Million Dollar Babies

December, 1990

Last spring, at a preview of a Christie's auction held at New York City's Guggenheim Museum, the elegant crowd of collectors sipped champagne and buzzed excitedly about the 1957 Ferrari 315S, showcased like a prized metal sculpture. A few weeks later, the gleaming roadster attracted a bid, which was rejected, of $8,400,000, at an auction in Monaco. At a Sotheby's sale held there the same week, another Ferrari, a 1962 250 GTO Berlinetta, brought in almost $11,000,000, including commission—setting...