FERRARI 288 GTO

As always, it is called due diligence.
I have said that sooooooo many times before already.

(PS: Two owners?? Hahaha!!)

Marcel Massini

 

53315 in Japan 2007..........

Marcel Massini

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Ouch!

 

Also note the horrible U.S. side reflectors.

Marcel Massini

 

At the other end of the spectrum, if anyone is looking for a superb 288 GTO they can actually use and enjoy, we can facilitate one with 20,000 miles (in kilometers of course) which has been freshly serviced by one of the best for 3.9m Eu plus.

Meanwhile, I had a dream that Santa brought me 4 brand new GTOs, how much should I sell them for?

Happy Holidays to all!

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A kool twenty million, makes it easy..............

Marcel Massini

 

Sounds about right.

 

I would probably be near 40 if they were new..
I assume they would have original Speedo’s thou
Enjoyment is captured in many ways , not by just driving

 

You have to be careful at any end of the GTO market because whichever way you look at it they are multi-million dollar cars, that said, this deal sounds strange to me, the public market for GTOs is fairly well defined https://www.classic.com/m/ferrari/288-gto/ and the Private Treaty market pretty much follows that of the public market. Given that a pristine low miles (2k to 5k miles) GTO with complete & positive provenance can bring around $5m, a delivery miles example with the same attributes could bring 20% more or $6m, so why the extra $2m? Clearly the car was misrepresented, which tells you the price being asked is not just an outlier number, it has zero bearing on the market.

Anyone involved with or interested in GTOs knows an MPH speedo suggests the car has been in the USA, has been subjected to DOT compliance modifications and therefore no longer has it's original mileage - not to mention that GTO odometers generally are incredibly easy to disable! With all this in mind, by doing basic due diligence , the red flags of MPH speedo and outrageous pricing would mean for us that this one wouldn't go past preliminary stages of due diligence to be eliminated. Moral of the story, contact Marcel early and save your time!

In this image 53315 still has the USA DOT bumper & side-marker compliance components as affixed by Dick Fritz's Amerispec Corporation in Connecticut, most GTOs which received this application have had them removed by now.

Thinking about this, in my humble but professional opinion, I think reality would be $6m x 4 = $24m, okay let's round that up to $25m to look nice on the purchase order.

As regards enjoyment, you are absolutely right, enjoyment is received in any way you want, and in this era of the cars being used as investment pieces, you often hear the notion that they can be enjoyed as static automotive art, which is true. But it cannot be disputed that here is no better way to enjoy a 288 GTO than starting it up and taking it for an adrenalin-filled spirited drive, that's the purpose Enzo created them. Then when you get back home, you can park it and and enjoy it as static automotive art. Best of both worlds.

 

I'm not sure it is an outliner.. we spoke a couple of months ago about another GTO which had around 200 miles that sold 4 years ago for around 6.5 million.
So cars do trade a different levels, it's just being part of the jigsaw and talking to the right collectors.
I almost bought 53315, and trust me i'm no fool, which indicates that the market for 257 mile ( offered as 1 /2 owners , and genuine mileage ) is where I would be on the car..
53315 was misrepresented as we now know circa 5 owners federalised and no knowing what the mileage is.
After my inspection of 53315, the DOT changes have now been reversed and was represented as factory original which we now know is not the case.
I agree 100 % Marcel is the only person to authenticate a car that anyone is thinking of buying..
Again thank you Marcel for your help with the information.

 

My first email is to Marcel before considering any Ferrari model that he tracks. The cost of his report and knowledge is inconsequential relative to the purchase. Why even negotiate price before hand.

 

Best of luck finding the right car!

 

Thank you , I thought 53315 was the one after a few exhausted few years, but the search goes on,
Happy Christmas to fellow Ferrari Chat followers

 

To be honest , there was no negotiation on the price beforehand, after several years of looking , 53315 with 257 miles seemed perfect .. I was happy with the price if the car had been as described.. it was only after due diligence that the information that is now public knowledge was disclosed.

 

What chassis number GTO sold in 2018 for $6.5m, was it a Prototype or a standard production GTO?

It would be good for the market to know, without specific details, such a claim will be regarded correctly as an unsubstantiated outlier which therefore has no bearing on the overall market. This is why the buying public use verifiable auction results as a guide and generally don't pay attention to unsubstantiated claims, because, anyone can say anything, and people do, especially when their claims are being made with the aim of influencing the market.

$6.5m is an outlier, $8m makes no sense at all even for a wildly optimistic ask given market data. Excepting the Prototypes, GTOs are basically all the same, separated only by mileage, condition & provenance, so the claimed deltas defy market logic. Okay, perhaps I'd let my client pay $8m for a best-in-the-world perfectly preserved clean provenance delivery miles (odometer in kilometers) GTO, but only if it came with $2m worth of gold bars in it's Schedoni luggage! I know of at least one delivery miles GTO with less than 200 miles and another with very low miles still with the first owner, and the considered value thinking for those cars would be around $6m.

In February when we exchanged emails you said you could not publicly disclose the details of a $6.5m sale of a GTO on a public forum, which is fair enough, but I'm still waiting to hear privately which specific car achieved that level. It's only fair that people with an interest in the market aren't simply going to take a huge claim as gospel, they want to verify it. I think it's important for all participants in the market to help the market overall by trading verifiable information. I am in the 288 GTO selling & buying business full-time and I have never seen a substantiated sale of over $5m, but if someone wants to send me documentary proof of a deal in excess of that (with the buyer & seller's name redacted for privacy of course) then I'm always happy to adjust my verified market data.

