Ferraris were, by far, the dominant marque at the 2025 Monterey auctions.

Even though there were only 111 Ferraris offered at the five auctions (10 selling sessions across just four days) accounting for 11.9% of the consignments and 84 Ferrari lots sold (11.2% of the week’s total) Ferraris accounted for 42% of the week’s dollar total ($181,712,585 out of $432,869,304 across the five auctions.)

     The reasons for the disproportionate Ferrari-effect are the two top sales of the week:

     •    RM’s sale of the 2025 Daytona SP3 Tailor Made for the Ferrari Educational Foundation for a staggering $26 million, a charity sale with no Buyer’s Premium that must have left Rob Myers staring into his cocktail thinking of the $2.6 million Buyer’s Premium left on the table. And;

     •    Gooding’s (“Gooding Christie’s” as it’s now known after acquisition by Christie’s last year, although still trading on its original entity, Gooding & Company) sale of 1961 250 GT SWB Alloy California Spider, S/N 2383GT, for $23 million hammer, $25,305,000 with the Buyer’s Premium.

     Only one other Monterey lot breached an 8-figure hammer bid, and it, too, was a Ferrari, F40 LM, VIN ZFFGX34X000095448 sold for $10 million hammer, $11,050,000 all-in at RM.

     Of the top ten Monterey sales eight were Ferraris with only a 2020 Bugatti Divo at Bonhams ($7,775,000 hammer, $8,557,500 with the vig) and Mercedes-Benz 500K Special Roadster at RM ($4,850,000 hammer, $5,340,000 all-in) joining the Ferraris in the upper echelon.

     Gooding’s Alloy Cal Spider is easy to understand. It’s a Monterey Bay sea otter: sleek, lithe, maneuverable and fast. It is rare and its performance bona fides are well-established.

     The charity sale Daytona SP3 at RM is less easy to comprehend, a bulky, ton and a half Monterey Bay sea lion.

     It is the 500th of a 499-car run (sequence number “499+1”) and for a good cause. It is a brutally powerful (6,496cc/829hp) naturally aspirated and sophisticated car without hybrid assists from volts and amps … not “analog” but in today’s world as close as it comes.

     There were only 16 bids for it starting at a paltry $5 million (about twice the base price of an SP3) and coming to a rude halt when one bidder raised a paddle for $26 million, $1.5 million over the underbidder’s $24.5 million. The bidding increment would buy a really solid 250 GT/L Lusso all by itself.

     If someone wanted to get on Ferrari’s Preferred Client list what could be more sure than this tactic?

     The Nero left/Giallo right livery is never going to be unnoticed, if it is never driven more than on and off a show field.

     These two Ferraris, a classic Enzo V-12 and a tech-heavy supercar, accounted to some 11.9% of the whole Monterey week.

     One last thing to consider:

     •    41 of the Ferraris sold brought hammer bids under the auctions’ pre-sale estimates;

     •    22 of the Ferraris sold brought hammer bids over the pre-sale estimates.    

     The top of the 2025 Monterey Ferrari auction market is bringing historic money but optimism is not evenly distributed over the depth of Ferrari models.

     While there is cause for optimism in the 2025 Monterey auction results there is also some trepidation.

     Read on …

Selected V-12 Ferraris

     212 Export, Touring Barchetta, S/N 0136 E (1951). Rosso Corsa with tan leather. Estimate $3.25 million to $4 million. Older restoration 2+ condition. Post-block sale at $1,818,182 plus commission of 10 percent = final price of $2 million. RHD, single carburetor V-12, Borrani wire wheels, Dunlop Road Speed tires, folding windshield, Marchal headlights and fog lights. Represented as the original engine. Excellent cosmetics, slightly stretched upholstery. Limited racing history in the UK with Robert Baird, later sold to South America with race appearances in Rio de Janeiro and Buenos Aires. Chassis and engine are carefully restored like new by Motion Products in 2013. Class winner at the Pebble Beach Concours in 2013, Cavallino Platinum in 2014 and still like new or better. This 212 E should be worth the pre-sale estimate range, even subject to some vagueness in the history of its engine which blew up in Argentina in the mid-50’s and then was found in 1999 in Italy. It failed to sell on the auction block but was later reported sold by Mecum for an all-in price of $2 million although Mecum’s website no longer lists a price. Suffice to say, if it did indeed change hands for the reported $2 million the new owner has a notable value and a great car eligible for pretty much everything. Lot S97. Mecum Auctions.

