Ferraris at the Scottsdale Auctions, January 25-28, 2024

    There were only 37 Ferraris at the four Arizona auctions this year (Bonhams, RM Sotheby’s, Worldwide and Barrett-Jackson.) The 29 that sold (78.4%) brought a total of $7,984,350.

    Only four were bid to over $1 million of which two sold. The most expensive transaction was just $1,352,500, the 250 GT/L Lusso S/N 5129 GT at RM.

    Barrett-Jackson’s F12 TdF VIN ZFF81BFAXH0225258 was sold on the same hammer bid of $1,225,000 but came up a hair’s breadth short at $1,347,500 all-in because B-J’s commission is a bit less than RM’s.

    I don’t have numbers for 2023, having stayed home to take care of my wife, but in 2022 the 32 Ferraris that sold brought $10.4 million.

    In 2020 (2021 was COVID year and didn’t count) 86 Ferraris brought a total of $21.9 million.

    Gooding & Company in 2024, having lost its Fashion Square location to real estate development, declined to participate, instead focusing squarely on its two-day auction at Amelia Island.

    RM, having lost its primacy and location at the Ritz Carlton Amelia, is aiming its Big Guns on a standalone auction and concours at the Biltmore in Coral Gables on the same weekend as Amelia.

    Bonhams and RM Sotheby’s joined Artcurial in Paris only a week after Scottsdale for another orgy of commerce with better ambience and food.

    Barrett-Jackson, which offered 2,013 lots over almost a week of auctioning and selling (expensive) tchotchke at WestWorld had the most Ferraris, twenty-two in all with thirteen of them built since 2000.

    Nineteen of the 37 Ferraris in the Scottsdale auctions (51.4%) were built since 2000.

    What I sense from results over the last few years and certainly from the evolution going on in 2024 is that the Scottsdale sensation, where everyone in the old car world gathered in Arizona for a week of commerce, is declining in the face of other opportunities such as Paris, Amelia and Monterey, placing far less emphasis on Scottsdale, the event that for a generation has set the course for the coming year.

    Prices, too, reflected the tone of Scottsdale 2024. In general they were soft, frequently attracting bids less than the same cars had brought in recent auctions.

    There was little enthusiasm for Ferraris, or for that matter anything else except Resto-Mods and customs at Barrett-Jackson.

 

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Scottsdale Selected Ferraris

 

    250 GT ELLENA, S/N 0855 GT (1958). Azzurro Metallizzato with Pelle rossa interior. Estimate $1.1 million to $1.3 million. Recent restoration, 2+ condition. Not sold at hammer bid of $870,000. 4-speed, dual master cylinder, vented brake drums, Borrani wire wheels, Pirelli tires, Marchal headlights and fog lights. Represented as matching numbers throughout, Classiche Red Book certified. Cavallino Palm Beach Platinum in 2020 and displayed at Pebble Beach in 2022. Freshly restored like new with better clearcoat paint, inviting upholstery and brilliant chrome. Reported sold by Bonhams at Quail Lodge last August for $1.19 million ($1,080,000 hammer). It came back here in the same exceptional condition with only a few more transporter miles rung up on the odometer wheels but fell short of even a reasonable bid. It is a beautiful “high-roof” Ellena accurately reflecting the original Pinin Farina 250 GT design and is now looking again for a home. Lot # 40.  Bonhams.

 

    250 GT PF CABRIOLET SERIES II; S/N 2489 GT (1961). White with red interior. Estimate $1.5 million to $1.75 million. 2 condition. Not sold at hammer bid of $1.3 million. Lot # 144. RM Sotheby’s.

    250 GT/L, S/N 5129 GT (1963). Red with black leather. Estimate $1 million to $1.3 million. 3+ condition. Hammer sold at $1.23 million plus commission of 10.41% = final price of $1,352,500. Lot # 127. RM Sotheby’s.

