Ferraris at Monterey 2025 Part II the V6-V8 Cars

     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 BP 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 2383 GT for $23 million hammer, $25.3 million 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, $11.05 million all-in at RM.

     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 …

 

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     DINO 206 GT, S/N 00332 (1969). Red with black interior. Estimate $600,000 to $800,000. Visually maintained, largely original, 3 condition. Hammer sold at $585,000 plus 10.85% commission = final price $648,500. Cromodora centerlock wheels, Michelin XWX tires, leather-wrapped steering wheel. One of 153 Dino 206 GTs. Sold new in Italy. Cosmetic and mechanical refurbishment earlier this year. Small ding in the right front bumperette and bumper rubber is wavy. Good paint and wheels. Original-looking glass and window frames. Original-looking exhaust with a few small dents in the tips on the right side. Tidy engine. Excellent leather but original dash and gauges, and the left side window winder has fallen off. A good but not great 206 Dino. The regular production, steel-bodied 246 Dino GT and GTS were massive sellers for Ferrari, which at the time was still a somewhat boutique manufacturer. Over 3,500 were built, so even though the earlier aluminum-bodied 206 cars look nearly identical, they are far rarer, lighter and worth a fair bit more. Dino prices shot up a few years ago and have remained strong for most conditions. This much less than perfect 206 GT, for example, sold in Amelia Island in 2017 for $467,500 and given its rather needy condition it brought a generous price. Lot 245. RM Sotheby’s.

 

 

     DINO 246 GT, S/N 04072 (1972). White with black vinyl interior. Estimate $200,000 to $300,000. Unrestored original, 4- condition. Hammer sold at $225,000 plus 12% commission = final price $252,000. Cassette stereo, Cromodora alloy wheels. Superficially repainted a long time ago. Torn original interior. Dirty and neglected chassis and engine compartment. Rotten tires. Discolored and failing chrome. Rust bubbles in the door bottoms and right front fender. Stored 1990-2025 in Japan and still in barn find condition. An expensive restoration project that will need attention at every turn. Maybe worth double this when it has been completely restored, it will take much more than the value increment to get it into that condition. It is a labor of love (and an expensive adventure) that has no economic validation for the price it brought. Lot 131. Bonhams.

 

 

     DINO 246 GTS, S/N 05984 (1983). Bianco with rosso leather, black bars. Visually maintained, largely original, 3- condition. Hammer sold at $600,000 plus 10% commission = final price $660,000. Borletti air conditioning, power windows, Cromodora alloy wheels, Michelin XWX tires. Dull, shrinking old repaint with poor masking. Sound old upholstery. Dirty original chassis and underbody. An artifact, winner of the 1975 Cannonball and offered from the family of the original owner, Jack May, who drove it on the Cannonball with Rick Cline. Impressively preserved and complete as well as being original except for a repaint, condition which earned it a meaningful premium on top of the premium for being the 1975 Cannonball Baker Sea-to-Shining-Sea Memorial Trophy Dash winner. The latter is not a distinction well-remembered by those too young to remember the Federally Mandated 55 mph speed limit but even with more lenient traffic laws today under 37 hours coast-to-coast is seriously impressive. This result should not be measured against Dino Spiders with less notable credentials ... which means any of them. Lot S100. Mecum Auctions.

 

 

     DINO 246 GTS, S/N 06452 (1973). Black with red, black bars leather. Estimate $700,000 to $900,000. Cosmetic restoration, 2- condition. Hammer sold at $930,000 plus 10.54% commission = final price $1,028,000. Chairs and flares, silver painted Campagnolo alloy wheels, Michelin XWX tires, grille guard, power windows, Borletti air conditioning, Becker Europa multiband radio. Classiche Red Book certified in 2018. Excellent paint with flat evenly matched panels. Brilliant chrome. Barely stretched upholstery. The lightly used engine compartment is older than the paint and upholstery and some areas still have old finishes. An attractive and desirable Dino Spider but cosmetically restored to older European standards. Neither I nor, to judge from the expressions on their faces during the auction, the auctioneers, Charlie Ross and David Gooding, understand this result, a world record for a Dino Spider. Yes, it’s got “Chairs & Flares” and is an original U.S.-delivered Dino but the hammer price is over $100,000 more than a comparable Dino Spider could be expected to bring. Lot 77. Gooding & Company.

