F40 Auctioned RM Santa-Monica sold 870K | Page 2 | FerrariChat

F40 Auctioned RM Santa-Monica sold 870K

Discussion in '288GTO/F40/F50/Enzo/LaFerrari' started by Juan-Manuel Fantango, Jun 24, 2017.

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  1. kevin956

    kevin956 Formula Junior

    Jan 26, 2004
    495
    Pasadena, CA
    I have no knowledge on this one, but wonder if the seller negotiated a better commission than the usual. The car was clearly one of the highlights of the sale.
     
  2. frefan

    frefan F1 Veteran

    Apr 21, 2004
    7,370
    Ugh, didn't know that. Really it's best to leave the F40 alone. People want to experience an original car. I have tubi exhaust but that's it. I'd put the oem exhaust back on if I was going to auction. Maybe sprinkle some classiche magic pixie dust on it for good measure.
     
  3. LARRYH

    LARRYH F1 Veteran
    Owner Rossa Subscribed

    Jun 3, 2011
    9,142
    virginia usa
    interesting question but sometimes there are strong enticements to take a car to auction. I know sometimes auction houses are looking for a STAR car and may negotiate a very nice deal to a seller . I know of one such deal where a seven figure car was sold and the seller got paid 100%of the hammer price plus 87% of the buyers premium ,he walked away with a check for 107% of the hammer price..so there are lots of reasons to sell at auction....and the hammer price was a world record in an already hot market for that particular car...so it paid well to sell that car at the auction...
     
  4. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,772
    if the car is truly special i get it. a higher mileage f40 with a frankenstein radio and turbos - why bother
     
  5. frefan

    frefan F1 Veteran

    Apr 21, 2004
    7,370
    I do not understand the aftermarket turbos. That's a bit of a rats nest as it would entail ECU changes as well. Or you just have a crappy running F40 which is somewhat common. Any details about this?
     
  6. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,772
  7. ferrari1971

    ferrari1971 Karting

    Jul 26, 2015
    108
    Santa Barbara , Ca.
    I agree , why would you ruin the door panels with the speaker enclosures , you can never fix the carbon fiber like that so it is back to even close to original. The Turbos or exhaust can be easily changed back. Maybe it was done in the 2002 when these were $300k cars and nobody cared. I remember I was selling a Ferrari 360 to the Auto Gallery (Michael T) and he had a euro daytona and a lusso for sale out along the fence near the 101 in the sun with bird crap all over them and they were just old cars sitting ,essentially rotting away outside.

    I think it was very smart for him to put it at auction. It was the highlight of the sale. They had it displayed on Rodeo Drive on Fathers Day with 35,000 spectators in Beverly Hills. If it was sold private treaty, the buyers and sellers would have to pay the brokers/ dealers commission. Also the buyer would have plenty of time to do a PPI and compare and contrast to other cars on the market and negotiate from there. With the auction format the seller is done and he knows he is going to get paid within 45 days a check that he can cash. Plus he reaches a worldwide market. I do not know of any dealers in the world that have the same type of exposure as these major auction houses.
     
  8. joe sackey

    joe sackey Five Time F1 World Champ
    Sponsor

    May 23, 2006
    57,288
    Southern California
    Full Name:
    Joe Sackey
    This car was not one of the best cars, so an auction venue makes sense.

    As I said earlier, the best cars often change hands via Private Treaty, simply because, they don't need to come to auction and give up 10%.

    Selling it via Private Treaty Buyer/Seller would split a COMBINED total of 3-5%, and, the Seller would be paid by wire transfer directly into his bank account immediately, not by check 45 days later!

    I know of at least a handful of well-known specialists including myself whose market audience is truly INTERNATIONAL in this day & age, and even though I'm based in the USA, I sell Ferrari Supercars everywhere from Africa to Asia. The same players who check to see what's coming up at auction, check in with us to see what's available Privately.
     
  9. NSXER

    NSXER Formula 3

    Jan 4, 2004
    1,307
    Kansas
    F40 was owned by a bank....which might explain a few questions.

    Brian
     
  10. ODK

    ODK Karting
    Silver Subscribed

    Dec 10, 2014
    138
    Los Angeles
    Makes total sense...re: bank
     
  11. Fcar99

    Fcar99 Karting

    Apr 6, 2009
    91
    They use the auction cause its simple and final.
    Eliminates tires kickers and dreamers.
    Selling at auction is soooo much easier.
     
  12. dmark1

    dmark1 F1 World Champ
    BANNED Owner

    Feb 26, 2008
    11,439
    Americas Team Headquarters
    Full Name:
    Mark
    I'm sorry I find it both hilarious and completely stupid that any car with 16,000 miles on it that is 27 years old is considered "high mileage" . Equates to 600 miiles a year. Give me a damn break. Buy a damn poster!
     
  13. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,772
    I don't make the rules - the market does. You can disagree all you want with Mr. Market. Might be futile but it's your God given right.
     
