The V-12 racer takes the top spot of the most expensive cars sold this year. Courtesy Sotheby's
The V-12 racer takes the top spot of the most expensive cars sold this year. Courtesy Sotheby's
The V-12 racer takes the top spot of the most expensive cars sold this year. Courtesy Sotheby's
The V-12 racer takes the top spot of the most expensive cars sold this year. Courtesy Sotheby's

Ferrari becomes most expensive car after being sold for $51.7m


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A 1962 Ferrari by Scaglietti, the prestigious Italian coachbuilder, sold for $51.7 million at a Sotheby’s auction on Monday in New York City, making it the most expensive Ferrari ever to sell at auction.

The sale of the 330 LM / 250 GTO also made it the most expensive classic car sold publicly anywhere in the world this year, Bloomberg reported.

Jim Jaeger, a prominent collector in Ohio and co-founder of the company that makes Escort radars, owned the car for nearly four decades before the sale.

A representative from Sotheby’s did not identify the new owner.

The final hammer fall was for $47 million, but a buyer’s premium of 10 per cent took the total price to $51.7 million.

Despite the record, the final sale price was lower than expectations. In the days leading up to the sale, Sotheby’s had listed the value of the vehicle “in excess” of $60 million.

“Its place in history is undisputed,” Oliver Barker, chairman of Sotheby's Europe, said at the start of the sale.

Painted scarlet and bearing a No 7 racing livery, the car is special because it is the only Ferrari GTO example originally equipped with a 4-litre engine and the only factory GTO Tipo 1962 to have been raced by Scuderia Ferrari.

In 1962, it earned a class win and a second-place finish overall at the Nurburgring 1,000km race.

In 2012, it won the Best in Show award at the Amelia Island Concours d’Elegance in Florida.

The car sold in less than 20 minutes and started at $34 million. Bidding stayed consistent between primarily phone bidders and ended in the final moments as two bidders waffled around $47 million.

The car and the winning bidder were present during the sale, a representative said.

The V-12 racer takes the top spot of the most expensive cars sold this year.

It has been a banner year for Ferraris, the de facto blue-chip asset of the car world.

Twelve of the top 15 cars sold at auction this year bore the prancing pony badge, according to data compiled by Classic.com, a website that sells collectible cars and tracks their values.

The latest Ferrari auction price was passed only by that of a Mercedes 300 SLR Uhlenhaut Coupe that went for €135 million in 2022, the auction house said.

AFP reported that would be $144 million at today's exchange rate.

New Zealand 57-0 South Africa

Tries: Rieko Ioane, Nehe Milner-Skudder (2), Scott Barrett, Brodie Retallick, Ofa Tu'ungfasi, Lima Sopoaga, Codie Taylor. Conversions: Beauden Barrett (7). Penalty: Beauden Barrett

UAE currency: the story behind the money in your pockets
Sweet%20Tooth
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3EJim%20Mickle%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EChristian%20Convery%2C%20Nonso%20Anozie%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
FIVE%20TRENDS%20THAT%20WILL%20SHAPE%20UAE%20BANKING
%3Cp%3E%E2%80%A2%20The%20digitisation%20of%20financial%20services%20will%20continue%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Managing%20and%20using%20data%20effectively%20will%20become%20a%20competitive%20advantage%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Digitisation%20will%20require%20continued%20adjustment%20of%20operating%20models%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Banks%20will%20expand%20their%20role%20in%20the%20customer%20life%20through%20ecosystems%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20The%20structure%20of%20the%20sector%20will%20change%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

The specS: 2018 Toyota Camry

Price: base / as tested: Dh91,000 / Dh114,000

Engine: 3.5-litre V6

Gearbox: Eight-speed automatic

Power: 298hp @ 6,600rpm

Torque: 356Nm @ 4,700rpm

Fuel economy, combined: 7.0L / 100km

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
  • Pension support
  • Mental well-being assistance
  • Insurance coverage for optical, dental, alternative medicine, cancer screening
  • Financial well-being incentives 
Avengers: Endgame

Directors: Anthony Russo, Joe Russo

Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin

4/5 stars 

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

GAC GS8 Specs

Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
If you go

The flights
There are various ways of getting to the southern Serengeti in Tanzania from the UAE. The exact route and airstrip depends on your overall trip itinerary and which camp you’re staying at. 
Flydubai flies direct from Dubai to Kilimanjaro International Airport from Dh1,350 return, including taxes; this can be followed by a short flight from Kilimanjaro to the Serengeti with Coastal Aviation from about US$700 (Dh2,500) return, including taxes. Kenya Airways, Emirates and Etihad offer flights via Nairobi or Dar es Salaam.   

The stats: 2017 Jaguar XJ

Price, base / as tested Dh326,700 / Dh342,700

Engine 3.0L V6

Transmission Eight-speed automatic

Power 340hp @ 6,000pm

Torque 450Nm @ 3,500rpm

Fuel economy, combined 9.1L / 100km

Updated: November 14, 2023, 12:46 AM`