I have been interested to read recently of several extremely (ridiculously ?) expensive cars sold or for sale out of long term collections - Aston DB3S - 250LM #6119 - Aston Zagato DB4GT x 2 - Jaguar D-Type Long Nose etc. All according to Barchetta, Kidston etc. And as cool as that is, they have come from some people you would not expect to be selling off their collections, Does anyone have any insight into any of this, why/ what/ is it the recession ?/ are they buying something more expensive ? Tim
Rumours have it that Sir Anthony Bamford got US$ 10 M for the D-Type. The 250 LM of Tony Wang sold to the Middle East. Currently at F Classiche for certification......... As for "people you would not expect to be selling off" one has to realize that there is a generation change going on, big time. These people are now all older than 70 years. There are several major collectors older than 80 years that own more than 35 vintage Ferraris, etc. Marcel Massini
I agree about the age Marcel. I think some of these cars were owned by people who know they can't drive them much if at all anymore . People like Tony Wang know they are made for driving. Hope the new owners take them out as they were ment to be used and don't lock them away in museums. Some of Mr. Wang's collection many years ago. Bob Image Unavailable, Please Login Image Unavailable, Please Login
The 250 LM pictured above is #6119 (ex-Don Nelson) before it was re-nosed back to original and standard Scaglietti shortnose configuration. Anthony W. and Lulu Wang bought most of their Ferraris in the late 1970s and very early 1980s, so they own them since 30+ years already. Pierre Bardinon bought his first Ferraris in 1964 (that's only 46 years ago!). Robert M. Lee bought his first Ferraris in the mid-1950s. Oscar Davis is now 85 years. Sir Anthony Bamford bought his first Ferraris in the late 1960s, so did Dudley Mason-Styrron. Tom Wheatcroft died in October 2009. Bernie Ecclestone is soon 80 years old. And what is the age of Preston Henn and Bill Marriott or Sherman Wolf? There IS a major generation change going on, that's for sure. Marcel Massini
Marcel mentions the generation change happening in a big way lately. What is the conjecture for future classics and will the marque most coveted always be Ferrari? For my generation (currently early 30s), I believe the Mclaren F1 will be the big one to collect. Ferrari will always have their place, but times are changing.
my brother and his friend P.B. bought #6119 in I believe 1984 or 1985 in England. It took them a whole evening and a bottle of whisky to buy it from the owner. When the car came to Holland they let Ed Swart race it at Zandvoort , unfortunatley they sold the car again, but luckily some more Ferrari's passed their way later again. It would be nice that the prices where still at the level of 1984 then it could have come back to Holland again. but that is not the case.
I remember at least two major collectors who said exactly what Mr Massini stated. They're getting too old. Racecars are tough to drive and some vintage racecars even more. When you're in your 70's, with vision problems, serious other health problems as many get at this age, you won't be able to drive as if you were in your 50's. Some others, after several decades with the cars are just fed up and are asking for a "divorce"... Setton sold the collection and bought a yacht, others bought a Warbirds collection, etc...
Some collectors are preparing their estate and last will (inheritance) and realize that it is MUCH easier to "distribute" cash rather than vintage Ferraris. A daughter may possibly prefer $ rather than a difficult to drive 410 Sport or a 340 Mille Miglia. I know of two major (elder) Ferrari collectors which have (adult) sons that are not even interested in vintage cars. They may have totally different interests. On the other hand I know a 20 year old Italian who inherited a lot of money recently and the first thing he did was buying about ten vintage Ferraris. Marcel Massini
Marcel Under US law it's much more tax effective to pass on an appreciated asset that to sell it when you're alive, pay the tax due and pass that cash on which is then subject to additional tax. There are a number of big cars currently being offered. I've recently been offered four different 250 GTO's for example. Best
Yes, I know. But the tax situation is just one side. There are several other sides too, that can be equally important for the older collector. The tax situation is different in the various countries, I was not only speaking/thinking about the USA, but also about Europe and other foreign places as well. And yes, there are various 250 GTOs on the market right now, very seriously. And wait for interesting announcements on the 23rd January 2010. Marcel Massini
You're right about different countries tax laws effecting this. In the UK for example where I think the D type was sold I believe there isn't a tax disadvantage to selling an appreciated car before death as there is in the US. When a great GTO reaches 12 or so send it by to this Old Collector who isn't Dead Yet.
Let me just add that one VERY expensive collector's Ferrari is actually the sole asset of a mailbox company based on the Shetland Islands. This means that one would have to buy the shares (or at least 50.1 percent) of that company. Marcel Massini
I can't see the GTO Fiftieth Anniversary passing without you being an attendee. Edit: Correction, participant! Good luck!
Flipping through the 2009 yearbook yesterday, I saw where Nick Mason commented that he wasn't interested in any car that could get more than 1g of grip and he enjoyed how easy the California was to drive.
I remember a few short years ago when I sold the C our clients had in the 40ies. We had bought it for them a lot cheaper and several complained about the large tax they had to pay. Two years later I was given the opportunity to buy it back in the 1's. Personally I think a 250 GTO will trade in the 12's before too long. That's what makes buyers and sellers. Less than a year ago I bid 5e for a car that RM "needed" 7+e for. So far as I know it remains unsold and I'm no longer at 5e. Many think that I'm below the market but for some reason they still call me and offer me cars...
Craig Jackson is going to hold a gun to Carroll's head and announce "the last Cobra ever signed by Shelby." The crowd goes wild..... Jack.
If there was they'd have no trouble buying one. None. I was offered a Series II for much less than that recently and a good Series I that could be bought in the 20ies in a heartbeat. It's interesting to note that SCM's latest price guide, which I personally think is pretty well done across the board, lists them at $15-$25mm down 15% YOY.
