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1962 Ferrari 330 LM heads to auction with $60M estimate

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Ferrari 330 LM Auction

In an upcoming auction hosted by RM Sotheby’s in New York City on November 13, a remarkable piece of automotive history will take center stage. It is a rare 1962 Ferrari 330 LM, a car with a storied past, originally in the possession of and raced by Ferrari’s factory team. This event is generating considerable buzz as it may potentially establish a new record for the highest price ever paid for a Ferrari at auction.

The estimated value attached to this exceptional vehicle is a substantial $60 million. While this figure may appear steep, it aligns with the substantial sums exchanged for other distinguished classic automobiles in recent years. Notably, in 2018, a 1963 250 GTO was rumored to have been sold privately for approximately $70 million. Additionally, last year, a 1955 Mercedes-Benz 300 SLR, one of just two Uhlenhaut Coupe examples in existence, commanded a staggering price of over $140 million.

The 330 LM shares the same rarefied company as these illustrious automobiles. This Ferrari racing car represents a further evolution of the iconic 250 GTO and was meticulously crafted to comply with evolving regulations set forth by the FIA (Fédération Internationale de l’Automobile). Only four of these remarkable vehicles were ever manufactured, as Ferrari was on the verge of transitioning to a mid-engine platform. Remarkably, just two of these four were constructed with bodywork reminiscent of the revered 250 GTO, and the vehicle soon to be auctioned, bearing chassis number 3765, is one of this exclusive pair.

One of the distinguishing features that readily identifies this exceptional vehicle is the distinctive bulge in the hood. This bulge is purposefully designed to accommodate the larger 4.0-liter V-12 engine, a departure from the 3.0-liter engine found in the 250 GTO. Furthermore, the floorpan of the 330 LM is elongated, a necessity to accommodate this potent powerplant.

According to Ferrari’s specifications, this V-12 engine delivers an impressive 385 horsepower, endowing the car with the capability to achieve a top speed of 174 mph. The engine is nestled within a tubular steel chassis, which incorporates independent front suspension and a live axle at the rear. The bodywork of this remarkable vehicle is attributed to the renowned Scaglietti. Later iterations of the 330 LM featured bodywork by Pininfarina, bearing a closer resemblance to the 250 Lusso, albeit still retaining elements of the design language of the revered 250 GTO.

The 330 LM models earned their LM designation through their extensive participation in competitive racing, particularly at the prestigious 24 Hours of Le Mans, an event where they left an indelible mark. Chassis number 3765 retains the same livery it proudly wore during the 1962 24 Hours of Le Mans, where it secured a seventh-place qualifying position, though, regrettably, it failed to complete the race. Its most notable achievement occurred in 1962 at a 1,000-kilometer race held at the Nürburgring, where it clinched an impressive second place overall and emerged as the victor in its class.

Following its illustrious racing career under the Ferrari banner, this remarkable vehicle changed hands in 1964 when it was acquired by Ferdinando Latteri. He opted to equip the car with a 3.0-liter V-12 engine to enable its participation as a GTO in Italian GT racing. Subsequently, it passed through various owners until it found its way into the possession of its current custodian, Jim Jaeger of Ohio, in 1985. Under his ownership, a comprehensive restoration effort was undertaken, and the car’s original engine was successfully reunited with the chassis.

The listing for this exceptional 1962 Ferrari 330 LM underscores its provenance and historical significance. It comes complete with copies of the original factory build sheets, period racing coverage, and owners’ correspondence, making it a truly remarkable and well-documented piece of automotive history. As this distinguished vehicle prepares to go under the hammer, it is poised to capture the imagination of collectors and automotive enthusiasts alike, offering a rare opportunity to own a piece of racing heritage.

Frequently Asked Questions (FAQs) about Ferrari 330 LM Auction

Q: What makes the 1962 Ferrari 330 LM going up for auction special?

A: This 1962 Ferrari 330 LM is a rare gem, originally owned and raced by Ferrari’s factory team, with only four ever built. It’s a piece of automotive history.

Q: When and where is the auction taking place?

A: The auction will be held on November 13 at RM Sotheby’s in New York City, making it a must-attend event for car enthusiasts and collectors.

Q: What is the estimated price for this Ferrari 330 LM?

A: The estimated value for this exceptional vehicle is a substantial $60 million, potentially setting a new record for Ferrari at auction.

Q: How does this Ferrari 330 LM compare to other classic cars in terms of value?

A: Its estimated value aligns with the substantial sums exchanged for other distinguished classic automobiles, such as the 1963 250 GTO and the 1955 Mercedes-Benz 300 SLR.

Q: What are some of the unique features of the 1962 Ferrari 330 LM?

A: Notable features include a distinctive hood bulge to accommodate the larger 4.0-liter V-12 engine, an elongated floorpan, and a rich racing history, especially at the 24 Hours of Le Mans.

Q: Who is the current owner of this Ferrari 330 LM?

A: The car is currently owned by Jim Jaeger, an Ohio resident, who acquired it in 1985 and oversaw a comprehensive restoration effort, reuniting the car with its original engine.

Q: Does this Ferrari 330 LM come with historical documentation?

A: Yes, it is well-documented and comes with copies of the original factory build sheets, period racing coverage, and owners’ correspondence, adding to its historical significance.

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