    330 GT 2+2 SERIES II, S/N 8487 (1966). Grigio Fumo with Nero Franzi leather. Estimate $300,000 to $400,000. Older restoration, 2- condition. Hammer sold at $310,000 plus commission of 11.61% = final price of $346,000. 5-speed, Borrani wire wheels, Michelin XWX tires, ANSA exhaust, woodrim steering wheel, wood dash, power windows, original radio. Comes with a set of Campagnolo alloy wheels, books and tools. Sold new in Italy. Matching numbers. Good paint and chrome other than a small crack at the top of the right A-pillar. Light age to the dash, switchgear and upholstery but nothing at all serious. Tidy underneath. A solid four-seater Ferrari. These are handsome cars with Pininfarina coachwork that handsomely disguises their rear seats in pleasing lines. Half the value of a 330 GTC is realistic and it keeps them from being carved up to make replicas of GTOs or Testa Rossas. The sound of a 4-litre Ferrari V-12 is as pleasant and euphoria-inducing in a 330 GT as it is in much more expensive Ferraris although “affordable” has long since been eclipsed. This is expensive even for a sound and well-maintained example, however. Lot # 117. RM Sotheby’s.

 

 

    330 GTS, S/N 11027 (1968). Argento with rosso leather. Estimate $1.75 million to $2.25 million. 2- condition. Not sold at hammer bid of $1.6 million. Lot # 131. RM Sotheby’s.

    365 GT 2+2, S/N 12633 (1969). Azzurro with beige leather. Cosmetic restoration, 3+ condition. Not sold at hammer bid of $160,000. Borrani wire wheels, Pirelli Cinturato tires, ANSA exhaust, woodrim steering wheel, power windows, Becker Europa radio, factory air conditioning. US delivery. Scratches on the right front bumper. Paint chip at the front of the hood and scratches around where the rear license plate used to be, but the finish is high quality, in the handsome original color, and free of other major flaws. Slightly dirty wheels and exterior vents. Lightly wrinkled leather and dirty switchgear but mostly good interior. Sold by RM here in 2019 for $215,000 and this bid should have been much closer to that, particularly these days when the 365 GT 2+2 has been steadily increasing in value. It was no surprise the consignor chose the car over the money. Lot # 046. Worldwide Auctioneers.

    365 GTB/4 SPYDER CONVERSION, S/N 13353 (1970). Fly yellow with nero leather interior. Hammer sold at $600,000 plus commission of 10.00% = final price of $660,000. Lot # 1417. Barrett-Jackson.

 

    365 GTB/4, S/N 15229 (1972). Blu Dino with tan leather. Estimate $650,000 to $750,000. Recent restoration, 2- condition. Hammer sold at $570,000 plus commission of 10.88% = final price of $632,000. ANSA exhaust, Cromodora alloy wheels, leather-wrapped steering wheel, Becker Grand Prix radio, power windows, air conditioning, electric power steering, LED instrument lights and Xenon headlights added. Restoration by GTO Engineering finished in 2019. Represented as matching numbers engine and transaxle. Crack below a  front corner of the hood. Otherwise good paint, and this is a really sharp color on a Daytona. Light rip in the upholstery around the right rear quarter window. Lightly scratched window frames. Good, lightly worn interior. This car was in Amelia Island six years ago, and it sold for $621,000. That was before its restoration, when it was painted red and in 3+ condition. Daytona prices aren’t far off from where they were in 2018, so even though the restoration made a big difference in the car’s appearance it didn’t, at least in the eyes of a bidding audience, make a big difference in its value and is a sound value in this transaction. Lot # 130. RM Sotheby’s.

 

 

    550 BARCHETTA, VIN ZFFZR52B000123685 (2001). Rosso Corsa with nero leather. Unrestored original, 2- condition. Not sold at hammer bid of $540,000. Red calipers, Scuderia shields, Pirelli P Zero tires. Number 13 of 448 built. Represented with 5,082 miles. Very clean inside and out other than the top of the gauge pod, which is pilling at some edges, same with the material on the transmission tunnel which looks like it has been in a fire. At the Kruse auction at the 2005 Concorso Italiano in Monterey, this car, then only four years old, sold for $190,000. It has the attributes people want in a Ferrari today including a healthy front-mounted V12 and 6-speed manual transmission. Lack of a roof or more than a minimal soft-top limits its use except in places like Southern California, Arizona or Nevada where the sun (mostly) always shines. That, and even the low miles, doesn’t explain the consignor’s decision not to accept this generous bid, or why Worldwide accepted it with a reserve above this much. It should have been loose and selling well before reaching this bid. Lot # 049. Worldwide Auctioneers.

