1962 Ferrari 250 GTE

RM Open Roads February 2021
Friday, 19 February - Sunday, 28 February 2021
Sale Price
$400,000 - $725,000
Est. Range
27 February 2021
Sold Date
Lot Number
Modified restoration
RM Sotheby's
Auction House
Chassis no. 3723. Black over beige leather. 2953/320hp replacement engine, three Weber 40DC26 carburetors, AP clutch, lightened flywheel, oil cooler, high-torque starter, upgraded brakes, alternator, larger radiator, power windows, Marchal headlights and fog lights, chrome spoke Borrani wire wheels, Blaupunkt radio.

Evaluation: The original engine #3723 (internal number 388/62E) is included. Once owned by Jay Kay of the band Jamiroquai, Ferrari Classiche certified, although that is irrelevant after the nearly $300,000 in modifications, which include a replacement V-12 tuned to 320 hp and upgraded brakes. Stone-chipped nose and hood, chipped and peeled old undercoat with some superficial repainting, chipped door sills, door and hood edges. Good upholstery. Beautiful engine compartment. An expensive exercise in Ferrari one-upsmanship.

Bottom Line: The subject of a serious bidding battle, this hot rod 250 GTE was at $425,000 with 23 bids at the start of the final run. Bidding was extended six times before finally succumbing to the successful bidder’s $20,000 bump to the hammer price. The result is an endorsement of the decision to undertake the many modifications and upgrades, coming in at a price differential over a good standard 250 GTE close to the huge bundle invested in improving it. The bidders recognized the appeal and paid the price.

by Rick Carey
5 March 2021
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Condition definitions
Condition #1: Concours
Condition #1 vehicles are the best in the world. The visual image is of the best vehicle, in the right colors, driving onto the lawn at the finest concours. Perfectly clean, the vehicle has been groomed down to the tire treads. Painted and chromed surfaces are mirror-like. Dust and dirt are banned, and materials used are correct and superbly fitted. The one word description for #1 vehicles is “concours.“
Condition #2: Excellent
#2 vehicles could win a local or regional show. They can be former #1 vehicles that have been driven or have aged. Seasoned observers will have to look closely for flaws, but will be able to find some not seen by the general public. The paint, chrome, glass and finishes will all appear as excellent. No excessive smoke will be seen on startup, no unusual noises will emanate from the engine. The vehicle will drive as a new vehicle of its era would. The one word description for #2 vehicles is “excellent.“
Condition #3: Good
#3 vehicles could possess some, but not all of the issues of a #4 vehicle, but they will be balanced by other factors such as a fresh paint job or a new, correct interior where applicable. #3 vehicles drive and run well, but might have some incorrect parts. These vehicles are not used for daily transportation but are ready for a long tour without excuses, and the casual passerby will not find any visual flaws. “Good” is the one word description of a #3 vehicle.
Condition #4: Fair
#4 vehicles are daily drivers, with flaws visible to the naked eye. The chrome might have pitting or scratches, the windshield might be chipped. Paintwork is imperfect, and perhaps the body has a minor dent. Split seams or a cracked dash, where applicable, might be present. No major parts are missing, but the wheels could differ from the originals, or other non- stock additions might be present. A #4 vehicle can also be a deteriorated restoration. “Fair” is the one word that describes a #4 vehicle.
Condition #5: Poor
Running, but battered, incomplete, and perhaps rusty.
Condition #6: Parts car
Parts car.
Hagerty only assigns condition ratings to vehicles we can inspect in person or, for online listings, via high-quality photography.