Not the most valuable (yet). We went with a more precise headline than TIME.
From Time Magazine's Moneyland column:
$16.4 Million Ferrari Sets New Record For Most Expensive Car
California auctioneer Goodings & Co., sold a 1957 Ferrari Testa Rossa for $16.4 million on Saturday, the highest price ever paid for a car at auction. The previous record was $12 million, also for a 1957 Ferrari Testa Rossa.
The car is the first of Testa Rossa built and was used as a prototype for the many others that came during the 1950s and 1960s. The car has 300-horsepower, a 3.0-liter V-12 engine, a four-speed manual transmission and was used in races in both the U.S. and Europe....MORE