Daytona Prices

I have my eye on that Market Too...
a coupe I presume...conv. should be half what they were..

Only Guessing...I would say a coupe is closer to 300 G's if someone were to let go...
I think they will just be held by owners, in anticipation of better days...

 

I know a very nice coupe just sold in California over 400k

 

I doubt that very many "quality" Daytona's are going to take a big tumble, simply because those buyers that were fortunate enough to get a good example in the last year or so, are not IMO going to be compelled to let them go, either for a small profit or even a loss. They are still way to much car for their value even now. Their prices have certainly risen as we know, but in reality the dollar amount is realitively small from where they started from. They really hav'nt gone "nuts" like some of the earlier(250-275) models have over the last couple of years, so nobody is going to be leaving much on the table either way. The market place is certainly in a "softer" place at the moment, but what the supply and demand equation will be, is still in question. Lastly, these comments pertain to QUALITY examples only, they will always be the cars in any market that will stand the test of time, and command premium prices, market up, or market down. Regards, Mike Regalia

 

Excellent post, Mike.
Ed

 

In a year or so you'll be able to buy a nice one for about 200K.

You think the January Auctions gonna value 4 cams at 1.2MM Mike? I'm thinking more like 800K.

 

Jim, I think your'e right with respect to 4 cams, simply because the run up has been pretty steep, pretty quickly, and the spread money wise is much greater, allowing more room for a market correction. Even at 800-900k the value appreciation over the last 5 years is substantial. If the market retraces say, 30% from the high, it still on some cars represents a substantial gain. I would also add that the recent auction results(including my McQueen Lusso) are indicative more on quality/provenance more than on the general market. No two cars are alike, and the auction results have been indicating that for some time. The Daytona Spyder I restored(17001) at RM was the high water Spyder of the weekend, but it was a superior car to the others offered. The 4 cam they sold was the best of the cars offered that weekend as well(and resides next to the Lusso today), but that price was not the general value of 4 cams either,they sold in the 1.2-1.3 range. I think it's a bit to early to know what exactly the supply/ demand equation will be, especially the DEMAND side of things, NO question it has changed, but to what extent I just can't say yet. What I still see is good demand, but buyers want a deal now. 2 years ago I had all the known dealers asking me for good/great cars to sell. The problem then was buyers thought they could buy a top quality car(and I mean TOP), Daytona in this case for 200k. Nobody would sell that car at that price, and the auctions had not been bringing the top cars to market yet. Buyers were finally realizing that the price they thought was current, was in fact way to low. In 2007, when I brought the Lusso, and the Cal/ Spyders pushed the envelope up, it became apparent that the demand for great F cars was there and the prices were now reflecting that. Since that time the auctions have been the place for those cars. But if you really look at ALL the results, it will tell you each car stands on it's own merits, and the tip top cars are the exception and not the norm. Regards, Mike

 

Jim, One other bit. We have seen the top of this cycle, what the bottom will look like this time?, big correction, small correction???????????? Mike

 

I been saying this all along. Most cars offered for sale at auction, dealer or private are not the tip top cars that brought the astronomically high price of $2MM for the 4 cam or the $1.2MM for the Lusso. The market is complex and the median price points should be the indicator of value, not what the the Mcqueen or the Maranello RM Auctions Lusso did. Listen to Bill Noon. He sold various 275 GTBs many of times in the last 12 months. He prices his cars at : 275 GTB at about $875K and 275 GTB/4 at about $975K. These are realistic prices before the slump within the last few months.

Gene.

 

Just six weeks ago RM sold in London a good usable but not concours rhd car for about usd 200 000 inc

Last week Coys failed to sell an apprently similar car at similar money

 

A UK Daytona Spyder that was for sale for over $2. mill. sold in a very short time around a month ago, and the condition of it was not that great. UK Spyders are very rare, 7 were made.

 

Last week somebody told me Sheehan as a REAL Daytona Spider for sale at $ 495,000... (I was told so and cannot confirm)

Also look out for the Gstaad Daytona next week; LHD, low miles, plexi, resto 6 years ago and Lupi last year. Same Swiss owner from 1970 till 2006 followed by 1 Belgian owner...

JR

 

36 years?? NOT really one hundred percent confirmed!! Said original Swiss owner (Dr. Leo Bernasconi) bought it new but after ONLY 7 (seven) years cancelled the Swiss registration already (in 1977). Therefore: IF he really owned it for 36 years, did he store it for the remaining 29 years ?? And I know of at least one other owner in between the original Swiss one and the one in Belgium.............who now has it consigned to the auction.
Marcel Massini

 

now this is a one owner car.
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Have you got a bigger pic? Is it 16599 of I.C.?

 

same owner has a Miura from new ,South Aust.

 

sorry John,no other photos,i was asked to leave the car show,due to the issue of being a car broker, click

 

That's the real world. 200K for a Daytona and not much interest at that. (Coys NS) I realize not all cars are equal but Daytona's today can be bought for 200K and that is pure fact.

January will be interesting.

 

No one has mentioned exchange rates in this thread. the £130K Daytona equated to $260K in June now its more like $195K (and will probably fall further with the inept UK government but that's a different discussion).

 

The Daytona's at RM, Bonhams and Coys in London over the last 6 weeks were all condition 2 cars.(ie OK but with varying needs)

This is undoubtedly a "buyers market" either side of the Atlantic, but the fact remains that IF you could have bought any one of these cars for £120k (US $177k), you could easily spend £70k (US $105k) to resolve drivetrain or bodywork issues....this and rarity of coupes(particularly in RHD) is why I don't see Daytona's dropping back to 2002/3 prices.

Mr G is right to suggest Arizona will be interesting, but "cash" could also "land" a good deal in the UK for those who bide their time..

E

 

The market will likely be dictated by outright confidence as well as simple demand/supply.

http://www.vanityfair.com/magazine/2009/01/wall_street200901

an interesting vanity fair article regarding the current wealth effect and its impact upon buyers/sellers

 

There is no question that fixing up any car can cost money. The thing of it for me is that if you plan to keep the car and use it for many miles and years this can be a rewarding part of ownership and you can do it to a standard that pleases you. As an aside I have had two cars "restored" in Sicily. One is a 208 GTB Turbo and one is a 2.4 liter PF Dino Spyder. I was very pleased with the work which entailed total disassembly, fixing what needed to be fixed, totally repainting the car. The engines were looked at, clutches and shocks replaced, gearboxes and rear ends looked at. No MAJOR rebuilding but serious work. The cars turned out really well, run perfectly and cost about 25K e per car which seems reasonable. The shop is an authorised Ferrari Repair Dealer and very good should anyone want to consider it. You give them the car in the fall and it's ready next spring. They can also redo interiors if you want.

(The 208 in the photo is one the Dino is a friends. Our Dino is being done now)
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Very well thought out post. Totally agree. I think that stocks crashed harder and sooner than collectibles and are better buys at this level/ moment in time than collectibles. PURELY FROM THE POINT OF VIEW AS TO WHERE PRICES OF COLLECTIBLES ARE HEAHED IN THE NEAR AND MEDIUM TERM. The joy collectibles can bring is not something that can be measured in dollars and those that buy from the heart over time reap great rewards both in enjoyment and eventually in dollar value.

 

Rob
Are you saying sell the Ferrari for a bit of land/ building?
I would sell my wife to keep mine, if fact i might have to soon, if any one wants to make me a good offer. I was offered 3 camels for her once in Tunisia, it was tempting. [LOL].