Where Were the Amelia Island Ferraris?

    They had been left in France at RM Sotheby’s Paris auction on February 2.

    At Amelia Island among Bonhams, Gooding and RM Sotheby’s there were only 20 Ferraris and while they brought a total of $12.85 million, an average transaction of $917,739, a 70% sell-through rate with five bringing high bids of $1 million or more of which four sold, they paled beside other marques.

    Notably that included Porsche, for which Amelia has become a destination. There were 57 Porsches offered among the three surviving 2022 auctions: Bonhams, Gooding and RM Sotheby’s. All 57 of them sold for a total of $35,240,860. Ten of them brought high bids of $1 million or more.

    The sole Ferrari among the top ten sold transactions was RM’s LaFerrari at $3,662,500. The nine other top ten lots were an eclectic mix of Toyota 2000 GT, McLaren Speedtail, Bentley Continental, two Porsche spyders, Bugatti Chiron, Duesenberg, Packard Twelve and the Talbot-Lago T150 CSS Teardrop at Gooding that was the week’s top sale at $13,425,000.

    Aside from that Amelia 2022 had a wonderful, eclectic and fascinating collection of cars on offer. There were eight built before World War I, fifty-two built between the wars and 139 built between the end of hostilities and 1980 as well as thirty-five built within the last 25 years. 270 lots were offered among the three auctions which made for a busy three days.

    The debate over market values continued from Mecum Kissimmee and the Scottsdale auctions with adherents finding cause among the transactions for both optimistic and pessimistic views, which is as it should be. Only one Ferrari was a unqualified good value, RM’s 308 GTB Vetroresina. Buyers were led astray on Gooding’s 550 Maranello with a huge premium paid for the standard 6-speed gearbox. The two 360 Challenge Stradales (one sold, one went home) brought generous bids, an aberration or the indication of a trend?

    Classic Ferrari V-12s have almost disappeared from Amelia. There were only eight present, and only half of those sold. None were particularly memorable except for the rotting, “loosely assembled” 275 GTB with its wiring harness wadded up in the passenger’s footwell.

    But, a quick look back at the 24 years of auctions at Amelia indicates that 2022 is not an outlier. There have been big Ferraris at the Amelia auctions, but never a lot of them.

    However, on Sunday there were seventeen marvelous Ferraris on the Golf Course Fairway at The Amelia.

    145 of the 270 auction lots at Amelia Island are reported in detail at rickcarey.com.

 

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    195 INTER GHIA COUPE, S/N 0129S (1951). Ivory with brown leather. Estimate $900,000 to $1.2 million. Older restoration, 3+ condition. Not sold at hammer bid of $640,000. Borrani wire wheels, Dunlop Road Speed tires, tools. First owned by Luigi “Gigi” Villoresi. Fair paint with cracks on the nose, right headlight, passenger’s door and right windshield post. Good upholstery and interior trim. Scratched rear window. The driver’s door front gap tapers. The engine compartment is orderly with a little oily residue. No Classiche certification presented. This is a particularly appealing early Ferrari with good-looking early 1950s Ghia coachwork. The bidders’ reluctance to put it in play is a mystery not apparent in the car or its history. Lot # 79. Gooding & Company.

 

 

    250 TESTA ROSSA Replica, S/N 6481 (1964). Rosso Corsa with blue leather. Estimate $400,000 to $600,000. Facsimile restoration, 2+ condition. Hammered sold at $520,000 plus commission of 10.96 percent = final price of $577,000. Six Weber carburetors, 5-speed, Borrani wire wheels, grille-mounted driving lights, Plexiglas hood scoop and tall windscreen, driver’s head fairing, side-mounted exhaust with rear outlets, aluminum bodywork. Gorgeous paint, trim and interior. Built in the 1990s from a 330 GT and subsequently treated to continuous care and attention that resulted in seriously excellent presentation. Some kvetched about details of the reproduction body, but no two Testa Rossas were alike even when new and this car looks the part, even with left-hand drive. A real one will set someone back eight figures and they are hard to find even at bank-draining prices making this an attractive alternative. The Gooding & Company bidders obviously agreed, paying a premium price but getting a premium quality TR Replica. Lot # 45. Gooding & Company.

 

 

    275 GTS, S/N 06809 (1965). Red with black leather. Estimate $1.6 million to $2 million. Older restoration, 3+ condition. Not sold at hammer bid of $1.55 million. Borrani wire wheels, Michelin XWX tires. Represented as the numbers-matching engine and gearbox. Good older color-changed paint with chips on the front of the hood. Good interior and top. Scuffed trim and bumper chrome. Clean undercoated chassis. A handsome Ferrari ideally suited for tours and weekend drives, after a thorough recommissioning following 20 years. An honest Ferrari but with a number of issues including the color change from the original Bianco (actually several color changes). It brought an honest high bid as well which should have been enough to see it moved on to a new owner. Lot # 135. RM Sotheby’s.

