The very rare 1957 Ferrari 250 Testa Rossa just sold at auction for about $12.2 million. This means: A. that somebody still has a lot of money, and, B. a new world record for the most expensive motor car sold at auction has been set.

"The historical significance of this car attracted a bidding war as collectors from around the world – both in the room and on the telephone – competed to secure one of the most alluring and iconic of all Ferrari racing cars," said Max Girardo, Managing Director of RM Auctions Europe. “The quality and the provenance of the Testa Rossa speaks for itself and the price we achieved today is testament to that.”

This Ferrari Scaglietti-designed "pontoon-fender" 250 Testa Rossa was one of only 22 ever made. Yet, the 250 TR is one of the most identifiable racing cars in Ferrari history and is coveted by Ferrari collectors. Famous car collector Ralph Lauren actually owns two. Maybe Ralph Lauren can set the new world record with one of his Ferrari 250 TRs, not that he cares.