Classic cars which cost more than a million dollars are not unheard of, but few can hope to reach the heights of a 1960s Ferrari GTO, which sold for a little over $32 million in Europe last month, according to a Bloomberg report.

Only 36 of this particular GTO were ever produced in the 12 months between 1962 and 1963, which makes it an incredibly rare vehicle.

This type of money being thrown at a vehicle is not necessarily coming from someone who is passionate about classic cars, with reports suggesting that investment firms are picking up vintage motors in the same way that they might fine art, in order to make a profit.

News of the Ferrari's sale was made public at the Retromobile conference in France, the largest industry event of its kind in the world.

The $32 million Ferrari GTO is still not the most expensive vehicle ever sold, as a Bugatti is thought to hold that privilege, having passed the $40 million mark.