Scottsdale 2022 Wasn't a Ferrari Year

    It wasn’t even a Big Year, despite some two hundred and two-third million dollars changing hands.

    The Scottsdale total was up from recent years, but below the $289.9 million record set in 2015.

    The average price across the five auctions was below 2014, but the median at $66,000 was a record by a good margin.

    Total lots crossing the Scottsdale auction blocks were 2,130, some 800 less than Mecum auctioned at Kissimmee two weeks earlier.

    The sale total for the five Scottsdale auctions was $267.7 million, $63 million more than Kissimmee.

    Among the five auctions (Barrett-Jackson, Worldwide, Bonhams, RM Sotheby’s and Gooding) there were only thirty-one Ferraris.  Ferraris were an unimportant (pardon the expression) component of the Scottsdale auctions.

    In 2020 there were eighty-six Ferraris. They amounted to $21.9 million in sales. This year?

    The thirty-two Ferraris brought $10.4 million. Only two Ferraris sold for over $1 million.

    Gooding & Company put on a hybrid auction in Scottsdale with a physical presence outside Bennett Dorrance’s Hangar One FBO at the Scottsdale airport but with Geared Online internet bidding.

    David Gooding said, “Our clients wanted their big cars in Amelia, not Scottsdale. We wanted to be in Scottsdale, but with an online sale.” Gooding had one Ferrari, a 246 GTS. It was generously bought for its condition.

    Does this signal a shift in emphasis and approach?

    Many Scottsdale (and Mecum Kissimmee) onlookers commented on epic prices but a more measured view shows most prices to be up marginally from the past two COVID years but in line with results from 2017-2018.

    There were exceptions, both higher and lower, as there always are, and there were silly prices paid for some cars, but also a few bargains – as there always are.

    There are trillions of federal stimulus dollars sloshing around in the economy and they have to go somewhere. A few ended up in Kissimmee and Scottsdale.

    There were no bargain Ferraris in Scottsdale. There were several expensive ones.
 

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    250 GTE, S/N 4695 GT (1963). Grigio Argento with mahogany leather. Estimate $425,000 to $525,000. Visually maintained, largely original, 3+ condition. Hammer sold at $425,000 plus commission of 11.18 percent = final price of $472,500. Marchal headlights and fog lights, Borrani wire wheels, Pirelli tires, Blaupunkt AM-FM, tools, owner’s manual. Represented as original numbers-matching engine, gearbox and differential. Good older paint and attractive interior in a gorgeous color. The engine compartment is clean and orderly with only a little fuel residue on the carburetors. It’s not restored, but shows attention. Both 250 GTEs in Scottsdale (both at RM) achieved remarkable results. Even though this was bought on a bid equal to the low estimate it appears to be seriously optimistic, or just on the curl of a crashing wave? Lot # 112. RM Sotheby’s.

 

    275 GTB, S/N 06609 (1965). Red with black leather. Estimate $1.5 million to $2 million. Visually maintained, largely original, 3- condition. Hammer sold at $1.7 million plus commission of 10.29 percent = final price of $1.875 million. Alloy wheels, Michelin XWX tires, two sets of spare wheels, partial tool roll. Stone chipped nose, chipped edges. Duct tape patched seats. Weak chrome. The engine compartment is orderly but has road grime at the bottom and fluid residue. Represented to have its matching-numbers engine and a replacement gearbox. A sound and usable but aged and used short nose 275 GTB. Dr. Terry Maxon Collection. Appropriately discounted for the aged and chipped cosmetics, duct-taped seats and grungy engine compartment, this is a preservation class challenge. Its deteriorated cosmetics are not at all attractive and it is hard to imagine this 275 GTB not heading in short order to a restorer for an expensive redo, which is not going to be accomplished within any financial margin remaining after paying this much for it. It is expensive. Lot # 134. RM Sotheby’s.

