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0560 sells at Bonhams - is it 1989 again?

Discussion in 'Vintage Ferrari Market' started by Bryanp, Apr 27, 2004.

  1. Bryanp

    Bryanp F1 Rookie
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    Aug 13, 2002
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    Santa Fe, NM
    I got a message this morning that the remains of 0560 sold at hammer for 320 pounds - or $573,465.!!!! add the commission and the British VAT and someone paid about $700,000 for a hulk. Although it is commonly referred to as a Series II 500 Mondial, this is not even clear; it comes with a 750 motor.

    check out this link for pictures of the remains:
    http://www.classicdriver.com/uk/magazine/3500.asp?id=12008

    the 52 DCO3 sidedraft Webers did NOT come with the price - they were sold separately and went for about $48,000!!

    the 275GTB remains (08249) sold for 150 pounds ($268,500 before commission) and the 500 TR remains (0640MDTR) went for 190 pounds ($340,000 before commission).
     
  2. Napolis

    Napolis Three Time F1 World Champ
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    Oct 23, 2002
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    Jim Glickenhaus
    OMG!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
     
  3. Bryan

    Bryan Formula 3

    Oh, come on, Jim. It's not that far from the P4 a few weeks ago! <g>
     
  4. PSk

    PSk F1 World Champ

    Nov 20, 2002
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    Pete
    The 275GTB alloy, looks like just the body ... as I cannot see a chassis inside that shell!

    Many important parts there ... !

    Pete
     
  5. Tspringer

    Tspringer F1 Veteran

    Apr 11, 2002
    6,155
    $275K for the 275GTB sounds pretty dang nutty to me. If it has racing history, is alloy bodied/4 cam and all the missing parts from the picture are there but in boxes..... then perhaps its not so bad. Pay $275K for the hulk, spend another $275K on a rebuild and have a $700K car? Who knows whats going on. Perhaps they figure by the time the rebuild is done it will be worth $1.2M or something.

    The collector car market is supposed to be pretty dang hot, but these seem downright nutty. Then again the infamous yellow jacketed whacko at Barrett Jackson paid $125K for a '69 Z28 Camaro and Hemi Cuda coupes from '70 are bringing $200K+ so perhaps its WORSE than 1989!

    The prices some of the muscle cars are bringing really blow me away. When a Z28 is worth more than a 512BBi something strikes me as out of whack. I would really like to own some of the nicer muscle cars, but not at todays prices. I see a bubble there....


    Terry
     
  6. judge4re

    judge4re F1 World Champ

    Apr 26, 2003
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    Dr. Dumb Ass
    I don't know about you guys, but I see a bubble here too. Time to build up the war chest for the enevitable crash.

    Buy low, never sell.
     
  7. robert_fulton

    robert_fulton Rookie
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    Apr 28, 2004
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    Robert Fulton
    Do you have your decimal points wrong?
     
  8. vincent355

    vincent355 F1 Veteran
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    Apr 8, 2003
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    Vincent
    I have heard from a couple of collectors that prices are going up, especially for cars with racing pedigree.

    might be speculation, anyone know how the bidding went and who was involved?
     
  9. Napolis

    Napolis Three Time F1 World Champ
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    Oct 23, 2002
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    Jim Glickenhaus
    I think several things are happpening. The rise of the Euro vrs the $ has given euro based collectors more buying power esp. at auctions in europe.
    The supply of real top cars is small and as many are owned by wealthly collectors who have no plans to sell them the supply of available cars is even smaller.
    Some of this is a bubble esp. IMHO the 275 in that condition but the others even after a resto. the cost of which could be VERY HIGH may some day turn out to have been a buy.
     
  10. BigTex

    BigTex Seven Time F1 World Champ
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    Bubba
    Man, there's hardly enough of those cars to make a bird bath in the garden!!

    I'd almost take the number plate, and start from scratch!!!

    That's amazing!!!!!
     
  11. judge4re

    judge4re F1 World Champ

    Apr 26, 2003
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    Dr. Dumb Ass
    Actually, its a tach needle you want to start with, but that is a discussion for another day...
     
  12. BigTex

    BigTex Seven Time F1 World Champ
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    Tach needle. Got it!!! LOL!!!
     
