News

Ferrari GTO sells at $52 Million

Discussion in 'Vintage Ferrari Market' started by KenGoldman, Oct 2, 2013.

  1. prototypefan

    prototypefan Formula Junior

    Dec 23, 2005
    394
    ab, canada
    My mother raised me to believe 10% of what I hear and 50% of what I see, especially when purchasing something and this was before the internet. The whole "I read it so it must be true" syndrome drives me crazy.

    A little off topic but sort of in the same vain, I've had the pleasure of working with a couple of great historians on cars that I own and a rule they abided by was that whenever a new unknown car came up, all of the previous cars came into question.
     
  2. tx246

    tx246 F1 Veteran
    Rossa Subscribed Owner

    Nov 4, 2003
    5,556
    Texas
    Full Name:
    Shawn
    Looking at the Anamera log, it appears Chris Evans bought his GTO, after many trades to get to GTO ownership, 4675GT.

    It looks like Evans sold 4675GT to JPS (Switzerland) for $25M US. JPS sold the same GTO for $42M to the US.

    I don't know how valid this record is, but pretty interesting stuff.
     
  3. noone1

    noone1 F1 Rookie
    BANNED

    Jan 21, 2008
    4,585
    Los Angeles
    Full Name:
    Mike
    Do you like trying to buy a Honda and having the salesman tell you every car on their lot that you show interest in is amazing and a great car to own for every reason under the sun? Now imagine that when you're considering spending $40-50M on a car.

    You don't need to be talked into buying a car like that. People don't walk into a place and say they have $40-50M to spend on something nice. They aren't shopping for some earrings for their wife.

    And you almost certainly don't get to that level by surrounding yourself with people who only tell you what you want to hear. You smell that **** a mile away.
     
  4. Marcel Massini

    Marcel Massini F1 World Champ
    Honorary

    Mar 2, 2005
    14,153
    The price of US$ 42 M is incorrect. It was LESS than that.

    Marcel Massini
     
  5. PAUL500

    PAUL500 Formula 3

    Jun 23, 2013
    2,133
    I believe Chris Evans has another now having had is first one taken back to early spec by Ferrari then selling it, I guess this was the one above.
     
  6. alexwagner

    alexwagner Formula Junior

    Aug 31, 2013
    343
    Paris, France
    Full Name:
    Alex Wagner
    There are concerns that the trend (+49% over the ex-Moss GTO sold last year for ($35M) isn't sustainable. I'm not so sure. A car is worth what someone is willing to pay for it and the buyers in this market certainly have the means to go much much higher if required, so the current market price will not be forced to level out due to lack of buying power. To some extent, it depends on the relative merits of other assets outside the classic car world.

    To think that Nick Mason bought his in 1978 for $86.000. Correcting for inflation, that equates to $298.000 today, so not exactly pocket change and when you think about it, it must have seemed very brave at the time! Mason says on a video interview that people thought he was CRAZY paying "so much" for what was widely considered to be just an old washed up racing car!

    Funny how perspectives change...

    That said, buying a 250 GTO is never a one-way bet... The market bottom was defined in January 1993 with a 250 GTO going to Brandon Wang for $3.5m and, in September of 1994, with the ex–Kato car, previously purchased for $13.8, going to John Collins of Talacrest for $2.7m.

    Without the benefit of hindsight, these things remain almost impossible to call in advance...
     
  7. bannishg

    bannishg Formula Junior

    Oct 6, 2008
    480
    Springfield area, MA
    Full Name:
    Greg
    I believe Symbolic Motors purchased a GTO in May 1996 for $2.5M, which of course was flipped rather quickly, and at a profit in the high 6-figures! Will post the S/N when I find the article....

    And as I recall the last GTO sale under 8 figures, I think, took place late in 2003...

    I know it says in many places that Mason paid $86k, but the price has since been revealed to be 37000 PDS, which equaled $69,000 at early 78 ex rts. I believe Stern was initially asking 45000 PDS, which gives us the $86,000 US. Mason must have been a formidable negotiator to get 8000 PDS shaven off.
     
