Exotic Car Marketplace

• 00:00 Welcome to the Ferrari Marketplace Podcast
• 01:08 RM Sotheby’s Auction Highlights
• 02:16 Ferrari Memorabilia and Collectibles
• 06:23 Ferrari 599 GTO and Market Trends
• 09:28 Ferrari 360 Challenge and 512 M
• 18:54 The Grand Finale: 1964 Ferrari 250 LM
• 24:17 Market Reflections and Upcoming Auctions

[00:00:00] As part of Ferrari Fridays, William Ross from the Exotic Car Marketplace will be discussing all things Ferrari and interviewing people that live and breathe the Ferrari brand. Topics range from road cars to racing, drivers to owners, as well as auctions, private sales, and trends in the collector market.

Welcome back to the Ferrari Marketplace podcast presented by exoticcarmarketplace. com. For everything exotic cars from Ferrari and Porsche to Lamborghini and Koenigsegg, the Motoring Podcast Network, check out the family of automotive podcasts at motoringpodcast. net. If you’re into anything with wheels and a motor, this is the site for you to check out.

And to Slot Mods, for the coolest slot car tracks in the world, check out slotmods. com and let your imaginations run wild. And finally, Grand Touring Motorsports, covering all aspects of auto racing, and be sure to check out the monthly e [00:01:00] sign at gtmotorsports. org. All links for these sites are up in the description.

And now, I’m your host, William Ross. And this week’s topic, we are talking about the RM Sotheby’s auction in Paris, where there’s some heavy hitting cars that went across the block, as we all know, the one Mercedes went earlier in the week. Now, but we’re going to discuss some of these other ones, but the big one was the 1965 Ferrari 250 LM.

I’m sorry, the 1964 Ferrari 250 LM that won the 1965. Overall, with Yoke and Rint and Mast and Gregory. There was a lot of other stuff in there that was Ferrari related that wasn’t sold on this. So there was some interesting stuff. Some stuff sold, some stuff did not, some stuff went cheap. You know, there’s some, uh, interesting I guess you would say trinkets that went by, you know, stuff’s not cheap.

There was a nardy steering wheel that did not sell. I didn’t catch what the high bid was on that. Cause I jumped in a [00:02:00] little bit late, but you know, they had an S between the two to 4, 000 euros. So I would say it was bid under 2, 000 cause it didn’t sell. So. I don’t know. I think that’s right in the range of about 2, 500 bucks for that.

But I guess no one needed a new nardy steering wheel for their Ferrari. Then there was another one that was a F 300 formula one engine signed by Michael Schumacher that went for 48, 000 euros. That’s kind of interesting. I mean. I don’t know, I guess you’re just going to display that thing because it’s not like it’s going to be able to run again or anything like that.

Then there was a Gilles Villeneuve Cavalino Trophy that sold for 12, 000 Euros. Obviously the name tied to that is going to push it up there in value wise, but that’s a neat little trinket for somebody. That’s pretty cool. That’s, you know, that’s for the person that’s got everything Ferrari. Then they had an F40 luggage set that was done up by Chidoni, who, uh, if I’m not pronouncing that correctly, I apologize, but.

43, 200 euros for some [00:03:00] luggage. So it was basically three pieces, hangers, some, and the bags for me like that. But I mean, obviously they’re not making them anymore. So whoever got their hands on that was wanting to complete the, what they have for their F 40. So, cause obviously the more stuff you have for it, the better and the higher it’s going to sell.

Now this is because right after that was a toolkit for an F 40. So my guess. Same owner had that and just didn’t bother to include it with the sale of his F40. He decided to hold on to it. I cannot stand that. When people have the stuff that goes with the car, that when it left the factory had all the little accoutrements, and then they don’t send it along its way when they sell it.

They keep it. And then it’s just like little piecemeal things. It’s just wrong. It’s rude. It’s just Just sell everything that came with it. The big one that’s always annoys me is the f50 I don’t know if anyone knows or is aware of it The fact is but f50 actually came with your own pair of racing shoes was one of the things that came with it And that’s a rare oddity to [00:04:00] have those included with the car So then there were a couple of race suits from Michael Schumacher.

