I can't say I know it although I saw it a number of times when it was in for service at Maranello's 10 or so years ago when it was already on 90k miles. Serviced by KHPC since then. From the pictures it looks a whole lot better than several other cars that have cropped up for sale recently with a lot fewer miles.
KHPC look after cars well and sell good ones. That said, 97k is a lot of miles, but they will have maintained it well and won't sell it unless they have prepped it to their standards.
Will be interesting to see what this makes, or more pertinently what the owner will let it go for. My bet is bidding up to £65,000 and no sale…
When I drove the 550 at Foskers a couple of weeks back, they told me they refer potential sellers to Collecting Cars who are wanting to move vehicles on that Foskers are not willing to sell. Some of the 550's that have been through CC have had really sketchy history. The seller of this one (V_Management) have sold a few cars on CC, they are a storage facility. Interestingly their previous sales had been classed as "Manged Sales". Just observations.
Perhaps they should have done that with the car you test drove! Not that you'd know it from the listings. They don't even attempt to give much history since they altered the format of the descriptions a little while back,
CC don’t seem to mind setting reserves they know are unlikely to be met. They seem set on growing their market and brand, regardless of profit. To become the go to default auction site. Their cost of marketing is pretty much nil compared to a traditional auction house. When I sold one of my Ferraris via Bonhams Zoute sale, they transported it to Belgium, prepped it, photographed it nicely, put it on show, etc. Do the same via CC and..they incur almost nothing. that doesn’t mean I wouldn’t sell via CC. If they really do have the market, they can do what BAT seems to do in the US, selling cars way above market price (though for how long)?
I loved it, I offered £90,000 and was pretty much told not to waste their time. They wouldn't accept less than £100k. I felt at £90k I was overpaying, but paying a premium for buying from a main dealer, It dissapeared for a while then appeard at Joe Macari for £79K - but by then the market had changed. It's now been through multiple auctions and at a number of known and less well know dealers, most recently with Stream Cars Berkshire at £72K. They traded it to Foskers. I've said to Foskers I'd be interested at £68K, see how you get on trying to sell it at more than it's been for sale for the last few years, but it's not an £80K car based on the fact it's not sold for 4+ years at those prices. They put it up at £80K and have dropped to £77K a week later.
Money is such an interesting thing. I'm pretty sure £90k means less to me today than £90k in 2018. Why not just buy it? Screw what you think is "market" and go off your personal values.
The market is absolutely insane and I’m grateful my little car collection is at my “martial agreement max”! I did have a lifelong friend ask me over the thanksgiving holiday…..”where do I put $50k right now to work”……the answers all stink. The push to hard assets makes sense but wow the increases continue to be “surprisingly robust”. I don’t follow the high end art market but for the “heavily wealthy” it’s got to be a very frustrating time right now….as a way to place cubic yardage. A different friend…..a surgeon…made a comment I agreed with completely…..”one house and one wife”. That guy right now is just unfortunately stockpiling cash and “waits poised”.
Look at mass produced Porsche 911s and many other cars… They fetch good money and 100 k is not alot for a good classic car anymore. Hyper cars sell for 3, 4 and 5 million dollars, and it seems like they sell like hot bread.
In a nutshell I'm tight. My personal value is it's worth £68K, I'm happy at that number. I don't have to have it and they don't need to sell it to me, that's the oddity of the F car market.
I am not an investor, but even I can see the insanity. Still, the insanity is truly irrational. You mention watches, wine and NFTs, and let's add cars. None of those little sectors have any rationale, even within their sector. NFTs, if you're a rapper or a celebrity you may launch one at a record price, but nobody writes about how those purchasers do selling on, or about the many NFTs that cause more to make than to market. If there were an index of NFTs, it wouldn't look good, I suspect. And have you tried cashing one in? Fine wine is up around 30% in 5 years (LivEx 100). Some holders will have made more on what's risen faster, others less. Some individual estates have gone crazy, but nobody predicted that, for example, Cathiard would shoot up, Mugnier would flatline then shoot up, De Vogue would flatline, in 2016 when they were similar estates with similar histories and quality. Watches, same kind of story. What has peaked and what's about to fly? It would have been safe advice to buy a DeWitt in 2010 when they bought their own manufacture. Now...De Who? Contemporary art, you are as likely to have lost at the roulette wheel as won. If you own a proper Picasso, that's different. As for cars, we all know about how Ford Escorts and Mustangs are worth more than Maranellos. My 18 year old daughter was urging me to bid on an Opel Manta at a recent auction. It's probably a better place to stick money than a Ferrari..but really. The FTSE 100 is up by a bit less than my gated 575 in the period I have owned it, my 575 cost more to run but is more fun to drive than shares. Some of the stuff that's worth the most - cars, art, houses, wine - is going up the most. If I'd bought an F50 at the same time as I'd bought my 575, I'd have doubled my (non existent) £1m cash.
