FERRARIS AT AMELIA ISLAND – 2020

Rick Carey
Volume 45 Issue 07
Mar 28, 2020
The novel coronavirus storm was approaching as car collectors converged on Amelia Island. It was only a matter of time before the coronavirus and its COVID-19 respiratory disease spread like a dark cloud over gatherings like Amelia.
The novel coronavirus storm was approaching as car collectors converged on Amelia Island. It was only a matter of time before the coronavirus and its COVID-19 respiratory disease spread like a dark cloud over gatherings like Amelia.
But pretty much everyone expected to appear did show up. Bill Warner and his crew pulled off everything including the epic exhibit of Roger Penske’s cars. It even had a Ferrari – and it was a GTO at that (S/N 3987 GT of Ralph Lauren). Everyone had time to get home after a packed few days before the U.S. began to shut down.
Looking back less than a week after Amelia it’s incredible what has transpired in just a few days. On the concours lawn Sunday there were some elbow bumps, mostly accompanied by ironic grins.
Today there’s no Australian (or Vietnamese or Bahrain) Grands Prix, no Indycar St. Pete, no NASCAR Atlanta, no Sebring 12 Hours, no Boston Marathon, nor any amateur or professional sports playing with sticks, pucks or balls.
The auctions were open for business (less Russo and Steele which announced the cancellation of its sale, belatedly, on February 26, less than a week before it was to have begun). 2020 wasn’t a great year for Ferrari at Amelia although it was better than last year.
Six Ferraris were bid to $1 million or more. Three sold, including the week’s top lot, Enzo S/N 104338 at Gooding for a realistic $2,782,500.
The top Ferrari, however, was Gooding’s 250 GT LWB California Spyder S/N 0936 GT. Its $8 million reported high bid failed to satisfy the consignor and it went back from whence it had come.
Continuing recent trends, ten of the 25 Ferraris offered (one was cataloged but withdrawn before the sale) were under 25 years old. All of them sold.
The most notable transaction was the sale of Daytona S/N 16109 at RM Sotheby’s, a car that has suffered at least thirteen no-sale trips across auction blocks, mainly at Mecum, since 2016, the poster car for declining Daytona values.
Selected V-12 Ferraris
250 GT LWB SPYDER CALIFORNIA, S/N 0937 GT (1958). Deep red with tan leather. Estimate $9 million to $11 million. Older restoration, 2 condition. Not sold at hammer bid of $8 million. Borrani RW3264 wire wheels, Michelin Pilote X tires, factory hardtop, Marchal fog lights in grille, covered headlights, two tops, books, tool roll. Good paint, chrome and interior. Underbody isn’t fresh and has some incipient oxidation around some bolt heads but otherwise is more indicative of age than of much use. It will be essentially like new with some detailing. Pebble Beach history, Cavallino Platinum award and Judges’ Cup. Ferrari Classiche certified. Odometer shows 9,551 more kilometers today than it did when sold by Gooding & Company at Pebble Beach in 2009 for $2.75 million. The seller has gotten good value from it including the California Mille and Colorado Grand, something that most Cal Spyders don’t experience, and a healthy appreciation over the past eleven years. The seller’s enthusiastic use should be celebrated when so often cars like this are garage queens, although this may turn out to be a missed opportunity, even at a million dollars under the low estimate. Lot # 43. Gooding & Company.
250 GT PF CABRIOLET SERIES II, S/N 2587 GT (1961). Grigio Fumo with beige leather. Estimate $1.4 million to $1.7 million. Older restoration, 2 condition. Hammered sold at $1.22 million plus commission of 10.41 percent = final price of $1.35 million. Marchal headlights, Borrani wire wheels, Pirelli tires, Classiche certified, owner’s manual, tool roll. Excellent paint, brilliant chrome, inviting barely-used upholstery. The carpets have some soiling, mostly covered by newer floor mats. The fender wells are undercoated, the frame and chassis are restored like new. Between taking the catalog photos with 56,303 miles and presenting this cabriolet on the Ritz lawn with 56,609 miles, someone put over 300 miles on it, exercise that it probably hadn’t had in a decade but which its gorgeous presentation and originality deserved to be experienced. This is a spot-on result for its condition. Lot # 243. RM Sotheby’s.
