actually this auction vs the sotheby's car, shows us that there is hardly any rhyme or reason to these things sometimes. every knowledgeable person on this subject would have predicted the inverse results....and yet thats not what happened. i do feel bad for the guy who just paid 2.75 for a frankenstein of dubious heritage tho. this hangover will be a deusy
Ha cue every leggy, well used F40 turning into a Liberty Walk ? LM lookalike once again! As we all know, usually the cycle with such cars is going back to standard, and in Ferrari cases getting a classiche and sitting unused in a vault from then on, seems the US based new money is bucking the trend for modern classics and loving the hot rod effect on a Ferrari it seems. Ross yours may well trump these low miles trailer queens after all in the future now
i will attribute the last weeks results to this: - the Sotheby car simply did not have the right (multiple) buyers there to compete for it. and it was during the day and there was no open bar. - the BJ car evidently had multiple buyers (that are likely unknowledgeable about the model and this car), and it was in the evening and there most definitely was an open bar. then in defense of my own car Paul, despite driving it more than most, i still only have 15k miles on it , and it is a numbers matching and mostly original car (tubi), and i am the 3rd owner. i have it insured with hagerty for 2.5, but think i need to raise that to 3 - i cannot count on the good fortune of the sotheby car buyer....
I know 99% of us think that way as it is the proper way to think about it as an item of value, especially Ferrari. But if many many millions were in the bank, maybe even more, why not? Just buy what you want, drive the wheels off. And buy the best also if you want later or perhaps you already have it. That's how I rationalize it. But then again, you may be right, it could be an impulse buy after a many adult beverages. And I scanned what's left for today, and I would park this in the corner somewhere, on just put it in my huge collection of tractors, farm implements, and transport trucking museum, if I where a Iowa farmer with a penchant for Lamborghini. There is still time to register if you are not already there. https://www.barrett-jackson.com/Events/Event/Details/1965-LAMBORGHINI-3C-TL-TRACTOR-263632 Image Unavailable, Please Login Image Unavailable, Please Login
I very much doubt all the bidders had a few too many beers to get it up to the level it sold for. The car was simply placed in front of the right eyes for what it was, to many of these youngsters who have come into vast wealth as a result of the new markets emerging, then a hot rod F40 is just the same for their generation as the muscle car versions of the 60s classics that the boomers are/were buying in droves that fueled the likes of Boyd Coddington etc to build them. However most of those guys took decades to be able to afford the build of such cars so were in their 50s plus, the young millionaires are achieving such by their mid 20s. To them it seems yet another standard red F40 is not where it is at. I doubt any of them even know fchat exists! but they do still think of the F40 as the halo car, such is its widespread appeal. That car would not have sold at that level in Europe, it's very much a US thing where most of these guys are based.
maybe. i would also say that unless lightning strikes again, this car will not achieve within $1 mil of this sales price when he goes to sell it. THAT will be a rude awakening. btw, he may not be on fchat today, but just wait until he, or one of his posse, puts the vin into the google machine and reads what pops out......
These young guys are not bothered about resale value, they make their money on the content associated with the vehicles they purchase, which produces the revenue stream and more than makes up for any losses, often they even get the car for free as a result. Check out Tavarish, Goon Squad, Hoovie, Stradman etc etc, they started out from their home garages and now own fleets of supercars, often rebuilding the wrecks many of these guys buy costs as much as buying a decent example in the first place, but the revenue it brings in more than pays for the overall cost, so its win win for them. The purchase cost is akin to the production cost of making a normal film, it gets written off, and most of them film using their phones! so their other costs are minimal but the rewards are huge if you gather a big enough online fan base.