  14. GuyIncognito

    GuyIncognito Nine Time F1 World Champ
    Silver Subscribed

    Jun 30, 2007
    91,699


    OK so there is a backstory :)

    bank owned, questionably modified, and "high" (;)) mileage, poor condition. sad but I guess they can't all be winners.
     
  15. ttforcefed

    ttforcefed F1 World Champ
    Rossa Subscribed

    Aug 22, 2002
    18,772
    yeh and with all that known now i wld say it was a very bullish sale for a distressed one.
     
  16. willcrook

    willcrook Formula 3

    Feb 3, 2009
    2,129
    UK

    it's completely pointless, it'd be nice if someone made a good 1:1 replica with no engine seeing as so many owners clearly aren't interested in driving them.
     
  17. Albert-LP

    Albert-LP F1 Veteran
    Owner Rossa Subscribed

    Sep 1, 2010
    7,779
    around Modena, Italy
    Full Name:
    Alberto Mantovani
    I sold a customer car at a Coys auction in August 2015, a mint single owner (!!) Euro F40 with 7700 km (real mileage, no rollback...), accident free, stock exhaust and Tubi exhaust, fully serviced just two weeks before, Classiche and everything. Sold for 1M euro + commissions. It was impossible to sell it at 1,2 M: I tried for one year without any result. I think that this one at 870 k with 16000 km still has a good price.


    ciao
     
  18. starboy444

    starboy444 F1 Veteran

    Oct 7, 2006
    7,265
    Toronto, Canada
    Full Name:
    Lucas
    Hi Joe,

    What is the price breakdown per year, for a Classiche F40. (Average Selling Prices)

    (Consider a Classiche Cert with 5000 Miles, maintained, with books, luggage, no mods, NOT Euro)

    1989
    1990
    1991
    1992

    I have been looking out for a 1991 or 1992... just wondering what the current values are to purchase. (realistic values !) Regardless of an auction price or Private Treaty price.
     
  19. amenasce

    amenasce Three Time F1 World Champ
    Silver Subscribed

    Oct 17, 2001
    33,014
    Full Name:
    Joe Mansion
    i would say $1.4m -1.6m
     
  20. joe sackey

    joe sackey Five Time F1 World Champ
    Sponsor

    May 23, 2006
    57,288
    Southern California
    Full Name:
    Joe Sackey
    Lucas,

    Firstly, let me extend an invitation to you to call me directly on my cellphone so we can chat about the F40 market, realistic values, and more importantly, what's available.

    A couple of comments meanwhile.

    Since you say you are looking for a non-Euro example, please bear in mind that there are no 1989 USA F40s, just 1990, 1991 & 1992.

    Also, values do not necessarily change across the model-year range from 1990 to 1992, its more about the car's condition, whether it has been thoroughly maintained, whether it has been modified, whether it has all its ancillaries, and its mileage. Therefore, a so-called price breakdown across the model year's would not necessarily be productive, you really have to take F40s on a car-by-car basis. Any F40 owner will tell you, ending up with a good F40 is all about which one you buy rather than how much you pay (to an extent), as they now have 25-year-plus lives they have lead with varying degrees of care & compassion along the way!

    As regards prices in the current market, they can be very realistic as you can see from this thread! If you want to buy via auction, you take your chances and aim for the car available. Buying by Private Treaty, you often have more than one car to select from. The same is true of advertised cars.

    I guess the range would be a car like 93065 with @ 16,000 miles, this thread's subject at @ $950k all-in, and the upper end might be 86992 at Ferrari Beverly Hills with just 3,129 miles which asks $1.590m, subject to offers I'm sure.

    There is a Private Treaty car that is available with more miles than the FBH car at @ $1.4m for example, and, Ive recently sold an 8,000 miles car at @ $1.2m.

    Hope all this helps!
     
  21. Juan-Manuel Fantango

    Juan-Manuel Fantango F1 World Champ
    Rossa Subscribed

    Jan 18, 2004
    12,355
    Full Name:
    Juan
    Joe have you or has anyone done a registry of US F40s? How many do you think are in the US?
     
  22. joe sackey

    joe sackey Five Time F1 World Champ
    Sponsor

    May 23, 2006
    57,288
    Southern California
    Full Name:
    Joe Sackey
    Yes, I have a registry.

    Of the 211 production F40s from 84729 (1990) to 93627 (1992), I think @ 90% are still in the USA.
     
  23. starboy444

    starboy444 F1 Veteran

    Oct 7, 2006
    7,265
    Toronto, Canada
    Full Name:
    Lucas
    There are approx. more or less 25 in Canada
     
  24. Marcel Massini

    Marcel Massini Two Time F1 World Champ
    Honorary

    Mar 2, 2005
    22,739
    It went to a well known fchatter and major collector in SoCal.

    Marcel Massini
     
  25. dcmetro

    dcmetro F1 Veteran

    Nov 27, 2007
    8,923
    Paris , France
    Full Name:
    Olivier
    Bill S ??
     

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