Is this Ferrari Europe’s most expensive classic car?

A classic 1957 Ferrari is set to become the most expensive car to sell at a European auction this Friday.

1957 Ferrari 335 Sport Scaglietti
Artcurial Motorcars / Christian Martin’
1957 Ferrari 335 Sport Scaglietti

The red 335 Sport Scaglietti will to go under the hammer Friday afternoon in Paris at the Retromobile auction in Paris, with a price estimate of $30-$34 million.

The car is described as "exceptional in every respect" and was raced by some of the world's greatest racing drivers, including Stirling Moss and Mike Hawthorn. It won the 1958 Cuba Grand Prix and came second in the ill-fated 1957 Mille Miglia, where a crash killed several spectators.

The vehicle has been owned by Ferrari collector, Pierre Bardinon, since 1970 and has been infrequently sighted since.

"Photographs of this car appear in the most important books on the history of the marque. It is rare that a racing car of this caliber has such clear and direct history, without any uncertainty, and with a small number of owners. Such provenance, racing history and historical importance makes this one of the most important Ferrari in the history of motorsport," Artcurial Motorcars, which will auction the Ferrari, says on its website.

At present, the record for a car sold at a European auction is £19.6 million (then equivalent to $29.7 million). That was set in 2013 by a 1954 Mercedes-Benz W196 Formula 1 racing car at the Bonhams Goodwood Festival of Speed Sale in England.

The world record for a car at auction is $38.1million for a Ferrari GTO that sold in the U.S. in August 2014.

The record for a car sold to a private buyer is $52 million, also for a Ferrari 250 GTO, according to the Guinness World Records.

However, the market for collectible cars looks uncertain in 2010. January auction sales at Scottsdale — the U.S.'s largest auto auction by volume — fell by 15 percent to $251 million. This was the first drop in sales since 2010.

Toshifumi Kitamura | AFP | Getty Images

—With contribution from CNBC's Robert Frank. Follow CNBC International on Twitter and Facebook.

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