The Besana brothers were Ferrari's earliest customers, who would have had the car built to order.
Barney Ruprecht, VP of , told This is Money and MailOnline: "The 166 Spyder Corsa is quite literally the earliest and most important Ferrari in existence today.
"While it is chassis no. 4, anything built prior to this car doesn’t exist in any intact or original form.
"It would be an immediate world-class acquisition to own the first Ferrari.
"Any enthusiast of the Ferrari brand, including both older, established collectors and the rising generation now in the market, will feel drawn to the DNA of such a legendary marque."
The luxury motor comes complete with the coveted Ferrari Classiche White Book certification with its original body and chassis.
Ferrari launches its most powerful car EVER - 'beautiful spaceship' costs $3.9m
This is the first time the Ferrari has been put up for public sale.
The Spyder Corsa has only previously changed hands privately.
At one point remaining in the same family ownership for 50 years from 1965 to 2015.
The rare vehicle also has a classic shape which was built specifically for taking part in races, which it did.
The Spyder Corsa finished sixth overall at the 1948 Targa Florio.
It is also a veteran of the 1948 and 1949 Mille Miglia races and has period Formula Two competition and hill climbs added to its race tally.
The car is also highly decorated in the 21st century, having won a 2004 Pebble Beach Concours d’Elegance class award, a Best of Show at the 2003 FCA National Meet, and Cavallino and FCA Platinum Awards.
Taking into account this signature car's rich automotive history and links to the very DNA of Ferrari, it will be the centrepiece of an upcoming auction this spring.
The exclusive auction will take place on the luxurious shores of Italy's Lake Como from 24-25 May.
Ruprecht further commented on the amazing location of the auction, which feels fitting given the iconic history they are celebrating.
He continued: "It has significant period racing history at some of the most renowned events in Italy and throughout Europe, so it feels only natural to sell the car at the most prestigious concours event on the continent."
4
The Ferrari will be auctioned off in MayCredit: Ryan Merrill/Courtesy of Broad Arrow Auctions
Car Auctions: How To Nab A Bargain
Car auctions are a way to sell vehicles based on a bidding system with the highest offer securing the deal.
Auctions aren't restricted to the rich and famous as thousands of cars are sold at motor auctions in the UK each week.
Here's what you need to know before attending an auction:
Be prepared: Do your research on the car you would like to purchase beforehand.
Check the car: Cars will usually be lined up before the start, so make sure to arrive early to inspect the desired car thoroughly.
Have a back-up: Be ready for disappointment as your desired motor may be sold to someone else and select a few back-ups.
Be realistic: Realise that there won't be a "perfect" car at an auction and adjust expectations accordingly.
Set a budget: It is easy to overspend in the heat of the moment during bidding. Ensure you have set a budget and do not go over it.
Key phrases to look out for:
‘No major mechanical faults’ – suggests that there shouldn't be any issues with the car's drivetrain, gearbox, suspension, or engine.
‘Specified faults’ – the auctioneer will read out specific faults.
‘Sold as seen’ – the vehicle is sold with any problems it may have. The auction company will rarely entertain complaints regarding the mechanical or cosmetic condition of these vehicles after sale.
‘Sold with a warranted mileage’ - The car is being offered based on the report, which confirms the mileage through an independent check.
