Eight-figure Ferrari

A 1962 Ferrari 250 GTO Berlinetta fell short of expectations at the Bonhams Quail Lodge Auction in California on Thursday evening (August 14), but still fetched $US38.1 million -- or a cool $A40,860,000.

The highly desirable 250 GTO, one of just 36 built between 1961 and 1964 was expected to push a record price in a collectors' market that has pushed Ferrari prices into the ether over the past few years.

Pre-auction chatter predicted the price may exceed $US45 million and could possibly set a new record price for an automobile at auction of beyond $US50 million.

The Bonhams auction of 10 Ferraris from the Maranello Rosso Collection was one of many events strategically timed to coincide with this Sunday's annual Pebble Beach Concours d'Élégance in Carmel on the exclusive Monterey Peninsula.

And the potential of realising record prices drew a standing-room-only crowd of Ferrari voyeurs and a handful of legitimate deep-pocket bidders otherwise known as billionaires.

Bidding opened at $US10 million and skipped quickly past $20 million, before racing to $30 million in less than 30 seconds for a car that offered everything: limited production, racing pedigree, extensive documentation and history, and no reserve.

“The Ferrari market is so strong now,” said James Hendy, Bonhams Chief Operating Officer. “We believe a public auction could in this market yield a higher price than if the car were sold privately, which explains the no-reserve strategy.”

Bidding took a breather at $31 million before a phone bid at $32 million started a slow progression to $34 million. Bidding walked leisurely upward at $100K steps before bidders started reaching for small change in their pockets. At $34.55 million the auctioneer called, “If there are no more bids, third and final.”

After another $100K bid the beautiful red Ferrari sold for $US34,650,000 ($A37.19m), excluding an additional 10 per cent buyer's premium. And at that price it is basically worth its weight in gold.

The buyer is most likely not an individual but a group or even a corporation looking for a return on an investment that historically will exceed real estate and the share market.

By the end of the night, none of the hammer prices for the 10 Ferraris reached pre-auction expectations, leading many to wonder out loud if the market for collectible Ferraris is softening. It may be, but it certainly isn’t in decline.

Images:

1. 1962-63 Ferrari 250 GTO
2. 1969 Ferrari 365 GTC
3. 1956 Ferrari 250 GT
4. 1978 Ferrari 312 T3
5. 1962 Ferrari 250 GT SWB
6. Ferrari GTB 4
7. 1981 Ferrari 512 Boxer Berlinetta LeMans
8. 1953 Ferrari 250 Mille-Miglia Berlinetta