 

 

     F40, VIN ZFFGJ34B000084036 (1989). Rosso Corsa with red cloth seats. Estimate $2.4 million to $2.6 million. Unrestored original, 3- condition. Hammer sold at $3.5 million plus 10.14% = final price $3.855 million. Air conditioning, modular alloy wheels, Michelin MXW tires, SF shields. Bubbling paint. Stretched and wrinkled upholstery. Rusty nose latches. Orderly but aged engine compartment. Neglected and needs attention before being driven. A sound F40 but the condition and care it has received does not sync with the stated 360 miles from new. Collectors these days appreciate original, unrestored cars and pay serious premiums to own them but there’s always a tradeoff between originality and condition. This F40 stands out on the other side of that tradeoff with its neglected condition and the premium it brought here is seriously optimistic. It would not have been anything more than a decent value at the pre-sale estimate and at this price it is notably expensive. Lot 132. RM Sotheby’s.

 

 

     360 SPIDER F1, VIN ZFFYT53A430131367 (2003). Rosso Corsa with beige leather. Estimate $80,000 to $100,000. Unrestored original, 2- condition. Hammered sold at $67,500 plus 12% commission = final price $75,600. Ferrari stereo, air conditioning, Daytona-style seats, SF shields, Challenge grilles, red calipers, Michelin tires, chip guarded nose and engine cover, original window sticker, documented. 24,732 miles and nearly like new. Exceptionally clean engine compartment. A nearly pristine example of an important Ferrari milestone. Ferrari introduced the “F1” paddle shift gearbox in the F355 and made it the centerpiece of Ferrari road cars and the connection with the Nigel Mansell F1 Ferrari championship. It was a sea change and nearly every high-performance sports car that followed adopted the same technology. Despite a nostalgic diversion recently that celebrates (and rewards) the “all-essential” (auctions used that term insufferably) six-speed manual, this was and remains a demonstration of state-of-the-art in 2003. And no one cares any more. The shift is electro-hydraulic and disappointingly slow. There’s no programmed throttle blip on downshifts. In 2025 terms it is archaic and that is reflected in this result even for this generously equipped and superbly maintained example. Oh, and it has a soft top that means getting up and out of the car to snap it down. It might as well be an Auburn or Isotta. This result makes the Hagerty Price Guide look out of touch, but the price is realistic. Lot 104. Broad Arrow.

 

 

     F8 SPIDER, VIN ZFF93LMA5P0292159 (2023). Gray with orange leather, black Alcantara inserts. Estimate $325,000 to $400,000. Unrestored original, 2 condition. Hammer sold at $455,000 plus 11.10% = final price $505,500. Yellow tach face, black SF shields, 21/22” gloss black centerlock alloy wheels, Michelin Pilot Sport 4S tires, carbon brakes, orange calipers, air conditioning, Capristo exhaust. Unblemished and like new with less than 2,200 miles from new. One of several cars at this sale without reserve from a court-ordered seizure in a Las Vegas scam operation. The F8 Spider and McLaren 720S are mirror images, at least on their specifications, but Ferrari’s stature and recognition help make the F8 Spider worth six figures more in the second-hand market, not that there’s much “second hand” about this 2,200-mile F8. This result for a car coming from a court-ordered seizure is a bit surprising since the recent ownership history does not suggest caring ownership or maintenance. Bonhams promoted these 20 or so cars, however, and the bidders were thinking there might be a deal. There wasn’t, and this isn’t. Lot 188. Bonhams.

 

 

     360 MODENA, VIN ZFFYU51A740137455 (2004). Rosso Corsa with tan leather interior. Estimate $240,000 to $280,000. Unrestored original, 2 condition. Hammer sold at $220,000 plus 12% commission = final price $246,400. 6-speed manual, red calipers, Pirelli P Zero tires, Scuderia shields, Daytona-style seats, factory radio, books, tools. Represented with 2,893 miles. Serviced last month. No issues to speak of. It’s a barely used and carefully stored Ferrari in classic Ferrari colors, and it has the all-important manual gearbox that can make a huge difference in the value of 2000s-era exotics like this, especially Ferraris. How big of a premium a third pedal and an open gate shifter can make on price varies by model and body style, but in the case of this car a $246,400 final price is roughly double what it probably would have sold for had it left Maranello with flappy paddles. That is, as the market speaks today, a reasonable result and hints at the driving enjoyment mastering a real 6-speed gearbox brings. It is, however, at great cost and in a world now migrating toward automanual supercars not a sound proposition for such a premium in coming years. Lot 238. Broad Arrow.