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A 1961 Ferrari California Spyder sold for $10,894,900 at an auction in Maranello, Italy, Saturday. It was the highest price ever paid for a vintage car at auction, according to RM Auctions and Sotheby's, the companies that organized the sale.

But that was a race car, not a convertible designed for driving on the street, pointed out McKeel Hagerty, president of Hagerty Insurance, a company that insures high-value collectible cars in Europe and North America.

Ferrari race cars have traditionally sold for much higher figures than the company's street cars, Hagerty said.

Ferrari welcomed us all a little bit early to the Hotel California, and yes, it's a lovely place. In fact, check out the lovely face on the new 2009 Ferrari California just to see if we're wrong. Despite being told we'd need to wait at least another week before shots would officially go live, the prancing stallions at Ferrari have revealed three press photos of the new Ferrari that's been alternately called the "Ferrari GT," "Ferrari California GT," "Ferrari Dino" and "Ferrari Little Tiny One" in the spy photos. OK, maybe not that last one. But the rest of them are accurate. Whatever we used to call it in the spy photos, it's now set to take on a bit of West Coast flair. We'll be pleased as punch to see it in person in Paris later this year. For now, check out the photos below and press release after the jump.

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