by Mike –
Is any one surprised by the sales price of $38,115,000?
Let us know what you think in the Comments.
Summary
Article Name
Ferrari 250 GTO - Sold for US$ 38,115,000 Including Premium
Description
The Ferrari 250 GTO auctioned sold for 38,115,000 including premium at Bonhams in Carmel, California.
Author
Mike Gulett
I thought that would get a much higher price
I thought it would make that figure in ££ based on the recent escalations!
Far cry from $50MM– the vintage car market, particularly in Ferraris, is insane. Perhaps this represents the first crack in the market, as while still a huge price, it is a very significant market miss. I have had many vintage Ferraris and they are very nice cars and generally quite beautiful. I decide to sell a car and for the few years or so, literally the car is sold within a day or quite frankly within an hour ( not exaggerating) sold all my more important cars site unseen, no checkout ( yes I have a reputation for having excellent cars)!, money wired to my account with no proof of ownership provided yet ( yes sell it through broker who knows me well)– for a price I think is beyond crazy. This is a bubble like no other as while vintage cars are wonderful in many ways, they do not just hang on a wall– they require constant attention, need to be driven and used, leak fluids, require mechanics who are few and far between, need to be garaged, insured ( and that is getting quite costly), and most importantly are constantly going down hill whether driven or not. Hope some sanity will return to market some day but needs to go a long way down before I am a buyer again.
Seems like a sreamin’ deal compared to rumored recent private sales. The seller may have left millions on the table.
Results of a ‘no reserve’ auction?
It is a surprise that this GTO sold at 50 percent of what was expected. However this car has a terrible history that will always be with it whenever the owner shows up at any GTO event this one may need to be parked away from all the others. It was in a terrible crash that killed the driver. That rep. does not wash off. It will be interesting if this low price dings all the other auctions. The other auction houses should have bought it at the $75 million to protect their own auctions.
Yes, somewhat surprised at the “low” number given the hysteria surrounding…..as it reflects the broader market? We wil see, other sales appear strong….so far. The target market for a GTO is so narrow, I do not feel that this number will prove to be the “tipping point” towards market decline.
Jack
This is not a low surprise. Nearly $40Mil for a car that was badly damaged and reconstructed along with the tragic results for the driver make it hard to sell as a premium GTO.
Should a flawless example with absolute provenance and impeccable authentication come to auction, it would surely meet the heavier estimations shown here of $50Mil.
There are many of these in supply. They are not one-off cars. Which means anyone with the money to buy one is going to be well aware of the history and what they are buying, along with the available selection. Nearly $40Mil is not chump change and still shows an amazing amount of strength in the market.
Vintage cars of Italian, handmade origin, still remain exceptionally good investments (assuming you purchase a desirable and rare one) particularly for the very wealthy. Once you have millions in real estate, stocks, bonds, and art (none of which are highly emotionally immersive experiences) where else do you put $40Mil in cash? In the bank at .25% interest?
The market is larger than ever before and the players are wealthier. Any market corrections have already happened with overpriced muscle cars and other mid range vehicles which, on average, have been dropping in value or flattened out for the past 5 years. Most are still at 75% recovery of restoration costs when sold.
If it’s rare and the wealthy care – they will always pay for it.
Only at Pebble can someone be disappointed their car only brought $38mil. Cry me a river.
Not surprised at all by this price.
Great price for a good car.
The surprises have been, and are, that some one-off special deals that are struck privately get used as ‘market price’ and build flawed expectations.
Like $3.5 mill for a special muscle car ‘one of one’ , of which tens or hundreds of thousands were built that year.
However, if somebody wants to part with a retirement fund worth of money for one of my toys, roll on up };>)
I had expected the price to be 30M minimum, seems to be right in the reange most people expected it to be as it was completely reconstruced as mentioned above.
IMO this was a botched deal. If the seller had given the money to charity maybe that number would have doubled, that would offset the profit on the other 10-15 cars the GTO owner was auctioning and Christy’s would have had a real story but maybe the Italians don’t have the same tax problems we have here.
Was no Italian tax problem the collection was in his building and he was able to make that property a sovereign state, if you think I’m wrong do the research and you will see I’m 100 % right, why do you think it had to be paid for in British pounds !