The 456/550/575 BaT auction thread

lol - good luck on that site! I watch for the entertainment but that is about all. Too shady!

 

How is it shady

 

The "official" RM site featuring this car:

https://rmsothebys.com/auctions/mo24/lots/r0061-1999-ferrari-550-maranello/

 

They delete any and all comments that they think will hurt the auction if too critical. I emailed them about this after we found the shill bidder on the vault of Scottsdale 550. They admitted to me that they delete messages. These are not the ones they hide, but they wholesale delete comments.

They have deleted a number of mine that have called out specific issues with cars that were being more or less hidden by sellers.

they also spend their own money on videos and reviews of some cars, and when they do that, they will do anything to make sure the car sells for more as they are monetarily invested in the sale. This was seen clearly during that 550 shill bidder issue.

 

I asked them to delete someone’s dumb negative comment and they told me they don’t delete comments ever to keep trust in the community

 

They 100 percent delete comments they have mine.

 

lol, well I guess that is just one more lie from them!

they have deleted at least 4-5 of mine on different auctions, both bmw e46 m3 and 550/575 auctions.

that is why I emailed a contact I have there. He said that when comments are repetitive, counterproductive or they dream them inappropriate for the seller, etc. they do often delete them. I will have to see if I still have the email in my trash tomorrow at the office.

 

I also wouldn’t have taken the 306,000 dollar bid on the 550, I’m not surprised the seller wanted 400k on that sublime car. Same with the gorgeous 456. Easily a 120k car or more as we shall see with the sothebys auction where they have the guide price at about 120,000

 

Mistakes were made. Confidence in platform lost. Credibility of seller eroded. Frustration of bidders grew.

I had a buddy bidding early and said he would never bid on that sellers listings again. Such a waste of time and emotion.

 

Link for clarification?

 

4,400-Mile 1999 Ferrari 550 Maranello for sale on BaT Auctions - closed on July 16, 2024 (Lot #154,413) | Bring a Trailer

 

$306 is overly robust

low miles gives so many investors a veritable “redwood forest”…..

how a zero option museum piece pulls RNM at that level and then driver cars repeatedly not pulling >$150 is amazing.

Definitely good for people that actually want to buy and drive….

to quote Magnus Walker…..

 

That car had a hideous interior. 1999. No options. Merit Partners was willing to pay $313.5K sight-unseen and still wanted it after it went RNM and will perhaps make a deal post-auction somewhere between that bid + vig and the seller's reserve. That's significant.

What does a truly unassailable and optioned up (shields, modular wheels, stitching/daytonas, etc), MY 2001, <10K mile, killer color combo, perfect provenance, perfect maintenance, perfect condition go for today?

Obviously these cars remain strong in a somewhat soft and bifurcated market. I'm starting to think the opportunity to buy a top 1% 550 is becoming a once-in-a-decade thing at this point. Until/if/when prices start to substantiate restorations on these cars, the reality is the truly perfect examples are probably harder to come across than most lower production cars that didn't depreciate as much as 550s, and now that is squeezing up the bluechip examples now that the "550 formula" is in demand.

 

Absurdly overvalued vs its peers at the current moment and they built plenty of 550’s.
Typical “herd mentality” due to the shifter.

Just think about what other Ferrari v12 shifter you could have for $300k…I can think of a few.

https://www.hemmings.com/classifieds/cars-for-sale/ferrari/512bb

 

Hey who let the Automatic guy in?

 

Its peers?

You mean like a Lamborghini Diablo? Have you priced one of those lately?

A 512 is not a peer, and is no where near the driving experience or has the ability to fit any driver over 6ft tall. Its also not reliable and requires a significantly larger amount of money to keep running. Neat car, but not a true comparison.

Talking about other front engine v12 manual Ferrari's - have you seen what has happened to the 330 market? Those were 80-100K cars a decade ago.

The 550 is undervalued compared to 930 Turbo's, Diablo's - its true peers.

Find me another reliable, low cost to own FRONT engine V12 with a gated manual that you can buy for less? (Hint... it does not exist)

 

Maybe I forget my Porsche codes a bit, but wouldn't it be the 993 and 996 turbo and variants that would be more of a period correct peer instead of the 930s.

Ahh I see you added front engine... yeah rare air for sure. I guess a Corvette could compete with performance but not provenance, exclusivity, limited numbers...

 

The 456

 

Porsche is junk

 

Yes, using 930s that are earlier, but a 993 turbo is a peer and its still selling for more than a 550! Can anyone say that the 993 turbo is a better car? Rarer car?

The only real peer for a v12 manual is a Diablo.

Again, the point is that in all of these comparisons, the 550 is the cheapest available today. That type of trend analysis is what drives smart buyers.

The 456 is a 4 seat car - totally different buyer and appeal. Yes, it is also undervalued IMHO, but it is not really something that a buyer cross-shops.

A 456 really compares to a 928, while the 911 Turbo compares to the 550.

 

Collectors v enthusiasts.

 

$306,000 with fees is plenty for that car. Maybe not a popular opinion, but I agree they are overvalued. And to be clear, Maranellos are my favorite car design of all time.

993s are overvalued as well (in any condition/mileage) but I was able to work out a very realistic deal on one last week. No hysterical competition, no shill bids, no fees…just a simple negotiation. Refreshing!

It’s still possible, but now that these high viz platforms dominate the public perception of sports/classic/collector cars, too many people are getting wrapped up in the “Oh my God, the auction is going to close AND I NEED THIS CAR!!!” Mentality and it is resulting in some poor choices that may be regretted. Influencer culture is certainly to blame as well.

I don’t care how much money is in my accounts, I’m not overpaying for anything. Especially not BAT bragging rights.

 

I’ve never had a bad one.

 

Im in the camp that the cars needed more bids both the 456 and 550 bid too low. And the Porsche market needs to cool off I see ten of them a day at least

 

Back on topic: Blood bath indeed, this auction ended quite poorly as a RNM. I really wonder what the seller was looking for as that seems like all the money that car could command. Omar

https://carsandbids.com/auctions/3y2ypyX7/1997-ferrari-456-gta?utm_source=listing_alert&utm_medium=email&utm_campaign=hero