  13. trkevin

    trkevin Formula Junior

    Nov 3, 2003
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    Belgium
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    K. Blommaert
    £353,500 is indeed a lot of money for a restoration project. But I personnally think that the car looks very interesting like it is now, for exhibition at a museum.

    Not only the cars are sold at a high price, but also the F-parts are sold well above their price.

    FE:
    -A selection of 750 Monza spares
    Estimate: £300 to 400
    Sold for £1,840

    -Four Ferrari 250 brake drum assemblies.
    Estimate: £1,000 to 2,000
    Sold for £6,900

    -A rare Veglia Ferrari water temperature gauge,
    in good order, suitable for use on the Ferrari 750 Monza
    Estimate: £200 to 400
    Sold for £978

    -A rare Veglia Ferrari 8000rpm revolution counter,
    very good condition and suitable for use on the Ferrari 750 Monza.
    Estimate: £800 to 1,200
    Sold for £4,140

    -Ferrari 250 brake and clutch pedals,
    together with various steering column parts and other related items.
    Estimate: £200 to 300
    Sold for £943
    ...

    But:
    An original Ferrari 500 Mondial crankcase and sump,...
    Estimate: £20,000 to 25,000
    Sold for £18,400
    (I thought this was a very interestig item)
     
  14. BigTex

    BigTex Seven Time F1 World Champ
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    So did these components match the cars??? It sounds like a mish mash of unmatched junk, or that they dismantled the vehicles to realize more items.
     
  15. trkevin

    trkevin Formula Junior

    Nov 3, 2003
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    K. Blommaert
    Napolis, you are right about the Euro vs $, but at this action the prices where in Pound. And the exchange rate from Euro to Pound is at this moment also high. So we europeans (except does how live in the UK) have not that many buying power in the UK.

    I personnally think europeans have much more buying power in the US, then in Europe. Because of the low exchange rate from the Euro -> the Dollar.
     
  16. ross

    ross Three Time F1 World Champ
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    with europe sucking on a very anemic .5% growth rate, the various eurobourses lagging the dow, everybody waiting for the eventual euro/dollar correction, then everything else bought with strong euros of the moment looks like a good deal, even if you buy in pounds, because the pound is the only one likley to remain strong vs both dollar and euro for a while.

    art has gone up in price. real estate in the uk, and the states has gone up, and it isn't just the natives buying - its the smart euro money.
    so it is only natural that rare and exotic cars will go up as well. i would not be at all surprised if these hulks get shipped to the usa for the work to be done there, and then you'll see them at pebble beach within the next 5 years, and the value will be (initial cost+renovation/reconstruction cost)x2.
     
  17. BigTex

    BigTex Seven Time F1 World Champ
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    Well I did find a 308 Oil filler cap in the street the other day, I guess I'd better get started!!

    Jus' kiddin, it was MINE!! I'd lost it two days earlier!

    It was a little scuffed from being run over!
     
  18. Tspringer

    Tspringer F1 Veteran

    Apr 11, 2002
    6,155
    I have the old original dash material that was taken off my Daytona when I had the dash re-covered. I guess if I hang onto it for another 10 years or so I will get $50K for it at some special RM auction!

    Dont throw out those almost but not quite totally worn out brake pads!


    Terry
     
  19. LJH

    LJH Rookie

    Feb 2, 2004
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    Jack Horner
    Photos and stories for this collection are in the British magazine, Classic & Sports Car, May 2004, page 20. All found in a Birmingham, UK bungalow belonging to AJ Lees, a split (cotter) pin manufacturer. 275 GTB is supposedly alloy-bodied. It took 3 semi's (arctics) to haul the trove of cars and parts. And my wife yells at me for being an automotive pack-rat!!! LJH
     
  20. Bryanp

    Bryanp F1 Rookie
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    Aug 13, 2002
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    Santa Fe, NM
    Robert Fulton - I typed my first post too quickly - add "thousand" to the pound figures I gave - 0560 went for 320,000 pounds . . .

    TRKevin = the 500 Mondial crankcase and sump was definitely interesting - it spent at least some time in 0562 . . .
     

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