The first one went for 6, 000 It’s 62, 400, but that was from 2003, but then the one that was just a year old or 2002 went for 48, 000 euros. So, not signed by him, anything like that, so, but it was one of his race suits. I guess that’d be something cool to frame up, put on your wall, you know, put in a nice glass case, do something really nice to it.

Cause I doubt you’d fit into it, but unless you’re a tiny person, but I don’t know, would you wear it? I mean. Me, I’d probably wear it if I could fit in it, but I doubt it highly. Now the next one that came up that did not sell though was just an engine from a 512 BB LM. Unbelievable engine. I was a little surprised this didn’t sell because you can kind of put this thing in quite a few things.

And there was actually a actual 512 BB LM that went later in the auction. So again, why they didn’t sell this as a pair? Hey, you got, you know, send a Spare engine along with your new 512 BBLM. I don’t know. Again, some of this stuff is [00:05:00] just nonsense. And it just irritates the hell out of me doing it. But, that would have been a nice piece.

I don’t know what it got put up to. Because again, this is about where I jumped in at here. Few vehicles after that. Few lots, I guess you could say. I came in because I was a little bit sidetracked. So, I came in with right about a 1972 Ferrari Dino 246 GT by Scaglietti. Yeah. So for 342, 500 euros, that’s actually pretty good right there on the money for that car.

Now, these things have been gaining value, getting a lot of traction. People have been kind of overlooking the fact that, you know, originally there’s, they weren’t called Ferraris. It was, you know, you know, just the Dino, you know, it was assembled by Fiat. It had a Ferrari engine, but everything else. But in subsequent years, people kind of, I guess, turned the tide and said, no, that’s a Ferrari.

And a lot of people, Remove the Dino badge and put a Ferrari badge on there. They’re gorgeous, gorgeous cars, small. I don’t fit in it. So, I mean, I could fit in it, but just not [00:06:00] comfortably. Beautiful car, but that was about right where it is on the money. Those things are getting really, really popular out in the marketplace.

I’m not quite sure why. I mean, it’s not like it’s got tons of horsepower, but, you know, fun little car, light, toss it around. It’s like a little go kart, so you can have some fun with it. Little bit fragile, but, you know, hey, it’s one of those things to enjoy and just have some fun with it. You know, it’s like, why not?

You got the money, spend it. Ciao! The next item that came up that was a Ferrari was a 599 GTO. Now there was a lot of, I don’t want to say pushback, but there was a lot of scuttlebutt when they came out with the 599 GTO. Because people thought, you know, that moniker Only gets attached to very special Ferraris and some Chevys.

But anyways, so there was a lot of push because it’s like, Oh, it’s not special. If they really didn’t do enough for it to be considered a GTO and you know, putting that tag to it, was it a money grab by Ferrari? Possibly, but. [00:07:00] Again, these are jumping up in price, too, and this thing sold for 815, 000 Euros.

Now, these numbers are all in, so this is including buyer fees and everything like that. I think RM’s at, like, 12 percent the first 100, 000, then, uh, 5 percent on the balance, something like that. Getting up there, so, if you want to do the math, have at it. These things have been gaining value and 599s have been getting a lot of traction.

Awesome car, absolutely awesome car. That’s one of the ones that everyone’s buying. Because you can get them for 150, 000, 140, 000 with low mileage, great services, right like that, and just do a manual swap on it. There is only 30 worldwide, 20 for the U. S., in a manual, factory manual 599 GT, uh, 599 GTP, I should say.

The GTO, so they started to come out with other variants and everything like that, but you know, fantastic car. Oh, sounds beautiful. Fantastic car. So, that was, you know, probably about right where the money’s at on those. Um, that wasn’t too shocking. It’s not too difficult to find those out in the [00:08:00] marketplace, though.

