1962 GTO sells for $35 Million | Page 4 | FerrariChat

1962 GTO sells for $35 Million

Discussion in 'Vintage Ferrari Market' started by Gran Drewismo, Jun 1, 2012.

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  1. Ashman

    Ashman Three Time F1 World Champ
    Owner Silver Subscribed

    Sep 5, 2002
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    John
    I knew a guy in the Alfa Owners Club in Boston back in the 1970's who bought his silver/black 250 GT SWB in a distress financial sale for $3,500.
     
  2. cheesey

    cheesey Formula 3

    Jun 23, 2011
    1,921
    330 LMB...hopefully a lot more than they have traded for in the past... more powerful, better looking, the culmination of the line... better exclusivity, they only made four vs 10 times that many for the 250... relatively speaking last trading prices of the 330 LMB were at super bargain levels...
     
  3. DAYTONASME

    DAYTONASME Formula Junior

    Jan 12, 2007
    646
    Manchester UK
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    DAYTONASME
    Me too Onno...maybe we will become part of an underground movement....

    Whilst plenty of onlookers....me included, were highly sceptical about the motivations and objectives of the Classiche programme, I can see how some of those who understand little of Ferrari history and the marketplace, would use this as a benchmark qualification.....I agree with Jim G, a subtle "shift"

    Ed
     
  4. JazzyO

    JazzyO F1 World Champ

    Jan 14, 2007
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    Onno
    We need to invent a handshake! :)


    Onno
     
  5. bigodino

    bigodino F1 World Champ
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    Apr 29, 2004
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    I'll get back to you on this later. I'll provide the numbers and also the depth of the field as well.
     
  6. UroTrash

    UroTrash Three Time F1 World Champ
    Consultant Owner

    Jan 20, 2004
    38,860
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    Clifford Gunboat
    $35,000,000.00

    Hummm.

    Well, that has just about priced me out of the market.
     
  7. Napolis

    Napolis Three Time F1 World Champ
    Honorary Owner

    Oct 23, 2002
    32,118
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    Jim Glickenhaus
    V not L
     
  8. cheesey

    cheesey Formula 3

    Jun 23, 2011
    1,921
    what is that amount in some sort of constant dollar... someone handy with a calculator ?
     
  9. tomgt

    tomgt F1 Veteran
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    Feb 22, 2004
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    Tom Wiggers
    700 kgs GOLD or 35.000 kgs silver

    :)
     
  10. JazzyO

    JazzyO F1 World Champ

    Jan 14, 2007
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    Onno
    Great Peter. I'm not here to be perceived as being right, I would love to get some hard numbers even if they prove me wrong.


    Onno
     
  11. Cozmic_Kid

    Cozmic_Kid F1 Veteran

    Dec 1, 2005
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    B. Frandsen
    Maybe a dumb question since I guess noone really know the real answer.

    But, if all these GENUINE 250 GTO's came up for sale. Which one do you think would fetch the most? Is $35 million absolute maximum, or could one of the others cash in at more, maybe $50 million?
     
  12. GTE

    GTE F1 World Champ

    Jun 24, 2004
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    Marnix
    Because the concept of a car with a conbustible engine still is part our world. Besides that, there are not that many people that have any interest in a pre war car.

    I am more sceptical. It remains to be seen whether or not a car withstands the teeth of time when it's function, either being for competition of for transportation, becomes obsolete. And that will happen at some point in the future. How much we want to percieve a GTO as an object d'art, it is not. Unlike a painting or a sculpture, it has a certain point in time in which it was relevant. It was once relevant as a competition car and has become relevant as a collectors item but I doubt it will always remain relevant as a collectors item.

    But who uses a steam train these days??

    I doubt my future grandkids will have any notion of the car with the combustible engine. They grow up in a digital world. Will they have any interest in such an analogue creation as the 250 GTO? Of course at one time I will introduce my five month old son to the world of Ferrari. I can imagine that, like his old man, he will probably be taken by the (for him) current models at first and slowly make his way back to 1947. We'll see ;)

    Agreed, but the interest in 250 GTO's or any vintage racingcars is not about thinking green. Nor will Africa ever set the tone on the vintage racingcar market.
     
  13. cheesey

    cheesey Formula 3

    Jun 23, 2011
    1,921
    that's a basic economics supply vs demand question...
     
  14. Ashman

    Ashman Three Time F1 World Champ
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    Horses, horseback riding, racing and other competition events still seems to be popular despite being obsolete as basic transportation for more than a century now.
     
  15. merstheman

    merstheman F1 Rookie

    Apr 13, 2007
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    Mario
    I don't think so, because with these cars race history, originality and provenance matters.

    Having said that, if all went for sale at the same time, the more cars sold the higher the price for the remaining cars would climb. They would, however be at different base prices, based on the qualities I mentioned earlier.
     
  16. IanB

    IanB F1 World Champ
    Owner

    Jun 15, 2006
    15,624
    Sydney
    I picked the mid point of the previous irrational market. IMO Ferrari prices are a bubble today and growth from here will be very low.
     
  17. Cris Bertschi

    Cris Bertschi Formula Junior

    Mar 3, 2005
    801
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    Cristián Bertschi
    Would you please quantify the profit?
     