 

 

    275 GTB, S/N 07529 (1965). Silver primer with black leather. Estimate $1.3 million to $1.6 million. Incomplete restoration, 5+ condition. Hammered sold at $1.1 million plus commission of 10.45 percent = final price of $1.215 million. Starburst alloy wheels, short nose body. Rotted sills. Wiring wadded into a disorganized nest on the passenger’s floor. Bad door fits. A “loosely assembled” long-abandoned incomplete restoration that needs everything. The only hope for this 275 GTB is a comprehensive no expense spared restoration in its original color of Giallo Stemma Ferrari (Ferrari Crest Yellow). It will be an expensive process, but at this price might be achieved without going broke. Based upon its condition as offered here unpleasant surprises are to be expected, however and just as the short nose body lifts when approaching its 150 mph top speed, the restoration’s cost can be expected to lift as it proceeds. This is a realistic, but far from safe amount to pay for it. Lot # 48. Gooding & Company.

 

 

    330 GTS, S/N 10173 (1967). Amaranth (Eggplant) with beige leather. Estimate $2 million to $2.4 million. Recent restoration, 2 condition. Hammered sold at $1.9 million plus commission of 10.26 percent = final price of $2.09 million. Borrani wire wheels, Michelin XWX tires, power windows. Excellent paint, chrome and interior. The left rear bumper is discolored and the right one has a small scratch. The seats are barely stretched at all. Panel fits and gaps are excellent. Classiche Red Book certified. An excellent example lightly, if at all, used after restoration in 2014. A quality restoration now eighteen years old but holding up very well, the new owner got a distinctive Ferrari for a relatively moderate price, a sound value. Lot # 31. Gooding & Company.

 

 

    365 GTC/4, S/N 15317 (1972). Grigio Argento with black leather. Estimate $450,000 to $550,000. Visually maintained, largely original, 3+ condition. Not sold at hammer bid of $350,000. Blaupunkt cassette stereo, Cromodora alloy wheels, Michelin XWX tires, power steering, air conditioning. Very good repaint, lightly worn and creased upholstery with a reupholstered driver’s seat cushion. Bright, crisp gauges. Good bright trim. It may be only 4,217 miles and three owners from new, but it’s had paintwork and at least some upholstery repair taking it out of serious Preservation class contention. It is otherwise unremarkable. The reported high bid is more than generous and it should have been sold at a money bid even close to this. Lot # 113. RM Sotheby’s.

 

 

    TESTAROSSA, VIN ZFFSG17A1M0087133 (1991). Estimate $140,000 to $180,000. Not evaluated. Hammer sold at $287,500 plus commission of 11.74 percent = final price of $321,250. Sold by Mecum Auctions at Kissimmee in 2013 for $127,200. Lot # 114. RM Sotheby’s.

 

 

    TESTAROSSA, VIN ZFFSA17S000088508 (1991). Black metallic with red leather. Estimate $60,000 to $90,000. Visually maintained, largely original, 4+ condition. Hammer sold at $85,000 plus commission of 12 percent = final price of $95,200. 5-spoke alloy wheels, Falken tires. Filthy engine compartment with insulation falling off the engine cover. Worn original upholstery and a leather steering wheel rim that looks like it was ground with sandpaper. Way too much glitter in the paint. This Testarossa looks like it has suffered a significant indignity, only superficially repaired and has been sitting for almost a decade with material recommissioning costs in its immediate future. Seriously nasty and neglected but the bidders were not apparently aware of its many problems and bought it for a price that should have bought a much better Testarossa. The successful hammer bid is $15,000 (25%) over Bonhams’ realistic low estimate. Lot # 260. Bonhams.

 

 

    550 MARANELLO, VIN ZFFZ49AXY0120163 (2000). Rosso Corsa with black leather, red bars. Estimate $150,000 to $180,000. Unrestored original, 2- condition. Hammer sold at $190,000 plus commission of 12 percent = final price of $212,800. Red calipers, 550 Barchetta modular Speedline alloy wheels, Continental tires. Looks much better than the 20,074 miles on the odometer would suggest. The seats are lightly surface creased and there are about a dozen stone chips on the nose. Other than that, it shows scant signs of use. December 2021 belt service, tires, battery and spark plugs. The 6-speed illusion is prevalent among sellers of late 1990s-early 2000s Ferraris. The 6-speed is not some coveted rarity, it is the standard gearbox for these models, but led along by vague references to “desirable” and “gated shifter” uninformed buyers continue to be beguiled into overpaying for something that is standard. In this case the “uninformed premium” is about 100% and any hope of coming out whole later is dependent upon mass hysteria taking hold. Lot # 29. Gooding & Company.

 

 

    550 BARCHETTA, VIN ZFFZR52A110124300 (2001). Argento with black leather. Estimate $550,000 to $650,000. Unrestored original, 2 condition. Hammer sold at $600,000 plus commission of 10.83 percent = final price of $665,000. SF shields, silver calipers, air conditioning, CD changer stereo, number 322 of 448. 178 miles and in showroom condition. 2021 belt service. Sold by Gooding at Pebble Beach in 2015 for $726,000 and showing only 26 more miles today. Low miles are one thing (and the recent service is another) but $400,000 has been an upper boundary for 550 Barchettas in the past two years. This is a curve-breaking outlier transaction even taking the minimal miles into account. Lot # 64. Gooding & Company.