250 GT LUSSO, S/N 5183 GT (1963). Dark blue with beige leather. Estimate $1.3 million to $1.6 million. Recent restoration, 2+ condition. Hammered sold at $1.45 million plus commission of 10.34 percent = final price of $1.6 million. Borrani wire wheels, Pirelli tires, Marchal headlights and fog lights, tool kit, owner’s manual. Excellent fresh clearcoat paint, bright chrome, fresh, tight leather. The engine compartment and chassis are restored like new. Restored by Bob Smith Coachworks in the naughts to its present livery, Platinum at Cavallino in 2009, again in 2019 after some corrections and freshening and about as good as it gets. Lussos have been up and down but they are one of the most beautiful of all Ferraris, an artful blending of the aggressive design of the Superfast and its counterparts with the more elemental and conservative 250 GT thread. 5183 GT is an exceptional example restored and presented to consummate (and really expensive) concours standards. It is impossible to fault in any meaningful way and the successful bid settled right in the middle of RM’s pre-sale estimate range. In other words, at a time when the low estimate is settled as a high boundary the bidders blew right through it by fifteen percent, and the Lusso deserved every dollar of their enthusiasm. Lot # 236. RM Sotheby’s.
330 GTS, S/N 9791 (1967). Light gold with black leather. Estimate $1.8 million to $2.2 million. Recent restoration, 2 condition. Post-block sale at $1.34 million plus commission of 10.37 percent = final price of $1.475 million. Borrani wire wheels, Michelin XWX tires, Becker Mexico cassette stereo, power windows, Classiche certified, owner’s manual, tool roll. Excellent clearcoat paint, chrome and interior. The engine compartment and chassis are like new. A 2013 Cavallino Classic Platinum Award winner. 50,959 miles from new and still in excellent, like new, condition but not in its original colors of Grigio Fumo over Blu Pelle. Closed post-block at this result, which is a magnanimous value for the new owner and not at all a good sign for owners of similar Ferraris. It is impossible to fault this 330 GTS’s condition, its limited mileage, judging history or documentation and it could have brought nearly 50% more on the hammer without critiquing its sale result. These are not tea leaves any 330 GTS owner wants to read. Lot # 153. Bonhams.
365 GTB/4, S/N 16109 (1972). Yellow with black leather. Estimate $500,000 to $575,000. Older restoration, 2- condition. Hammered sold at $450,000 plus commission of 11.11 percent = final price of $500,000. Campagnolo alloy wheels, Michelin XWX tires, ANSA exhaust, Simpson lap belts, MOMO leather-wrapped steering wheel, factory air conditioning, power windows, later Alpine cassette stereo, Marelli ignition modules. Fully restored in the 1990s and 8,000 miles ago, represented here as 48,985 miles from new. Very good paint other than a chip at the back edge of the hood, two more small ones at the back edge of the passenger’s side door and at the corner of the left headlight door. Lightly scratched window frames. Very light wear to the steering wheel and seats but otherwise very good interior. Lightly used but tidy underneath, but the engine compartment is getting grimy and desperately needs a thorough detailing. Well restored in the first place but showing its age and consistent neglect. It will be a 3+ soon. This is a legendary Daytona, not because of any remarkable history but on account of its long auction history at Mecum Auctions. It’s been recorded some 14 times, but never sold, beginning in 2016 when it appeared at Kissimmee where it was reported bid to $800,000. It’s gone from there to Monterey to Dallas to Kissimmee to Houston to Indy to Las Vegas. Its last reported Mecum bid at Glendale was $575,000 and it has accurately traced the decline of Daytona values for four years as the consignor chased Daytona values down while adding 214 miles (accumulated largely by Mecum transport drivers going on and off auction fields) never catching up until today. This is a sad end for a decent but shopworn Daytona. Overexposed doesn’t nearly describe 16109. It’s a relief to see it sold, a car that doesn’t deserve its treatment as the poster-child for declining Daytona values and it’s actually a solid value in this transaction. Lot # 249. RM Sotheby’s.
TESTAROSSA, VIN ZFFSG17A1L0084876 (1990). Rosso Corsa with tan leather. Estimate $100,000 to $120,000. Unrestored original, 2- condition. Hammered sold at $92,000 plus commission of 12 percent = final price of $103,040. Air conditioning, power windows, 5-spoke alloy wheels, BFG g-Force tires, owner’s manual, jack and lug wrench. Very good original paint with one or two carefully touched up nose stone chips. Lightly stretched but not scuffed upholstery. Clean engine compartment. Not quite like new but close. Testarossas have rather fallen off collectors’ wish lists in recent years but they are comfortable, fast, good-handling GTs that offer the Ferrari experience at less than the price of a recent 488 or 599. This is a representative result for a quality, well-maintained example and both the buyer and the seller should be satisfied with the outcome. Lot # 07. Gooding & Company.
