top of page

FERRARIS AT THE MONTEREY AUCTIONS

Rick Carey

Volume 43 Issue 19

Sep 15, 2018

It was a Ferrari at the top (by a wide margin) but other than that the Ferrari contingent was a supporting role to the vast numbers of lesser cars that flooded the five auction venues at Worldwide, Mecum, RM Sotheby’s, Gooding and Russo and Steele.

    For the record, RM Sotheby’s Ferrari 250 GTO S/N 3413 GT sold before a packed house on Saturday evening for a world record-breaking $44 million hammer bid. Add the buyer’s premium and the total comes to $48,405,000.

    The commission, $4.4 million, would buy a very nice collection of Ferraris all by itself that could include, just from the Monterey auctions, a 250 GT Cab SII S/N 2007 GT ($1.325 million at Gooding), an F40 S/N 87041 ($1.71 million at RM Sotheby’s), a 250 GT Ellena S/N 0807 GT ($940,000 at RM Sotheby’s) and a 246 GT Dino S/N 03496 ($373,500 at Bonhams) and still have $56,500 left to splurge on a Netjets flight home.

    While attention focused on the GTO, the Aston Martin DP215 (sold for $21.45 million at RM), Holman & Moody Ford GT Mk II (sold for $9.79 million at RM), a pair of 250 GT SWBs, alloy body 275 GTB/C and Duesenberg SSJ Speedster (sold for $22 million at Gooding), their performance on the block was less than scintillating. Three never made it into 8-figure bids. The four that sold, however, amounted to a total of $101.655 million, 27.4 percent of the week’s total of $370,869,895.

    It was a Ferrari at the top (by a wide margin) but other than that the Ferrari contingent was a supporting role to the vast numbers of lesser cars that flooded the five auction venues at Worldwide, Mecum, RM Sotheby’s, Gooding and Russo and Steele.

    153 Ferraris crossed the various auction blocks, 11 percent of the 1,385 total lots. 81 of them sold, 9.6 percent of the 846 lots that changed hands. The sell-through for Ferraris was 52.9 percent, 8.2 points less than the 61.1 percent sell-through for the auctions as a whole.

    The total Ferrari sale including commissions was $115,357,349, just $1,774 more than last year despite having 20.5 percent more Ferrari lots consigned, and one of them for $48 million, 42 percent of the Ferrari total sale.

    The distribution was odd. 17 Ferraris were bid to $1 million or more which sounds like a lot but in fact it was the lowest number since 2012. Even with the GTO’s $48 million the $1 million+ Ferraris total of $83.35 million sold was the lowest since 2012.

    74 Ferraris offered were 25 years old or less (MY 1994 and later), an increase of 20.5 percent from 2017. They brought in a total of $21.52 million, up 13.7 percent from last year, with seven of them achieving hammer bids of $1 million or more. Five were at Mecum where an unprecedented offering of seven-figure hypercars was featured. LaFerraris were more common than MGAs.

    While the Monterey auction week’s total was better than 2017 or 2016 it was below 2015’s $393.8 million and far below 2014’s record $454.2 million.

    Individually none of the auctions set their highest total sale, in some cases a wide margin behind their best totals. Some lots, like the 275 GTB/C at Gooding, were serious disappointments.

    In conclusion, despite the headline results for the GTO and Duesenberg SSJ, 2018 was not an especially strong year for the Monterey auctions.



 

Monterey Auctions - Selected V12s

    250 GT ELLENA COUPE, S/N 0807 GT (1958). Burgundy with beige leather. Estimate $750,000 to $900,000. Older restoration, 3+ condition. Hammered sold at $850,000 plus commission of 10.59 percent = final price of $940,000. Borranis, Englebert tires. Badly chipped back edge of the hood, otherwise the older paint is very good. Good older upholstery and carpets, very good chrome. Clean and orderly engine compartment and chassis. Long term owned by Cy Yedor and restored for him in 1996. Coppa Bella Macchina at the FCA Concours in 1996 after driving 2,900 miles from California, along with many other awards. Not showable any more, but much better than a driver. Sold by RM here in 2013 for $687,500. It is an outstanding Ellena with an important provenance that brought a generous but not irrational price from bidders who appreciated its history and design. Lot # 228. RM Sotheby’s.

