Bubbling Paint on 2005 612

I would take it to an auto body place that does aluminum work but --- it sure looks like aluminum corrosion from the photo. Most likely from years of salt exposure.

Aluminum does not rust. It corrodes.

 

Its corrosion...and not necessarily from salt exposure. I have seen it on other Ferraris of this time period, to include 430s, and some were/are low mile garage queens.
I would chalk it up to poor prep by Ferrari at time of manufacture. It can be corrected, but will basically require repainting significant portions of the car to do it right. Trying to do a small spot area will look obviously repainted and not blend well. The chosen shop will need to do a really good job at the prep to make sure it doesn't come back

 

Make sure when you get an estimate, to have the rest of the car inspected carefully.

 

It's galvanic corrosion, for certain.

I've been told that aluminum needs to 'breathe' or it will do this... A lot of the time, it's caused by seam sealer covering the seam of two panels, not allowing this 'breathing' to happen, and it's completely unrelated to salt exposure. Once the corrosion begins, you can never get the seam dry.

It's the same thing that happens if you polish aluminum and then clearcoat it to 'protect' the shine. It's why most polished aluminum, i.e. on a motorcycle is left bare.

Ask most any Ford owner from the last decade and a half... hoods on everything from Explorers to Town Cars to Mustangs are having this same issue.

Correction of this issue requires removal of ALL of the aluminum oxide white powder (which is pushing up the paint), and then a repaint with an aluminum-specific high-build primer.

 

Very suspicious