In August 2014, the 1964 Ferrari 275 GTB/C Speciale was sold at RM Auctions for $26.4 million. It is the first of only three 1964 Ferrari GTB/C Speciales that were ever made.
The cars were built specifically for the 1965 running of 24 Hours of Le Mans, one of the world's oldest sports car races. Unfortunately, it never made it to competition. Instead, it was sold directly from the factory to Pietro Ferraro of Trieste, Italy.
The Ferrari has changed hands on a handful of occasions over the years, and in 1997 and 1998, its then-owner, Brandon Wang, restored it.
5. 1955 Ferrari 410 Sport: $23 Million
The 1955 Ferrari 410 Sport sold for $23 million at the Rick Cole Auctions in Monterey, California in August 2014.
It is one of only four examples built to compete in the Carrera Panamericana road race in Mexico. The car never raced in the event, which was canceled in 1955 due to concerns over cost and safety.
The Ferrari's history is quite unique, and according to Sports Car Digest, it was taken to Mexico in 1957 when its then-owner, Tony Parravano, fled the United States over debt issues with the IRS. It was returned to the U.S. in 1971 by Robert Dusek and remained in his collection for almost 40 years.
One of its sister cars was sold in 2012 through RM Auctions for $8.3 million.
6. 1961 Ferrari 250 GT California Spider: $18.5 Million
The 1961 Ferrari 250 GT California Spider fetched the highest price at the Artcurial Motorcars auction in Paris, France in February 2015. It was sold for $18.5 million to an unnamed international collector.
The car was part of a "barn find" -- meaning it a sort of stumbled-upon undiscovered treasure. Composed of about 100 vehicles, the Baillon Collection was held by the late French transportation magnate Roger Baillon, who initially meant to build an automobile museum. His family held onto the vehicles for years after his death before having them appraised and realizing their value. Fifty-nine cars from the collection were sold at the February 2015 auction.
"The Baillon discovery has been an incredible adventure," said Pierre Novikoff, a specialist at Artcurial Motorcars, in a statement. "In addition to the passion it has aroused in enthusiasts, it is the unique story of one man's dream, carried out by an entire family."
Another 1961 Ferrari 250 GT SWB California was sold for $15.2 million by Gooding & Co. in August 2014.
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