    250 GT LWB BERLINETTA, S/N 0905 GT (1958). Metallic gray with gray leather. Estimate $6.5 million to $7.5 million. Recent restoration, 2 condition. Hammered sold at $6 million plus commission of 10 percent = final price of $6.6 million. Borrani wire wheels, Englebert tires, covered Marchal headlights and fog lights, quick release fuel filler, single sail panel vent, cold air box. Owned for 52 years by Fred Peters. Engine replaced in Italy in the 1960s with 092D, restamped 0905 GT. Restored in 2014, subsequently Coppa Bella Macchina winner at the 2016 Cavallino Classic. Excellent paint, chrome and pristine interior. The underbody and engine compartment are like new. An outstanding TdF with an epic and important history. The only TdF in the Monterey auctions, it also benefited from its long association with Fred Peters. With all that going for it, the result was only modest even taking the replaced engine into account. It is a Ferrari to be owned with pride and confidence and driven, as Fred did for many years, with enthusiasm. Lot # 053. Gooding & Co.

    250 GT PF CABRIOLET SERIES II, S/N 2039 GT (1960). Grigio Fumo with beige leather.  Estimate $1.5 million to $1.8 million. Older restoration, 2- condition. Hammered sold at $1.525 million plus commission of 10.33 percent = final price of $1.683 million. Borrani wire wheels, Dunlop SP Sport tires, dual Talbot mirrors, Marchal headlights and foglights behind the grille, Classiche certified, factory hardtop. Very good paint, chrome and lightly stretched upholstery. The wheels should have been taken off and the inside of the rims cleaned of road and brake dust. The underbody has factory style undercoat. The engine compartment is nearly like new and lightly used, with attractive details like Pirelli hoses and Marelli coils. Runs very well. There were four SII Cabriolets in Monterey and this was the second most expensive (although Gooding’s would have been more if it had sold). It is thoughtfully detailed and represents a sound value for the new owner, and a fair price for the seller, at this result. Lot # 062. Bonhams.

    250 GTO, S/N 3413 GT (1962). Red with blue cloth. Estimate $45 million to $60 million. Competition restoration, 3+ condition. Hammered sold at $44 million plus commission of 10.01 percent = final price of $48.405 million. Borrani wire wheels, Dunlop tires, Marchal headlights, spun aluminum Talbot mirrors, sliding side windows, rollbar, Willans belts, fire system. The third GTO built, raced when new by Edoardo Lualdi-Gabardi, 1962 Italian GT champion, class winner in the 1963 and 1964 Targa Florio. Rebodied by Scaglietti for second owner Corrado Ferlaino with this Series II GTO/64 body in which form it won its class at the Targa Florio (Ferlaino/Taramazzo), a win crucial to Ferrari’s GT Manufacturers championship. Subsequent owners include historic racers Dan Margulies, Neil Corner, Lord Anthony Bamford, Nigel Moores, Sir Lindsay Owen-Jones and the present owner, Dr. Greg Whitten. Campaigned frequently in historic races, tours and events. Original engine, gearbox and rear axle (the engine is not installed but goes with it.) Good older paint, interior and glass. Lightly scuffed paint. A quality, well-used and maintained race car. The star of the Monterey show. The car’s quality and RM Sotheby’s hype brought the highest auction price for an automobile in history, only a little disappointing that it didn’t rise to the level of the low estimate. Its history is known. It’s never been crashed to any significant degree and its ownership provenance is impeccable. Its only drawback is the Series II GTO/64 body with the extended roofline, low hood and extended oval grille, all added in period and part of its most important victory at the 1964 Targa Florio. But, it isn’t the classic GTO. That may be the only factor that keeps it from being $50 million plus. It still represents the opportunity to cruise with the GTO owners every five years and appear at any event or historic race where the new owner wants to take it. As such it is a good value and for some (like me) the GTO/64 body is a plus. Lot # 247. RM Sotheby’s.

