The world No. 8 Ferrer, a U.S. Open semifinalist last month, was playing in his third final this season.
He had topped 6-foot-10 Croat Ivo Karlovic, the seventh seed, 7-6 (7-3), 6-3 Saturday to reach this final.
"It's great to be the first Spaniard to win here after Manuel Orantes (in 1975)," Ferrer said. "It's been such a long time. Nice to see my name on the trophy next to some tennis stars."
The 21-year-old Gasquet, fresh off his title at Mumbai, India last week, has won five tournaments in his career, and is 13th in the latest ATP rankings.