The identities of both the buyer and seller were not made public. "Ferrari prices have absolutely defied gravity for the past few years," said McKeel Hagerty, CEO of Hagerty Insurance, a company that insures high-value collectable cars in Europe and
The car sold at auction first hit the track at the 1958
Last year, the 1961 Ferrari California Spyder set the record for a price paid at auction. Big-ticket auction sales are usually kept confidential. But last year's Spyder sale was different because the car had been owned by actor James Coburn, who died in 2002, and was purchased by British television and radio personality Chris Evans. The market for collectable cars has been dented by the recession, but buyers are willing to pay top dollar for rare race cars like the Testa Rossa. "It is literally the Van Gogh or Picasso that someone wants to have over their mantle," said Hagerty.
The record-setting auction for the Italian luxury automobile comes in the middle of a global recession that has sent
By Catherine Clifford, CNNMoney.com staff writer