 

    330 GTC SPECIALE, S/N 8727 (1966). Blu Scuro with beige leather. Estimate $700,000 to $900,000. Recent restoration, 2- condition. Hammer sold at $875,000 plus commission of 10.57 percent = final price of $967,500. Borrani wire wheels, Michelin XWX tires, Becker Grand Prix cassette stereo, popup driving lights, power windows. Restored like new but there is road grime and fluid residue under the hood. First owned by Sergio Pininfarina, modified as a design study and incorporating a number of unique details in the interior layout and the popup driving lights. Very good paint, chrome and slightly stretched upholstery. When sold by Gooding & Company at Scottsdale in 2008 for $550,000, it was in fresher restored condition and we called it, “an expensive but not unjustified premium for its special features and Pininfarina ownership.” That observation still applies today when a good standard production 330 GTC is a half-million dollar car. Detail differences and Sergio Pininfarina ownership history make a big difference in value. Lot # 137. RM Sotheby’s.

 

 

    330 GTS, S/N 9805 (1967). Red with camel leather. Estimate $1.5 million to $2 million. Visually maintained, largely original, 3- condition. Hammer sold at $1.775 million plus commission of 10.28 percent = final price of $1.96 million. Craig 8-track stereo, Borrani wire wheels, Michelin Defender tires, tools, period paperwork. Indifferent quality older color-changed paint with orange peel on the windshield post. Good upholstery. Dirty gauges, interior buttons and ashtray. The engine compartment is old and dirty. Doesn’t show much attention in a while but is described as in good mechanical condition and driving well with its numbers-matching engine and gearbox. Dr. Terry Maxon Collection. One of the better Dr. Terry Maxon Ferraris, but still aged and neglected to a point where the new owner will likely find it irresistible to restore. That’s an expensive project but in the process it could be returned to its original Blu Sera over Arancio (Orange) leather (sell those pretty camel-colored seats to a new owner, they’re too good and attractive to send to the recycle bin). This result is appropriate for the car’s condition and history and the fact it lacks a Ferrari Classiche certification doesn’t seem to have put the bidders off. Lot # 135. RM Sotheby’s.

 

    365 GTS/4, S/N 14779 (1971). Argento Metallizzato with black leather. Estimate $2.4 million to $2.8 million. Older restoration, 2- condition. Not sold at hammer bid of $2.175 million. Painted nose panel, pop-up headlights, Borrani wire wheels, XWX tires, Becker Mexico cassette stereo, Borletti air conditioning. Very good older paint, barely used upholstery, clean engine compartment showing some age but few miles. Represented as 40,182 miles from new, once owned by Hollywood director Sydney Pollack and the subject of a colorful expropriation in Mexico in 1981. Most recently restored in 2001 then cosmetically freshened in 2010. A quite exceptionally well-documented and meticulously maintained Daytona Spyder. A regular auction feature since 1999 when RM sold it at Monterey for $308,000. By 2008 the restoration had been freshened and it was a post-block sale at Gooding’s Scottsdale auction for $1.29 million. Despite the restoration aging it was sold by Gooding at Scottsdale again in 2020; it brought $1.93 million. In the 23 years since it was first sold at auction it has added only 904 miles to the odometer, qualifying it as an artifact than a high speed driver’s car. With that mileage, it is unlikely it has ever been enjoyed on an open road tour event. The bidders were surprisingly reticent in choosing this point at which to stop, but kept cool heads and had it sold at an all-in price of some $2.4 million it would not have been considered expensive. Lot # 122. RM Sotheby’s.

 

 

    400i Stretch Limousine, S/N 32013 (1980). White with gray leather. Not viewed. Hammer sold at $48,000 plus commission of 10 percent = final price of $52,800. Lot # 1601.  Barrett-Jackson.

