In a still uncertain economy rare Ferraris have become the blue-chip investment of choice judging by record-breaking auction results over the weekend. RM Auctions, the world’s largest auction house for investment-quality luxury automobiles, brought in $36.4 million in sales at its epic event held at the luxurious Arizona Biltmore Resort & Spa. The sale represents a massive 42 percent increase over last year’s sale even though there were fewer vehicles featured this time.

With 11 classic Ferraris on offer, in addition to other highly desirable marques, eight vehicles in all achieved a hammer price of over $1 million. The highest price was realized by an ultra-rare 1960 Ferrari 250 GT SWB Berlinetta ‘Competizione’ with coachwork by Carrozzeria Scaglietti. The auto is one of just 74 ever produced and sold for $8.14 million, setting a new world record for the model. 

Other strong results were achieved by a Ferrari Classiche certified 1967 Ferrari 275 GTB/4, which went for $1.84 million; a 1966 Ferrari 275 GTB by Carrozzeria Scaglietti which sold for $1.3 million; and a beautifully restored, concours-quality 1954 Ferrari 250 Europa Coupe, hammered down for just over $1 million. In addition, a 1967 Shelby 427 ‘Semi-Competition’ Cobra was sold for just over $2 million.

“The Arizona auction week is widely regarded as a barometer for the new collector car season,” notes Shelby Myers, Managing Director of RM Auctions – California. “Our clients from around the world were joined by our equally international team of specialists, from California to the UK and it made for a spectacular, history-making event….The results paint a very positive forecast for 2013 and we look forward to continuing the momentum at our upcoming sales in Georgia and Florida.”