Ferrari races to new auction record

A red Ferrari 250 GTO Berlinetta raced to a new sales record at an auction this month. The six-day event by Bonhams, Gooding & Co. and RM Auctions, sold a record of almost $400 million worth of classic cars. Accelerating ahead of the Pack, though, was the Ferrari, which fetched $38.1 million, a marked gear shift up from the precious record of $29.7 million, which was set last year.

"The market is the highest it’s ever been," McKeel Hagerty, chief executive officer of Hagerty, a Michigan-based insurer and classic car database, told Bloomberg.

"There are new buyers from Europe, Asia, Latin America, some from the Middle East."