512 TR, VIN ZFFLG40A8P0096223 (1993). Red with tan leather. Estimate $150,000 to $200,000. Unrestored original, 2- condition. Hammered sold at $205,000 plus commission of 12 percent = final price of $229,600. 5-spoke alloy wheels, PZero tires, power windows, air conditioning, Classiche certified. 10,094 miles. Very good original paint and barely broken in driver’s seat. The engine compartment is as-built and showing age on the bare castings. Late 2018 engine-out belt service including a new exhaust system, fuel system cleaning and new fuel pumps and A/C service. Sold by Mecum at Kissimmee in 2014 for $113,400 with 9,816 miles and having added just 278 miles to the odometer in the last six years. This 512 TR would have been no bargain at the low estimate and why it brought a 1/3 premium at the hammer bid is difficult to comprehend. It is one of few cars at Amelia this year to have a successful hammer bid over the high estimate, an exceptional result not supported by its presentation. Lot # 154. RM Sotheby’s.
ENZO, VIN ZFFCW56A530132654 (2003). Rosso Corsa with red leather. Estimate $2.75 million to $3 million. Unrestored original, 2 condition. Hammered sold at $2.53 million plus commission of 10.20 percent = final price of $2.78 million. Black calipers, carbon ceramic brakes, shields, Tubi Extreme exhaust (factory exhaust system included), documents, books and records. Less than 1,700 miles and like new. Lingenfelter Collection. Not represented as Classiche certified, but that should be a simple process largely consisting of bolting on the original exhaust system and paying the not-inconsiderable price of having it inspected. Both the low estimate and the reported bid in this transaction are reasonable and Ken Lingenfelter (as usual) wisely converted it to liquid assets in a timely fashion. Lot # 146. RM Sotheby’s.
SUPERAMERICA F1, VIN ZFFGT61B000146649 (2006). Rosso Corsa with beige leather. Estimate $250,000 to $300,000. Unrestored original, 2- condition. Hammered sold at $240,000 plus commission of 12 percent = final price of $268,800. Fiorano package, 5-spoke modular alloy wheels, Bridgestone tires, Daytona-style seats, climate control, paddle shift, electrochromic roof, Decker CD stereo, personalized for Paul J. Ostling, red calipers, shields, red tach face, Classiche certified. 8,300 kilometers and remarkably unblemished except for light creasing on the seat bolsters. The Revocromico glass roof panel shows no defects. This Ferrari is a particularly good value if you’re Paul J. Ostling who is memorialized on the console tag, or after paying this much money even for a nearly like new Superamerica it might be worthwhile to change the new owner’s name to match the console tag. The price is appropriate for condition and mileage. Lot # 121. RM Sotheby’s.
599 GTO, VIN ZFF70RCA2B0177175 (2010). Rosso Corsa with black leather. Estimate $525,000 to $625,000. Unrestored original, 2 condition. Hammered sold at $510,000 plus commission of 10.98 percent = final price of $566,000. Matte gray alloy wheels, silver calipers, carbon ceramic brakes, Michelin Pilot tires, rear parking sensors, shields, carbon fiber splitter, side skirts, rear fascia and interior trim, Classiche certified. Two owners, 1,330 miles and still like new. Sticker was $410,000 + $25,000 in options = $435,000 and the result here at nine years old and with only [sic] 670 hp is a rather startlingly strong result. The GTO name may be working its magic, but this isn’t the 250 GTO of generations ago. This is a powerful, comfortable, luxuriously equipped road car with no competition creds at all. Lot # 127. RM Sotheby’s.
F12tdf, VIN ZFF81BFAXG0218583 (2016). Triple layer yellow with black Alcantara, black stripe. Estimate $750,000 to $800,000. Unrestored original, 2 condition. Hammered sold at $660,000 plus commission of 10.76 percent = final price of $731,000. Yellow calipers and tach face, carbon ceramic brakes, shields, matte black alloy wheels, PZero tires, carbon fiber interior and exterior trim, chipguard wrapped. 700 miles and like new. With all the options and special features this F12tdf probably cost (well) over $600,000 new. Retail prices are all over the lot with some asking seven figures. The problem is that there’s no shortage of them on the market and most have similar miles to this one. The seller here probably came out close to whole even after the seller’s commission and wisely chose the money in the face of a shaky market. Lot # 23. Gooding & Company.
V6 and V8 Auction Cars
DINO 246 GTS, S/N 07658 (1974). Red with black leatherette. Estimate $225,000 to $275,000. Cosmetic restoration, 3 condition. Hammered sold at $240,000 plus commission of 12 percent = final price of $268,800. Cromodora alloy wheels, Pirelli P4000 tires, Daytona-style seats, power windows, Nakamichi CD stereo. Sound paint, chrome and interior. The chassis and engine compartment are aged and used. A quality cosmetically restored Dino from the Oldenburg Family Collection. It’s impossible to fault this cosmetically restored 246 GTS, not because it’s wonderful and beyond perfect but because it’s honest and well-maintained. The result recognizes its quality and reassuring history, although the color is not the original Rosso Bordeaux; at least the interior leatherette is not tan. Lot # 197. Bonhams.