So, you know, it’s always kind of interesting when these people, uh, you know, send this kind of stuff to the auction. Because the one thing I always kind of tell people in regards to, you know, sending a car to auction, you know, and then especially if it doesn’t sell, you kind of tainted it. Because now it’s like, well, that’s what people are willing to pay for it.

Now, granted, it all depends on who is in the room, who is on the phone, who is following. Yeah, there’s some variables, but that’s all public knowledge now. So everyone’s going to think, no, it’s only worth that. So you kind of screw the pooch when you do that. If it doesn’t sell, um, that’s why I kind of, a lot of people, well, if you’re going to do it, do no reserve, but you know, that’s a big old gamble on the other side of it.

People say, well, people know we’ll sell them when you do a no reserve. So it has a tendency to have a little more panache to it. So it gets a little more value to it. So it all depends what your mindset is and you know, how much the auction house talks you into it and how much they try and butter it up.

Cause I, some of these, you know, [00:09:00] the auction house will bid themselves, not so much a no reserves, but you know, they’re, they do all these backdoor things and stuff like that. You know, that’s one thing why I really am not a fan of taking a car to an auction house. They’re not no different from any other auction that’s selling off of farm equipment from a farmer that went bust or something like that.

You know, I mean, it’s just, I don’t know. I’m just not a fan. There’s some cool stuff to him, but Anyways, that’s my opinion. Now, the next one came up and this was a heck of a deal, I thought. It was a 2004 Ferrari 360 Challenge race car. Now, that one went, sold all in for 109, 250 euros. I thought that was a heck of a deal.

Now, if you look at the Challenge Stradale’s, you know, obviously it’s a road legal version of that car, basically. Not as hardcore, uh, not as stripped out, but. I don’t think it would take all that much to take that challenge car and turn it in and make it street legal. If you really wanted to. Now it’s got an F1 transmission in it.[00:10:00]

It’s a little bit quicker, but that’s kind of, it’s very raw. Fantastic car, but for someone that wants to go racing, do track days, something like that, do some historic stuff. That is a fantastic car to go do it. It’s very, very well mannered, very neutral. fantastic car. Um, you know, not that difficult to work on, still get spares for everything like that.

So you’re not really left in a lurch. So that was a very, very good buy. Now, the next one we’re going to talk about was one of the big hitters, the 1970 Ferrari 512 M, one of the only ones in yellow. Now this thing is stunning and it sounds fantastic. That got bid. up to a little over 7 million and they had the low estimate of nine.

So they were saying nine to 12 million euros. So it went just a little bit over seven. So it was pretty dang low in regards to Where it was going to go, [00:11:00] um, which was very surprising to me, and it was very surprising to a lot of people in the room, online, everything like that. I had a conversation with someone after that thing did not sell, and everyone was really shocked that that thing didn’t sell.

I mean, it’s got people talking about, okay, Seinfeld sent his 917 through. Uh, in Kissimmee, and it didn’t sell 25 million, you know, was that just a ploy? Was that just a play? Was that just something by Dana Mecham and Jerry and stuff? Hey, Dana stroked him a check for half a mil or something like that. You know, hey, bring it down, we’ll pay for everything, and we just won’t sell it, blah, blah, blah.

You know, we just want publicity, something along those lines, which, hey, if that’s the case, that’s genius. But, it kind of sours things, because people are like Wait a minute, he just bought that not, well, a few years ago for 13, 000, 000 or something like that. Again, though, it’s not like he needs the money.

But anyways, so this thing basically got bid up to roughly [00:12:00] just under 2, 000, 000 below its low estimate. I mean, that’s significant for a car like that with its race history, everything like that. So, I mean, was the owner greedy? Thinking it was worth more? Was the auction house wrong with the value? And placing that, but I mean, that’s significant.

