Car auctions are undeniably electric. Gorgeous machines roll across the stage in front of eager potential buyers, a momentary hush settles in, and the auctioneer takes a breath before starting the cadence of fast-paced. bidding language. Several auction houses are known for high-end car buying, including Wisconsin-based Mecum Auctions. Just a few weeks ago, Mecum hosted the sale of an extremely rare white 1962 Ferrari 250 GTO.

This sale set a record for the auction company as the largest in Mecum’s history, stretching back to 1988. When the gavel fell, the world discovered a mystery buyer had snapped up the vintage Ferrari for $38.5 million. Now we know his identity: David Lee, a California-based entrepreneur and owner of the Hing Wa Lee luxury watch and jewelry group.

Here’s how he won this superlative Ferrari.

Far from Lee’s first Ferrari purchase—he owns more than two dozen, currently—this supercar stands out even in a stable of thoroughbreds. The Bianco Speciale 1962 Ferrari 250 GTO is one of just 36 250 GTOs produced from 1962 to 1964 and the only Ferrari 250 GTO to be delivered in factory white livery. It’s no surprise it sold for a shade shy of $40 million; in fact, Lee says, many collectors figured it would go for $50-60 million.

“I didn’t think I’d........

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