  18. cheesey

    cheesey Formula 3

    Jun 23, 2011
    1,921
    500,000 Euro vs 4,000,000 Euro is a factor of 8... not a bad return for a garage sale to move on from an old toy... it would be nice if we could do that each time we tire of our toys...
     
  19. Cris Bertschi

    Cris Bertschi Formula Junior

    Mar 3, 2005
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    Did he pay Euros in the mid 90s???????
     
  20. wbaeumer

    wbaeumer F1 Veteran
    Consultant

    Mar 4, 2005
    8,826
    He paid 1.0 m DM which is today Euro 500k.
     
  21. Cris Bertschi

    Cris Bertschi Formula Junior

    Mar 3, 2005
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    Cristián Bertschi
    Thanks Walter, but I think to do a proper analysis it is not accurate to compare mid 90s DM translated into today's EUR vs. today's EUR.

    It tells me nothing.

    How much gold were you able to buy with 1M DM when the car was sold for that money?
    And by the way, when in mid 90s?

    Regards.
    Cris.-
     
  22. Jeff Kennedy

    Jeff Kennedy F1 Veteran
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    Oct 16, 2007
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    I think your question is valid if restated a different way. What is the ultimate matrix of the various GTOs for desireability. Yes, the provenance of race wins, and which wins they are, who drove the car, how much of the original car remains and even who performed the restoration all matter. It is not quanitfyable as XXXX car is worth 1mil more than the other but it would be that XXXX car is more historically significant and if ever given the opportunity XXXX would be the first choice.

    Jeff
     
  23. cheesey

    cheesey Formula 3

    Jun 23, 2011
    1,921
    #98 cheesey, Jun 5, 2012
    Last edited: Jun 5, 2012
    how about if we make the assumption that a new GTO originally cost $35,000

    gold was pegged (fixed) at $35 by the US gov't through most of the 60's

    1000 oz gold would buy a GTO in the 60's

    that GTO would be worth $1,600,000 based on gold being currently valued at $1600 oz (reflecting inflation / loss of buying power of the dollar )

    however, a GTO sold for $35,000,000 or by a factor of approx 22, which represents the value that the collectors have bid the price up to, above the increase by currency inflation alone
     
  24. Enigma Racing

    Enigma Racing Formula 3

    Jun 1, 2008
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    #99 Enigma Racing, Jun 5, 2012
    Last edited by a moderator: Sep 7, 2017
    Dear Onno

    Just returned to Farrari Chat and I am pleased to see you are still an active contributor to the site and have stopped banging on about replicas (ignoring the SWB comment of a couple of weeks ago). Please remember my invitation to test drive my car followed by lunch at Neil Twyman restorers still stands. You remember Neil from the Tribute and he continues to look after my "racing fake tdf".

    I will add to the discussion on the GTO sold to Craig McCaw by your fellow Dutchman, Eric Hereema. The car is one of five GTO's restored by Neil, compared to 1 by Classiche, enough said !

    Here is a picture of Neil, the car and Ken Gregory (first owner and team manager). Ken and Stirling Moss's father set up UDT Laystall race team. Stirling drove but never raced the car. He was due to drive the car in the 1962 Goodwood TT but was badly injured in a crash practicing for the Glover Throphy in the morning of the race. Innis Ireland took the seat and won the TT but the accident ended Stirlings career. Because Stirling only drove the GTO in practice there was no photographic evidence that it was his car. However, when Neil took the car apart he found the name Moss scratched by the factory on the seat tub together with the chassis number proving the connection.

    Ken told me that after wining the TT in the Walker SWB the previous year, Enzo's was doing everything to persuade Stirling to drive for Ferrari, including flying him out to the factory fo seat fittings. Enzo's plan was for Stirling to race a works Ferrari Formula 1 car, in the Rob Walker Racing colours, Ken's GTO in the light green and in addition he would also be given a Ferrari 246S sports car to drive. Sadly the crash ended all that.

    The other lovely story was of the Lotus 18 that ended Stirlings career. The car was sold by Rob Walker to Ken and repainted light green. Three months after the accident Ken telephoned Rob Walker to ask why he had not sent an invoice for the car. Rob replied that there was no charge as he thought it was not acceptable to charge for a car that poor Stirling had been injured in. Those where the days !!!!

    Otherwise, the chassis colour created a big argument. When Neil removed all of the chassis plates he found that the chassis was originally painted gold but overpainted black. Neil removed all of the black paint to expose the original colour and retained it. However, subsequently, Messrs Pourret and Bluemel disagreed and stated that Ferrari NEVER painted a chassis black. The evidence said otherwise but Eric went with the "experts" and has had the chassis repainted.

    Sadly 3505 is the second UK based GTO to go to America in the last three months which makes two less in the Goodwood Paddock this year. My tdf will be featuring again but sadly Neil's TR replica will not as it has been sold to a well known collector for $1.2m. No doubt a record for a "fake" but a fraction of the $16m paid for 0666TR last year which in my humble opinion was a less original looking car. Opps sorry, I do not want to start that arguement again !

    Kind regards

    Kim
    Image Unavailable, Please Login
     
  25. The Kook Abides

    The Kook Abides F1 Rookie

    Jan 4, 2011
    3,459
    Watch this $35,000,000 missed shift at the start. I must admit, I did it once.

    [ame]http://www.youtube.com/watch?v=Eb1esLHgrVE[/ame]
     

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