The newest Shelby GT350 Mustang graced the Opening Night Gala of the Barrett-Jackson Auction. The debut also honors the 45th anniversary of the classic GT350.

The 2011 Shelby GT350 is a tribute to the MY Shelby GT350 series of the mid- and late- sixties, which was the Shelby Cobra. Unfortunately, the production of the GT350 was stopped in 1970.

The commemorative model, a limited edition series, is based on the standard Ford Mustang GT and was developed with help from Ford Racing. It features many of the styling cues of the old GT350, including the double blue stripes lengthwise across the top of the car. Ford Racing helped supercharge the engine as well as upgrade the suspension by supplying new sway bars, struts, and springs as well as adjustable caster/camber plates.

The 2011 Shelby GT350 Mustang features the same 5.0 liter V8 from the Mustang GT, supercharged to about 500 horsepower, and paired to a 6-speed manual gearbox. Baer brakes and 19-inch Cragar wheels clad in Goodyear sport tires are also fitted in.

Exterior touches at the front include a fascia and splitter, along with air scoops on the hood and side skirts. At the rear is a new fascia too and a deck lid filler panel. GT350 badges are strewn about, and the A-pillar features integrated fuel, oil and boost gauges.

The package for the 2011 Shelby GT350 is $33,995, and that’s for the package alone. The price for the base Mustang GT is not yet included.