When I look at that price, I hear the words . . . "there is a sucker born every minute." Or A fool and his money are soon parted.
There are so many overvalued cars right now. This being one of them. I think a Miura SV at $2.3m makes much more sense than a manual 599 at $700k or a 355 at $180k. Almost wishing for a huge correction..
At one time I would have said the same thing, now I'm not so sure. If the stock market tanks it could be a while before seeing that price again, but eventually it would get back up there. I think.
Don't forget ... several bidders ratcheted this price up. This wasn't a private sale between the owner and a single (foolish, uninformed, etc) buyer.
This was a case of something is worth exactly what someone is willing to pay for it on that given day. I personally think rare and desirable exotics not just Ferraris will have a strong future market. The 3 pedal cars are unique it's not just the fact that they are becoming or have been already rendered to the history books, it's the fact that they were the norm for so many years, they embody a visceral experience, there is a tactile component to them, an art to the way the gates are crafted, an aurel element as you "clink" thru the gears. If the goal of a sports car is to excite, is to engulf the driver in a blissful and dramatic experience, to become so utterly committed to the driver's sense of control and purpose in becoming engaged with that vehicle and the road underneath them... Then what could be more integral to the feel of driving then the humble yet beautiful stick shift manual transmission and that all mighty third pedal. I'm in my 30's and I doubt that my future kids or any kids these day will ever experience such motoring feelings and joy. That is why they are valuable they represent a time and a feeling.
Well said. This subjective feeling plus the rarity factor gives those babies a plus x in value. How much really will have to be seen. Maybe not such a big x, but not a minor one either...
There's a FIAT diesel powered 599 GTD coming to the market. Was top secret, one of one, white on white and a stick shift. Only has 130 bhp but could do 599 miles on one gallon of oil. Less than 1000 miles. Going to be worth a fortune.
So it would seem however as I have learned over the years of auctions it only takes one bid to sell or buy a car.... ..
I'm in this camp. One sale does not (necessarily) a market make. When I hear about another 3 pedal selling for anything close to this, I'll rethink my position. For those of us who have bought anything at auctions, how many have said after the fact "I wish I hadn't kept bidding!" Emotions often get ahead of sound investment decisions and I think this is a classic example.
This is very true. I once paid 3x more than I's like to have on a bidding war at a firearms auction. It was a very collectible Colt 1911 and we went back and forth. The good thing is that it's a collectible Colt and a model 1911 in the USA so it'll always increase in value just a matter of time
I hear you guys about emotions (and alcohol) over-riding reason at auctions ... !! But, we all do tend to use auction results, i think, rather than individual (private) sales, to determine "market value" of cars (and other collectibles) ... simply because the items of interest are broadly exposed to a wide market, and several bidders (rather than one) typically determine the final transaction price. Of course, more auctions are better than a single one, to determine "market value" ... so time will tell
will they? increase from where? they have been on the move for quite some time now. they are certainly considered blue chip porsches at this point.
2007 Ferrari 599 GTB | Amelia Island 2015 | RM Sotheby's I understand the 6 speed manual demand but WOW! That was strong sale
Look out, I think 550 Barchetta's are the next model to get the dealer pump up. As in, approaching $1/2M. 2001 Ferrari 550 Barchetta Deerfield Beach, Florida | Domani Motors -F
Maybe among the rich octogenarians in Florida. But the temporary tent that they call a roof makes these unusable in the real world.
90% of all collector cars make no sense in the real world. They are bought to be put in garages and print money. What a pity.
Unfortunately, you're probably correct. My problem is I have a nasty habit of actually driving Ferraris in times and places where a decent roof is mandatory. But I raise my glass to the collector who admires their Barchetta sitting in the garage.
I don't. Tell them to go buy stock and bonds and leave the cars to people who appreciate them for being a car and not a commodity. The people who really make out like a bandit are the auction houses. They get it coming and going which is why they perpetuate this speculation.
The Barchetta is not the best car for the wet regions, that's true. But what it and the manual 599 represent is the end of an era, that is, a manual Ferrari. And though most buyers prefer an F1 transmission, manual Ferrari's are now seen as something special, especially the V12 models. For a car to go high at auction, it takes two bidders. It's not the buyer against the auction house. The demand for manual V12 cars has come into it's own. -F
Well, sometimes it's one bidder and a shill. Not that that's what happened in this case, because I was not there and do not know. I do hope that the buyers are as extravagant with their charity 😳 and wish them all the best. And I love the barchetta!
I couldn't agree more. Just take a look at the 10 USA 60th anniversary Ferraris they sold, that have no roof at any time.
Shill isn't gonna drive it up that high ... Maybe up over the auction estimate high, but not in another stratosphere.
