A hotly anticipated RM auction in Ferrari's hometown of Maranello, Italy, saw the exotic car maker sell the rights to the last Ferrari F430 sports car to be produced later this year, while a classic Ferrari fetched the highest price recorded for a car in a public auction, at €9,020,000 ($14,225,000).

The record-setting car was a 1957 250 Testa Rossa – a race car described as a “Formula One car with fenders” – by noted design house Scaglietti, which designed the 300-hp, V-12 car's distinctive pontoon fenders.

Only 21 such styled cars were produced, making it one of the most rare and arguably beautiful customer racecars of its era. Also helping to pump up its value was its extensive track time, which is seen as a plus in speed-mad Ferrari circles.

The car was raced extensively in both North and South America throughout its life, as well as at vintage races such as the Mille Miglia in Italy.

Just before the auction on Sunday, Ferrari announced that it would put the last F430 sports car produced up for bidding to raise funds for the victims of the April earthquakes in the Abruzzo region of central Italy.

The car will be painted in a two-tone silver and gold design that reflects the official colours of Aquila, one of the hardest-hit cities.

It was also the first official confirmation that the F430 will be retired this year.

Such is the anticipation for a look at the F430's successor that camouflaged spy shots of the new mid-engine V-8 sports car have already landed on the cover of at least one mainstream auto magazine, a rarity in a world that revels in airbrushed perfection almost as much as various types of men's magazines.

The Ferrari Leggenda e Passione auction was organized by RM in collaboration with Sotheby's; the site was half a world away from RM's headquarters in sparsely populated Blenheim, Ont., an hour's drive east of Windsor.

But the profile of the organizers and this auction, the third annual event RM has done with the Italian sports car maker, is rising fast amongst collectors.