1. 7 million euros below the low estimate. I don’t know. And dot maybe, well, Hey, after the sale, do something, you know, uh, close it with somebody after the sale to kind of negotiate, but that’s a big jump. 1. 7 million is quite a bit to try and close the gap and make people happy. And my guess is the owner of that car was like, I’m not budging from my low estimate of 9 million or something like that.

And again, who knows what the reserve was? I mean, that’s an unknown number. I mean, could it have been like 8. 5, maybe something along those lines? 8. 2 or 8 million, maybe? I don’t know. It’d be interesting to find out, but the thing is still available. It’s still, you know, good. Still available for sale through RM.

Curious to see in a week or so [00:13:00] here, I’ll find out. I’ll let everybody know what they’re trying to get out of that car. But I mean, that’s a stunning car. I mean, unbelievable race history. It’s yellow. It’s not red. You know, I mean, just fantastic car. Again, what’s going on with race cars in this market right now?

They’re not selling. It’s a little strange. Now, the next Ferrari that came up was a few lots after that. And again, I felt this was a heck of a deal. Now I don’t know if it had it’s um, battery redone. Cause I know after a certain amount of Ferrari did a recall or something like that and they swapped the battery out for free I think.

Or it was like a hundred grand, I don’t know. But after a certain point the batteries on those things needed to be changed no matter what. But this thing sold at 3. 55 million euros. And it’s yellow. So I think, you know, that gives it some value. I thought this was a heck of a buy. In my opinion, wafts are more up in the 4 million range, 4.

[00:14:00] Three maybe, something like that, depending on mileage, service history, and that kind of stuff. Or if it’s a U. S. version. Again, I think someone got a heck of a deal. They bought it at the low end of the market, that’s for sure. So someone’s going to have a, a LaF, that’s a LaF, no, a LaF Ferrari. For a heck of a deal, go out and enjoy it and have some fun.

I’ve never had the opportunity to drive one or sit in one. But from my understanding, they’re fantastic cars to drive. Very easy. I mean, just incredible stuff. So, again, someone got themselves a heck of a deal on that car. So, have fun and enjoy. Now, the next one that popped up was right after the LaFerrari.

Was a 1981 Ferrari 512 BBLM. Now this is the one where that engine that did not sell before should have went with this or should be stuck with this instead of selling them separate. Now, that one got bid up to 1. 6. Low estimate. Two million euros. Are you far off? Yes or no. [00:15:00] I mean, obviously 400, 000 doesn’t seem, is a lot, but you know, you start talking to it.

So I was surprised I didn’t find a happy medium with someone in the room or on the phone with that car and move it along and find a new owner. It wasn’t that big of a gap. Unless, again, unless the owner was sticking to their guns and said nope, this is what I want, this is what I’m sticking to, I ain’t budging.

I don’t know, but it’s still available for sale. Great for historics, everything like that. You know, it’s on that cusp of a lot more things becoming eligible, like, you know, year wise, everything like that. But, that would be such a fun track car. It’s a very unique car, especially the bodywork’s unbelievable on that car.

It is so, I don’t want to say aerodynamic, but just swoopy. It’s a great looking car. I think that’s my opinion. But again, it did not sell and race car street car. I mean, way below estimate. I mean, unbelievable. The next one that came across that did not sell. [00:16:00] was a 1950 51 Ferrari 212 225 export by body by Vignale.

They were asking, the low estimate was around 2. 5 million euros. It got bid to 1. 9. Not that far off, but now you’re marketing. Who’s going to want to buy that car shrinks a bit. I would think possibly that would be, you know, millimillion eligible. Obviously go to myself that, I mean, it would be eligible for a majority of the events around the world.

I’m surprised, again, they didn’t find a happy medium between someone in the room or on the phone to have someone take this thing home. It’s, that one was a little baffling itself, so I’m not quite sure why that one didn’t move along to a new home either. But again, it was just, it’s a, it’s a weird market.

Weird things going on stuff that should sells not selling stuff that you sells you’re like jeez for that much again I don’t know next up. It was right after the 212 was a 2005 Ferrari Super Amaro [00:17:00] stunning stunning car Fantastic car again, though, but it was kind of weird. It got bid up to 550, 000 euros The low estimate was 650, 000.

