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Hot Wheels: Ferrari Sells for Record $40 Million

Careening financial markets don't seem to be throwing the collectible car market off track.

A 1957 Ferrari Testa Rossa recently sold in the U.K. for $40 million, according to people close to the deal. The private sale is believed to be the most expensive of the year so far. While other Ferraris have sold for higher prices in private sales, this is the highest price ever for a Testa Rossa.