If you think your car insurance is high, then spare a thought for the chap who won the rare 1960's Ferrari convertible for a record $27.5 million this weekend. This was the most paid at auction for an Italian car anywhere worldwide.

The 1967 Ferrari 275 GTB/4*S NART Spyder sold for a record figure this weekend. John Collins, a UK based dealer spoke to Bloomberg in a telephone interview, he said “They’re so rare. They’re among the most beautiful of all Ferraris. Some of the biggest collectors in the world own one, and Steve McQueen tried to buy this one after he crashed his.”

Classic Ferrari cars from the 1950s and 1960s usually set high figures in global auctions and the prices have surged in recent years. The London based analyst company The Historic Automobile Group International said that Ferrari's have climbed 34.3 percent this year through July.

The RM Auctions Event estimated the car to be worth between $14 million and $17 million, having been entered by the family of the late North Carolina businessman Eddie Smith Jr, the only owner.

Only 10 of the NART Spyder were ever built and the money from this auction will be donated to charity, according to RM.

The NART Spyder featured in the 1968 movie ‘The Thomas Crown Affair', and Steve McQueen was so impressed at the time that he bought one of the 10 cars. At the time it cost around $15,000, according to dealers.

While the $27.5 million figure seems incredible, it is in fact the second highest public auction sale. A 1954 Mercedes Benz W196 that Juan Manuel Fangio drove to two Grand Prix race wins went for $29.7 million. It sold on July 12th in Goodwood, UK.

Kitguru says: The record price for any car was $35 million, paid in a private transaction in June 2012 for a 1962 Ferrari GTO 250 racer made for the racing driver Stirling Moss.

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