I really would like to know what happens to these cars after they are bought. They pay a premium for untouched originality (even though a lot of times they have been touched a lot) and then they have to destroy what (in theory) justified the premium to restore them if the car is ever going to be used. It seems like a financial disaster of epic proportions to restore them (while erasing the history premium) and an even larger moral disaster to let them continue to rot. If anything, this "barn find" bubble seems to be the one that should pop.
The price was absolutely market correct. I had predicted sub $40mm, and anything over $30 was great. Many people in this category said they would not buy a car with a fatakity, and weren't deterred by the in period rebuild. The second accident was more problematic. But the fatility took out many buyers. The more recent gto sale was bought by a friend, but that car has an important history. Quality is being accessed here. The new range for most GTO's is $55-60, with a few being much higher, in my view.
INCORRECT. NOT US$ 275 K plus premium! Hammer price on 250 GTE lot 248 was US$ 250 K. Then add 10 percent = final price US$ 275 K. I was one of the underbidders and stopped at US$ 180 K. Peter Markowski of RPM Motors in Vergennes/VT was right behind me and stopped at US$ 175 K. Also heavily bidding was a major dealer of New York. Had I succeeded I would have had the car totally restored in Modena. It looks like it will now be "restored" in the Philippines. Quick and dirty. Marcel Massini
365 GT 2+2, s/n 12065 sold for $357,000. Is that a record for a queen Mother (at least since the late 1980s? Still a bargain, as far as I am concerned, for the last of the curvy, 1960s Pininfarina grand tourers w/ the last iteration of the 2-cam Colombo motor. The seller, a friend of mine, drove the pants of this thing, including a coast-to-coast jaunt a couple of years ago.
Bryan Yes, a record, Mr. D was very happy with the result. It goes to show that really nice examples with full documentation always achieve strong results. Marcel Massini
Very interesting info Marcel. Any idea of what happened to the 330 GTS barn find (#9343) that was discussed here several months ago? I don't care who bought it, but do you know if it is being is it being restored or preserved?
That's an odd quibble, the fatal. But then, I am wearing my best friend's boots today, from his estate sale. I think he would want them to keep dancing!!! They have brand new heels..... Sorry back to money. That driller from Texas let me down!!
Well, the first rollover one would assume almost a total rebody. I have not seen pictures of the second wreck..
Marcel, I'm interested in your outlook for GTE demand. Based on recent experience at MPI a restoration at Maranello would be $400K to $500 US?? You were willing to pay $180US. Is this an indication of your expectations for GTE demand in the future or was this particular car of special interest to you?
Not everybody wants to make money out of a Ferrari. There are people out there who want to save a nice old car, no matter what it takes. Yes, a full restoration in Modena would cost $ 500 K. Who cares? It's only money. There are still a few enthusiasts with real passion. Marcel Massini
This is where the collective wisdom of the "market" section sometimes falls short: If I expected to make money off my various project cars, I'd have been committed to the funny farm years ago. Some folks, even in this rarified realm, spend what the joy of a challenge demands. The GTO's fatal crash bent the car in half (pics online). Given the photos, I would argue the chassis and body in which a man died are likely long-gone and the new ones were built mere months after the originals, in 1963, by the very same factory hands. They would be/are the same in number (as Ferrari sometimes did for tax reasons) making the car no less "real GTO." IMHO, the buyer got a very good, very factory GTO with cool but not awesome race history at a very reasonable (!!!) price.
Certainly, and I am one of them! Lusso at MPI well past the 500K mark and rising. Made zero economic sense when I started the project. The investment looks more promising in today's market but that's not why I am doing it. The 2 + 2 cars have taken off. Your interest in one caught my attention.
I am all for restoring as funds allow.....but my key interest is driving them which is what I have done with every Ferrari owned. $250K seems like a lot for car that probably is major $ removed from even being driven, much less restored. Still, I am pleased that there are some out there that look at preservation as a goal rather than flipping for a quick profit.
All: I need the high, no sale price for the following lots at Bonhams Monterey (the auction house claims to not keep the high bid prices for unsold lots. 204, 217,220, 230, 232, 234,, 241, 246, 252, 260, 279, 296 Thanks. Joe
217 - $480K 230 - $1,175M 232 - $320K 234 - $1,55M 204, 220, 252, 279, 296 - all these listed as sold, see prices at Bonhams
I was one of the bidder, ended at 120k... Honestly, I am extremely far from being kind of expert like you guys, and this was to be my very first Ferrari, but still I was quite shocked to see how the auction ended up. I watched it all online, not that it would mean much, but most of the cars went below the lower price of the estimate, and for all the bidding was quite slow and lazy - whereas for the GTE, it was fast, high and quite a lot of people bidding, apparently. Looks like, with my funds, I will have to look for something cheaper Sent from my iPad using Tapatalk