     250 Europa GT, Pinin Farina Coupe, 0427GT (1956).  White with Cognac leather, Grey cloth interior. Estimate 1.7 million to 2 million. Older restoration, 2 condition. Hammer sold at $1.37 million plus 10.36% commission = final price $1.51 million. Borrani wire wheels, Pirelli tires, Clayton heater. Even gaps. Lovely paint and chrome except for some age on aluminum trim. Restored chassis with some road dust. The last 250 GT Europa produced, the 1956 Brussels Motor Show car and a competitor in the 1957 Grand Prix de Spa. Restored to a very high standard in 2010 and showing no discernable flaws, only a little age. 2022 Mille Miglia Storica finisher. Believed to be the original colors. Ferrari Classiche certified. The history and presentation of this Europa are impossible to fault, an enthusiast’s grand tourer from Ferrari’s early years. It was sold by Gooding at Pebble Beach in 2014, still nearly restoration fresh for $2,310,000, then here in 2022 with a little more age in 2022 for $2,095,000. Its odometer today shows 27,521 km, 6,772 more than it did in 2022 and 18,828 more than in 2014. The successful hammer bid here, though, is 20% below the low estimate, a deep discount on an otherwise well-restored, professionally maintained and carefully used classic Ferrari 250 GT, an indication of fading understanding, appreciation and interest in these early cars. Lot 132. Bonhams.

   250 GT SWB California Alloy Spider, S/N 2383 GT (1961). Grigio Fumo with tan leather. Estimate over $20 million. Recent restoration, 1 condition. Hammer sold at $23 million plus 10.02% commission = final price 35.3 million. Disc brakes, covered headlights, Borrani wire wheels, Pirelli Cinturato tires, two tops, Marchal headlights and grille-mounted fog lights, external fuel filler, polished aluminum front fender vents. Ferrari Red Book certified. One of only two known competition spec alloy-bodied SWB Cal Spiders. Raced in Germany when new by its first owner Ernst Lautenschlager, later owned by Greg Garrison in the US. Current owner for 25 years. Excellent paint and upholstery. Precise panel fits and gaps. Bright chrome. Restored better than new. It takes a lot to rise to the top of the attention span in the Monterey Car Week auctions but this competition Cal Spider had what it takes. The most watched lot of the week, superbly presented and impressively rare with its alloy body and full competition specs, it is an alloy SWB built without a roof. Its price is second only to the top transaction of the week, and it is unlikely ever to be worth less than this. Lot 26. Gooding & Company.

   275 GTB/4, S/N 09657 (1967). Giallo Fly with black leather. Estimate $2.5 million to $3 million. Cosmetic restoration, 2- condition. Hammer sold at $2.325 million plus 10.22% commission = final price $2.56 million. Borrani wire wheels, Michelin XWX tires, ANSA exhaust, original air conditioning. Marcel Massini report, cosmetically restored by Legendary Motorcar Company. Represented as matching-numbers engine. Very good paint, brightwork and bodywork, only needs a slight adjustment to the trunk lid. The engine compartment and underbody are well restored but require minor detailing to be spotless. The interior shows minor usage after restoration. A pretty restoration that has seen moderate use since completion. Enzo-era Ferrari prices have mellowed over the past year or so, but this result is appropriate in the current market and given the age of its cosmetic work. And although prices have softened for these cars, the last time this one sold in Scottsdale back in 2008-it brought $1,155,000 with only 220 km added to the odometer in the 17 years since then. Back in 2005 RM offered it in boy racer modified condition at Amelia where “The door latches are hidden, there are seven louvers in the sail panels and the wheel wells are flared. The trunk hinges are hidden and the four front fender vents are about 1/3 taller than usual. It once had a targa-style roof and other embellishments.” It got back to normal by 2008 and is much the better for it. Lot 285. Broad Arrow.

