Sold for $233K which is great for an HGTC SA with 9K miles, assuming no big warts.
Honestly, this just shows how out of whack the market is right now in the UK. This is a perfect on line auction car with some glossy pics. I'm astounded at what the bids reached already given the backstory, but I made an effort to dig into the backstory a little, I didn't need to go far to discover that it's really not something I'd be bidding on whatever the price. This just shows what you can sell something for when people just aren't inclined to do a little research.
@ralfabco I put the summary up in the other thread and really agree. It just goes to show, those very very wealthy guys that are building or adding to collections are not tuckered out yet on certain examples. To be fair I really liked that car but @Dm993tt was WAY more of a winner 21 months ago when he bought his higher mile car and then made a maintenance investment including Fabio's exhaust. https://bringatrailer.com/listing/1998-ferrari-550-maranello-3/ I'm adding DM993tt to the #winning column for sure! ;-)
@tazandjan I loved that color combo too. https://bringatrailer.com/listing/2005-ferrari-575-superamerica-8/ That's a "select crowd" when you own that car for certain.
It stopped making any sense a little while ago. The asking price on this RHD SA from a dealer is less than £8K more then the manual car sold at Silverstone. https://www.pistonheads.com/buy/listing/11271812?cId=10565113&cId=11467278&cId=10706918&cId=11391245&cId=11271812&cId=11042540&cId=9964175
It promotes the sellers market and lets guys really duke it out for top dollar. If there is a benefit to BaT at least they cap the 5% buyers premium at $5k.
Gunbroker does the same. The auction can go on for minutes or hours past the scheduled time the lot hammers. It is a more beneficial auction format for the seller when two buyers both want the same item listed.
It may be best not to read too much into the Silverstone number as a single data point to represent the current 575 manual market. Note also the "interesting" price achieved for the the 599GTO a few lots after the manual 575, following a similar bidding pattern. Yet the other 599GTO, an ultra-low mile LHD "just" reached the market price. Auctions are less than transparent for many reasons, and it would be interesting to see where these two cars reappear next. In a normal transaction that 575 would be around £140-145k in my opinion, which would make sense vs SA etc.
Well, this steaming turd of a heavily accident damaged/mouldy 550 finished at a final winning bid of £72,990 +6%. (£77,369.40) If that is in fact a genuine bid, then that highlights how irrational the market has become.
That’s a bit harsh, Alan... But I definitely would not have paid that much. It’s a strong price for a below average car, in my opinion. It’s not even a fun / unusual colour.
Trust me it's not harsh when you know what state it was in and quite how badly damaged it was. There's a reason they didn't upload the accident repair invoice to the listing.
“The market has become irrational”...ancient creaking examples of leaf sprung 60s cars that are outdriven by a MX5/Miata have cost 10m+ $/£ for more than a decade now. The question is not when the collectors car market became irrational. It’s when it was anything other than irrational. Ferraris are irrational - the whole narrative about emotion. That’s why we love them.
Daniel- If I had to pick one color that goes with the Maranellos, it would be Grigio Titanio, and the Bordeaux interior looks great with that color paint.
Absolutely! It was more a comment re the premium that an unusual colour (i.e. Giallo Modena) can attract regardless of underlying car condition.
In 2009, the car was involved in a collision, resulting in cosmetic damage that was repaired. There was no claim made against the insurance, so the car has no HPI markers. It received a new front bumper, nearside door, nearside rear wing, nearside rear wheel, rear top and lower wishbones, and a new nearside driveshaft. Sounds rather more than 'cosmetic' to me, for sure! It does seem that 550 'values' have generally hardened over the past year or so. Irrationally or not! Personally, I don't think irrationally (I think that good 550s represent relatively good value) although some of the individual CC prices apparently achieved generally might indicate irrationality (on occasion, perhaps bordering on stupidity).
Hope this all works out for the new owner who may have seen the 2009 repair invoice and satisfied themselves that it was done to a high standard... Can't be sure but back then, you could have probably picked-up a reasonable 550 for £40k so it wouldn't have taken much to write one off, even if it owed the owner six figures... New repair panels were presumably still available and there would have been donor cars from which panels could be salvaged.... I wonder if the linked one was donated by your old 550 Darius? https://www.eurospares.co.uk/parts/ferrari/550-maranello/bodywork-lighting/body-inner-trims-19881/64712100 The subject car sounds like it would have been at least a Cat D (damaged) [Cat N (non-structural) these days] if the insurance co. got involved and although all perfectly repairable in theory, it would have carried that marker with it thereafter which (often unjustifiably) tends to shave 5-figure sums off the value. I would be more worried about the likely 'cosmetic' state of the chassis if it has spent years out in the lovely British climate given the state of the points mentioned (toolkit, mould etc.) AND the front hood insulation (which would be worth investing £300 in - on the assumption you can still get them). I just wonder when we'll ever see the first 'body-off' restoration on a Maranello. I guess it will happen one day but when so many of them have lived sheltered lives in dry climates, it will be a while before it becomes economically sensible. Check out the state of this poor old vetroresina (8mins in) I've just been browsing Autoscout24.ch and reminiscing about the good old days. Some of the cars listed for sale over there are still being advertised 7 years after I bought mine...
Approximately two years ago a poor example of a 550 was listed on mobile.de. White exterior paint. I think the interior was modified with quite a bit of aftermarket items.