PARIS auctions 2/20 RM/Bonhams/Artcurial

All the Ferrari's at the three auctions.

Lot - Year - Make - Model - Chassis # - Auction - Est Low - High (EUR) - (US$) - N/R = No Reserve

152 1959 Ferrari 250GT Coupe 1533GT RM Paris €390,000 €500,000 $429,000 $550,000
70 1961 Ferrari 250GTE 2339GT Artcurial €280,000 €380,000 $308,000 $418,000
173 1961 Ferrari 250GTE 2619 RM Paris €330,000 €380,000 $363,000 $418,000
99 1965 Ferrari 275GTB/6C 06785 Artcurial €2,000,000 €3,000,000 $2,200,000 $3,300,000
253 1966 Ferrari 206SP 022 Bonhams Not given Not given
76 1966 Ferrari 330GTC 8723 Artcurial €325,000 €460,000 $357,500 $506,000
69 1969 Ferrari 365GT 2+2 11307 Artcurial €170,000 €230,000 $187,000 $253,000
144 1970 Ferrari 365GTB/4 12841 RM Paris €450,000 €550,000 $495,000 $605,000
142 1971 Ferrari 365GTC/4 14833 Artcurial €150,000 €220,000 $165,000 $242,000
170 1971 Ferrari 246GT 01824 RM Paris €300,000 €375,000 $330,000 $412,500
168 1972 Ferrari 365GTS/4 15535 RM Paris €2,400,000 €2,600,000 $2,640,000 $2,860,000
208 1973 Ferrari 365GT4 2+2 17217 Bonhams €70,000 €80,000 $77,000 $88,000
130 1973 Ferrari 246GTS 06290 RM Paris €275,000 €325,000 N/R $302,500 $357,500
162 1973 Ferrari 246GTS 06002 RM Paris €380,000 €420,000 $418,000 $462,000
214 1977 Ferrari 308GTB Vetroresina 20795 Bonhams €140,000 €170,000 $154,000 $187,000
217 1979 Ferrari 308GTS 27889 Bonhams €60,000 €80,000 N/R $66,000 $88,000
67 1980 Ferrari 512BB 29823 Artcurial €220,000 €260,000 $242,000 $286,000
135 1981 Ferrari 512BB 35409 RM Paris €170,000 €200,000 N/R $187,000 $220,000
143 1982 Ferrari 512BBi 41351 Artcurial €170,000 €220,000 $187,000 $242,000
98 1983 Ferrari 126C3 F1 068 Artcurial €600,000 €1,000,000 $660,000 $1,100,000
116 1984 Ferrari 208GTS Turbo 49485 Artcurial €60,000 €70,000 N/R $66,000 $77,000
138 1987 Ferrari 328GTB 67499 Artcurial €60,000 €80,000 N/R $66,000 $88,000
132 1988 Ferrari Testarossa 75456 RM Paris €60,000 €80,000 N/R $66,000 $88,000
138 1989 Ferrari 328GTS 79746 RM Paris €80,000 €100,000 N/R $88,000 $110,000
115 1991 Ferrari F40 84662 Artcurial €1,000,000 €1,200,000 $1,100,000 $1,320,000
270 1996 Ferrari F355 Spider 106427 Bonhams €60,000 €80,000 N/R $66,000 $88,000
97 1998 Ferrari 456M GT 112728 Artcurial €60,000 €80,000 N/R $66,000 $88,000
96 2000 Ferrari 550 Maranello 121378 Artcurial €60,000 €80,000 N/R $66,000 $88,000
189 2000 Ferrari 550 Maranello WSR 117411 RM Paris €150,000 €200,000 $165,000 $220,000
255 2005 Ferrari 612 Scaglietti 145751 Bonhams €50,000 €70,000 N/R $55,000 $77,000
94 2005 Ferrari 575 Superamerica 143794 Artcurial €230,000 €270,000 N/R $253,000 $297,000
285 2006 Ferrari 575 Superamerica 146669 Bonhams €220,000 €300,000 $242,000 $330,000
95 2006 Ferrari 599GTB Fiorano 147109 Artcurial €140,000 €180,000 $154,000 $198,000
254 2007 Ferrari 599GTB 151959 Bonhams €75,000 €95,000 N/R $82,500 $104,500
112 2007 Ferrari 599GTB 156243 Artcurial €240,000 €280,000 $264,000 $308,000
256 2008 Ferrari 430 Scuderia 163729 Bonhams €175,000 €250,000 N/R $192,500 $275,000
118 2009 Ferrari 430 Spider 16M 169860 Artcurial €330,000 €380,000 $363,000 $418,000
155 2009 Ferrari 16M Scuderia Spider 168279 RM Paris €250,000 €280,000 $275,000 $308,000
177 2018 Ferrari 488GTB 70th Anniversary 229458 RM Paris €275,000 €325,000 $302,500 $357,500

 

Among high-value lots at RM, the Gullwing, Porsche 904 GTS, BMW 507, and Bugatti Veyron sold in the sub 2M range but the 2M+ Daytona Spider, D-Type, and Lamborghini Veneno didn't find buyers.

