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World record price for 52-year-old Ferrari

( 19/05/2009 )

While most cars lose value over time, a 52-year-old model has just broken the record for the highest value fetched at auction - £8 million.

But there are no prizes for guessing which company is capable of attracting that kind of spending in a recession - it's the one with the prancing horse.

And fittingly the Ferrari 250 Testa Rossa (TR), of which only 22 examples were ever made, fetched its record price at its birthplace, the Maranello factory in northern Italy, during the Leggenda e Passione event.

The record-breaking 1957 model is famed for its 'pontoon fender' - an aggressive, gaping red mouth - bulbous headlights and sweeping black lines.

Along with its elite band of brothers, it won 10 international championships from 1958 to 1961- including two Le Mans titles - and finished the 1000km Buenos Aires run.

Max Girardo, managing director of auctioneers RM Auction, described the Testa Rossa as "one of the most alluring and iconic of all Ferrari racing cars", and said it had generated a "bidding war".

"The quality and the provenance of the Testa Rossa speaks for itself and the price we achieved today is a testament to that," he said.

 

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