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The short answer. Some Ferraris have been extraordinary stores of value — above all the rare, competition-bred cars of the 1950s and 1960s, where the auction record is a 250 GTO sold for $51.7 million in 2023. Most Ferraris are not investments in that sense: the model, the production variant, the originality, the documentation and the condition decide whether a car appreciates, holds its value or loses money after running costs. Buy the individual car, not the badge, and treat any collector car as an illiquid asset whose value can fall.
The Ferrari Investment Hierarchy
Ferrari's mythology as the investment vehicle for car collectors is simultaneously deserved and overstated. The brand name does not guarantee investment performance — the specific model, production variant, specification, and condition determine whether a Ferrari appreciates, holds value, or declines.
Understanding the Ferrari market requires distinguishing between three fundamentally different collector contexts.
Tier 1: Competition and Factory Racing Cars
Cars with documented racing provenance from the Ferrari factory or official customer racing programmes sit at the top of the market, and they set the reference prices everything else is measured against.
Ferrari 250 GTO: The grail. Just 36 were built between 1962 and 1964 — 33 with the original bodywork and three with the 1964 body. One changed hands privately for a reported $70 million in June 2018, and at public auction chassis 3765LM sold for $51,705,000 at RM Sotheby's New York on 13 November 2023. Not accessible to most buyers, but important as the ceiling that shapes the whole market.
250 GT SWB Berlinetta: The GTO's more attainable sibling — attainable only by comparison, since competition-specification cars with matching numbers and racing history remain among the most valuable road-going Ferraris. Prices vary so much with individual history that a range is meaningless — the recent results for comparable chassis are the only useful guide.
275 GTB/4: The front-engined V12 Berlinetta of the late 1960s. Its rarest derivative, the NART Spider, was built in just ten examples; one sold at RM Sotheby's Monterey in August 2013 for US$27.5 million including commission. Standard coupés sell for far less, and their price depends heavily on originality and documentation.
Tier 2: Affordable Classics with a Track Record
308 GTB fibreglass (1975–1977): The early 308s had fibreglass (vetroresina) bodies until June 1977, when production switched to steel. Counts vary by source; Wikipedia puts the fibreglass cars at 808, all Berlinettas. Their relative rarity is why well-documented examples are sought within the 308 range, but values track condition and provenance rather than any guaranteed rate.
Dino 246 GT: Sold under the Dino name rather than as a Ferrari at launch, and long dismissed for it, the 246 is now firmly established in the collector market. Production totalled 3,569 cars — 2,295 GT coupés and 1,274 GTS spiders. Originality details matter: Series II cars were delivered on five-bolt Cromodora alloys, with Campagnolo alloys as an option, so a car's wheels, like its engine numbers, are part of the authentication. As with any collector car, past appreciation does not guarantee future gains.
Mondial and the other overlooked V8s: The contrarian argument is that cars the market once dismissed can be re-rated as buyers rediscover them. That can happen; it can also not happen for decades. Buy one because you want to drive it, and treat any rise in value as a bonus rather than a plan.
Tier 3: Contemporary Limited Series
The modern collector Ferrari market runs on Ferrari's deliberate scarcity management through invited purchase programmes. LaFerrari, LaFerrari Aperta, the Monza SP1 and SP2, and the Icona series such as the Daytona SP3 are offered to selected clients, typically those with a significant history of buying from the factory.
Two cautions. Allocation, not money, is the constraint on getting in at list price. And a secondary-market premium on a new limited car is a market price, not a return — it can narrow as quickly as it opened, and it carries the running, storage and insurance costs of any Ferrari.
How to Judge a Ferrari Before You Buy
- Originality and documentation. Matching numbers, factory records and a continuous service file are what separate a collector car from a used car. See matching numbers and factory certificates.
- Condition, graded honestly. Restoration quality varies enormously, and catalogue language can flatter it — read condition grading: what the words actually mean.
- An independent inspection. Use a marque specialist who is not the seller's — our tutorial on inspecting a classic car before buying sets out the process.
- The full cost of the route in. Buyer's premiums, taxes and transport change the real price; see the classic car auction guide.
- Running costs. Servicing, storage and agreed-value insurance continue whatever the market does — our guide to preserving collector cars covers the upkeep.
For the auction route into any of these tiers, RM Sotheby's is among the specialist houses that regularly catalogue Ferrari competition and road cars with provenance documentation. For the wider market, see the classic car investment guide.
Collector cars are illiquid and their values can fall as well as rise. Nothing here is investment advice.
Frequently asked questions
Is a Ferrari a good investment?
Some are, most are not. The rare competition and early road cars have set the market's records, while most production Ferraris cost more to own than they gain. The specific model, variant, originality, documentation and condition decide the outcome, and past performance does not guarantee future returns.
What is the most expensive Ferrari ever sold at auction?
A Ferrari 250 GTO, chassis 3765LM, sold for $51,705,000 at RM Sotheby's New York on 13 November 2023. A different 250 GTO was reported sold privately for $70 million in June 2018.
How many Ferrari 250 GTOs were made?
Thirty-six, between 1962 and 1964: 33 with the original Series I bodywork and three with the 1964 Series II body.
Which classic Ferraris are more attainable?
Cars such as the 308 GTB and the Dino 246 GT trade far below the competition cars. Within those models, early fibreglass 308s and original, well-documented Dinos are the most sought after — but prices depend on the individual car, so compare recent results for comparable examples before buying.
