Ferrari 1957 250 Testa Rossa set a record price

[Blackice]

May 17 (Bloomberg) -- A Ferrari 1957 250 Testa Rossa set a record price for any car sold at auction today when it fetched 9 million euros ($12.2 million) at Maranello, Italy.

The car had been expected to sell for 12 million euros, said RM Auctions, which held the event in association with Sotheby’s. The Testa Rossa was bought by an anonymous telephone buyer against three underbidders.

Success rates at some classic-car sales remain relatively high, as more lots go unsold in other parts of the auction market. Nonetheless, because of the economic slump, buyers and sellers are more hesitant than they were a year ago.

A Ferrari 330 P4 that had finished third in the 1967 Le Mans 24-hour race failed to sell at 7.25 million euros.

The Testa Rossa exceeded the previous highest price at last May’s equivalent “Ferrari Leggenda e Passione” sale at Maranello -- where the company’s factory is based -- when the U.K. television and radio host Chris Evans paid 7 million euros (then $10.9 million) with fees for a black 1961 Ferrari 250 GT SWB California Spyder. The Ferrari had formerly been owned by the movie actor James Coburn.