 

 

    512 BBi, VIN ZFFJA09B000046641(1983). Red with black leather, red bars. Unrestored original, 2- condition. Post-block sale at $238,147 plus commission of 12 percent = final price of $266,725. Michelin TRX tires, Pioneer cassette stereo, Veglia air conditioning. Very good, probably original paint. Lightly creased original upholstery. Some of the console controls are worn. The interior panel behind the passenger’s seat is damaged. Clean unrestored chassis. A well-maintained largely original example showing 7,010 believable miles. The sole Ferrari at Worldwide’s Scottsdale auction and a realistic deal for all concerned put together after it crossed the block. There is little, if any premium, for originality in this result and the new owner can be proud of both the car and the transaction. Lot # 60. Worldwide Auctioneers.

 

 

    TESTAROSSA, VIN ZFFSG17A6K0081440 (1989). Rosso Corsa with tan leather. Unrestored original, 2- condition. Hammer sold at $155,000 plus commission of 10 percent = final price of $170,500. BFG tires. Good original paint and interior. The driver’s seat is slightly stretched and creased on the seat back bolster. Orderly engine compartment and chassis consistent with the 17,065 miles represented. The nose is surprisingly free of chips. An appealing Testarossa with only moderate miles but still (at least by historic standards) an expensive one at this price. RM sold S/N 65559, a Monospecchio, this week for $162,400, a result that contrasts sharply with this transaction for an otherwise ordinary Testarossa. Lot # 1033. Barrett-Jackson.

 

 

    512 TR, VIN ZFFLG40A9N0086815 (1992). Rosso Corsa with black leather. Estimate $275,000 to $325,000. Unrestored original, 3+ condition. Hammer sold at $265,000 plus commission of 11.89 percent = final price of $296,500. Alloy wheels, Michelin tires, SF shields, Schedoni luggage, books, tools. Described as one of two “prototype” cars built to U.S. specifications. Lots of paint loss and oily mist residue in the engine compartment. Good paint and lightly worn upholstery. Looks like what it claims to be including the 20,647 miles on its odometer. Reported sold by Russo and Steele at Monterey in 2017 for $214,500 and preserved since then although beginning to show its age. This result is a reasonable one for its early build status (which might have been characterized in American terminology as a “pilot line” car, meaning one put together to finalize the production process). It is a healthy premium over a standard 512 TR, however. Lot # 29.  Bonhams.

 

 

    456 GT, VIN ZFFSP44A8S0100981 (1995). Black with beige leather. Estimate $60,000 to $80,000. Unrestored original, 2- condition. Hammer sold at $110,000 plus commission of 12 percent = final price of $123,200. CD changer stereo, yellow calipers, 19-inch alloy wheels, Michelin Pilot Sport tires, SF shields, Schedoni tool case. Other than an aged and creased driver’s seat this Ferrari is nearly like new even under the hood. The mileage is represented to be 24,744 and it has been carefully looked after for the past two and a half decades. Now qualifying as a senior citizen, at least in car terms, this 456 GT has led, at least from all exterior indications, a good life. The auction description highlights “the revered six-speed gated manual transmission”, but that was standard – on the 456 GT. The low miles and overall well-preserved condition is a serious plus, but this result is momentous. 456 GT values have been trending up recently, but this result is a leap, not a trend. Lot # 171. RM Sotheby’s.

 

 

    F512 M, VIN ZFFVG40A0S0101111 (1995). Black with tan leather. Estimate $425,000 to $475,000. Unrestored original, 2- condition. Hammer sold at $475,000 plus commission of 11.05 percent = final price of $527,500. Modular alloy wheels, Michelin tires, Tubi exhaust, Schedoni tool kit. Very good original paint and upholstery. The engine compartment is clean and shows little use or age despite the 15,290 miles. Belt serviced in late 2021. Consider that an F512 M, the ultimate Testarossa and Ferrari’s last flat 12-cylinder road car, has historically been worth 50% more than a 512 TR or three times a Testarossa and based upon the prices realized for those models here in Scottsdale this week the eye-opening price brought by this F512 M is proportionate. This analysis, however, is based upon some fairly egregiously inflated 512 TR and Testarossa results. Is it an inflection point, or an instance of mass delusion? Time will tell but until it does this stands as a curve-setting result for an F512 M. Lot # 153. RM Sotheby’s.