 

High bid for the Daytona Spider was 1.900.000€ and should have bought this pretty rough looking example in non original resale red and a non matching gearbox.

 

Being a rare coin & antique dealer for over 50 years, I learned this:

Sometimes the first offer you get is the best one you will ever get!!

Ken Goldman

 

The 206 SP was bid to 2.85 Euro, apparently No Sale.

 

But do you know if it was a real bid and not just some play-acting between the auctioneer and chandelier ? Did you or someone you know personally make that bid ?

 

Apparently the under bidder(who bid in 100,000 increments) was an American bidding via telephone. The high bidder(50,000 increments) was in the room. It looked to me that they were trying to run-up the phone bidder who then stepped aside.

 

Having watched the market as an innocent bystander since the early 80s...it seems to me now more than ever, the market is being dictated by the sellers’ refusals, as opposed to buyers’ acceptances. Perhaps the speculators left the game...? ...or, they see something greater in the future...? Interesting times. The money would probably do better in the stock market, so maybe we are as close to an enthusiasts’ market as we have seen since Enzo was alive.

 

And isn't that the most important question. Will be fascinating to see if it actually sells. Sure its a fantastic little 206SP BUT its not 100% original nor does it have a top level race history and having sat in storage for decades will need $400 - 500k to get it right.

 

The previous two market peaks have followed a crash and preceded renewed market records. The periods of 1987 - 1991 and 2010-2015 have been testament to this theory. While it isn't necessarily a proven theory nor a direct correlation to say a multi trillion market has any direct bearing on a mere multi billion market it follows that when you are earning 0 - 2% in stocks and bonds why not invest in a market that is paying 5 - 10% and gives you the upside of getting a collectible you love until the other market recovers. Then the reverse happens with them cashing out of their collectibles in a inflated market and in such a small market it doesn't take more than a couple of wealthy collectors competing to inflate the market for a model of car. Lesley Wexner did that by paying record amounts for many multi million $ Ferraris at RM in the period of 2010 - 2015/6 which caused every classic Ferrari to gain in value in the vacuum. The reverse is also true, when markets return, people return to investing in the traditional markets and even a loss of 5 - 10% of buyers is enough to harm the markets and create the situation that we saw post 2015 where prices started to stagnate and drop.

What blows my mind is that plenty of classic cars are currently paid for with arls (adjustable rate loans) thus the "owner" (and by that I mean the fool who now owes x amount) has bought a Ferrari Daytona or whatever they lusted after at 0 - 2% interest and now they are going to be paying 5% pa and not only might they struggle to pay 5% but need to sell their Daytona for whatever they paid for it plus this newly accrued interest. Now those structured loans would be perfect for those with enough wealth to stash in tax havens and use the benefits of lower tax to offset interest payments but otherwise its a huge gamble. I wonder how many merely wealthy collectors are now being forced to sell and must clear 105 - 120% of whatever they paid for their Daytona?

A counterpoint is that if you are a cash buyer, conditions haven't been better since the brief post GFC blip of 2009. And I am sure for the more common of collectible cars, the deals will keep getting better and better as more people invest their money in a record stock market and yet more are forced to sell because of the hubris of using debt to buy in a record market.

Just my 2 cents

 

But...if “cash buyers” are cast aside (IF they are real). The market is presumably saying, “it’s okay, we’ll keep the cars for now.”

It’s a weird combination of no panic, no buyers... Traditionally, many have flinched under such circumstances. Again, I see better money elsewhere...so, perhaps the crazies have left the building...?

 

These cars are still bud to high value, sellers are just greedy (if long time owner) or are underwater (if flippers). A lot of these cars were bid to pretty close to low estimate which is still 2x,3x or more from what these cars were worth 5 or 6 years ago.

 

Artcurial live feed is painful to watch.

 

Absolutely the worst auction presentation I've ever witnessed. Two "auctioneers" talking over each other constantly and confusion in the bidding. It's like watching Statler and Waldorf selling cars...
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Artcurial is great to watch! And Hervé Poulain is one of the most respected auctioneers.

 

He is respected but it's awful to watch. They talk over each other, they cant decipher how much is being bid, they sometimes sound very aggressive/pushy when raising the bids and not in a funny way, the short description before each lot is very weak and absolutely not convincing.
And the cars are all dusty.

 

can not see the video. it says I have to register first at the video owner. never had such a problem before

 

Results were pretty poor in the artcurial auction (specially for the boats)... except maybe for a few cars, including those I was interested by (the 550 Maranello and the 456 GT).
It has to be noted that actual buying prices are almost 20% more than winning bids (16% fee + 20% VAT on the fee, so 19,2% in total).

 

For the most part, it is going from what could be called an investor market towards and enthusiast market. It has been a slow steady decline as opposed to a crash market. What direction the market will take will be decided in November 2020.

 

That is an insane fee given that there is also a buyer's premium.

 

Artcurial 1965 Ferrari 275 GTB 06785.

Sold for 2,502,800€/2,728,052$ premiums included.

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