 

 

    LAFERRARI, VIN ZFF76ZFA2F0211079 (2015). Black with black leather. Estimate $3.6 million to $4 million. Unrestored original, 2- condition. Hammer sold at $3.33 million plus commission of 10.15 percent = final price of $3.66 million. Scuderia shields, black calipers, dark painted wheels, Harman Kardon audio, factory anti-stone chipping paint protection film. A few minor blemishes on the front bumper but otherwise a 600-mile like-new LaFerrari. Last serviced in February 2022, including a checkup of the battery system. According to RM Sotheby’s this car sold new for $1,416,362 and was ordered with $75,000 in options. Like other invite-only hypercars, however, the LaFerrari got a heck of a lot more expensive once any old schmuck with a few million dollars could buy one on the open market. This is a realistic price for it. Lot # 165. RM Sotheby’s.

 

 

    DINO 246 GTS, S/N 07912 (1974). Dark red with beige leather. Estimate $400,000 to $505,000. Unrestored original, 3- condition. Hammer sold at $385,000 plus commission of 11.30 percent = final price of $428,500. Cromodora alloy wheels, Michelin XWX tires, Blaupunkt AM-FM, Borletti air conditioning, power windows, tools, manuals, jack. Original throughout with 27,987 miles. Showing age, paint crazing everywhere. Cracked and dirty but sound original upholstery. Orderly unrestored engine compartment. Sold by Christie’s at Los Angeles in 2000 for $94,000, this is an aged $300,000 Dino with failing paint and aged upholstery that brought over $100,000 in originality premium, a stretch but not unrealistic. Lot # 24. Gooding & Company.

 

 

    308 GTB Vetroresina, S/N 19505 (1976). Rosso Corsa with tan leather, black stripes. Estimate $150,000 to $200,000. Recent restoration, 2+ condition. Hammer sold at $155,000 plus commission of 12 percent = final price of $173,600. Campagnolo alloy wheels, Michelin XWX tires, Borletti air conditioning, power windows, Blaupunkt cassette stereo, manuals, tool roll. Excellent paint, fresh upholstery, crisp gauges. The engine compartment and chassis are like new. Classiche certified. Sold by Gooding here at Amelia in 2015 fresh from restoration for $192,500 and an excellent value in this transaction, a car that should with appropriate detailing roll right onto a show field with a high probability of success. Lot # 153. RM Sotheby’s.

 

 

    F40, VIN ZFFMN34AXM0090000 (1991). Red with red cloth. Estimate $2.4 million to $2.8 million. Unrestored original, 2 condition. Hammer sold at $2.25 million plus commission of 10.22 percent = final price of $2.453 million. Air conditioning, SF shields, Michelin Pilot Sport tires. 3,780 miles. Chipguarded nose. Unblemished interior, even the driver’s seat. Classiche Red Book certified. Minimal miles and impeccable condition put this F40 high on the desirability list, and high on the F40 value continuum. Dealers may take a look at this transaction and the continuing willingness of buyers to step up to big numbers for analog supercars and adjust their asking prices. Lot # 52. Gooding & Company.

 

 

    CHALLENGE STRADALE, VIN ZFFDU57A240134226 (2004). Rosso Corsa with red, black Alcantara. Estimate $225,000 to $275,000. Unrestored original, 2- condition. Hammer sold at $255,000 plus commission of 11.96 percent = final price of $285,500. Yellow tach, black calipers, carbon brakes, 7-spoke alloy wheels, PZero tires, SF shields, climate control, CD changer stereo, tools, books, car cover, Carfax. Chipguarded nose and sills. Visibly unblemished but with significant driver’s seat wear and scuffs. Described as having a recent major service and new tires with <9,000 miles from new. This is top-of-the-market full-retail money for an attractively presented Challenge Stradale, but somewhat generous for the reported miles and the scuffed driver’s seat. Lot # 94. Gooding & Company.

 

 

    F430, VIN ZFFEW58A660146217 (2006). Nero with nero leather. Estimate $350,000 to $450,000. Not evaluated. Not sold at hammer bid of $300,000. Daytona seats, yellow tach, carbon fiber interior trim, polished alloy wheels, leather headliner, manuals, air compressor, copy window sticker, battery maintainer. Represented as 11,625 miles. One of 216 manual 6-speed F430s built for the North American market. Lot # 117. RM Sotheby’s.

 

 

    488 GTB 70th Anniversary, VIN ZFF79ALA5H0226319 (2017). Bold yellow with black leather. Estimate $350,000 to $450,000. Unrestored original, 2 condition. Hammer sold at $325,000 plus commission of 11.54 percent = final price of $362,500. Carbon ceramic brakes, power seats, front axle lift, SF shields, parking sensors and camera, auto-dimming mirrors, AFS lighting, books, keys, window sticker, accessories, Classiche certified. New car with a laundry list of options and under 700 miles. Dino 206 Competizione Prototype livery. A generous but appropriate price for the low miles and generous options list. The 70th Anniversary gimmick is another bonus but seemingly adds little to this result making this a sound value for the new owner. Lot # 49. Gooding & Company.