RM Sotheby’s “Lost and Found” Collection - Monterey

    250 GT PF COUPE, S/N 0469 GT (1956). Celeste with natural leather. Estimate $1.7 million to $2.3 million. Unrestored original, 5+ condition. Hammer sold at $1.5 million plus commission of 10.33 percent = final price of $1.655 million. 4-speed, wire wheels. Peeling paint with surface rust. Broken rear glass. Stiff, dead original upholstery. Mostly all here but needs everything. One of four special 250 GTs built by Pinin Farina and sold to its first owner the King of Morocco. From the “Lost & Found” Collection where it’s been squirreled away for half a century still with (some of) its original paint and upholstery. Although the outward similarity to a Boano/Ellena is evident this is a different car with Pinin Farina coachwork, developed and finished to a higher standard to satisfy Ferrari’s most important clients. As such, it deserves the exceptional value which the Monterey bidders put on it, and the frighteningly expensive restoration it will require. A few years from now when it inevitably appears early Sunday morning on the lawn at Pebble Beach we’ll look back on this transaction and see a risk undertaken and compensated by concours recognition. It’ll still be expensive. Lot # 133.

 

    410 SUPERAMERICA SERIES I, S/N 0497 SA (1956). Red with black leather. Estimate $1.6 million to $2.2 million. Visually maintained, largely original, 4+ condition. Hammer sold at $2.55 million plus commission of 10.20 percent = final price of $2.81 million. 4-speed, Borrani wire wheels, Cinturato tires, Marchal headlights and grille-mounted fog lights. Dull old paint and chrome. Torn, stiff original upholstery. Missing the front fender vent grilles. Filthy, grimy engine compartment. No steering wheel. 1956 Paris Show car and in the Medlin Collection since 1974, one of just 12 Series I 410 Superamericas sold first to a Swiss who retained it for only half a year. Originally in Blu Artico over natural leather and sadly neglected but largely complete. This is a $2.8 million car in concours condition which sold for $2.8 million here in Monterey. That makes no sense, but such is the allure of bringing a great, sexy, powerful Ferrari back to life after a half century in oblivion. Lot # 134.

 

 

    250 GT/L, S/N 5521 GT (1964). Rosso with black vinyl, cloth inserts. Estimate $600,000 to $1 million. Modified for competition during restoration, 3- condition. Hammer sold at $820,000 plus commission of 10.61 percent = final price of $907,000. Alloy bodied by Williams & Pritchard in a fanciful combination of Lusso and GTO styles. wide chrome spoke Borrani wire wheels, 6-Webers, cold air box, dry sump, roll cage, 4-point belts, fuel cell with fill through right rear quarter window, Recaro seats. The result has a Nembo-ish charm. Good cosmetics but shows use. Decent old paint, no chrome. Sound interior. Neglected since acquisition in 2002. A sexy-looking take on the 330 LMB Le Mans car with abundant high-performance features and development over the years but largely neglected. It sold at Barrett-Jackson in 2002 for $189,000, then by RM at Monterey seven months later for $220,000. It’s a GTO in effect if not in fact and suitably refurbished should be a wonderful track car but it’s also expensive in this transaction. Lot # 128.

 

    275 GTS, S/N 06923 (1965). Red with tan leather. Estimate $1.2 million to $1.6 million. Visually maintained, largely original, 3- condition. Hammered sold at $920,000 plus commission of 10.54 percent = final price of $1.02 million. Borrani wire wheels, Blaupunkt cassette stereo. Dirty but sound and complete other than the shift knob. Clear, crisp gauges. Aged but sound chrome. Originally Giallo Solare over nero leather, in the Medlin collection since 2003. Represented as the matching-numbers engine. Apparently undamaged but left to deteriorate from disuse and neglect. This 275 GTS is not as bad as most of the Medlin cars, it’s just been left to moulder and decline in Florida’s heat and humidity and has the potential to be resuscitated for a reasonable cost that might be held within its restored value. An unusually responsible price within the Medlin cars. Lot # 137.

 

    275 GTB/6C, S/N 07809 (1965). Rosso with black vinyl, velour inserts. Estimate $2 million to $2.5 million. Unrestored original, 4 condition. Hammer sold at $3 million plus commission of 10.17 percent = final price of $3.3 million. Borrani wire wheels, alloy body, long nose. Peeling paint, worn and stiff upholstery. Dirty but complete engine compartment. 1965 Turin Auto Show display car, raced in the Targa Florio in 1966, a DNF after two laps. A rare car in deplorable condition. There’s some mystique in the Walt Medlin story but not enough to support this result even with the (unsuccessful) Targa Florio history, especially when another $105,000 (all-in) bought the comparable Fly Yellow alloy bodied 275 GTB/6C (S/N 08157) in presentable, running, driving condition at Mecum’s Monterey auction a day later. Lot # 130.

