A rare 1962 Ferrari 330 LM originally owned and raced by Ferrari’s factory team is coming up for sale and may set a record for the highest price paid for a Ferrari at auction.
The car will go under the hammer on Nov. 13 at an RM Sotheby’s sale in New York City, and currently carries an estimate of $60 million.
Though steep, the estimate is in line with prices paid for other rare classics. A 1963 250 GTO sold in 2018 for a rumored price of $70 million, albeit privately. And a 1955 Mercedes-Benz 300 SLR, one of only two Uhlenhaut Coupe examples, sold last year for over $140 million.
The 330 LM is in the same league as those cars. The Ferrari race car was a further development of the 250 GTO, and was built to comply with changing FIA regulations. Only four were built, as Ferrari was preparing to move to a mid-engine platform, and only two were built with bodywork resembling the 250 GTO. The car coming up for sale, bearing chassis no. 3765, is one of those two.
1962 Ferrari 330 LM bearing chassis no. 3765 – Photo credit: RM Sotheby’s
Clues that give away its identity is the signature bulge in the hood to accommodate the larger 4.0-liter V-12 engine used in the 330 LM, instead of the 3.0-liter engine in the 250 GTO. The 330 LM’s floorpan is also longer due to the engine.
According to Ferrari, the V-12 is good for 385 hp, or enough to carry the car to a top speed of 174 mph.
The engine sits in a tubular steel chassis that features independent front suspension and a live axle at the rear. The bodywork is by Scaglietti. Later examples of the 330 LM featured bodywork by Pininfarina and more closely resembled the 250 Lusso, albeit with a face still matching the design of the 250 GTO.
1962 Ferrari 330 LM bearing chassis no. 3765 – Photo credit: RM Sotheby’s
The 330 LMs saw plenty of competition use, especially at the 24 Hours of Le Mans from which they take the LM suffix to their name. Chassis no. 3765 wears the same livery it did for the 1962 24 Hours of Le Mans, where it qualified in seventh place but failed to finish. Its greatest success was in a 1,000-kilometer race at the Nürburgring in 1962, where it finished second overall and first in class.
After Ferrari was done racing the car, it was sold in 1964 to Ferdinando Latteri who installed a 3.0-liter V-12 so that it could be fielded as a GTO in Italian GT racing. It then traded hands several times before ending up with its current owner, Ohio resident Jim Jaeger, in 1985. He managed to find its original engine and had a full restoration done.
According to the listing, the car is well documented and comes with copies of the original factory build sheets, period racing coverage, and owners’ correspondence.
