Car auctions are undeniably electric. Gorgeous machines roll across the stage in front of eager potential buyers, a momentary hush settles in, and the auctioneer takes a breath before starting the cadence of fast-paced. bidding language.
Several auction houses are known for high-end car buying, including Wisconsin-based Mecum Auctions. Just a few weeks ago, Mecum hosted the sale of an extremely rare white 1962 Ferrari 250 GTO.
This sale set a record for the auction company as the largest in Mecum’s history, stretching back to 1988. When the gavel fell, the world discovered a mystery buyer had snapped up the vintage Ferrari for $38.5 million. Now we know his identity: David Lee, a California-based entrepreneur and owner of the Hing Wa Lee luxury watch and jewelry group.
Here’s how he won this superlative Ferrari.
Brokering The Deal
Far from Lee’s first Ferrari purchase—he owns more than two dozen, currently—this supercar stands out even in a stable of thoroughbreds. The Bianco Speciale 1962 Ferrari 250 GTO is one of just 36 250 GTOs produced from 1962 to 1964 and the only Ferrari 250 GTO to be delivered in factory white livery. It’s no surprise it sold for a shade shy of $40 million; in fact, Lee says, many collectors figured it would go for $50-60 million.
“I didn’t think I’d be able to buy it, but I decided to play anyway,” Lee says. “Sometimes in an auction you can get a good deal. I believe in destiny and this car was for me.”
Broker Kevin Cohen of Beverly Hills Motoring is Lee’s go-to contact for auction purchases, and he was on site the day the Ferrari crossed the block. Lee, however, was on the other side of the country at the historic Willow Springs track.
“During bidding at an auction there is a lot of adrenaline,” Lee says. “I didn’t want to be there because sometimes your ego and pride takes over and people are cheering and you don’t make a rational decision. So I sent my guy.”
Over the phone, Lee gave his consent to keep bidding as the numbers ratcheted up… and up… and up. As it approached the reserve price, Mecum Auctions owner Dana Mecum was ready to broker a deal.
Mecum Auctions Comes Through
Lee applauds Mecum’s personal touch on this auction and many others, and he’s (obviously) pleased with the outcome.
“One thing I do appreciate and what makes them special is that Dana Mecum is very involved,” he says. “This car would not have sold if he weren’t there to make the deal.”
Mecum, who started the auction house in 1988, says his business is all about bringing buyers and sellers together. Part of his success is his hands-on approach to every deal, including this one. Mecum started working with Lee back in November, when Cohen attended the company’s Las Vegas auction to see the GTO on display. By the time the Ferrari crossed the auction block and bidding began, Mecum was with Cohen as he communicated with Lee by phone, allowing everyone to stay in communication and helping Lee to place the winning bid.
“A successful deal doesn’t start with the buyer—it starts with an honest and fair agreement with the seller,” Mecum says. “High-value cars aren’t built on a cookie-cutter formula, because every seller’s needs are unique. In Mr. Lee’s case, we also provide service to the buyer by offering the best guidance and facilitating the best negotiations between both parties. While we operate as an auction house, our role is to serve as negotiators for both the seller and the buyer.”
In total, Mecum Kissimmee sales exceeded $445 million, with 57 seven-figure cars and 6 eight-figure cars sold during the world’s largest collector-car auction. Results are what drive momentum and growth, Mecum asserts.
“This year’s outcome reinforces that our strategy of attracting high-end, high-quality consignments continues to deliver record-setting performance,” he says.
What’s Next For David Lee?
Lee owns other supercars from ultra-high-end builders like Pagani, but Ferrari is clearly his first love. His collection includes an array red and yellow Ferrari models, which he whimsically calls his “ketchup” and “mustard” collection. When asked if the 1962 new-to-him example would be the “mayonnaise” segment, he laughed.
“It will be the only white one,” he says.
The collector calls celebrity and fellow car aficionado Jay Leno a good friend; Lee has appeared on Leno’s show 14 times. Now, Leno wants to know when Lee will bring the 1962 Ferrari 250 GTO to his garage so he can check it out. The answer is the sooner, the better, as far as Lee is concerned. The Ferrari collector has more than 143,000 followers on his YouTube channel, where he shows off his extensive supercar collection to eager enthusiasts.
“A lot of guys buy a car and don’t share it,” Lee says. “Instead, I take people on journey about what I find.”
Want to catch a glimpse of the Ferrari along with Lee and some of his favorite machines? He’s hosting his annual car show called Cars & Chronos in the LA area February 21.
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This story was originally published on forbes.com and all figures are in USD.
