Italian automaker Ferrari is a brand that really needs no introduction, but it’s hard to refrain because so much can be said about the quality, beauty, and prestige of these cars. In 2015, a 1964 Ferrari 250 LM from Scaglietti was auctioned at Sotheby’s and sold for a whopping $ 17.6 million, according to revered auction staff. Although not the most expensive rare Ferrari ever sold, the asking price was impressive. What is it that makes this model so valuable? The answer involves a variety of factors, including the brand’s reputation, the unique place in Ferrari’s history this vehicle occupies, and its rarity. The $ 17.6 million Ferrari 250 LM is worth a closer look for those of us who are big fans.
The history of the Ferrari 250 LM
The Ferrari 250 LM was first presented to the world by Ferrari and Pininfarina in 1963 at the Paris Motor Show. The 1963 model was similar in design to the 250 P with a sports prototype, also known as the SP chassis and the proven 250 GT V12 engine, qualifying the vehicle for competition on the track. For the time, the prototype was groundbreaking work of design and engineering brilliance with adjustments made to balance the weight distribution and create a small runner that boasted a weight of 850kg. Ferrari made an effort to obtain recognition of the new prototype as a road car, but this request was denied and it remained a prototype in the classification, disqualified as a road car, however it would compete.
Production run from 1964 to 1966
The 250 LM entered competition in the LeMans race in 1965 with drivers Jochen Rindt and Masten Gregory celebrating a victory in first place. Winning the race was not as easy as it may sound because prior to this event, designer Mario Forghieri and his team had some issues to solve with the prototype, making the big engine fit in the rear of the driver and also achieving a high grade. of reliability and balance. After succeeding at LeMans in 1965, there was more work to be done to create a reasonable design that would make the car eligible for road legal status for production. The ruling FIA had previously ruled against him and it was time to get back on the drawing board. The difficulty of the task was found in maintaining their original intention while fulfilling the requirements for homologation, which they were able to do with some serious reengineering. In the end, the battle was won and the powers that be at the time granted the second request for recognition and the Ferrari 250 LM had earned its place as a driver and as a street legal car for the road, opening the model for sale. to those interested in its sporty appeal compared to groups dedicated to track racing.
What is it that makes the 1964 250 LM so special?
We cannot fail to mention the obvious in our assessment, which is the Ferrari brand that may well stand on its own, alongside the Scaglietti design, but it goes way beyond this. According to the Robb Report, only 32 of these cars were made. Some would even recommend that it is the best Ferrari ever made and while arguably true, this is a claim that is open to speculation, however the example that was offered at auction at Sotheby’s in the UK was undoubtedly the best. of its kind in stock. This specific car was designed with a 5 speed manual transmission in its original iteration with a 3286cc V12 engine making 320 horsepower and while the original was not street legal it was damn fast and made for GT racing .
The value of such a fine collectible is established by estimates, but even more so by the price a collector is willing to pay for an item. The Sotheby’s auction was proof that the 1964 250 LM is highly valued in the world by Ferrari enthusiasts and those interested in making an investment in the exceptional car. It sold for $ 17.6 million, while the 250 GT SWB Berlinetta Competizione, which was estimated for roughly the same value, did not land a buyer at the event. This gives us a certain level of confidence in assigning the rare 250 LM the asking price as its actual value.
The 1964 Ferrari 250 LM is a rare vehicle that made its way from racing prototype to road version, proving its worth along the way. It is one of those iconic models for which …