A 1960s vintage car has become the most expensive Ferrari ever to be sold at an auction after it was bought for £42 million.

The 1962 Ferrari 250 GTO, is one of only 34 ever made and is famed for being raced under the maker’s Scuderia Ferrari banner at the famous Le Mans 24-hour race and in the Nürburgring 1,000km endurance event in the 1960s.

It was snapped up for £42.1 million by a mystery buyer on Monday at a much-anticipated Sotheby’s auction in New York. The price tag makes it the second most expensive car ever to be sold at auction, behind a 1955 Mercedes-Benz 300 SLR Uhlenhaut Coupe, which sold for £115 million in Stuttgart last year.

During its life as a racing car the Ferrari competed in the 1962 24-hour Le Mans race, and finished second in the Nürburgring 1,000km endurance race in the same year. It was also runner-up at the famous Sicilian Hill Climb in 1965.

The vehicle is reported to have been able to clock a top speed of 174mph when competing and it could accelerate from zero to 60mph in just over six seconds.

It was put up for sale by Ohio-based collector Jim Jaeger who bought it for just £407,000 in 1985 (around £1.1 million today). It was bought from Fred Leydorf, the previous chairman of the Ferrari Group of America.

During his ownership Mr Jaeger paid specialists to fully restore the vehicle and entered it into a number of prestige classic car competitions.

Gord Duff, global head of auctions at Sotheby’s, said: “Celebrating this sale during Sotheby’s marquee week highlights the unparalleled stature of this Ferrari as one of the world’s most desirable objects.

“This transaction adds a new chapter to a vehicle with an unmatched legacy… now, it ranks among the most expensive cars sold at auction, a true testament to its singular place in history.”

Despite the hefty price tag, the car was still down on the initial $60 million (£48 million) upper estimate given to it by Sothebys when the auction was announced back in August.

Vintage Ferrari’s dominate the list of most expensive cars with eight out of the top 10 most expensive coming from Enzo Ferrari’s iconic brand. The Italian car maker built its first racing car in 1947 and has continued to lead the way in racing vehicles since then.

The previous record for a Ferrari sold at auction was held by another 250 GTO which went for £39.5 million at a Sotheby’s auction in Monterey, California in 2018. The most expensive car ever sold in the UK was a 1954 Mercedes-Benz W196, which fetched nearly £24 million during an auction at Goodwood, West Sussex.

Sothebys said it could not give any more details about the buyer, as is its policy with all items it sells.