308 GTB ‘Vetroresina’, S/N 19397 (1976). Rosso Chiaro with beige leather, black stripes. Estimate $150,000 to $180,000. Cosmetic restoration, 2- condition. Hammered sold at $147,500 plus commission of 12 percent = final price of $165,200. 5-spoke alloy wheels, Michelin XWX tires, Borletti air conditioning, power windows, original tools and manuals. Very good paint and interior. The engine compartment is like new. Cosmetically restored in the 1990s and meticulously maintained since, it presents like a fully restored car but has only 12,403 miles. Sold by Gooding at Pebble Beach in 2015 for $247,500 showing 12,211 miles, it was sold in 2017 from the Ming Collection by RM at Monterey for $192,500 with 12,342 miles all the while being in pretty much exactly the same condition. Although the early fiberglass-bodied 308 GTBs are lighter than their later steel-bodied counterparts and much more rare (712 built), its auction history is not encouraging and reflects a declining assessment among collectors of their desirability. This is a realistic result in 2020. Lot # 161. RM Sotheby’s.
MONDIAL QV COUPE, VIN ZFFUD14A1F0054691 (1985). Dark blue with tan leather. Estimate $25,000 to $35,000. Visually maintained, largely original, 3+ condition. Hammered sold at $20,000 plus commission of 12 percent = final price of $22,400. Aftermarket modular wheels with black spiders, sunroof, woodrim steering wheel, later CD stereo. Sold new in Florida. Represented with a belt service in 2016 but no other specifics on service history. Showing 54,951 believable miles. Small scuff and a large touch up on the nose but mostly decent older repaint with orange peel in spots. Tidy and maintained underneath. Very good interior. A mediocre car by Ferrari standards, but a pretty good one by Mondial standards. For a Mondial QV with significant mileage, a few unanswered questions and wheels that may not be to everyone’s taste, this is a reasonable result. But while Mondials are relatively affordable to buy, it’s still a Ferrari underneath and that means expensive shop rates and parts costs. If this one needs anything major in the near future, it won’t seem like such an affordable car after all. Lot # 103. Bonhams.
360 SPIDER F1, VIN ZFFYT53A240138805 (2004). Red with beige leather. Estimate $125,000 to $175,000. Unrestored original, 2 condition. Hammered sold at $105,000 plus commission of 12 percent = final price of $117,600. 5-spoke modular alloy wheels, Michelin Pilot Sport tires, red calipers, shields, paddle shift. 392 miles and showroom fresh. Originality and low miles are valued attributes. This 360 Spider has both but neither is reflected in any significant degree in this result. It could have had 9,607 more miles, i.e., under 10,000 total, in the same original unmolested condition and brought this much without being expensive and is a brag-worthy acquisition in this transaction. Lot # 156. RM Sotheby’s.
SCUDERIA SPIDER 16M, VIN ZFFKW66AX90167474 (2009). Rosso Corsa with black Alcantara, cloth inserts. Estimate $250,000 to $325,000. Unrestored original, 2- condition. Hammered sold at $230,000 plus commission of 12 percent = final price of $257,600. Red calipers, carbon ceramic brakes, matte grey alloy wheels, PZero tires, shields, red tach face, climate control, carbon fiber interior trim, outside mirrors, roll hoops and rear fascia. The headlight covers are starting to fog up and there are a few nose stone chips. The interior is unmarked. One owner and 5,139 miles. Coming down fast in depreciation, this was a good time to sell and pass the next tranche of depreciation on to a new owner who bought at a modest but realistic price in this transaction. Lot # 85. Gooding & Company.
458 SPECIALE APERTA, VIN ZFF78VHA4F0214842 (2015). Yellow with dark blue Alcantara, yellow mesh inserts. Estimate $425,000 to $500,000. Unrestored original, 2 condition. Hammered sold at $590,000 plus commission of 10.85 percent = final price of $654,000. Blue carbon fiber trim inside and out including the manettino steering wheel, shields, matte gray 5-spoke alloy wheels, blue calipers, carbon ceramic brakes, paddle shift, chipguard wrapped, front end lift, titanium exhaust, car cover, battery maintainer. 1,000 miles and like new. Serviced in January. There is no accounting for this result except that two people just had to have it and waged a bidding war into uncharted territory. The successful (if “successful” is what to call it) bid is more than full retail for a comparable 599 SA. On the other hand the blue carbon fiber throughout is fabulously entrancing, a visual symphony that is fascinating, but even that is not enough to make this result anything other than expensive. Lot # 11. Gooding & Company.