This Ferrari acted as the pace car for the 1958 Shell Grand Prix.
Four of the top 10 highest-grossing auction cars from 2019 were a Ferrari 250 GT, so there's no denying that these are the hottest collector cars on the market. The only question is how much these Ferraris will continue to rise in value. We won't have to wait long for an answer, though, as this 1958 Ferrari 250 GT Series I Cabriolet will be crossing the auction block on January 17 at RM Sotheby's Arizona event.
Including prototypes, Ferrari only made 40 Series I Cabriolets, and this one was the 25th example built. While collectible Ferraris get passed around often, this 1958 Ferrari 250 GT Series I Cabriolet has been with the same owner for 20 years where it has been meticulously maintained in that time, and a full restoration in 2016 reunited this 250 GT with its numbers-matching V12 engine – this engine was replaced in 1993, but it was fully restored back to its original glory at a cost of $95,000! The chassis, body, gearbox and rear differential are all original to the car as well, and since this most recent restoration, the car has been driven less than 1,000 miles.
This Ferrari is fully documented back to its original Italian owner, and its quality shows. RM Sotheby's values this Ferrari between $6 million and $7 million, which is the same range that a 1958 Ferrari 250 GT Series I Cabriolet sold for ($6.8 million) last year. And what's a Ferrari without a little added dose of provenance? Not only was this 250 GT used as the pace car during the 1958 Shell Grand Prix in Monza, but it was also chosen by Maranello to symbolize one of the 60 Ferraris present at Ferrari North America's 60th anniversary celebration in 2014.