 

    550 MARANELLO, VIN ZFFZS49A210124990 (2001). Blu Pozzi with tan leather, black bars. Estimate $150,000 to $200,000. Unrestored original, 3 condition. Hammer sold at $225,000 plus commission of 12 percent = final price of $252,000. Daytona-style seats, SF shields, CD changer, modular alloy wheels, Pilot Super Sport tires, tinted windows. Stone chipped nose. Lightly worn and soiled driver’s seat. Sticky interior buttons. Chips and scratches around the driver’s door handle. Represented to be 29,095 miles and looks like it but owned, not preserved, and showing age and neglect. This would be a reasonable price for a much better 550 Maranello. For this car, even in its attractive colors, it is expensive. Lot # 113. RM Sotheby’s.

 

    308 GTS, S/N 25129 (1978). Fly yellow with black leather. Estimate $70,000 to $90,000. Visually maintained, largely original, 3 condition. Hammered sold at $75,000 plus commission of 12 percent = final price of $84,000. Borletti air conditioning, Concord stereo, Michelin Pilot Sport tires, tools, jack. Decent repaint with a crack under the driver’s outside door handle and small masking misses under the windshield and along the top of the driver’s door. The interior is sound and fresh. The roof panel corners are chipped. Clean, dry engine compartment. A sound and well-maintained driver. The carbureted 308s have a bit more power than their later FI descendants. This is a reassuring example in the ever-popular fly yellow and it brought a reassuring price in this transaction. Lot # 22. Bonhams.

 

    308 GTB QV, VIN ZFFUA12A8F0056241 (1985). Rosso Corsa with beige leather, red piping. Estimate $70,000 to $110,000. Visually maintained, largely original, 3 condition. Hammer sold at $120,000 plus commission of 12 percent = final price of $134,400. Borletti air conditioning, Pioneer CD stereo. Good older repaint over old paint and a few minor stress cracks at corners. Oil-misted engine compartment with paint loss. The outside driver’s seat bolster is lightly scuffed and soiled. Pre-auction engine service. Multiple FCA Platinum awards. Makes a great first impression but upon a closer look is showing its age. The history of this 308 GTB inspires confidence in the consistent care it has had and its limited use, today showing 27,169 miles on the odometer. This result is a credit to that long term care and attention as well as to consistent preservation, earning a premium of a half or more at this price. Lot # 176. RM Sotheby’s.

 

    328 GTS, VIN ZFFXA20A6H0067957 (1987). Rosso Corsa with tan leather. Not viewed. Hammer sold at $150,000 plus commission of 10 percent = final price of $165,000. Lot # 1007. Barrett-Jackson.

 

 

    328 GTS, VIN ZFFXA20A4J0076548 (1988). Rosso Corsa with black leather. Not viewed. Hammer sold at $138,000 plus commission of 10 percent = final price of $151,800. There is a VIN notice qualification in this car’s description. It was reported sold here in 2008 for $77,000. Lot # 1254. Barrett-Jackson.

 

     348ts, VIN ZFFRG36A1M0090058 (1991). Rosso Corsa with tan leather. Not viewed. Hammer sold at $72,000 plus commission of 10 percent = final price of $79,200. Sold by Leake in Scottsdale in 2020 for $49,500, then by B-J at Houston four months ago for a reported $110,000. Lot # 1254.1. Barrett-Jackson.

 

    F355 SPIDER, VIN ZFFPR48A3S0104074 (1995). Nero Daytona with beige leather. Estimate $130,000 to $160,000. Unrestored original, 2- condition. Hammer sold at $200,000 plus commission of 12 percent = final price of $224,000. Sony stereo, 18-inch alloy wheels, PZero tires, SF shields, carbon fiber door sills. 898 miles and nearly like new except for a little more driver’s seat wear than expected for the miles and an oil misted and somewhat grimy engine compartment. “Recent” belt service. Another home run in Scottsdale for a low-miles, 6-speed Ferrari, but it is hard to imagine another example with this few miles. The belt service is encouraging, but the precise, or even approximate, definition of “recent” is missing and the oily engine compartment is not an indication of a job done with care and pride. Lot # 62. Bonhams.