    575M MARANELLO, VIN ZFFBV55A420126973 (2002). Grigio Titanio with Blu Scuro leather. Estimate $350,000 to $400,000. Unrestored original, 2- condition. Not sold at hammer bid of $260,000. 6-speed manual, silver calipers, Michelin Pilot Super Sport tires, Scuderia shields, Daytona-style seats. Represented with 24,000 miles. Very good paint. Clean wheels. Lightly wrinkled leather. Clearly well and consistently maintained. Rare colors and, most importantly it’s a 6-speed, which is rare on a 575. Only about 250 cars were ordered with that gearbox. That clutch pedal can more than double the value of a 575M, so while a $260K high bid would buy the world’s best paddle-shift 575M, it was light for this lightly used stick shift car. It was advertised for sale at a dealer late last year for $289,900, so something close to that number was likely what the consignor had in mind. RM Sotheby’s lists it, as sold, after the auction at an undisclosed amount. Lot # 170. RM Sotheby’s.

 

    599 GTB FIORANO F1, VIN ZFF60FCA6A0174076 (2010). Black with black Alcantara. Estimate $190,000 to $230,000. Unrestored original, 3- condition. Hammer sold at $177,500 plus commission of 12.00% = final price of $198,800. Yellow calipers, Scuderia shields, forged wheels, HGTE package. Represented with 9,200 believable miles. Paint shows a few chips on the wheel arches, along the fender and doors as well as the mirrors. The interior shows little wear. Some switchgear is starting to show the stickiness endemic to 2000s Ferraris. A low-mileage car but it still shows signs of use. The Handling Gran Turismo Evoluzione (HGTE) package added upgraded suspension, rear anti-roll bar, lower ride height, quicker-shifting gearbox, carbon bucket seats, and better exhaust to the 599. It also adds value over a standard car, and this solid but used example sold right where it should have given its HGTE goodies. Lot # 19. Bonhams.

 

    F12berlinetta, VIN ZFF74UFA9G0215298 (2016). Rosso Corsa with black leather. Unrestored original, 2 condition. Hammer sold at $250,000 plus commission of 10.00% = final price of $275,000. Carbon fiber brakes, gray alloy wheels, P Zero tires, carbon fiber aero features, climate control, power everything, original accessories. 1,025 miles and like new. Breathtaking performance in sybaritic luxury but bought at the lower bounds of reasonable prices for its low miles and like new condition. Lot # 1416.1. Barrett-Jackson.
F12tdf, VIN ZFF81BFAXH0225258 (2017). Bianco Fuji with nero leather. Hammer sold at $1,225,000 plus commission of 10.00% = final price of $1,347,500. Lot # 1386. Barrett-Jackson.

 

 

     DINO 246 GTS, S/N 05710 (1973). Nero with tan leather. Estimate $350,000 to $450,000. Older restoration, 3 condition. Hammer sold at $387,500 plus commission of 11.29 percent = final price of $431,250. Cromodora wheels, Michelin Defender tires, MOMO Prototipo steering wheel, air conditioning, power windows, books and tools. Sold new on the West Coast. Older 2015 repaint with numerous small scratches and chips on the nose. Heavy wear to the seats. Several blemishes on the wheels. Engine rebuilt overhaul in 2015 as well. Driven regularly over the years and used in events like the Copperstate 1000. Never restored but got major attention when necessary. A driver Dino. And, in 2024, this is what a driver Dino costs. Pre-pandemic, this money would have bought you the best 246 GTS in the world, but Dinos have come very far since then after going through a value slump in the Twenty-teens.. Lot # 44. Bonhams.

 

 

    308 GTB, S/N 23115 (1977). Red with black leather. Hammered sold at $57,000 plus commission of 10.00% = final price of $62,700. Lot # 0742. Barrett-Jackson.

    328 GTS, VIN ZFFXA20A6H0067957 (1987). Rosso Corsa with tan leather. Visually maintained, largely original, 3+ condition. Hammer sold at $98,000 plus commission of 10.00% = final price of $107,800. Blaupunkt CD stereo, air conditioning, alloy wheels, Eagle Sport tires. Good clearcoat paint, claimed to be restored in 2020, otherwise largely original and well-maintained. The engine compartment is clean and orderly but used. An ordinary 328 GTS with 2,471 odometer miles apparently reset upon the cosmetic restoration. This is a challenge to evaluate but it was reported sold here in 2022 for $165,000 which provides a reference for this appropriate price. Lot # 1010. Barrett-Jackson.

 

 

     MONDIAL T CABRIOLET, VIN ZFFFK33A5L0087524 (1990). Rosso Corsa with beige interior. Hammer sold at $70,000 plus commission of 10.00% = final price of $77,000. Lot # 1665. Barrett-Jackson.