 

    330 GTS, S/N 9715 (1967). Argento Metallizzato with nero Franzi leather. Estimate $1.5 million to $2 million. Visually maintained, largely original, 4+ condition. Hammer sold at $1.01 million plus commission of 10.50 percent = final price of $1.12 million. Borrani wire wheels, power windows, Sanyo cassette stereo. Disassembled inside but good older paint and chrome. Decent upholstery, too. Represented as the numbers-matching engine and gearbox. Sold at the Rick Cole Monterey auction in 1996 for $140,450 where it was described as “Best viewed from 50 feet away.” That has stretched to at least 150 feet today. Not nasty like many of the other Medlin cars, but clearly no better than a restoration project that has a present value after expert completion of a little over $2 million. The new owner would be well-advised to rush it into the restoration to get it completed before a market readjustment affects the restored car’s value. Lot # 132.

 

    365 GTB/4 BERLINETTA, S/N 14663 (1971). Rosso Corsa with black leather. Estimate $400,000 to $500,000. Visually maintained, largely original, 4- condition. Hammer sold at $360,000 plus commission of 11.39 percent = final price of $401,000. Veglia air conditioning, power windows, Cromodora alloy wheels, Marelli ignition modules, painted nose panel, Nakamichi stereo. Loose seats. Carburetors and distributors missing. Decent old paint and upholstery. Monterey seagull droppings add to the neglected presentation. Represented as the matching numbers engine. “Lost & Found” Collection since 1996. Oh, what will the new owner find that needs attention beyond the carburetors and distributors? Plenty of things is the most probable answer and even this under-estimate price isn’t enough to compensate for the risk and uncertainty with Daytona values wobbling in a downward trend these days. Lot # 129.

 

    512 BB/LM, S/N 24131 (1978). Red with black vinyl, cloth inserts. Estimate $1.8 million to $2.8 million. Competition car, original as-raced, 4- condition. Hammer sold at $1.35 million plus commission of 10.37 percent = final price of $1.49 million. Weber carburetors, Campagnolo alloy wheels, aluminum wing. Le Mans 1978 driven by Delaunay, Buerin and Young, a DNF in the 19th hour. One intermediate owner before being acquired by Medlin in 1981 and sequestered there since. As raced long ago and untouched since. A seriously charismatic if little acknowledged competition Ferrari and a car that will find an open arms welcome at historic events. Making it run like it should and be safe will cost a fortune but there is room at this price to do that without overcoming its Le Mans history and performance. Lot # 141.

 

    206 GT, S/N 00212 (1968). Rosso Dino with black vinyl, green cloth inserts. Estimate $250,000 to $350,000. Unrestored original, 4- condition. Hammer sold at $410,000 plus commission of 11.22 percent = final price of $456,000. Cromodora centerlock alloy wheels, Goodyear Radial G/T tires. Derelict. Peeling paint. Deteriorated upholstery but complete and mostly there. Filthy, grimy engine compartment. Represented as matching engine and gearbox. To say it needs “everything” is to err on the side of optimism. One of the stars of the Medlin mess, a lightweight aluminum bodied Dino 206 GT that isn’t physically damaged by falling pole building beams but is as scroungy as it can be. Its only purpose will be as the basis for an expensive comprehensive restoration of every nut, bolt and panel, an endeavor that might have made sense at RM’s pre-sale estimate range but at this price does not promise to be rewarding financially; a labor of love not fiscal reality. Lot # 126.

 

    308 GTB VETRORESINA, S/N 19545 (1976). Rosso Corsa with tan leather. Estimate $125,000 to $200,000. Unrestored original, 4 condition. Hammer sold at $70,000 plus commission of 12 percent = final price of $78,400. 5-spoke alloy wheels, Blaupunkt cassette stereo. Crushed windshield. Covered in fire suppression or sheetrock residue. Represented as the original engine and gearbox. Worn original upholstery. In the Medlin collection since 1979. A sound and complete car other than the windshield. Finally, a bargain among the “Lost & Found” offering, this Vetroresina 308 GTB is minimally damaged and is one of just 712 built before Ferrari went to heavier steel bodywork. Fiberglas repairs will not be apparent or detract much from originality. It is a sound value in this transaction despite its years of neglect. Lot #139.

 

 

    500 MONDIAL SERIES I Pinin Farina Spyder, S/N 0406 MD (1954). Engine # 0440 MD. Estimate $1.2 million to $1.6 million. Competition car, original as-raced, 5- condition. Hammer sold at $1.7 million plus commission of 10.29 percent = final price of $1.88 million. Wrecked, then burned and left that way. Has a 750 engine (0440 MD), deDion rear axle, (matching-numbers) transmission and chassis plate. but that’s about all. Oh, and there’s a stamped left front suspension mount and the original firewall plate. Racing history in Italy and in the Mille Miglia, rebodied by Scaglietti. Preserved like this since the 1960s and in Medlin’s collection since 1978. Wadded up in a ball with twisted, compressed and fire damaged frame and the wrong engine, this is a daunting project, more a reconstruction (to use Denis Jenkinson’s terms) than a restoration. Not much can be salvaged from the wreck that was offered here and it will take a diligent and expensive search to find either the original engine or an appropriate 500. Still, we’ve seen pure 500 Mondials bring $5 million and none are really “pure”, having endured the vicissitudes of serious racing at the hands of erratic talents and red-eyed winners. Preserve these pictures, though, because some day 0406 MD will turn up, decompressed and reconstituted as a real car and we can say, “We saw it like this.” Lot # 140.