The Detroit News reports:
London -- A Ferrari 250 GTO being offered for $20 million is set to boost private classic-car sales that have already made $100 million in 2010, dealers said.
The 170 mph 1963 Ferrari is billed as the world's ultimate sports car by Canadian-based specialists RM Auctions, which is selling it on behalf of a Japanese collector.
Classic cars often fetch higher prices through discreet transactions than they do at auction. Private sales for high-value classic vehicles topped $117 million worldwide within the last two months, said the Geneva-based adviser Simon Kidston.
"People now realize that prices have bottomed out," Kidston said in an interview. "The market is buoyant for truly exceptional motor cars. Elsewhere it remains selective."
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