    250 GT/L, S/N 5117 GT (1963). Pino Verde Metallic with tobacco brown leather. Estimate $1.7 million to $2 million. Older restoration, 2 condition. Hammered sold at $1.35 million plus commission of 10 percent = final price of $1.485 million. Borranis, Marchal headlights and fog lights, Michelin XVS tires. Classiche certified. Ex-Reggie Jackson. Restored in 2009 and awarded Platinum at Cavallino. Very good paint, chrome and interior. The underbody and chassis were done like new and show some age and use but have been little used and well-maintained in the past nine years. Sold by RM here in Monterey in 2008 before the most recent restoration for $770,000. The result here is reasonable and only $165,000 more than the concours-ready example sold here yesterday. All in all not a very strong result for Lussos in Monterey. Lot # 057. Gooding & Co.

    330 GT 2+2 SERIES II, S/N 7883 GT (1965). Estimate $325,000 to $425,000. Not viewed. Hammered sold at $250,000 plus commission of 12 percent = final price of $280,000. Offered at Mecum Monterey in 2016 with a reported high bid of $330,000, described then as: “Bubble in the paint right above the driver’s side door handle. Trunk lid sits proud at its leading edge. Trim has a few scratches and dings. Clear masking line in the driver door jamb that has been polished flat. New interior fairly well fitted, there are minor wrinkles in center console and seats. Wheels are well-polished. Chrome well cared for and appears older. Delivered new in Italy. Represented as comprehensively restored earlier this year, but some of the work looks older or done in a hurry to make it to the auction.” Rated 3+ condition in 2016. Lot # 257. RM Sotheby’s.

    365 GTB/4, S/N 14867 (1971). Blu Dino Metallizzato with beige leather, black strips. Estimate $800,000 to $1 million. Older restoration, 2- condition. Hammered sold at $660,000 plus commission of 10 percent = final price of $726,000. Alloy wheels, Ansa exhaust, leather-wrapped steering wheel, tool roll, handbooks, Classiche certified. Excellent paint other than a few chips on the lower nose. The brightwork has minor hazing. The underbody is excellent with only minor oxidation behind the rear wheels. The interior presents very well and has only minor use indicated on the seats by light creasing. A gorgeous older restoration little to pick on. 2013 FCA Platinum, Coppa GT and Coppa Bella Macchina, 2014 Cavallino Classic Platinum. Its result is at the strong end of recent Daytona prices even though it is a third under the exaggerated presale low estimate. It is a great Daytona, but it brought a generous retail price. Lot # 033. Gooding & Co.

    365 GTC/4, S/N 15873 (1972). Red with tan. Not viewed. Hammered sold at $277,500 plus commission of 10 percent = final price of $305,250. Offered at Bonhams Quail in 2010 where it was bid to $100,000, then at RM in Ft. Lauderdale in 2011 with a reported high bid of $77,500. Lot # 663. Russo and Steele.

    365 GTB/4, S/N 16701 (1973). Ice blue with black leather, black strips. Estimate $625,000 to $700,000. Visually maintained, largely original, 2- condition. Hammered sold at $750,000 plus commission of 10 percent = final price of $825,000. Cromodora wheels, Michelin WXW tires, tool kit, manuals, Dinoplex ignition, Becker Mexico cassette radio, power windows, Borletti air conditioning. Represented with a single repaint and as mostly original other than rebuilt suspension in 2015. Showing 17,505 miles. Lightly scratched front bumpers. Good, shiny wheels with older tires. Very good paint. Handsome, mellowed interior that shows age but charmingly so. With everything underneath pretty much all original, it would be an even more compelling car with original paint. A post-block sale at Mecum’s Kissimmee auction in 2016, then passed at Indy three months ago on a reported $660,000 bid. What happened here is hard to fathom, by a meaningful margin the most expensive Daytona berlinetta among the four in the Monterey auctions. It’s a quality, mostly original car, but the originality is compromised by age and use and it was bought highly generously at this price. Lot # F111. Mecum Auctions.