If it looks like a bubble, smells like a bubble has the anatomy of a bubble, then it's probably a bubble. Even the really smart investor people don't know when the bubble is going to burst, but they do get a heads up on it just long enough before the rest of us to move what they need to move before the poo hits the fan.
Oh, I don't agree with that at all. With the benefit of hindsight it's obvious what bubbles were. But one person's bubble is another person's safe haven. The contemporary art market and all its ludicrousness (I am involved in it) has been called as a bubble since the 1990s, and it marches on relentlessly. Bitcoin? I personally laughed it off as a bubble years ago. Who's the fool there. Is gold a bubble? Vintage jewellery? Old masters? Dinosaur fossils? If you can't tell a Rembrandt from a Gerrit Dou (few people can) why pay 10000 times more for the latter? But people do and always will. Nobody calls Rembrandt a bubble, but why not? Jack Dorsey sold an NFT of his first tweet for $2.9m. Are NFTs a bubble? Who are we to say. They may just be the best investment since gold. Or they may be idiocy. No way of knowing now. We are not entirely rational beings, which is why we buy old Maranellos and we are here on this forum!
https://www.ebay.com/itm/1999-Ferrari-F550-Maranello-/175063781140?mkcid=16&mkevt=1&_trksid=p2349624.m46890.l49286&mkrid=711-127632-2357-0 Asking $200k for a 40k mile car? I think the bubble machine broke
My take on these things as a layman. There is a huge, huge difference between mass produced factory made items and genuine artisanal work. Art.... I never really understood art. My first job when I left school as a young lad I was a draughtsman. That meant at 17 years old I could draw a machine diagram of a engine in perfect scale in exploded isometric projection that could be used as an assembly manual. My mind works in a mathmatical way. It likes straight lines and science. If I tried to draw art it would look like a child like scribbling. In many cases I simply "Don't get" art, particularly Picasso after he started taking pharmaceuticals and stopped painting beautiful animals and don't get me started on Van Gogh! There are exceptions to this though. I really like Canaletto, mainly because to my eye he was a draughtsman, not an artist. Oh and Dali, for similar reasoning. Impressionsim, Cubism and the other isms you can keep, they don't float my boat. Are they a bubble? Probably not, they are a tax free wrapper for people that have large sums of money they need to park somewhere when they've run out of places it he world to buy homes. It's unlikely to be a problem I'll ever encounter. I'll have spent my money on inappropriate vehicles long before that. Ironically my late father was an artist. He was an artist with precious metal and very specifically enamels. He was the go to guy for every top London Jeweller (all the New Bond Street and Hatton Garden names) when a piece of Faberge needed repairing. As a young teenager I remember him bringing home one of the Imperial Eggs that had been given to him to repair. At the time it went completely over my head. When I look back at some of the items he worked on and brought back to life it really was an astonishing skill (and somtimes very odd - carved 18 ct pistol grips for a 9mm Beretta along with engraving arabic names on 18ct gold plated bullet casings - that one stood out at the time). He would do the bespoke engraving for Purdey when a customer wanted something bespoke that wasn't in the remit of the house engravers. He produced the hand enamelled faces of a limited run of the late 80's early 90's Cartier Crash watches. I remember those quite well, they reminded me of the Persistence of Memory. He was a crap businessman though and never earned anything approaching his worth. I also wear no jewellery whatsoever. I was surrounded by it as a child and saw the costs of the component parts and what the craftsmen were paid to actually make it. So what's something that's one off and handmade worth? Well pretty much what anyone is willing to pay for it. It often bears no realtionship to its cost of production or the intrinsic value of the component parts. So ultimately it comes down to how much someone is willing to part with to own whatever item it is they want. NFT's - I really don't grasp this in the slightest, it make about as much sense to me as the current Mcap of Tesla or Rivian. Bitcoin - I'm still yet to have someone explain to me exactly what it is, where it comes from and what I can do with it in a way I understand - see NFT's for a similar issue. If I don't understand something I have fundamental problem wanting to invest in it. Old Maranello's - now there's a thing. Here I am surround by a group of like minded individuals who still can't understand why something as lovely as a Maranello is "worth" less than seemingly any of the 1 million or so Porsche 911's made over the past 4 decades. That one always has me stumped. I'm rambling now, but yes, we're in a bubble, not a new paradigm. It's really quite unhealthy, in a number of ways.
I have both a 612 OTO and an AM V12 the AM’s are fantastic value for money on the used market and drive very well. Also driven 550 and 575 for extended periods and as far as Ferrari vs Aston, the Ferraris have much quicker steering and chassis controls. However if you’re driving 7/10ths then they’re going to perform the same. Kick it up to 9/10’s and the Ferraris come out a bit ahead. With that I love the AM in our stable. I’d love a 177, but not ready to part with that much liquidity yet. [emoji482] Sent from my iPhone using Tapatalk
550 Barchetta on Collecting Cars. That's a bold move. https://collectingcars.com/for-sale/2001-ferrari-550-barchetta-pininfarina Been for sale for a while with McGurk at £294,850. https://www.pistonheads.com/buy/listing/10815166
