MARANELLO, Italy -- A black 1957 Ferrari 250 Testa Rossa sold here Sunday for $12,402,500, setting a new record for the highest sale price at a public auction, according to The New York Times.

"The car set a new auction world record as the most expensive motor car ever to be sold at auction," said Amy Christie, a spokeswoman for RM Auctions, which conducted the third annual Ferrari Leggenda e Passione sale.

The immaculate machine actually sold for a "hammer price" of €8.2 million. But with a buyer's premium of 10 percent, the official sale price was €9.02 million -- or $12,402,500 at current exchange rates, Ms. Christie added.

The price was €1.98 million higher than the previous auction record, which was set at the same sale last year. The record previous to that, for those keeping score, was set at the 2007 edition of this Ferrari-sanctioned event.