    512 BBi, VIN ZFFJA09B000046663 (1983). Rosso Corsa/nero with nero/gray Zegna wool. Not viewed. Hammered sold at $210,000 plus commission of 10 percent = final price of $231,000. Lot # 667. Russo and Steele.

    400i AUTOMATIC, VIN ZFFEB06B000047147 (1983). Black with red. Not viewed. Hammered sold at $41,000 plus commission of 10 percent = final price of $45,100. Lot # 418. Russo and Steele.

    512 BBi, VIN ZFFJA09B000052559 (1984). Grigio Scuro with Bordeaux leather. Estimate $375,000 to $475,000. Visually maintained, largely original, 3+ condition. Hammered sold at $320,000 plus commission of 11.56 percent = final price of $357,000. Michelin TRX tires, Pioneer cassette stereo, Borletti air conditioning. Good clearcoat repaint over unfilled chips. Good lightly stretched original interior. Orderly but aged original engine compartment. Road grimy chassis. 6,204 miles and one owner since 1988. There were two 512 BBis in Monterey, both with single ownership since 1988. This one has fewer miles and appears to have been kept “in commission” throughout its history despite having 20,000 fewer claimed miles. It brought $156,000 more than the other with a strong premium for low miles and attractive colors that suit its design. It isn’t expensive per se, but it is a generous price for low miles and a high level of originality. Lot # 153. RM Sotheby’s.

    TESTAROSSA, VIN ZFFSG17A3J0076758 (1988). Rosso Corsa with beige leather, brown dashtop. Estimate $80,000 to $110,000. Visually maintained, largely original, 3+ condition. Hammered sold at $70,000 plus commission of 12 percent = final price of $78,400. Polished 5-spoke alloy wheels, Michelin Pilot tires, air conditioning, books, tools, luggage. Erratic repaint, worn surface cracked original interior. Clean original underbody and engine compartment. Now showing 38,972 miles it had an engine-out belt service at 33,000 miles. Gearbox rebuilt and new clutch at 34,000 miles. A generally satisfying Testarossa that has been regularly but sparingly used. California driven since 1998. Once a favorite of Ferraristi the Testarossa has fallen out of favor, frequently selling for less than more recent V8 Ferraris (with more horsepower and better driving dynamics). Overlooking that, the Testarossa is still a Ferrari milestone, its five aerodynamic side strakes leading air into the rear wheel wells and engine defining a generation of Ferrari/Pininfarina design. 385 hp isn’t, by modern standards, a lot, nor is a 5.3 second 0-60 mph time, but it’s pretty good, and good enough for the price paid here. Lot # 067. Bonhams.

    TESTAROSSA, VIN ZFFSG17A0K0079683 (1989). Estimate $130,000 to  $160,000. Not viewed. Hammered sold at $115,000 plus commission of 12 percent = final price of $128,800. Lot # 235. RM Sotheby’s.

    512 TR, VIN ZFFLG40A1P0096404 (1993). Estimate $175,000 to $225,000. Not viewed. Hammered sold at $160,000 plus commission of 12 percent = final price of $179,200. Offered at Leake’s Tulsa auction last June where it was reported bid to $135,000, then at Mecum Kissimmee in January with a reported high bid of $150,000. Lot # 016. Bonhams.

    F512 M, VIN ZFFVG40A6S0100254 (1995). Black with beige leather. Estimate $325,000 to $375,000. Unrestored original, 2 condition. Hammered sold at $360,000 plus commission of 11.39 percent = final price of $401,000. Modular alloy 18-inch wheels, P Zero Nero tires, built in K40 radar detector, air conditioning. Excellent original paint and lightly stretched interior. They liked the F512 M in Rosso Corsa at Bonhams, they liked it a lot more at RM Sotheby’s in black with a third the miles. Even liking this menacing black F512 M a lot, this a lot of money. Lot # 209. RM Sotheby’s.

