Market Prices 575 Manual vs 575 F1 (conversion costs) vs 550?

A perfect 575M factory stick from the Frank Micoli collection sold at Mecum Indy today for the very low price of $200k. A great looking car. Either the auction winner stole it or the market is collapsing.

 

I was at Indy Mecum last week and saw all these cars, all from the same collection. I thought the window summaries and estimates were way off par, but the market seems to have spoken. At least in Indy, where the exotics really aren’t any majority compared to the American Muscle.

The Gated 575 had a lower estimate on it and I had nearly assumed it was a converted car or had an accident history. The SA also went cheap(ish). Some of the Maranello’s in this collection did have the grill blacked out and the Gated 575 had non-stock rims. All seemed to be in good condition and prepared nice for presentation. Also indoors, on carpet at location helped display them. All were sold with No Reserve too.

The gated 456M was a beautiful car with a few cosmetic blemishes, but the sticker estimate was 80-100k and it hammered over 120k.

I was also able to pick up a single Schedoni 456GT luggage bag for $300 this week there.
Image Unavailable, Please Login Image Unavailable, Please Login

 

Something has to be off there, I can’t imagine the seller being ok with that. Having no or so low a reserve at Mecum on a Ferrari is a little foolish. There must be more to that story

 

That collection had a lot of cars in it, beyond the Ferraris, so who knows what kind of deal they got or who was tasked with overseeing it.

Went back yesterday to pick up my suitcase and we stayed watched a few cars run the block seemingly for lower money...

The modified 275gtb hammered before fees for 1.15m after they lifted reserve on the block.
Image Unavailable, Please Login

The 400 superamerica stalled @ 2mm

Image Unavailable, Please Login

And we watched 3 in a row 05-06 Ford GT cars fail to break 400k. Only the third one sold. So auction fatigue or just the wrong location who knows.

Image Unavailable, Please Login

I also went to Mecum Kissimmee and there were a lot more European classics and Exotics. The big difference, I thought, was in FL they were showcased much better too.

Really after watching all this, I'm not sure why anyone wouldn't choose and online platform to continue to sell. Much more exposure, much more time to make a better decision, and quite frankly the peanut gallery I think adds to some of the pressure to buy

 

I think you’re correct. In the 575/550 auctions, our peanut gallery is pretty realistic. Go over to the aircooled Porsche stuff, though…EVERYTHING is a gem. I recently got called out and flagged for pointing out what a car had been available for for MONTHS on AT prior to BAT while all these “experts” were weighing about how high it should go. I think anyone who follows a particular market should know these things anyway, and it’s absolutely stupid to pay $10-30,000 plus fees more than you would have a month ago. But the market manipulators and instagram hawkers were none too pleased…and quite frankly I’m glad.

Long story short - the peer pressure and quiet expectation is most certainly a factor.

 

Sorry - meant to say too, I don’t think it’s a sign of the market collapsing because that would essentially be overnight failure sans any major precipitating event in the US or global economy. In fact, the recent news from Wall Street is quite the opposite. This would represent, at a minimum, an instant 33% reduction in pricing.

I am certainly seeing some cooling, though. I think some of the hype is fading and perhaps with that some of the interest among the fashion “enthusiasts” is subsiding as well. Fine by me as my stance has always been that our passion should belong to the passionate and not the speculators.

 

This is the nature of an auction - timing, audience, who's in the room at a given time... I'd never risk something like that unless I just wanted to liquidate quickly.

Regarding the audience, Mecum is far from the epicenter for Tifosi. Not sure why a Ferrari collection of great models, assuming they are unassailable examples (we don't actually know this), would go there vs private placement or a platform where the audience is more closely matched with the lots. It looks like the Micoli Collection had 6 Ferrari and over 20 American cars. My hypothesis is that (1) Mecum was the best place for the American stuff, which represented the majority of the collection's value and (2) a good deal in terms of commission was negotiated to include the Ferraris. The business proposition could have been such that the Ferrari's may have been able to squeeze out another $500K total on the best day at RM Southebys or Gooding, but Mecum could have been EASILY offset that a lot of the extra value left on the table with reduced commission and simplification of the overall process.

At the end of the day, auctions may provide directional pricing and trends over time, but they are from a current snapshot of a market given the variables introduced in that format.

 

Lots of head scratchers here. 275 gtb for 1.15mil??? They have to add the repair cost for drywall from the seller banging his head on it.

And on the flip side, 137k for a butchered f430??

 

The supercharged 430 seems like a reasonable deal for a 7k mile car with what appear to mostly reversible mods? I don’t know 430 prices very well. Also it does looks like a bodykit…more taillights and badging?

 

That would be around right for an oem garage queen f430. For that price I would not want to spend any extra sourcing oem wheels and reversing the changes.

 

Ah gotcha. I didnt realize where f430 prices settled! Makes sense.

 

575 all day long. Much better spec, almost assuredly better condition. As you point out, that 550 likely seems like a deal, but once you get into it…

only reservation I would have is how low the mileage is on the 575.

Don’t forget, too - realistically people are paying $5-7500 more do the car to use an auction site (drives me nuts when I see people buy a car and pay more with fees that has been for sale elsewhere for months!!!). That has to be factored into value.

 

Ha... now you are adding in logic for people who don't have any

 

Agreed rationally...the 575 is a better sorted car in general but the 550 is so damn pretty...

 

I always expect too much from people

 

Nick- Just as a note, the Maranellos in the sale did not have blacked out grilles. Black grille was standard on 575Ms and 250 GT style optional until mid-CY 03.

 

I have the optional (I thought) chrome / 250 style grill on my 2004, I believe it was available until the end of production.

 

Joe- They were standard on 2004s and later. I have an early 2004, 135171, and it was standard on her.

 

New Cars & Bids video on YT: 5 undervalued supercars to buy right now. 550-specific piece starts at about 12:52.

 

Mark to market the cost of an OEM 575 conversion kit ~$21k. I saw at least two conversion installers on the auction that closed today in the action.

I figured it would go for more.