    355 F1 GTS, VIN ZFFXR42A1X0115655 (1999). Rosso Corsa with tan leather. Unrestored original, 3+ condition. Hammer sold at $100,000 plus commission of 10.00% = final price of $110,000. Tubi exhaust, red calipers, 18” alloy wheels, Michelin tires, air conditioning, aftermarket stereo, sport seats, carbon fiber interior trim. Engine-out belt service 18 months ago. Good paint with only a few small nose chips. The original interior is worn as expected for the 46,651 miles on the odometer. There’s no particular premium over market here for this well-used but also well-maintained 355 GTS, just a sound car at a sound price. Lot # 1138.1. Barrett-Jackson.

 

    360 MODENA, VIN ZFFYR51B000116318 (1999). Rosso Corsa with black Alcantara. Unrestored original, 3- condition. Hammer sold at $130,000 plus commission of 10.00% = final price of $143,000. 6-speed, shields, Alpine stereo, chipguard nose, otherwise good original paint showing age and use. The Alcantara is heavily used on the driver’s seat, less on the passenger’s side. Previously owned by late actor Paul Walker. Mileage not stated and has minor fault lights (low coolant and suspension) showing and is due for a belt service. Probably a decent car after it is serviced at some considerable cost and this result is by $50,000 or more a result of its ownership by Paul Walker. Lot # 1326. Barrett-Jackson.

 

    360 SPIDER F1, VIN ZFFYT53A040139435 (2004) Rosso Scuderia with Cuoio Naturale. Unrestored original, 2 condition. Hammer sold at $115,000 plus commission of 10.00% = final price of $126,500. SF shields, red calipers, modular alloy wheels, Michelin Pilot Sport tires, Kenwood stereo, Tubi-style exhaust. 13,561 miles and nearly like new. Very good paint with no obvious nose or edge chips. Lovely color combination and essentially unused upholstery. Represented as having a recent timing belt service. After seeing a number of muscle cars, pony cars and customs leave the block at WestWorld with extremely generous prices it’s a relief to see a modest mileage, nearly like-new Ferrari 360 Spider sell for pretty much exactly what it was expected to bring. Lot # 1112.1. Barrett-Jackson.

 

    F430 F1 SPIDER, VIN ZFFEW59A370153349 (2007). Rossa Corsa with beige leather. Unrestored original, 2 condition. Hammer sold at $200,000 plus commission of 10.00% = final price of $220,000. 19-inch polished alloy wheels, P Zero tires, SF shields, Daytona-style seats, climate control, carbon fiber interior trim, factory CD stereo, yellow tach face. Represented as 2,274 miles and nothing about its condition contradicts that. Barely used and desirably equipped with a 6-speed manual transmission although it appears from the description to be converted from the original F1 automanual gearbox, a challenging modification that is not reported to be user-friendly and may account for this modest price for its condition and presentation. Lot # 1320.1. Barrett-Jackson.

 

 

    F430 F1 SPIDER, VIN ZFFEW59A280159340 (2008). Rossa Corsa with beige leather. Unrestored original, 2 condition. Hammer sold at $170,000 plus commission of 10.00% = final price of $187,000. Challenge wheels, Yokohama tires, red calipers, SF shields, CD stereo, carbon fiber interior trim, air conditioning, Capristo exhaust. 10,511 careful miles. Right on the money and potentially a very satisfying car to own and drive, particularly if it continues to be maintained as well as it has so far. Lot # 1078.1. Barrett-Jackson.

    CALIFORNIA, VIN ZFF65LJA8A0173708 (2010). Black with black leather interior. Hammer sold at $82,000 plus commission of 10.00% = final price of $90,200. Lot # 0794.1. Barrett-Jackson.

    488 CHALLENGE, VIN ZFF87EXX000227921 (2017). Rossa Corsa with black Alcantara. Hammer sold at $152,000 plus commission of 10.00% = final price of $167,200. Lot # 1429.1. Barrett-Jackson.

    PORTOFINO, VIN ZFF89FPA2L0255538 (2020). White with red and black interior. Hammer sold at $202,000 plus commission of 10.00% = final price of $222,200. Lot # 1461.1. Barrett-Jackson.

    SF90 STRADALE, VIN ZFF95NLA5N0274068 (2022). Nero with rosso seats, black interior. Estimate $600,000 to $700,000. 2 condition. Not sold at hammer bid of $540,000. Lot # 146. RM Sotheby’s.