A 1961 Ferrari California Spyder sold for $10,894,900 at an auction in Maranello, Italy, Saturday. It was the highest price ever paid for a vintage car at auction, according to RM Auctions and Sotheby's, the companies that organized the sale.
The previous record was set in 1990 when Sotheby's sold a 1962 Ferrari 250 GTO in Monaco for $10,756,000.
But that was a race car, not a convertible designed for driving on the street, pointed out McKeel Hagerty, president of Hagerty Insurance, a company that insures high-value collectible cars in Europe and North America.
Ferrari race cars have traditionally sold for much higher figures than the company's street cars, Hagerty said.
"Ferrari 250 GTO's are now selling privately for twice that," he said