Spent a whole morning at Maranello Rosso two years ago - what a collection! Hope Bonhams fixed these scratches on the Aerodinamica. Image Unavailable, Please Login
I don't think so. This sale is a reminder that you have to consider the individual car and not just it's Tipo, especially at the top level. This car was never going to be worth as much as the TdF winning GTO.
Ofcourse not. But a $14m premium? Or 36% more? I also think that is exaggerated. This car had not many owners - that is a strong plus for me. I almost would prefer known ownership and history than a race winning car- even at a GTO level. But everyone is different.
the gto sold for what it probably should have, and it is still a good result for what it was - basically a car that had maybe 20% of its original parts. and it sold for nearly 80% of the last more/less perfect gto with great provenance. as was said above, each gt needs to be considered as an individual entity. at 39 examples, they are not a commodity.
I think they totally misjudged the buyer for this car in this venue. The correct buyer for this car in this venue was someone who wanted this to be a big deal. Only offering a mediocre stream on their own website with no publicity push left this car in an awkward position. Buyers who would pay high prices privately stayed away because this was too public and buyers who wanted the spectacle stayed away because it wasn't a bigger deal. 34.65 is still a huge number for any car and I'm sure this will be spun as a win. The MM on the other hand...
i dont know where you have been lately, but i got notices about this car from bonhams and scm, read about it countless other newspapers, weekly car mags and blogs etc. so i think the media push was sufficient. and as for big media attention.....well for car auctions you dont get bigger than pebble.... the guys who buy in this category know what they are doing. they research, they inform themselves, they inspect, and then they set a plan. kidston said it a month ago, and he was correct. thats the right price for this car, and does not indicate any change in market direction.
All proceeds from the NART Spyder went to charity. 100% tax deductible for the heirs (children of Eddie Smith). 0.00% tax deductible for the buyer. Having said that, he has the money, he got a great car. I'm sure he's quite happy. I would be.
Tax question: Would he be eligible for a tax deduction on any amount above market value? If the market value was $15m, for example, and he paid $27.5m, then would there be a deduction for the $12.5m premium paid above actual value?
Absolutely DISagree. Frame, engine and gearbox and most of the body are genuine and authentic. I have personally inspected this and all the other Ferraris ex Maranello Rosso Collection. Guys, may I suggest you be a bit more careful before you spread incorrect information. Marcel Massini
Underbidder #1 was from TX (oil drilling equipment biz) and stopped at $ 31 M. Last underbidder was from Bangkok, Thailand. Winning bidder is from the UK. Marcel Massini
We discussed this a bit at the time of the sale last summer. A couple of points- The sellers were donating all monies to charity and rightfully the tax deduction was theirs. The IRS is not in the habit of allowing multiple parties to claim a charitable deduction for the same exchange. Further, by definition, 27.5 (or whatever the exact number was) WAS market value that night. It's where a willing buyer and seller met. I completely follow your logic in asking but at the end of the day the entirety of the deduction belonged to the sellers. Best, Dave
What he said. Marcel and I have spent several days crawling all over these cars. Many of the GTOs have been crashed and smashed, repaired and crashed again. '3851' is no exception, and after its period rebuild by the factory - after which it still emerged renewed pretty much in the middle of the production run - it only took one really significant hit, and that was the 1964 Monza crash with Prinoth, from which it recovered within a month to win again. Academic interest in these things is understandable and fine, but hands-on reality seems quite rare here. DCN
ok. i will accept your much more informed assessment of the car. how would you compare it to the tdf winner? given your statement above, it implies that the price achieved is poor vs what it should have made. if everything is absolutely correct, and it only got to 34 mil on the day, then it infers that the overall price rise for vintage ferraris may have topped out. or would you disagree with that too? i am trying to situate this car in the spectrum of price data to see what it means for all the other cars.
I don't think you can infer the state of the whole vintage ferrari market from just one car. Fashions change. Not everyone can afford and even some that can do not necessarily want a 250 GTO. Many would disagree bu for even money I would take a 250 SWB + a 250 LM over a GTO so with 40m burning a hole in my poscket to spend on vintage ferraris I wouldn't have been a putting it here
I don't know the conditions of other GTOs, but this one was clearly driven as it had lots of little scratches and chips when I saw it, for example below. Roger Image Unavailable, Please Login
Mercy! The 1963 Series 3 250 GTE 'barn find' landed $275K + buyers premium. The car appears to need a FULL restoration. It does feature an interesting history..... got to wonder if it even runs. If I recall correctly, the estimated sale price was less than $75K.
