Ferrari celebrated its 70th birthday last weekend in Italy with more than 500 sleek, purring sports cars gathering in Milan. The festivities will move to Modena where founder Enzo Ferrari was born and end with an exclusive party in Maranello, where Ferraris have been made since World War II.

It all started when Enzo Ferrari, a racing driver, formed the “Ferrari Stable” in 1929 and prepared and fielded Alfa Romeo racing cars. It was not until 1947 that the first Ferrari was born -- designed by Ferrari, produced at the Maranello factory and bearing the brand’s symbol, a black horse on a yellow background, bordered by the colors of the Italian flag.

The stallion, rearing up on its back legs, its tail swept upwards, was chosen as a tribute to Francesco Baracca, a World War I Italian air force ace who used to paint a prancing horse on the side of his planes. The pilot’s mother suggested Ferrari use it as a good luck symbol, and he added the canary yellow background as it was the colour of his hometown of Modena.

The Ferraris soon took the luxury world by storm. The cars were, and still are, reserved for a “happy few” willing and able to shell out at least $180,000 -- or over one million euros for limited series editions. The most expensive car ever sold at auction is a 1957 Ferrari 335 S Scaglietti, sold at auction in 2016 in Paris for 32 million euros. Patience is a must: Ferrari boss Sergio Marchionne said last year the wait time for a Ferrari 488 is three years.