1957 Ferrari 250 Testa Rossa Sells for $12million at Auction

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LEGENDARY 1957 FERRARI TESTA ROSSA SMASHES AUCTION WORLD RECORD AT MARANELLO SALE

An iconic, pontoon-fender 1957 Ferrari 250 Testa Rossa (TR) sells for �9,020,000 to set a new auction world record as the most expensive motor car ever to be sold at auction.

MARANELLO, Italy (May 18, 2009) - RM Auctions, in association with Sotheby's made history in Maranello as a 1957 Ferrari 250 TR, chassis no. 0714TR sold for �9,020,000 at the third annual Ferrari Leggenda e Passione event to set a new world record for the most expensive motor car ever to be sold at auction.

Returning to its Maranello birthplace for its auction debut, the �9,020,000 sale price represents �1,980,000 more than the previous auction world record which was set at the same sale last year*.

"The historical significance of this car attracted a bidding war as collectors from around the world - both in the room and on the telephone - competed to secure one of the most alluring and iconic of all Ferrari racing cars," said Max Girardo, Managing Director of RM Europe.

"The eyes of the world were watching the sale as cars of this quality are so rarely offered to the market. The quality and the provenance of the Testa Rossa speaks for itself and the price we achieved is testament to that. We are delighted with the result the car achieved today," he added.

The beautiful and immediately recognizable Scaglietti-designed �pontoon-fender' 250 TR was produced from 1957 to 1958 during which only 22 examples were constructed. The Ferrari 250 TRs entered 19 international championship races from 1958 through 1961 emerging with 10 victories and earning them legendary status among discerning collectors, as well as the honor of being one of the most desirable and competitive racing Ferraris ever built.

0714TR was extensively campaigned in its day with significant finishes at the world's most important racing events including the 1000 km Buenos Aires in January 1958.

The Ferrari Leggenda e Passione is the only auction of its kind dedicated to the Ferrari marque, held at the Maranello factory grounds and endorsed by the Ferrari factory.

Further information on the sale, full results and hi-res photography will be posted online at www.rmauctions.com

About RM Auctions, Inc.
Celebrating 30 years in the collector car industry, RM Auctions and its associated companies are responsible for acquisitions, restorations and sales of the world's rarest and most valuable vintage automobiles, including record-breaking sales in Maranello, Italy and London, England. RM's restoration division has achieved unprecedented accolades earning "Best of Show" honors at the world's top Concours events. For further information, visit www.rmauctions.com

About Sotheby's
Sotheby's is a global company that engages in art auctions, private sales and art-related financing activities. The Company operates in 40 countries, with principal salesrooms located in New York, London, Hong Kong and Paris. The Company also regularly conducts auctions in six other salesrooms around the world. Sotheby's is listed on the New York Stock Exchange under the symbol BID.

About Ferrari S.p.A.
Exclusivity, technological excellence, precision engineering and outstanding performance are the hallmarks of Ferrari S.p.A. a unique sports car manufacturer. Based in Maranello, Italy, Ferrari delivers to its clients about 6,500 individually crafted cars annually, each a work of art. Since the first car appeared in 1947, the famous Prancing Horse on a yellow shield has represented the motoring and racing ideal among Ferrari fans around the world.

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