1965 Le Mans Winner 250 LM 5893 coming to auction.

Just over 7 million euro. The 250LM (and the rest of the retromobile stands, probably) was a tough act to follow.

 

I haven´t counted, but following the auction it seems that quite a few lots didn´t sell or at the lower end of the estimate range.

 

Very true. Including the Bugatti Centodieci getting passed on for only reaching €9,000,000.

 

I think the Speedway should have sold this in 2022, when they started liquidating their non-essential collection. economy was a bit frothier then, and Ferrari has won Le Mans twice since then

 

All it did was attract swarms of teenagers, Iike buzzing bees who cluelessly ignored the classics.

I was trying to photograph the back of the 512M but that centodieci thingy was parked behind it so it was like shooing away cattle to get a clear shot. And that was before 10am yesterday, can't imagine what it was like later.

 

Someone will loose some pennies on this car....

 

Isn’t the $36m a really weak result given the incredible history? Unless I am missing something haven’t 250GTOs (and there are many for sale) just gone from $50m-$70m to $25m-$35m?

 

^ there are no 250 LM tours, so the GTO is THE club.

 

I think it’s the reality of today’s market. They should’ve sold it when it was still the last Ferrari to win Le Mans and everyone was going nuts and paying top dollar for a lot of things. I think it’s a telltale sign that while there are GTO’s on offer, none are heading to auction.

 

I have no horse on this race so definitely not trying to talk the market down, but does this impact 250 SWB etc too?

 

is this another example that the greatest generation is fading away?

 

Boys who had these cars on their bedroom walls are in their mid to late 70s now. I think if you asked young collectors if they would prefer a 250 GTO or all 5 supercars for less than 1/3 of the price I think I know what they would say. A GTO could be worth $20m and still be one of the most expensive cars on the planet.

 

The sad reality is that many/most young "collectors" today can't even (properly) drive a manual, and/or don't have any interest in doing such.

 

Nor do they know what a "prancing horse" is....

 

A few rarities transcend the romance of what we remember from our youth. 1930s Alfa Romeo 8cs, Mercedes SSKs, Duesenbergs are all nearing their 100th birthday and are still among our most valuable collectors cars. Even further back the 1903 Mercedes 60hp sold by Gooding was in the top ten auction results of 2024 and that's 121 years old. But as a trend, absolutely agree, most of the pre 1990s glamour cars are noisy, smelly, difficult to own, have cra% brakes and just aren't worth the Instagram likes of say a Pagani Utopia in unique colours. And while we are seeing boomers selling up (and with little reason to buy), the young tech bro's with cash money are all about the Gram and its a rare Gen Y or Millennial who ain't doing it for likes and today even the most ridiculous supercar is reliable, has decent brakes, isn't a hot, smelly mess after 10 miles and has every amenity including cupholders. Maybe we are getting old

 

The last 250LM to sell fetched barely $15 million, in a better market. We are now 30-40% down on that mid 2023 market. So lets estimate a $10-20 spread for worst to best 250LM in early 2025. Also while this 250LM won Le Mans, Ferrari's final win before 2023, it was then badly crashed and was almost written off in a separate 1969 crash, so its not the super pure Ferrari some would desire. At nearly double a normal example, I would call it well sold. IF things trend this way, next year it will be worth less.

 

Not during this auction as it didn't sell. Maybe better luck next time.

 

That doesn't change the fact that a value correction for cars was long overdue. It doesn't matter whether one can drive a manual car or not, 50 million on a car is insane money.

I don’t see how it wouldn’t.

 

Apparently 5893 was purchased by Mr. R. M. (not Rob Myers).

 

And Hundreds of Million on paintings is not?

 

There are no stick shift paintings.

 

So what is the crux?
There are far more beautiful works of art that you do not need to drive, besides, most people are scared
of driving a 1/2 million Daytona...

https://www.whataportrait.com/blog/most-expensive-paintings-ever-sold/?srsltid=AfmBOoqQ8xa04zp1jDk-dytuXhYIF7TgqAERlmeAS13EDiPqmlDiKGHH

Enjoy.

 

That’s money laundering and tax evasion money.

 

Not all, sorry Dave. There are bona-fide collectors in the world, not all collecting is fishy, specially in cars

Fortunately, to my eyes, I know a few multi million $ art owners, that are very private and are rightly so.
"That’s money laundering and tax evasion money", is a bit over the top to box all art collectors.
Of course, as all over the world, where big (huge) $ is involved, there will always be shenanigans.

Even some internet, auction outlets (shall remain unmentioned, but starts with a "B") that we all see every day, could very well be used in a similar fashion. Once sold, what traceability?

I once went with my step-father to visit Picasso in Mougins, more that 60 years ago, and he bought a lovely painting, that he later sold, unwillingly, for a fortune. All clean money.

Regards, Alberto