US businessman Christopher Cox was driving the Ferrari 250 GTO in France when it was reportedly hit by another vehicle attempting to overtake it.
The multi-millionaire was travelling with his wife Ann, who is understood to have suffered a broken leg during the smash.
Mr Cox had been taking part in the 50th anniversary tour of the Ferrari 250 GTO – an Italian sports car regarded as "the Picasso of the motoring world".
It is thought the Ferrari – one of just 39 ever built – is worth upwards of £20million. The incident took place outside Saint-Etienne-des Guirets, near Blois, in France.
As part of the five-day tour, the enthusiasts drove the iconic Gueux racing circuit in Reims before visiting the Abbey of Hautvillers, the home of Dom Pirignon champagne.
The Italian convoy, thought to have had a value close to £500million, was en route to Le Mans when the accident happened on Friday morning. Two passengers in the other car were taken to nearby hospital, according to French reports.
Pink Floyd drummer Nick Mason and JCB boss Sir Anthony Bamford were two of 21 groups of multi-millionaire Ferrari fans taking part in the 50th anniversary jaunt.
Ferrari built the 250 GTO between 1962 and 1964 and flogged its 174mph sports car with a £6,000 price-tag.
The model involved in Friday’s crash left the factory in April 1962 with the chassis number 3445GT.
Initially red, the car was re-sprayed blue with a yellow central stripe in 1963 to honour race driver Ulf Norinder’s Swedish nationality. The car was later re-bodied but crashed in 1976 and underwent a full restoration with Mr Cox buying the car in 2005.
The value of the 250 GTO has skyrocketed in recent years with one green model built for Stirling Moss selling last month for a world record £22.7 million.
Chris Evans is also understood to have sold his model recently for somewhere in the region of £18million.
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