In a dazzling display of automotive history, an iconic 1962 Ferrari roared into the record books as it fetched a staggering $51.7 million (£42 million) at a recent Sotheby's auction in New York.

The scarlet beauty, a 330 LM/250 GTO model, now proudly claims the title of the most expensive Ferrari ever sold and holds the prestigious position of being the second highest-priced vehicle ever auctioned.

Termed a "once-in-a-generation" opportunity, this automotive masterpiece found a new home after nearly four decades in private ownership. Bearing the chassis number 3765, it stands as the sole Works GTO example originally equipped with a 4-litre engine, rendering it a truly unique gem in the Ferrari lineage.

This particular GTO Tipo 1962 boasts a remarkable racing pedigree. Having been part of the Scuderia Ferrari team, it holds the distinction of being the only GTO Tipo 1962 raced by the renowned racing group.

Its accolades include a class win and a remarkable second overall finish at the prestigious 1962 Nürburgring 1000 KM, a feat etched into the annals of motorsport history.

During the 1962 24 Hours of Le Mans, this remarkable vehicle was entrusted to the skilled hands of drivers Mike Parkes and Lorenzo Bandini, representing the Scuderia Ferrari. Their prowess behind the wheel contributed to the car's enduring legacy.

Gord Duff, RM Sotheby's global head of auctions at Sotheby's, expressed his enthusiasm, stating, "Celebrating this sale during Sotheby's marquee week highlights the unparalleled stature of this Ferrari as one of the world's most desirable objects."

He went on to add, "Now, it ranks among the most expensive cars sold at auction, a true testament to its singular place in history."

The sale of this 1962 Ferrari not only marks a financial milestone but also underlines the enduring allure and value placed on automotive craftsmanship and racing heritage. As the gavel fell on this historic transaction, it echoed through the ages, solidifying the 1962 Ferrari's place in the pantheon of automotive legends.