I think the price includes buyer premium, so about US$3.9, nevertheless an astonishing price for what is essentially a derelict car.
Hartley obviously thinks he can make money off of it, even post 6 figure restoration. If that's how strong the 288 GTO market is then it is very very very strong indeed.
The GTO has always been in my opinion as important to Ferrari as The F1 is to McLaren, rightfully so, with out this car the Ferrari's supercar lineage would be very different and may not exist. Tom is a very shrewd guy and has the same view as most GTO owners ( as he now owns 2 ) I suspect he will do very well on his purchase.
The price did not include buyers premium from my understanding or Taxes and Duties to bring the car back to the UK.
Back to the UK?? 55169 has never been to the UK before, prior to yesterday's acquisition by a UK citizen. Marcel Massini
Marcel that is correct, my english as an Englishman is maybe a little rusty, by saying back to the UK, my meaning is to bring the car to the UK for the first time, so it will attract import duties and taxes, but that is only if the car is registered in the UK.
Ohh... I would relate the word derelict to "unattended". As Marcel confirmed, for many years. However its nothing that Michelotto can't sort out for €100,000 (?) or so and I never doubted that a shrewd dealer would be the brave one to make a long term investment. After all, it is still a sub 10,000km car with verified history. Good luck to THJ.
What is more important than the money needed to restore is the fact that it’s not original thereafter.
Which 288 GTO, was it a Prototype? I ask because 288 GTOs are our business as you know having sold you your car many years ago, and I have never heard of such a result even though I am the recipient of most privileged information as a trade exchange. Along those lines, I was offered $6 million for the ex-Niki Lauda GTO but turned it down on behalf of my client, that said, Lauda's GTO is the only one delivered in 1986, a car authorized by Enzo Ferrari for his World Champion driver, so perhaps the amount was justified, still it was only an offer which was declined so that figure does not count as a verified sales result. Either way where bold sales claims are being made it's important to substantiate them with factual information, that's helpful to the overall market, otherwise it's just a claim. I think the market is actually pretty defined in this information age, and public sales results are well-documented https://www.classic.com/m/ferrari/288-gto/ , on the other hand private results are shared amongst a group of professionals worldwide including myself, we know about cars that trade privately and what they really bring because its our business to know. Anyone paying attention to our Sackey & Co auction format will see that it seeks to define the market even more. That alone will not cause any collector to pay 3-4 million more, if it were a Prototype perhaps. Many collectors contemplating a GTO purchase contact me because of our specialization and sometimes because of the book we published. If a collector asked my advice as a consultant what such a car deserved as a premium I'd suggest several hundred thousand more, maybe a million if the car was a beyond spectacular Holy Grail piece, but not 3-4 million more. I agree with this. It's always important to be accurate in the market, still a nice result for this particular car. I agree with this, very true.
It would be a total lack of trust to disclose the parties involved in the transaction. I can confirm the car was not a Prototype, and it was in excess of 6 million USD. I understand this is not an open market transaction for the world to see, but private which is the way it will stay. After the recent Paris result, it would seem to have been a very shrewd purchase.
I agree that the parties should not be disclosed, but the car should be IF that claimed result is to have any relevance or bearing upon the market, even more so if as you say the car wasn't a Prototype.
A nice piece from Simon about the auction in Paris : The 288 GTO was sold to the UK trade for what’s likely to be a benchmark value in 2022: €3,464,375 with premium, or nigh-on $4m. Later in proceedings an F50 went for €3,436,250 (say $3.9m) gross. These, plus the Bugatti EB110 GT (below, bought by a Dutch dealer) that was hammered sold at €1.6m (€1.805m gross/$2.1m), are hot property in today's market https://k500.com/story-item/no-reserve-ferraris-lead-the-way-for-rm-in-paris It will be interesting to see if Tom retails the GTO this year of sits on it for a while. It would seem 58329 would be a steel at $6 million now.
I think Tom's taking a longer-term play on the GTO and it will resurface only after many Euros have been spent on it. The offer on 58329 was a nice thought.
Speaking of the ex-Niki Lauda GTO, here it is still with his famed EE plates, serviced and push-button ready. Image Unavailable, Please Login
Anyone looking for a really nice 288 GTO, Classiched, serviced, on-the-ground in the USA and priced fairly, please contact me directly. Image Unavailable, Please Login
Hi Joe, I hope you're well. We are having an issue removing the lockable fuel tank cap on a GTO we are currently caretaking. Could you lend any insight on how to remove it? Once unlocked it continues to spin... Any advice would be greatly appreciated! Many thanks Christian
I'm afraid you may need a lock specialist, with my own car it would occasionally stick and then after much effort (pressing the cap downwards think) it would open, I didn't want to take a chance so I replaced it with a twist-on non-locking F40 cap.
