The former driver, Le Mans car builder and journalist, who died last year, Alain de Cadenet always remembered his Ferrari GTO with special affection. “I bought it for 1,500 pounds. It was no longer a leading car, but it still allowed you to achieve good results. And I could also go with him on the street. Then I sold it.”
The Spanish Eugenio Baturone can say something similar, who was one of the drivers who was able to drive a Ferrari GTO, acquired in 1968. At the wheel of this sports car he won several rallies and races before reselling it: “They gave me 300,000 pesetas. “If I had waited a few years, it would have been worth a hell of a lot more,” he said.
At that time, the fever for classics had not yet broken out, especially for Ferrari GTOs. This started in the mid to late 70's; Since then the transaction figures have become increasingly higher.
The best proof is the 51.7 million dollars (about 47.5 million euros) that they paid this same year for a GTO at the RM Sotherby's auction. This is the highest bid that has been paid for one of these specimens, but it is not the highest case in history. The most expensive GTO is that of David McNeal, owner of Whether Tech. He paid 70 million dollars (64.6 million euros) in a private transaction. If you find the list of the most expensive cars in the world, you will be struck by how many times this same model appears, the Ferrari 250 GTO.
Only 36 were built and all are still in impeccable condition and working. In 2011, at Peeble Beach, the most prestigious classic car gathering, 21 of these GTOs were gathered. Impeccable bodywork and mechanics.
But what is the reason for the GTO's success? How is it possible that a model from 60 years ago is so idolized? Why are they paying stratospheric figures that would allow them to buy fifty of the most prestigious, luxurious and fast current 'hypercars'?
These cars are pure art in motion. But with a brutal difference from a work of art. You can be enraptured by looking at them, or at most caressing them... but with a great classic like the GTO, you can also truly enjoy it, listening to it, driving it! It is not something static, but totally dynamic. Perhaps that is why their owners do not hesitate to “risk” them in the most exclusive classic competitions. They have the means to pay the large bill for the damage.
The 250 GTO was a decision that Enzo Ferrari made when he saw that Ford's AC Shelby Cobra II, the Aston Martin DB4 Zagato or some Jaguar E were beginning to be more than just tough competitors; They were beginning to beat the 'Prancing Horse' machines. Without forgetting that the Constructors title was going to be played in the GT category.
The Berlinetta 250 SWB, that is, a short-wheelbase Ferrari 250 GT, was no longer enough to dominate the GT category. Enzo gathered his best men to do it, led by Giotto Bizarrini, who would later create a brand named after him.
Starting with the 250 SWB allowed Ferrari to count the 250 GTs plus the GTOs to exceed the 300 examples that were needed to homologate it as a GT. It was not another model, but an 'evolution' of the 250 GT. GTO is nothing more than the acronym for GT 'Omologato', that is, homologated.
Based on the 250 GT SWB and the version of the 3-liter 'Colombo V12' engine that equipped the 250 Testa Rossa, the sport competition, was installed. He fitted a dry sump to place it lower. It had six twin Webber carburetors and its power was close to 300 hp. A change in the rules led to a 4-liter version of this engine later appearing. He modified the suspensions. It used thinner tubes in the chassis to reduce weight and lowered its height. The bodywork, made by Scaglietti, was the first Ferrari to be tested in a wind tunnel.
Bizarrini and several engineers left Ferrari at the end of 1952, and 'Il Grande Vecchio' - as Enzo Ferrari was called - commissioned the very young Mauro Forghieri - practically a recent graduate - to complete the car, especially the suspensions.
The front suspension was independent with a double wishbone, the rear with a rigid axle with Watt's parallelogram. The chassis had been lowered and reinforced. The interior, minimalist to save weight. A rear deflector was even added, the aerodynamic element of the time. The brakes were disc and the wheels were still spoked.
The 250 GTO began racing in 1962 and in 1964, when an evolution of the GTO appeared, the Series II, with slight changes, of which only two or three examples were built. His track record in these years is enviable: he dominated the GT category.
The car ran mainly in the hands of customers. Many of them, whether they were 'gentlemen' or teams, sold their car after one or two seasons to buy a new model, either from another driver or from an individual.
When a GTO was sold to a private individual, the seller tried to 'hide' its racing past: this lowered the price because it was synonymous with a 'punished car'. Today, the track record of a specific car and the drivers who drove it is something that increases the value.
De Cadenet, in his day, went so far as to say that the most important race for a GTO was not Le Mans or Sebring “but that of the potential buyers to get one of them.” This has caught the attention of some investors: they consider it a safe value that appreciates year after year.
Ferrari records have more than 250 GTO owners registered. On the list there are great drivers in their first years; Later, they are illustrious fortunes that regularly appear on lists of the richest.
The price of GTOs will continue to rise. Marcel Massini, automotive historian, specialist in restorations and auctions, believes that it will not be long before we see a 250 GTO sold for $100 million.
