Mille Miglia anyone ?

There has been a lot of discussion on this board about 'the rich & famous' who have owned the 365 GT4 2+2/400/412 series in the past, so although this post is a bit OT I think I can justify it when I say that Prince Berhard of the Netherlands, Ferrari enthusiast that he was, owned one of the very first 365 GT4 2+2's off the production line.
Of course that wasn't his first Ferrari, nor his last.
Twenty years earlier, in 1953, he bought a brand new 212 Inter Coupe Pinin Farina and, according to legend, he had specially ordered the V12 powerhouse to be souped up a little just in case some lesser mortal felt like taking him on at the traffic lights !
Next week, at a special auction in Paris, Prince Bernhard's old 212 will come under the hammer, and by all accounts the car is in almost pristine condition.
It isn't everyday that the opportunity comes up to acquire the sort of car that would be almost immediately eligible to enter the world famous Mille Miglia race in Brescia, Italy. And of course cars that compete and complete the race have an added value to collectors around the world.
This car won't be cheap, $500,000 at the least, but for those wanting a truly amazing piece of Ferrari history, check out this link:
http://www.artcurial.com/en/asp/fullcatalogue.asp?salelot=1605++++++27+&refno=10254557&image=2

Sadly, I won't be bidding.

 

I firmly believe that there is a helluva lot of money out there just waiting for the opportunity to acquire the sort of prestigious clout that such a perfect combination of marque, model and provenance can offer.
For those who dream of competing in the Mille Miglia, restricted to cars made between 1927-57, then a vintage Italian exotic is not only the way to go, but possibly the only way, these days, for a new competitor to be assured of his start number by the organising committee.
This 212 ticks all the right boxes.
Participating in the MM is in itself an expensive undertaking, and we’re potentially talking tens of thousands of dollars, but that doesn’t dissuade the 100’s of contenders who arrive from all corners of the globe in Brescia every May to take part in what has become known as ‘the most beautiful road race in the world’.
I don’t think that this car can be bought for $350k, but it could possibly go for less than $750k.
Throw another $150k at it for preparation and competition expenses and if it completes, and that’s a big if for a thousand mile race, then its earned it’s $1m+ price tag. And the rich and famous will queue up to buy it.
Not a bad return for the ride of your life !

 

Hats off to Art & Jim.

The 212 failed to sell and fell short of the bottom estimate by some margin.

Two bidders in the room pushed the bidding up to Euro 325,000 ($424,000) against a reserve of Euro 380,000.($495,500)

Is this a further symptom of the prevailing credit-crunch-induced belt-tightening or is this particular vehicle simply not worth the money?

 

That was my original point, it was all about this car's eligability for the MM. But maybe the Mille Miglia itself is losing it's mystique although I can't see why. Surely it is the race that every period Ferrari owner dreams of driving just like The US Open is for amateur golf and Wimbledon is for tennis.

Dr Etc is right, and I've made this point before, once a car completes the MM it's value surges on the back of it.

Maybe ArtS is right, the current owner is being unrealistic in his valuation. Perhaps a $350,000 investment and then an additional $150k on preparation and race expenses is the maximum gamble any reasonable individual is prepared to make on this car. Perhaps all you do end up with is a Volvo stunt-double or an equivalent outlay that could otherwise have netted you over a dozen 400's !!!

But surely guys, with an MM completion certificate pinned to it's CV, this 212 would then be worth $750,000.

Or am I dreaming here ?