A Throwback - The Edwin K. Niles Collection

    Since this was Thanksgiving week and therefore a short week for writing, layout and all the other things necessary to create the FML, I’m bringing a throwback article from a very early Ferrari Market Letter.

    Volume 1 Number 26 was the last issue of the very first year. Dated December 18, 1976.

    As we near the end of 2024 this article will either bring back some memories of how little was known about Ferrari, forty-nine years ago, or make you cry for not realizing where we might be today, forty-nine years later.

    I bring you this article unedited, as it was published and written by Gerald Roush.

 

 

        DECEMBER 18, 1976     VOL. 1 NO. 26  -  “THE EDWIN K. NILES COLLECTION”

    Every two weeks, when it comes time to put together an issue of the Ferrari Market Letter, I am faced with the question of what to put on the “front page.” On occasion there have been too many Ferrari advertisements to allow room for a front page article, but that excuse was proven ineffective--too many subscribers commented on the missing “lesson page.”

    I was almost finished putting this issue together, and once again was wondering what subject to apply some quick research to, when the following material arrived. It was too long to put in its proper classification, unless I did some heavy-handed editing. But I found the adver­tisements, in their original form, too entertaining to cut, and pressed for time in this holiday season, I decided to run them, uncut, on the front page:

1953 166 MM VIGNALE SPYDER, S/N 0272 M. Only 13 of these “Series 2” chassis with 4-throat carbs and other improvements were built. This one has a slick one-off body unlike any of the “standard” coachwork, and is in fine shape. A very reliable class racer (finished 3rd in the ‘53 Mille Miglia) and quite driveable. Can only appreciate from its $26,000 price.

1949 166 MM S/N 0012 M. This lovely car was rebodied by Scaglietti around 1958 and resembles a baby 412 MI! Now running with a strong 250 Lusso engine and gearbox, its performance is down­-right frightening. A really neat showstopper. Same price range as 0272 M.

1952 225 SPORT VIGNALE BERLINETTA S/N 0170 ET. This is one of those gorgeous short chassis racers (the suffix “T” stands for Tuboscossa, the stiff racing chassis of the era), and has been lovingly restored with every nut and bolt off the car. This is the actual car shown in Clymer’ s Handbook and in Merritt’s compilation of owner’s manuals, and was the Italian Hillclimb Champion winner! Too exquisite for words. $27,500 

1958 250 TESTA ROSSA, S/N 0716 TR. This one is a real fooler--rebodied by Drogo around 1963, it’s almost a dead ringer for a GTO! Tom Mead used to own the original pontoon fendered body (Where are you now that we need you, Tom?). A new TR body can be built for around $10,000, giving you a $60,000 car. Or enjoy it the way it is. Now running with a stock 250 GT engine, but we’re on the track of the original engine. In that same price range.

1954 500 MONDIAL PININFARINA SPYDER, S/N 0434 MD. I’ve owned this car for several years and still don’t have it finished. Body is completely stripped and is now being readied for paint. Engine is back together (it was leaking water, but we thought we better go through it) and ready to install. Ex-Prince Bernhard, probably never raced, never abused, and being restored only because its value warrants it. All original--nothing altered or missing. Take it now for $22,000 or wait until its finished and pay that same price of $27,500.

Folks, the above cars, along with my 330 GT Michelotti Convertible, are just too much for me to handle! They are all the sort that are starting to take off in value, and I’ve priced them cheap to move at least 2, preferably 3 of them. Think: GTO’s and V-12 TR’s bring $60 thou and up when you can find ‘em, a street model 212 coupe is up for $50 K firm, someone’s asking $100,000 for a Daytona Spyder, ad nauseum. Look what they did with Dusenberg prices; Ferraris are are  next. Bless you for reading this far.

Ed Niles, 3460 Wilshire Blvd., Los Angeles, CA 90010. 213-395-5121; Home 213-559-8760

 

---

 

    If you had read these ads today, you would have called immediately and purchased all sight unseen. But, at the time these cars were not revered or seen as historically significate treasure.

    Notice these cars all had some issue. Missing engine, modified bodywork, not restored, or at least not restored as we think of a restoration today.

    In 1976 there were few restoration shops specializing in high quality Ferrari restorations. Most repairs were done locally using local talent. Need paint? The local body shop was talked into the job. Body work was done using the material available and pounding sheet metal into the exact original shape was not always done.

    Mechanically, there were no parts available. There were no specialty suppliers manufacturing components that had been out of Ferrari production for decades.

    It would have been extremely difficult to properly restore an old Ferrari racing car. The knowledge base just wasn’t there. But, as time went on, people did recognize the value of the car and began to spend the time and money to properly rebuild such cars.

    Thank goodness.

So where are these cars today?

    166 MM SPIDER, S/N 0272 M: Featured in the film The Racers, this Ferrari did race in the Mille Miglia in 1953 and came in 3rd in class. Largely original, it retained the original one-off bodywork. It was offered by RM Sotheby’s at Retromobile in 2018 with an estimate of $3.7 million to $4.5 million. It was a no-sale. It has since been used for events in Europe.

 

        S/N 0272 M as owned by Ed Niles in 1976

    166 MM, S/N 0012 M: Originally a normal 166 MM Touring Barchetta it was rebodied to look similar to a 860 Monza. It has since been returned to its original configuration with the correct engine and body. These cars today are worth $4 to $5 million.

 

        S/N 0012 M as owned by Ed Niles in 1977

    225 SPORT VIGNALE BERLINETTA, S/N 0170 ET: Restored in 1974 it has since been restored again. Shown in 2013 in Germany at Schloss Dyck Classic Days in its original colors as when it competed in the 1952 Mille Miglia. Worth today about $2 million.

 

        S/N 0170 ET as owned in 1977

 

        S/N 0170 ET at Schloss Dyck Classic in 2013

 

    250 TESTA ROSSA, S/N 0716 TR: Sent to Argentina in 1958 it was damaged and rebodied into a GTO look-alike in 1964. After Niles, it was returned to the original pontoon-fender configuration. It has since regained prominence from the cloudy history and recently displayed at Casa Ferrari in 2023. Today’s worth $10 to $15 million.

 

        S/N 0716 TR in 1965 (Photo from Cavallino 161)

 

        S/N 0716 TR at The Quail in 2006

 

    500 MONDIAL PF SPYDER, S/N 0434 MD: Restored by Ed Niles this Mondial has led a quiet life since. Due to its originality, it was sold recently for nearly $4 million.

 

        S/N 0434 MD in 1979 as owned by Ed Niles

 

        S/N 0434 MD as offered by Gooding in 2018 (Rick Carey photo)

    330 GT 2+2 Michelotti Convertible, S/N 6109 GT: Commissioned by Chinetti, beauty is in the eye of the beholder. Niles once claimed he would have to die with this car. Ultimately, he painted it from mustard yellow to a metallic Burgundy and was able to sell it. It has not been seen in recent years.

 

        S/N 6109 in Mustard yellow as owned by Ed Niles in 1975

    It is easy to see these cars have gained status and are shown at events or used as Ferrari intended. Well, maybe not the 330 GT, but the others have increased in prestige and value.

    Today’s prices may seem high, and it might be difficult to extrapolate what the future values may be. I would bet that fifty years from now, whomever is writing an article for the Ferrari Market Letter will look back on this article and wonder why at today’s values every Ferrari was not immediately snapped up and purchased.