Any Info? 330 GT 2+2 S/N 5555

This should help

https://rmsothebys.com/en/auctions/af18/auction/lots/r0569-1964-ferrari-330-gt-2plus2-series-i-by-pininfarina

Seller is a classic car dealer (mainly American muscle) from Atlanta who had owned the car for a number of years.

 

If you really need to get in touch with the previous owner I might be able to dig up his contact info -- had several discussions with him at the Auburn sale

 

How the heck did that sell for 189 hammer this fall? Is that where prices are- seems low to me.

 

That was inclusive of buyer's fees - hammer would have been even less.

 

Geez. That sounds very well bought to me. It seems like they got a heck of a deal.

 

It's results like that that reinforce my opinion that I would never sell a car by auction (unless it was a dog dressed up to look like a beauty queen). After buyer's and seller's fees, it looks like the vendor will get around $100K less than the new owner pays Hyman.

 

It will be interesting to see if that's true...

 

I don't see how you come up with 100k (close though!) - first of all this was a higher end car for the auction venue, so I am highly doubtful the seller paid the full 10% seller premium, I am sure he negotiated down and my guess would be somewhere around 5%, for a net due to him of around 160k (170 hammer less 5% minus transport, auction entry fees, etc). As for the buyer, I think the 189 represents where a fair wholesale number would be on a four headlight car that has seen a color change and will probably need some minor maintenance given it's infrequent usage over the last few years. My guesstimate would be that Hyman has somewhere around 200 in the car after transportation and various maintenance performed. The current ask is 249, so if he gets that, great - but I would imagine a more likely scenario is the car gets bought for somewhere around 225 to 230 for a net profit of call it 30k. I don't think that is too bad when the dealer has 200k of capital tied up in his investment and he is exposed to further market declines. But to your point, the real winner in all of these scenarios is the auction house - they clear approx. 30k and have zero skin in the game! So the question would be why didn't this seller try and go outside of the auction house and approach wholesale buyers on his own? In this instance, I spoke to the seller for a good period of time at the auction venue and he just didn't want to deal with it - he just wanted a quick easy sale and he justified it as he had very little money in the car since he bought it back when they were very cheap and it was all profit to him. Of course, the auction house sold him really hard as well, as they initially told him they thought they could get 275 for the car! They changed their tune as they got closer to auction time, although I am not sure if he already had a consignment agreement in place before they started to step down and get realistic with their estimates. In my opinion, this transaction is a prime example of value add that a good broker who knows the market could have brought to the table.

 

It's also possible that the seller felt that prices are heading down on marginal vintage Ferraris (2+2s) and they're not selling quickly, and so decided in a sense that the first offer was the best offer. It does seem like 2+2s are not selling quickly, at least based on the ads I see.

If the car is still for sale at Hyman 6 months from now, or ends up at one of the Arizona auctions or something, we'll know the answer...