Meet in the middle. I mean, 50, 000 to you, 50, 000 to me. Come on. Find that happy medium. I am surprised that did not find a home. Because one rarity on that car, first of all, you know, is one of the things, I am just amazed that it, uh, didn’t, especially the fact Five. It’s a manual 550 super. I mean, it’s a manual.

I mean, great color combination. Silver. The red. How could that not find a home? And how could they not find a medium? I mean, someone step up. This thing is stunning. I just, I don’t know. That one was a baffling one. How it did not sell again. That was a head scratcher on that one because it’s a stunning car.

Manual transmission. Weird. You know, [00:18:00] being based on the 575. Five. how few actual manual just base 575s were built then you got the super america based on that it’s a 5 7 and i’m trying to remember top of my head i think it was just around 43 of them were all produced with the manual transmission so i mean that is a rare rare bird And I don’t think it would take much to get that, you know, to import it in here to the United States, kind of federalized somehow, some way.

Whether there’s a will, there’s a way. But again, I don’t know, man, that was just odd. I figured that was a slam dunk. And it stalled at 550, 000 Euros. When you got standard, a manual 575 going for 350, 300, 350 maybe range, maybe a little more. And then you got the rarity of this. I, again, I don’t know. That was a big head scratcher.

Now on to the granddaddy of the whole day, I guess you could say, or the [00:19:00] two days of this auction. The 1964 Ferrari 250 LM. The 1965 Le Mans winner by Masten, Gregory, and Jochen Ritt. That is a great story on that because, you know, that’s one of those deals where the moon and the stars and everything aligned Didn’t really even want to race.

They didn’t think there’s no way this car is gonna make it So they beat the shit out of it in the beginning just pounding and pounding and pounding it and it just wouldn’t break They actually had to go hunt down Cause he was basically getting, I think like halfway gone track, something like that. He like disappeared cause he’s like, Oh, it’s not going to last.

And Madison Gregory did not like racing at night. He couldn’t see all that well. It got to the point where they had to go try and find Yoko. And Madison Gregory came in to do a driver change. They couldn’t find Yoko, so he had to go back out. I think it was for like another three or four laps before they finally got Yoken, found him, brought him back to the track, and got him in.

He’s like, oh geez, okay. And so that point on, [00:20:00] a lot of the leading cars were dropping out, the ones that were the favorites, and lo and behold. These guys were leading, like I said, you know, it’s one of those things where, yeah, skill, everything like that, but a lot of luck plays into that, especially back then when a lot of mechanical failures were happening, because those cars weren’t designed like they are today to be like just brick shithouses.

Back then, yeah, they were fragile pieces of machinery. For them to last 24 hours and then to go balls out like they were doing, normally it was, those races back then, it was, okay, set a pace, we need to get to the last few hours, once we get to the last few hours, depending on where we’re at, Then we’ll just start hammering out.

But these day and age, it’s a sprint from get go. From the drop of the green flag to the checkered flag waves. You know, they’re just going balls out because those things are bulletproof. Back then it wasn’t. But absolutely stunning car. I’ve seen this car several times in person. You don’t realize how small that car is.

It is tiny. You know, and the V12 in it. I’m sorry, the 12 cylinder in [00:21:00] it. It is, um, the pistons are tiny, it was at a 1. 5, I think it is, if memory serves me correctly. So I mean, it’s not a big motor, it sounds glorious, that’s for sure. I mean, it’s just an absolutely stunning car. Now here’s the thing, this was one of the ones that was being auctioned off by our own RM Sotheby’s on behalf of the Indianapolis Motor Speedway Museum.

Because they’re, they shut down because they’re doing massive expansion and everything like that on the museum. Now, here’s the thing that people, you know, they’re thinking, Oh God, they’re going to get all this money and they’re going to do this massive renovation and stuff like that. All the money and proceeds generated from the sale of all the cars that they put up for auction cannot go towards the expansion and renovations.