    F512 M, VIN ZFFVG40A1S0102932 (1995). Red with black leather. Estimate $275,000 to $350,000. Unrestored original, 2- condition. Hammered sold at $240,000 plus commission of 12 percent = final price of $268,800. Modular alloy wheels, Pirelli P Zero Rosso tires, books, tools, service records. Very good original paint and lightly stretched upholstery. A well-maintained and unusual original example. Shows 43,366 miles and represented as engine-out serviced at 41,979 miles. This is a bargain F512 M by any standard, bought at little more than half its recent market value. It’s more than twice Testarossa money, but far more rare and with 440 hp (a healthy 60 hp more than a Testarossa) approaching the F40’s 478 hp. It’s a choice Ferrari at a reasonable price. Lot # 065. Bonhams.

    F50, VIN ZFFTA46B000103114 (1995). Red with black, red cloth. Estimate $3.7 million to $4.2 million. Unrestored original, 2 condition. Not sold at hammer bid of $3 million. P Zero tires, Classiche certified, European production, books, soft top, car cover, luggage. Displayed at the Frankfurt Motor Show. Showing 3,363 miles. Serviced in 2016 including new fuel bladders. A few tiny chips in the nose. Otherwise looks like a new car and the second of 349 built. Still mostly analog, with a slick-shifting 6-speed manual gearbox and little used from new. Its status as the second built is significant, but not significant to make it work even close to the reported high bid when $2.5-$2.7 million will buy F50s with later builds. At this bid it could have been sold with some satisfaction. Lot # S080.1. Mecum Auctions.

    456M GTA, VIN ZFFWP50A7Y0120015 (2000). Grigio Ingrid Metallic with sand interior. Not viewed. Hammered sold at $31,000 plus commission of 10 percent = final price of $34,100. Lot # 618. Russo and Steele.

    ENZO FERRARI, VIN ZFFCW56A630131240 (2003). Red with red cloth. Estimate $3.1 million to $2.9 million. Unrestored original, 2- condition. Hammered sold at $2.6 million plus commission of 10 percent = final price of $2.86 million. Potenza tires, shields. Good paint that shows some polishing marks. The engine is very clean and tidy. The interior has minimal wear only evidenced by negligible wrinkling on the driver’s seat. A practically new Enzo represented with 3,150 miles. This is what it costs to own an Enzo, still an exciting and brutally fast Ferrari even if its performance is matched or exceeded by many later Ferraris including some that are decidedly more practical. Lot # S048.1. Mecum Auctions.

    575M MARANELLO F1, VIN ZFFBV55AX50140879 (2005). Red with black leather, red strips. Estimate $175,000 to $225,000. Unrestored original, 2 condition. Hammered sold at $165,000 plus commission of 10 percent = final price of $181,500. 5-spoke modular alloy wheels, P Zero tires, shields, red calipers, carbon fiber brake discs, Daytona seats, HGTC handling package. 2,700 miles, like new. 2016 FCA Platinum award winner. This is a notable premium for low miles, the Daytona seats and platinum history, but isn’t beyond the realm of reason for an example of this quality and specification. Lot # 059. Gooding & Co.

    SUPERAMERICA, VIN ZFFGT61A650144211 (2005). Rosso Corsa with tan leather. Estimate $700,000 to $900,000. Unrestored original, 2 condition. Hammered sold at $830,000 plus commission of 10 percent = final price of $913,000. 19” modular alloy wheels, Bridgestone tires, HGTC handling package, carbon fiber interior trim, climate control, factory stereo, red calipers, shields, electrochromic hardtop, books, car cover, tonneau cover, jack, tool kit, tire inflator, Classiche certified. Lightly soiled driver’s seat, otherwise like new with 2,600 miles. One of 43 Superamericas believed built with the 6-speed manual. Top down and go like the wind, this is an exciting Ferrari even with “only” 540 hp. It’s almost criminal that it’s covered only 2,600 miles in thirteen years (200 miles per year), but not unusual for late model Ferraris. This is a huge premium for the 6-speed manual. Lot # 133 Gooding & Co.

    599 GTO, VIN ZFF70RDT6B0176787 (2011). Metallic black with tan Alcantara, black inserts. Estimate $500,000 to $575,000. Unrestored original, 2 condition. Hammered sold at $485,000 plus commission of 10 percent = final price of $533,500. Shields, gray 5-spoke wheels, black calipers, carbon fiber brake discs. 1,500 km and like new. Reasonably estimated and bought at this result with no tangible premium for the negligible miles. Lot # 171. Gooding & Co.