Just to add, I have no insider knowledge of who actually bought this example, but I very much doubt it was one of the good old boys who seem to hang out at Mecum, and clearly no one who frequents fchat! which sort of narrows down the field as to who would pay over and odds, and why. If it was purchased as a content creator then it will come to light soon enough.
and suddenly the car is back again on the market and for sale and again on Instagram and everywhere... With the F40 market values decreasing for everything that is not genuine, stock, certified, un-crashed, original, and in immaculate condition and low mileage I bet this is a very difficult item to sell currently. Who knows actually about the ownership changes since it came up at RM and then apparently "sold" here: https://www.facebook.com/watch/?v=554923186380744
Curated in Miami started promoting it in August, initially using a yellow historical photo. Made me wonder if they were considering a respray but I have no idea. https://www.ferrarichat.com/forum/posts/149282412/
The kings of spin, I agree, the art of turning a sows ear into a silk purse by seeking to alter perception in the market place.
The elephant in the room, besides the recent sales history is the name it has been advertised with. According to my knowledge, there was never a "F40 Competizione" it sounds cool while the 812 Competizione started to become a big hype at the same time in 2022, right? Correct me if I am wrong. This is just me, expressing my personal opinion. While there is little doubt that original Michelotto parts have been used by Kroymans race department for the conversion the car was delivered as a "regular" road F40 in as a noncat / not adjusted version. It was never a GTE, "Competizione" or an LM, not even a slider window unit. In the last two recorded auctions, before it was repainted in nardo grey, it was correctly described as "GTE Competition Conversion" by Bonhams in their 2006 Gstaad auction description for LOT 218 which did not reach the minimum bid of CHF 390,000.- and remained unsold with CHF 340,000.- highest recorded bid. http://www.finecars.cc/fr/editorial/article/news/bonhams-gstaad-auction-exceptional-ferrari-and-maserati-motor-cars/index.html In 2018, it was sold at Coys in Birmingham for GBP 957,500.- it was described as "F40 Michelotto LM Specification" which is also agreeable, although potentially misleading because it is not an LM, and Michelotto never laid their hands on that car. Remember "in cooperation with Michelotto" means that licensed parts from Michelotto have been used for the conversion, nothing more, nothing less. https://glenmarch.com/auction-cars/show-backup-image/37349/results So the same unit #80782 went from, correctly described as "F40 GTE Competition Conversion" in 2006 by Bonhams to "F40 Competizione" in 2022 at RM which implies that this is a very special version of the F40 ( from the factory ? ) just in my perception and describing my personal opinion. What are your thoughts?
I also think it's weird to call 80782 an 'F40 Competizione' or a 'one-off'. As far as Ferrari is concerned, it's one of ~1,100 Euro-spec F40 road examples, not one of one. 'One-off', to me, implies factory one-off. Otherwise there are about 100,000 'one-off' Subaru Impreza WRX examples out there.
I would question, apart from the rear fin how much Michelotto is actually in that car, given none of the panels are LM spec. The use of Italian esque wording to big up such ones offs does seem to be a trend started by Jim G
Update: Curated now says the car was sent to Zanassi in 2019 while there are plenty of pictures of the car up to mid-2022 while still wearing Giallo modena and the race trim without front headlights and without co-driver seat etc. https://www.instagram.com/p/CzG8jtjOZ39/?img_index=1 November 1st, 2023 July 21 - July 23, 2022 in Modena, with Zanassi prova plates, first time spotted in Nardo grey on a test drive after retrim and repaint: https://www.instagram.com/p/CgRWJUxIAUk/?img_index=1 https://www.instagram.com/p/CgPboXMIw9n/?img_index=1 https://www.instagram.com/p/CgWcIrzo9ey/?img_index=1 Any conclusions?
There were "around" 10 Competizione cars built, the first 2 were named LM but Ferrari changed it to Competizione mid production Ferrari F40 Competizione (1989) - Ferrari.com
indeed, but the 80782 is not one of those, as we all know. This is what I was referring to, the advertising "Competizione" is misleading because it suggests or implies that this is a factory upgrade or special version while 80782 was born and delivered as a "regular" F40 in the first place.
Oh I see, your wording made it seem as though you weren't sure Competiziones of ANY kind were built, rather than with regards just this specific car. Totally agree with your other points, it is absolutely misleading
