Just yesterday, we covered Rolls Royce’s unveiling of a new $30 million car. However, that’s just a hint of the escalating prices in the exclusive classic car market – a far cry from the ’71 Ford Escort you’ve tucked away in hopes of a future windfall.
As always, Ferrari takes center stage, achieving exceptional results at auctions coinciding with the “Black Rose” presentation at the Monterey Car Week event in California. RM-Sotheby’s, a prestigious auction house, secured an impressive $1.875 million for a 1954 Ferrari 500 Mundial Spider. This car marked one of Enzo Ferrari’s earliest creations, bearing the design imprint of Battista Pininfarina. Yet, its condition raises eyebrows.
Merely 13 units of this model were manufactured, and this particular one suffered damage during a 1960s accident. Originally sold to racing car dealer Franco Cornaccia in Milan, it took part in the renowned Mille d’Or race that year. Subsequently changing hands, it became an American owner in 1958. In 1963, it underwent an unfortunate “surgery” – brace yourself – involving replacing its 2-liter Italian engine with an American V8. Despite its accident history, the car passed through various collectors before resting in a Florida barn housing a collection of Ferrari models. A hurricane struck in 2004, causing the barn’s collapse.
What else will buyers receive?
Apart from the chassis, the anonymous buyer will receive a gearbox, rear axles, a 3-liter engine from another Ferrari, and an originality certificate. This amounts to nearly $2 million, which could buy 4-5 brand-new Ferraris in the US. Is such an extravagant sum justified for what might seem like a scrap heap? Four years prior, RM Sotheby’s sold an identical Ferrari in pristine, running condition for $4 million.
And the story continues. In another auction by Boehms, yet another Ferrari changed hands last week. This preserved and operational one garnered a staggering $30.5 million, shattering Boehms’ sales record.
The star of this show was a 1967 Ferrari P412 model, built for private customers’ endurance races rather than as a factory racer. Only two units of this model were ever constructed, with the sold one having competed in Le Mans and other endurance races. It underwent extensive restoration in the past decade.
Despite the sleek, low-profile characteristic of 1960s endurance cars, the 412P still captivates attention. Packing a 420-horsepower V12 engine, 5-speed gearbox, and 4-disc brakes, it even boasts a roadworthy license. However, it will be remembered in a Florida barn.
