by Mike –
Sports Car Market has just announced this stunning news.
A Ferrari 250 GTO Berlinetta will cross the auction block without reserve at Bonhams’ upcoming Quail Lodge sale in Carmel, CA.
Read the brief note from SCM here.
“3851 GT” (photo compliments of Sports Car Market)
OK, considering The Quail Lodge is a 2 minute drive from my home now I will try to make it over there.
There are two pieces of stunning news here:
1) A Ferrari 250 GTO is going to a public auction (when is the last time that has happened?).
2) It is crossing the block without reserve! This means it will sell, maybe I’ll drop a $50k bid just to get things started.
I wonder why it is without reserve and if the proceeds will go to charity or if Bonhams has buyers lined up and all are confident on a world record price being set?
I also wonder how Bonhams landed this best car at auction in many years deal? There are many questions that have yet to be answered about this situation.
Your Comments are welcome.
Well, it will certainly get strong attention from everywhere and draw maximum crowds to the event, and maybe there is even a “side deal” there somewhere? CJ.
I am sure the seller and Bonhams will make money.
Mike, you have to do your research and then write about this car. It is offered without reserve to attract back the previous potential buyers. This particular car has been offered quietly on the market for some time. Likely that the owner always countered an offer with a higher price. If Bonham’s would set a reserve, those “old” buyers might not show interest as they might think that reserve would be too high. Now they can be back in the game.
And needless to say that it will set a new world record. I would assume that for this car, the final result will be same with or without reserve. Nobody will get a bargain on it.
Mike
You will read at this link that I have written about the GTO many times in the past: https://mycarquest.com/tag/ferrari-250-gto
And here are GTOs for “sale”: https://mycarquest.com/2012/12/is-this-real-a-1962-ferrari-250-gto-for-sale-on-the-internet.html
https://mycarquest.com/2012/12/ferrari-250-gto-for-sale-the-car-in-the-picture-is-not-the-actual-car-for-sale.html
I have done much research and this is the first GTO for sale at auction in many years and the first at no reserve. I expect it will set a world record price and make the seller and Bonhams very happy.
These cars sold for 10-40 K in the 70’s but who knows 50 million may be a bargain down the road.
In any case the seller will get what he wants, if not there will be a winning bid made by the auction company and the car will be re auctioned at a later date. IMO it’s a fixed no reserve auction with the illusion that it is possible to buy it at a bargain price.
What exactly is a “fixed, no reserve” auction? Never heard of it … or are you referring to the shill bit coming in at the end if the car does not hit expectations f the buyer? That is always possible and the buyer has the right to buy the car “back from him/ herself” . Of course, at all the involved costs of two premiums, etc.
But it is pretty unsubstantiated for now to claim that Bonhams would do anything else than they say they would do.
Mike
Yes shill bids, chandelier bids allowing the owner to buy it back, in my book it’s not a true no reserve auction if they use these tactics , so it’s fixed. But these cars are so sought after that I doubt any of these antics will be needed. Like Mike said they don’t come to auction often, I can’t recall one at auction in the past 10-20 years.
Doesn’t it make sense that Giotto Bizzarrini developed the worlds most sought after and expensive car in the world.
From what I’ve read, one of the owners of Bonhams bought this whole lot from Maranello Rosso and is selling it. Don’t quote me, but I believe that’s what I read. Hope to be there when it sells. Like you I’d offer $30M knowing it will sell for twice that. But, I’m sure they check your finances before you bid and that leaves me out – way out.
I tried to buy that collection and made a huge offer like 93 mil pounds and didn’t get it was quite a few cars but I guarantee you can’t certify this car 100% was back in 2014 and it had to be paid for in pounds, my attorney even spoke to the widow or mistress about it.
That’s why no chassis numbers the guy who owned this car was friends with Enzo and he built this car from parts
You pulled my comment because you know it’s true I even sent a letter of credit for that pkg, you’re pumping people up on some fake stuff ,
Bob Powell,
What are you talking about?
I thought you pulled it and I owe you an apology Michael, I invested a lot of time and money on this deal, the cars were in a sovereign place in Italy and it was risky and I backed up as I found out the GTO isn’t real. !
Bob,
This GTO sold in August 2014 at Bonham’s in Carmel, CA for $38 million. Are you saying this GTO is not authentic?
https://mycarquest.com/2014/08/the-ferrari-250-gto-sold-for-us-38115000-including-premium-at-bonhams.html
Yes, I had it bought with all the cars and sent the deposit, when I found out it was made after the fact is when I. Backed out, hard to believe, I still have the correspondence with the attorneys here and over there !
Absolutely it’s not, you could never classiche this car, if you only knew how much time and money went into this, they lost a fortune on that pkg because of 2 cars, there were many cars, I will pull my external hard drive I kept for this and send it if you want !