i feel sorry for some of the monterey buyers

Thankfully I did just this before the rise in prices. I bought my '83 308 GTB and have spent the past two years restoring it myself. I would be done but I have to wait until I earn a little extra cash to complete each stage. At the time I bought it I could have got a mint 355 GTB for 55k. Looking back I wish I would have got it but all the horror stories scared me off.

I've been involved with Ferrari since 1997. Along with the crazy prices we see now I've noticed the average owner has also changed. When I go to local events I see far less enthusiasts who know Ferrari and its history and more poseurs with coffee cup saucer sized watches who just want to be seen in their designer sunglasses and clothes and look like a big shot. They are in the Ferrari game for the novelty and status. They just want it as a show piece and have daddy's trust fund to fuel their purchases. They pay 10x the normal price for alcohol in clubs to show off so why not do the same with cars?

Crazy times.

 

Agree completely. This kind of talk frustrates me. The market is what it is (in the absence of government intervention, which is minimal in this market). People are paying these prices voluntarily. The cars are going to the folks who value them the most, whether they decide to drive 'em, garage 'em or loan 'em to a museum. And all Ferrari owners are benefited, to some degree at least, by the halo of these high auction prices.

And here's one financial argument for buying an F40 or a 288GTO: our betters in Washington, D.C. can't print more of them. Granted, they can (and no doubt will) adopt policies that impoverish everyone to the point where the market demand is adversely affected. But every indication is that they'll also continue to eviscerate the dollar. And who among us can argue the psychic benefits of owning a great classic Ferrari vs. a piece of paper with green ink on it?

Wouldn't it be better to leave people alone to do what private transactions they want to do? There are plenty of real problems to worry about.

 

I tend to agree, also with your point about the evolution from the 1980's.

We are just back from 8 days in SF and Monterey. Quail, Pebble, a couple auctions (as guests and spectators only). (BTW we put 800+ miles on our Speciale along the way)

1) this is absolutely a big industry now. Big. As such, the participants in the industry need to show growth; since its hard to manufacture more "classics", it's about cultivating more value out of the existing population, and growing adjacent businesses. Even the manufacturers are having to increasingly cater to this segment; it's growing and profitable.

2) a pure observation, there are still some real enthusiasts out there, who buy/own/drive, and even race, these cars. Our family is good friends with someone who is off the radar (on purpose) who actively tracks a few $XX M cars. He's also a great guy. However, I'd have to agree that ownership and the auction action seems to be "art collectors" and, if only based on their behavior, "ego boosters". We met quite a few last week. OTOH, we also met some spectacular new friends whose feet are firmly planted.

3) I fully subscribe to the "it's their money, if they want to pay X for something and own it, they can do what they want with it. Or not".

4) re Point 3, while I support that, I don't like it as someone who tends to appreciate cars (and other machines) that are driven/raced/used. I'll also admit that part of it is probably some envy, as I'd like to own and race a nice 1970's F1 car myself....so I'd imagine some of our squawking is a bit of friendly envy.

5) when you own something that is worth $$millions and is hard/impossible to replace, I think for most its natural to be "protective" of it (i.e. keep it parked under glass). My first sports car was a Porsche GT3, I was so afraid of scratching it I didn't drive it. I quickly gained sanity, but then again I still cover my "expensive" cars with 3M to prevent rock chips....I knew I was cured when I started racing "expensive" cars, but I still damn near cry when I abuse the machinery.

6)big realization for my car-nut wife and me from last week: neither of us are art/jewelry types, and that extends to car shows, collecting and auctions. We're drivers, and in my case, a racer. I enjoyed seeing the hardware on the lawns and stages, but had a small dose of sadness that aside from a few cars there, most would be parked forever.

7) having said that all, if people have the cash and want to buy something and use as they please (or not), good for them. I may not like it, and I'll probably never have a shot at owning a Porsche 956 that won Le Mans, but I'll find a way to enjoy cars.

just my $0.02

 

Agree with everything you just said. As an "outsider" (or non-Ferrari collector) this is exactly what I see as well.

Also, I'm a free market proponent, and am the first to say that noone should control who is buying or selling these cars (absent fraud), and I have no say in how they use the cars. But I'm also free to say that I would personally prefer if more of the cars were in the hands of real enthusiasts. Many of the cars ARE, but many of them are not, and that's just how it is.

 

It was probably at least 10 years ago, but Peter Giddings was thrashing his GTO and a prewar Alfa around Road America during Ferrari Challenge days... it was an absolute delight to see and hear. Many owners still use their cars which is admirable, but sadly I see mor eand more go from the show lawn to the flatbed and back into the climate controlled garage.

 

They clearly didn't know when to stop last time either. I wouldn't expect them to behave any differently this time

https://www.youtube.com/watch?v=I_mb_c8su7k

 

Sadly, we are seeing beautiful and dynamic machines being turned into the worlds most expensive "paperweights". I am with The Mayor on this one. Too much speculation, too many new owners who don't appreciate the marque, the history or the real "value" of the cars. They see them as the next piece of their overall investment strategy. The true enthusiast is being priced out. Still, it will probably end badly (...and no, this time it isn't different).