  8. bannishg

    bannishg Formula Junior

    Oct 6, 2008
    480
    Springfield area, MA
    Full Name:
    Greg

    Should also mention that $52 million US is around what Pappalardo paid in 1974, given that you divide that figure by roughly 2,000..... not a bad ROI
     
  9. PAUL BABER

    PAUL BABER Formula 3

    Nov 1, 2006
    1,058
    London. UK.
    Full Name:
    Paul Baber
    #110 PAUL BABER, Oct 16, 2013
    Last edited by a moderator: Nov 3, 2013
    The late Peter Clarke who I knew well sold the car for GBP1400....Thats One thousand four hundred pounds........in 1966 prior to purchasing his 250 LM.Happy days...
     
  10. 275Ferrari

    275Ferrari Rookie

    Nov 3, 2013
    5
    I agree, the owner has done this before as this pushes prices up. Id love to know who the owner is actually as i would pay more than the $52mill usd for the car






     
  11. 275Ferrari

    275Ferrari Rookie

    Nov 3, 2013
    5
    Good day Marcel,
    Do you believe the 5111gto sold?




     
  12. 275Ferrari

    275Ferrari Rookie

    Nov 3, 2013
    5
    So Mr G still owns it!






     
  13. Manel Baró

    Manel Baró Karting

    Mar 31, 2009
    63
    Bravo!!
     
  14. thepinkumbrella

    thepinkumbrella F1 Veteran

    Feb 26, 2006
    5,722
    United Kingdom
    Full Name:
    Paul Harris
    4491 GT recently (this month?) sold...
    Anyone any ideas as to where?

    Paul
     
  15. Toddston

    Toddston Karting
    Silver Subscribed

    Nov 29, 2006
    152
    New York, NY
    I am so there!! That and as for sorted out, I believe that because of the prices being fetched over the past 5 years, many of the these cars may be in the best condition of their lives.
     
  16. readplays

    readplays Formula 3

    Aug 22, 2008
    1,718
    New York City
    Full Name:
    Dave Powers
    Thanks for this. Wondering if anyone has recent pics of 4491 GT.
     
  17. Marcel Massini

    Marcel Massini F1 World Champ
    Honorary

    Mar 2, 2005
    14,153
    #118 Marcel Massini, Nov 15, 2014
    Last edited by a moderator: Sep 7, 2017
    4491 GT being restored, taken end of September 2014.
    Recent enough?

    Marcel Massini
    Image Unavailable, Please Login
     
  18. readplays

    readplays Formula 3

    Aug 22, 2008
    1,718
    New York City
    Full Name:
    Dave Powers
    Wow. Fantastic!
    Yes Marcel, recent enough. :)
     
  19. NürScud

    NürScud F1 Veteran

    Nov 3, 2012
    6,712
    Nice picture.
     
  20. 330BRC

    330BRC Karting

    May 4, 2007
    71
    Seattle, Washington
    Full Name:
    Brian Conlan
    Interesting color choice. Does anyone know if there is significance to this color?
     
  21. readplays

    readplays Formula 3

    Aug 22, 2008
    1,718
    New York City
    Full Name:
    Dave Powers
    Absolutely. It's the original color. Car was originally campaigned by British privateer David Piper. The color is british racing green*.
    *A friend has owned/vintage raced many significant historic grand prix and sports cars. He shared with me the legend that 'british racing green varied because it was whatever green the hardware store stocked when the car was campaigned'.

    At any rate, David Piper, as many will attest was a serious campaigner of Ferraris in the 1960's. In addition to this GTO, 4491GT, he was/still is the original owner of the last 250 LM produced (8165GT) and raced it along with many other significant cars.
    Of further significance regarding Piper's ownership of 4491GT is the fact that he altered/modified the body, as barchetta says, cutting down the windshield and reprofiling the roof.
    To the best of my knowledge, 4491GT is the only GTO that saw this level of private development in period.
    The car today is restored back to original spec as it left the factory.
     
  22. thepinkumbrella

    thepinkumbrella F1 Veteran

    Feb 26, 2006
    5,722
    United Kingdom
    Full Name:
    Paul Harris
    4491 was delivered to Piper in green, the colour of his main sponsor, British Petroleum (BP).
    The car was extensively modified by Piper's mechanic, Fax Dunn:
    The roof was lowered and re-shaped;
    Aluminium covers were fitted over the headlamps;
    Perspex covers were fitted over the spotlights;
    Sidelights and indicators were removed;
    Front and rear wings altered to accommodate wider wheels;
    And so on....

    When sold by Piper in 1965 to Peter Sutcliffe, Sutcliffe had the car repainted in his own shade of green that he referred to as Sherwood green.

    Paul
     

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