          F50, VIN ZFFTG46A2S0104798 (1995). Giallo Modena with Nero leather and cloth. Estimate $6.5 million to 7.5 million. Unrestored original, 1- condition. Hammer sold at $8.4 million plus 10.06% commission = Final price $9.245 million. Pirelli P Zero tires, Scuderia shields, tools, luggage, hard top and flight case, manuals. U.S.-spec car. Ex-Ralph Lauren from new to 2003 and kept with second owner since. Reportedly one of two U.S. cars finished in Giallo Modena and not shown or displayed in public since 2009. 5,361 miles, consistently maintained and pristine. The meteoric rise in F50 prices has been incredible to see. Long the least appreciated in the line of Ferrari halo cars (288 GTO, F40, F50, Enzo), F50s cost under a million dollars in the early 2010s. Since roughly 2022, over $4M has been the norm, and this sale for the yellow ex-Ralph Lauren car just smashed the previous record price by 67%, bringing it seriously close to eight-figure territory. Lot 254. RM Sotheby’s.

   550 MARANELLO, VIN ZFFZS49A310126523 (2001). Grigio Alloy with dark blue leather. Estimate $225,000 to $275,000. Unrestored original, 2- condition. Hammer sold at $330,000 plus 11.52% commission = final price $368,000. Silver calipers, modular wheels, Pirelli P Zero tires, Daytona-style seats, leather rear shelf. Represented with 5,732 actual miles. A few small chips on the nose. Wheels show some age. Visibly worn driver’s seat, particularly the outer bolster. Not the perfect specimen its odometer reading might suggest, but still an attractive 550 in good colors and it has been cam belt serviced in 2023. Another strong, well above estimate result for a modern Ferrari at this auction. Recent 550 prices, both for asking prices and for cars sold at auction, have mostly been for well under $300K or even $200K. This one boasts low mileage, recent service and is well-optioned, but the result is still surprising. It does have the “all-important” (auction catalogers always say that) 6-speed gated shifter ... but so did all the other 550 Maranello. It was not the rare choice it soon became, but the bidders may have been faked out (but not by RM who clearly stated in the catalog that this was the only transmission offered) by a misplaced appreciation of the transmission non-choice. Lot 210. RM Sotheby’s.

     599 GTB FIORANO F1, VIN ZFFFC60A380162649 (2008). Blu Mariner with beige leather, blue bars. Estimate $250,000 to $300,000. Unrestored original, 2- condition. Hammer sold at $330,000 plus 11.52% commission = final price $368,000. Pirelli P Zero tires, yellow calipers, carbon fiber interior trim, red tach face, climate control, Scuderia shields, Daytona-style seats, Becker CD stereo. Represented with just over 6,000 miles and over $65,000 in options. Reportedly cost $378,164 when new. Unusual but striking color. There are some tiny chips on the nose, but the body and interior all look great. Oddly, there are some heavy scratches on the right side wheels that really stand out on an otherwise very sexy 599. Regular, non-stick shift 599s remain in the realm of expensive but depreciated used exotics, with most examples costing in the neighborhood of $200K depending on mileage, colors, and options. RM Sotheby’s factored in a color premium on this one with a $250K-$300K estimate, but even that proved to be light as fans of this bright Blu Mariner livery bid the car up to roughly what it cost to buy new 17 years and 6,000 miles ago. It is Very Blue, a high impact color effect more commonly seen on Porsches and Lamborghinis. Lot 275. RM Sotheby’s.

   812 GTS, VIN ZFF97CMA7M0267098 (2021). Bianco Cervino with red leather, black Alcantara, white stripes. Estimate $450,000 to $550,000.  Unrestored original, 2 condition. Hammer sold at $485,000 plus 11.03% commission = final price $538,500. MVForced 5-spoke modular alloy wheels, Michelin Pilot Sport 4S tires, carbon brakes, red calipers, SF shields, carbon fiber rear spoiler, side skirts and splitter, adaptive headlights. Like new, with 2,180 miles. These days there is no depreciation schedule for a new car of this reputation, quality, style and performance and this result is appropriately 25% or so more than it cost new. That’s 2,180 miles of cost-free styling, not considering the foregone opportunity cost of the acquisition price and the not inconsiderable maintenance and insurance. Lot 187. Bonhams.

     Rick Carey will finish up the Monterey auction cars in the next issue with the V-6 and V-8s

     Off to the FCA Annual Meet in Charlotte. I hope I saw you there!      JW