A 1952 Ferrari 212 Export Barchetta realised $7.3m at RM Sotheby's Villa Erba sale in Italy on May 23.
It now holds the record for the model, beating the previous record of $3.2m (set last year) by 128.1%.
The 212 Export formerly belonged to Italian aristocrat baron Luigi Chiaramonte Bordonaro. A keen racer, the baron achieved much success in some of the most prestigious European events.
Max Girardo, managing director of RM Sotheby's Europe, commented: "We had another incredible collection of cars on offer at Villa Erba. It's always a stylish and well-attended sale; the setting, the atmosphere and the quality of vehicles we consistently consign to this auction make it a clear highlight of the European auction calendar…
"The Ferrari 212 Export embodies the kind of quality we aim to bring to our sales and its world record-breaking price demonstrates the enduring strength of the auction market."
The marque was well represented at the auction, with a 1963 Ferrari 250 GT/L Berlinetta Lusso achieving $2.1m.
Featuring coachwork by Scaglietti, it's considered among the most elegant sports cars of its day.
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