All that money can go towards future purchases of vehicles and set up an endowment. To operate and run the museum. It cannot go towards any construction on that. So that’s a whole separate fundraising effort by the Indianapolis Motor Speedway Museum. And you know, [00:22:00] oddly enough, I don’t know if people know this, but Penske bought IMS and all that.

The museum wasn’t part of that. So the museum is actually a whole separate entity. But anyway, all this money can only go towards buying new cars and new inventory and stuff to put out there, which is interesting. So that sold, all in, fees and everything, for 34 million eight hundred eighty thousand euros.

They had it at, how was it, 25, 000 or more. So they really didn’t even go with the high part. So, being a Le Mans winning car adds a ton of value to this car. Especially being the last Enzo era Ferrari to win Le Mans, really kind of put an emphasis on it. You know, I was talking with someone about this a couple days ago, and my guess, to compare it to a standard, I say standard, but you know, one with not much race history or, you know, especially this pedigree.

My guess, this added 30%, 35 percent to the value of the car. I know of a couple 250LMs that are out there that are available. Uh, some really good [00:23:00] ones too for, you’re in the mid 20 millions range. So, you know what, so you’re up above that by another, you know, 10 million. I, I thought it was well sold. I mean, great price.

But where it should have been, I hope the owner takes it out and shows it and runs it and drives it doesn’t just get, you know, put away and no one gets to see it again because the museum took this car to a lot of places. I always saw it up to the M one concourse. They always brought it out. But I, you know, I saw it Amelia stuff like that.

So I mean, they really got this car out and showcase showcase it to everyone. Everyone got to see it. Not say touch it and feel it, but you’ll get to hear it run when they’re moving or anything like that. So that was really cool. So I’m hoping that happens with the new owner. So anyways, that was probably the only one that wasn’t shocked.

Well, besides that Dino, fantastic, fantastic buy for this person, such an unbelievable car. The museums own this thing since 71, 72, something like that. So they’ve owned it forever. And for this thing to [00:24:00] finally come up and go into private hands is unbelievable. I, if I was a museum, I don’t know if I would have sold it.

I mean, that’s just, it’s such a, such a special car. Cause again, it could be on display so everyone can see it. You can do stuff, so it all depends on what the new owner is going to do. We shall see! So who knows, but all in all, like I said, a lot, a lot of surprises. Cause of these no sales, and being a no sale like way under the low estimate.

I think we’re seeing a bit of a shift in the market here, what’s going on in regards to car prices, uh, collector car prices. People not thinking, you know, thinking they’re going to still get the same kind of money they were getting a couple years ago. Has stuff dropped off? Is there a big switch? I don’t know.

I mean, you always have adjustments here and there. And then what happens is all of a sudden stuff becomes a bargain. People start jumping on stuff and buying it and prices go back up. So you’re always going to have up and downs in the collective car market. And again, my adage is, look, if you’re in, if you’re buying this car solely to try and make money on it.

You’re not [00:25:00] buying it for the right reasons. Now, if you have plenty of money where it doesn’t matter, but Hey, I’m going to take a swing at this buy and hopefully see where it gets to in five, 10 years. Okay. Have at it, but that’s just me, but I’m more about passion of the car. Not so much. Hey, collectability wise in regards to, you know, numbers and, Oh, I’m going to double my money in 10 years.

If that happens. That’s just a bonus. All in all some interesting stuff. So we have some new other auctions come up here soon. That’s got some big stuff in it. You know, obviously Amelia’s coming up. Moda is going to be coming up. So they have some great things coming across the block. We’ll see where things go.

One auction really doesn’t kind of dictate the market, but there’s a lot of similar cars going across the block at those next two big events. So it’s going to be interesting to see where things settle and see if we got some adjustments going on. Appreciate you guys listening. Stay tuned. Great stuff coming next week.

Appreciate it guys.

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