A new auction record for the world’s most valuable car has been set by a 1962 Ferrari 250 GTO. The classic Ferrari race car was recently sold at RM Sotheby’s annual Monterey sale for a record-smashing US$48.4m.

The key for the record price is the car’s rarity since it is one of the only 36 Ferrari 250 GTOs ever built. The chassis 3413 was one of just four upgraded at the time by Scaglietti and this car was one of only seven to ever receive this more aggressive coachwork.

Phil Hill was best known for being the only American-born driver to win the Formula One World Drivers' Championship.

It was driven by the legendary F1 world champion Phil Hill in the 1962 Targa Florio as a test car, and it came 1st in class at the Targa Florio events in the next two years.

Sold with original engine, gearbox and Series II body, the car was presented at Sotheby’s Monterey sale last Saturday. The bidding battle lasted for 10 minutes with three telephone bidders offering increments of million dollars. The car was sold for US$48.4m after premium, becoming the most expensive car ever sold at auction.

A 1962 Ferrari 250 GTO Berlinetta was sold for US$38m at Bonhams 2014

The price broke the record of US$38m previously set by a similar car in 2014 Bonhams auction. However, it is widely reported that another Ferrari 250 GTO, a 1963 model, was sold in a private sale for a whopping US$70m.

1962 Ferrari 250 GTO by Scaglietti

Auction house: RM Sotheby’s
Sale: Sotheby's - MONTEREY 2018
Sale date: 25 August 2018
Lot no.: 247
Estimate: US$45,000,000 - $60,000,000
Price realised: US$48,400,000