Update: The auction has ended, and dare we say, this may have been quite a deal. The final hammer price of $47 million is well below original estimates of $60M for this exceedingly rare 250 GTO. With fees added in, the final price climbs to $51.7M (approx. £42.2 million), a record for any Ferrari selling at auction.

The previous record holder was a 1962 Ferrari 250 GTO also sold by RM Sotheby's. That car, one of four upgraded by Scaglietti, fetched $48.4M with fees included.

Peruse our original article below to learn more about what makes this particular GTO so special.

Today at 5:00 PM EST, there's a possibility that a 1962 Ferrari 250 GTO could set a new record for the most expensive car to ever sell at auction. To achieve that goal, it must top the astounding £114 million commanded by a Mercedes 300 SLR Uhlenhaut Coupe during a closed-door auction in 2022. You can watch all the action live, right here at Motor1.

All 250 GTOs are exceptional, but this one is particularly important as it was the only Tipo 1962 campaigned by the factory racing team. The machine even scored a first-in-class finish at the 1962 Nürburgring 1,000 Kilometres. However, it failed to complete that year's 24 Hours of Le Mans due to overheating issues.

Gallery: 1962 Ferrari 250 GTO Auction

This Ferrari originally had a 4.0-litre V12 – the only Scuderia-raced GTO to receive such an engine. But after Le Mans it was swapped out for a standard 3.0-litre unit by the factory. A privateer bought the revamped car to take racing in 1963.

Eventually, this 250 GTO reached the United States where the current owner acquired it in 1985. He used the car for vintage racing and on the high-end auto show circuit, garnering a Best of Show win at the 2011 Amelia Island Concours d'Elegance.

The auction includes the official build sheets for preparing the car to race at the Nürburgring, Le Mans, and the factory-performed 250 GTO conversion. This extensive documentation establishes the car's historical provenance to potential buyers and could increase the vehicle's value.

Check back here after the auction to find out how much this very special 250 GTO brings when it crosses the block. If it doesn't dethrone the Mercedes 300 SLR Uhlenhaut Coupe, it could still set a record for the most expensive Ferrari sold at auction. That title is currently held by – you guessed it – another GTO that sold for $48.4 million in 2018.