Ferrari's first-ever Luce electric vehicle, called the 'Chassis 0', was auctioned for a staggering $40 million at the Monterey auction conducted by RM Sotheby's. A video of the auction is doing the rounds, showing the bids rise quickly before the car was sold to the highest bidder.However, this was a charity auction, meaning Ferrari will donate the proceeds to support future educational initiatives through the Ferrari Foundation. Footage posted by RM Sotheby's shows the bid started at $1 million and rose to $5 million within seconds.The bidding reached $10 million before slowing slightly, with offers climbing to $15 million, then $16 million, before jumping to $20 million. From there, bidders took giant leaps, pushing the price to $36 million. In the end, though, the winning bid came in at $40 million, sealing the deal in the bidder's favor.Image Credit: RM Sotheby'sAdvertisementAdvertisementMotorbiscuit recently reported that Monterey Car Week auctions could hit the $500 million mark this year, but from the looks of it, they may end up surpassing that figure. Surprisingly, a 1996 McLaren F1 GTR had been expected to sell for $35 million and was anticipated to be the top lot. However, it actually sold for $34.6 million and was outsold by the Luce.Notably, a brand-new Ferrari Luce would start at $640,000 at a dealership, but the white one, Ferrari's first official Luce, was auctioned for over 60 times the showroom price. The five-seater EV is equipped with four electric motors, with one on each axle. The motors at the front produce 141 hp each, while the motors at the rear make 476 hp each, for a combined power output of 1,050 hp, helping the car cross the 60 mph mark in 2.5 seconds.Did the Ferrari Badge Make All the Difference?Motorbiscuit reported a drastic change in the car-collector trend, which could be a reason behind the Luce being auctioned at such a high value.Of course, the Ferrari badge makes all the necessary difference. However, an additional contributing factor could be the major shift in this year's auction market, as a younger generation of millennials and Gen Z buyers is gradually replacing baby boomers, bringing different tastes and preferences.AdvertisementAdvertisementThat means most car collectors won't be drooling over the classic American and European cars from the 1950s and 1960s. Instead, they're coveting modern performance cars. Also, rather than driving their purchases, young collectors are treating these cars as investments to resell for a quick profit.Notably, among automakers, Ferrari has emerged as the hottest brand with collectors. A 2003 Ferrari Enzo sold for $17.9 million in January, nearly tripling the previous auction record for the model, while another Enzo fetched $15.2 million in March. Ferrari F40s are also among the most sought-after modern classics, with an F40 LM selling for $11 million at Monterey last year.Ferrari's dominance extends beyond individual models. A 2025 Ferrari Daytona SP3 sold for a whopping $26 million at last year's Monterey auctions, which was far above its $3.5 million pre-sale estimate. Hagerty stated that nine of the ten most expensive cars sold at auction so far this year have been Ferraris, while five of Monterey's top lots this year are from the Italian automaker.
