This story originally published on August 26, 2018.

New York (CNN Business) A 1962 Ferrari 250 GTO sold for $48.4 million at RM Sotheby's annual Monterey collector car sale -- a world record for any car ever sold at auction.

Up until now, a 1962-63 Ferrari GTO, which sold for $38 million at a 2014 Bonhams auction held that distinction. These prices include a 10% "buyer's premium" paid to the auction company.

Every August, the days leading up to the Pebble Beach Concours d'Elegance classic car show in California are filled with events for high-end car collectors. These include auctions at which record prices are often paid for the most desirable cars.

Cars have sold for far more in private transactions than at public auctions. Another Ferrari 250 GTO, a 1963 model, recently privately sold for the widely reported price of $70 million.

Classic Ferrari GTOs are prized for the beauty, performance and usability.

Related: The classic car industry could be hurt by tariffs

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