 

I'm not sure if its my age making me question phone calls we had, so Ive gone back just to make sure I'm not going mad.. its is the Christmas season.
on the 8th Feb 2022 we had spoken on email. On the 9th we spoke at length on the phone about the GTO that has sold for circa 6.5 million and went to Saudi. you were given all the details and the initial Broker the Late Duncan Hamilton and the Ferrari contact in Saudi.. so Im not sure how you can not recollect this amount of information. But maybe I'm going mad... You are more than welcome to post the chassis number as you have it, but as I have said before being party to these transactions it's not my place to put it on this forum, but you can as you were not party to the deal if you so wish.
Again I did contact you with regard to 33315, I asked if you knew anything about the car and you answered back maybe. that was the last I heard from you regarding this car.. I phoned but you did not return my call.
I can understand your perspective regarding price, but that is down to the buyer... How long are you expected to wait for a Best in World example... delivery mileage examples... 5 years ---10 years... the last car was the car in 2016/17.. so 7 years...life is short and if you want something and can afford it, price is a secondary issue. Sadly 33315 was not best in world and the search continues..
I have friends now waiting for cars because their requirements are so high, and the cars are not there.. so what's the answer...
Pay the price you are happy with or wait and pay more in 7 years...

Happy Christmas Joe to you and your family, Health and Happiness for 2023

 

53315 is a 288 GTO.
33315 is not.

Marcel Massini

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Thanks Marcel... to much Sherry this morning... Merry Christmas

 

LOL Paul, we must both be getting old!

100% sure you did not give me the chassis number, in fact you declined to do so in your email as follows:

From: Paul Mason Date: 8 February 2022 at 01:55:11 GMT To: Joe Sackey
Subject: GTO Hi Joe, I hope you and the family are keeping well, I wanted to ping you a quick email, I hope you can understand I cannot disclose on a public forum the details of the 6 plus USD GTO, when I’m in NewPort this summer, maybe we can grab a beer and some lunch and talk about it then.. Best Paul

Meanwhile I am still waiting for your visit to Newport Beach, the chassis number, and perhaps most of all, that beer & lunch!

All's good, this exchange makes the point, moving on, I remain at your disposal, or that of anyone else, for specific information on which GTO has bested $5m, till then the market speaks for itself and as you know I follow it very closely.

Meanwhile Merry Christmas to you, and all, from sunny Southern California!

Changing gears, a 288 GTO a fun owners tip for the uninitiated: when you finally get your new GTO, don't ever put gas where the oil is supposed to go, and vice versa, or really bad things will happen! The late great Niki Lauda who received the final GTO to be delivered once commented on this with not insignificant humor.

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The very car I posted a vid of recently undergoing construction at the factory in period

 

@kevinvanc


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So after much deliberation, and

As you said Joe.. we are both getting a little older... The GTO that sold a few years ago for circa 6.5 million USD which Duncan Hamilton, who I was talking to about the deal, I believe the car went to the middle east., from my understanding there are a few people on this forum who were party to the transaction .. Chassis number 57495, If you need anymore details let me know as I can send you what ever you need to update your records.

 

FYI Duncan Hamilton is dead since 29 years, his son was Adrian Hamilton (a.k.a. "Hammy") and he too passed away (August 2021). Adrian Hamilton of Duncan Hamilton & Co. was not involved in the 57495 deal when it was sold March 2016 to a client in Bahrain, btw, the price is not correct.

Marcel Massini

 

Thanks Marcel, its going back nearly 7 years ago now.. Adrain Hamilton was the broker who introduced me to 57495 as you say.. I believe Tom Harley JNR and Joe Macari finalised the transaction .. the details I have are it sold for 6.3 million USD , I' m happy to be corrected.. thats the details and emails I have regarding the transaction... if you know the correct number that would be great for reference..
Best Wishes for 2023

 

Paul,

A couple facts now that you have decided to disclose the chassis number:

57495 belonged to my Texas USA client as one of two (2) 288 GTOs he owned, the other one was a famous example I sold many years ago into the collection of another client of ours, where it remains to this day.

As regards 57495, when it was sold, it had just 149 kilometers on the odometer, in a deal I was party to.

It should be noted that 57495 was by no means what you would call a virgin and untouched original 288 GTO, the reason I say this is that at the point of sale, all 4 corners had been cut to install the ungainly USA DOT side-marker lights in them - see image below taken at my client's garage.

As regards the final sales price which for some strange reason you are reporting variously as 6 plus, 6.3m, 6.5m etc, I am here to say that the final sales number for this car was not even close to that number, please bear in mind that although I do not sell most of the GTOs that transact, probably because of the book we published on them and our specialization in the market for GTOs, I do get a lot of buyers worldwide wanting to confer & consult with me before they pull the trigger on deals which we are not actually transacting, therefore my database of closed transactions is well-informed.

I don't think it helps anyone, including GTO owners, to toss out completely unsubstantiated high numbers in an effort to try to talk the market up (IMO there is no other reason to do this), but as they say, unsubstantiated claims don't make a market, sustained verifiable results do.

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