    SA APERTA, VIN ZFF72RHA5B0181885 (2011). Grigio Titanio with black leather, red stitching. Estimate $1.3 million to $1.6 million. Unrestored original, 2 condition. Hammered sold at $975,000 plus commission of 10 percent = final price of $1.07 million. Red calipers, shields, climate control, Pirelli P Zero tires, heated carbon fiber power seats, navigation, carbon fiber roof panel and interior trim, parking sensors, tools, books, car cover. Like new with 2,700 miles among the four owners it’s had in seven years. One of 80 built and Classiche certified. It has added one owner and about 200 miles since it was sold by Gooding in Scottsdale in 2017 for $1.485 million, an expensive interlude that, assuming a seller’s commission of 8 percent, cost $588,000, about $2,900 per mile, not counting maintenance, storage and insurance. Lot # 137. Gooding & Co.

    F12berlinetta, VIN ZFFT4UFA7E0202496 (2014). Red with black leather, Alcantara inserts. Estimate $250,000 to $300,000. Unrestored original, 2 condition. Hammered sold at $235,000 plus commission of 10 percent = final price of $258,500. Carbon fiber everywhere (engine cover, driver zone, door panels, filter box, splitter, wing, cup holder), Manettino steering wheel, Bi-Xenon headlights, carbon ceramic brakes, chipguarded nose, shields. 1,260 miles and like new. Reputedly has $162,626 in options. Take out the options at their sticker price and the car brought under $100K. On the other hand, the car without the options is worth about this much and the options are free. Either way it is a sound and realistic transaction. Lot # S146. Mecum Auctions.

    LAFERRARI, VIN ZFF76ZFA8E0206449 (2014). Estimate $3 million to $4 million. Hammered sold at $3 million plus commission of 10.17 percent = final price of $3.31 million. Lot # 137. RM Sotheby’s.

    F12tdf, VIN ZFF81BFA6G0217723 (2016). Grigio Ferro Metallizato with Blue Scuro Alcantara. Estimate $775,000 to $975,000. Unrestored original, 2 condition. Hammered sold at $785,000 plus commission of 10.64 percent = final price of $868,500. Gray 5-spoke alloy wheels, Pirelli P Zero Corsa tires, carbon fiber splitter, side skirts, sills and interior trim, gray calipers, carbon brake discs, shields, chipguarded nose, Classiche certified. 4,602 miles and like new with over $100,000 in options. One incident of parking lot damage to the nose was not repaired but instead corrected by buying new panels which were finished in the original Grigio Ferro Metallizato at the factory, the correct OCD response. It is a dramatic presence in these colors that display every aerodynamic twist, turn and flounce to advantage. The within-estimate result is fair to both the buyer and the seller. Lot # 098. Bonhams.

    GTC4Lusso, VIN ZFF82WNA4J0231715 (2018). Rosso Corsa Metallizato with Chamois Alcantara, 70th Anniversary 250 Testa Rossa commemorative livery #20. Estimate $500,000 to $700,000. Unrestored original, 2 condition. Hammered sold at $475,000 plus commission of 10 percent = final price of $522,500. Black calipers, carbon brake discs, sticker shields, 20” alloy wheels, Michelin tires, carbon fiber interior trim, 7-speed automanual, 4-wheel drive, 4-wheel steering. 70 miles and like new. This is a GTC4 Lusso 4-seat hatchback with custom accoutrements and barely more than delivery miles for something like $150,000 more than a GTC4 Lusso without the 70th Anniversary trim. Nothing, that is, n-o-t-h-i-n-g about this 4-seat hatchback has anything to do with Testa Rossa S/N 0666 except some stripes and numbers. Calling it a “Lusso”, in the sense of a 250 GT/L, is misrepresentation writ large. The new owner may like it, but a Hot Wheels-themed Ferrari would be more honest. Lot # 106. Gooding & Co.

 

 

© 2019 Ferrari Market Letter. All Rights Reserved 

 

bottom of page