 

    360 MODENA F1, VIN ZFFYU51A210123782 (2001). Fly yellow with black leather. Unrestored original, 2- condition. Hammer sold at $100,000 plus commission of 10 percent = final price of $110,000. Black calipers, SF shields, power Daytona-style seats, rear Challenge grille, modular alloy wheels, Bridgestone tires, chipguarded nose, door edges, rear brake ducts and mirrors, Tubi exhaust. Clean engine compartment and chassis. Lightly creased upholstery. Belt serviced a year ago. Mileage not represented but service records a month ago show it as 23,660 miles and it has been carefully maintained and regularly serviced as needed. This is a moderately breathtaking price for a 360 Modena with miles, but this one has a good service history, is fly yellow and is presented as a babied and looked-after car. Even taking that into account, however, it is still unreasonably expensive. Lot # 0759. Barrett-Jackson.

 

    F430 SPIDER F1, VIN ZFFEW59AX70157138 (2007). Rosso Corsa with beige leather. Original, with major mechanical repairs, 2- condition. Hammer sold at $120,000 plus commission of 10 percent = final price of $132,000. SF shields, clear engine cover, Daytona-style seats, red tach face, red calipers, climate control, CD stereo, manettino steering wheel with carbon fiber wheel rim and console. Florida salvage title dated November 2021. Represented with 16,208 original miles. Paint defects on the nose. Good upholstery. It is a giant leap of faith to pay full retail like this for a vehicle with a salvage title. Cars get written off for all sorts of reasons and for a favored client with a large insurance portfolio some companies will write off small damage as a total in order to keep an account happy. But without knowing more detail this is pig in a poke at a full disclosure retail pig price. Lot # 1073. Barrett-Jackson.

 

    430 SCUDERIA, VIN ZFFKW64A590167241 (2009). Rosso Corsa with black Alcantara. Estimate $250,000 to $300,000. Unrestored original, 2 condition. Hammer sold at $255,000 plus commission of 11.96 percent = final price of $285,500. Cross-drilled carbon ceramic rotors, red contrast stitching, SF shields, carbon fiber interior trim, climate control, power windows, factory radio. It doesn’t look to have ever seen the track. Looks like a new car but has a rear end damage report on Carfax from early 2014. This 430 Scuderia had 3,720 miles when sold by RM at Monterey in 2017 for $231,000. It is represented with 4,500 miles today and is still pristine, albeit challenged by the Carfax report which no one in Scottsdale this year seemed to give much weight. “Rear-end damage” suggests someone of limited talent turned off the traction control but neither five years ago nor today did it make any difference in the value which in this transaction is nothing less than generous. Lot # 172. RM Sotheby’s.

 

 

    458 SPIDER, VIN ZFF68NHA6D0190827 (2013). Rosso Corsa with tan leather. Not viewed. Hammer sold at $320,000 plus commission of 10 percent = final price of $352,000. Represented with 10,648 miles from new. Sold at Barrett-Jackson’s Las Vegas auction in 2019 for $330,000 all in. Lot # 1343. Barrett-Jackson.

 

    488 SPIDER, VIN ZFF80AMA8K0240039 (2019). Dark green metallic with beige Alcantara.  Unrestored original, 2 condition. Hammer sold at $460,000 plus commission of 10 percent = final price of $506,000. Carbon fiber trim, black calipers, sport exhaust and $172,802 more. Tailor Made, Force of Nature: EARTH model, one-of-one with these specs and livery. 56 miles and like new. A $300,000 car when new but with another $250,000 in options and special features, $550,000 total MSRP. This result is barely under the original MSRP, but also barely more than delivery miles and it is an attractive and intriguing Tailor-Made variation. Lot # 1379. Barrett-Jackson.