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This 1962 Ferrari 250 GTO was auctioned at the Bonhams sale at The Quail, A Motorsports Gathering–and when the hammer finally went down, the classic sports car went for a cool $34.65 million, the most ever paid for an automobile at auction. With the 10 percent buyer’s premium, the final purchase price was $38,115,000, shattering the previous auction record of $29,650,000 paid last year for the 1954 Mercedes-Benz W196 Formula One car once raced by Juan Manual Fangio. Classic-car experts like Hagerty Insurance CEO McKeel Hagerty have speculated that a sale of one of these Ferraris could reach $100 million within the decade.

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