Tuesday, August 22, 2006
Bloomberg.com: Muse
Bloomberg.com: Muse
Rare Ferrari Sells for $5.61 Million, Misses Expected Record
By Rochelle Garner
Aug. 20 (Bloomberg) -- A 1958 Ferrari driven by racing legends Phil Hill and Richie Ginther sold for $5.61 million in Monterey, California, falling short of the record price for an automobile sold at auction in North America.
The Ferrari 412 S was sold late yesterday during the Monterey Classic Car weekend, an annual gathering of wealthy automobile owners and other racing enthusiasts. RM Auctions Inc., which handled the sale, estimated the car's value at $7 million and $9 million, above the current record. RM declined to divulge the name of the buyer or seller.
The sale places the Ferrari fourth among the most-expensive cars sold at auction in North America, according to Portland, Oregon-based Sports Car Market magazine, which keeps tracks of automobile auctions around the world.
``The estimate was optimistic,'' Keith Martin, Sports Car Market publisher, said in an interview from Monterey after the sale. ``The auction houses want the bragging rights for the most- expensive car of the weekend. This lower selling price doesn't say anything about the market in general.''
The top-priced vintage car auctioned on the continent is a 1931 Bugatti Royale Berline de Voyager that sold for $6.5 million in 1986, according to Sports Car Market. The Ferrari sold in Monterey is as famous in racing circles for its 400-horsepower engine as for the curvaceous, red body of chassis No. 0744.
``The collectors who race vintage cars tend to be very competitive and want a car that will win,'' Michael Fairbairn, partner and cofounder of Blenheim, Ontario-based RM Auctions, said in an interview before the sale. ``This is among the most powerful of the 12-cylinder engines.''
The Ferrari sports car was among hundreds of vintage automobiles put before the gavel by six auction houses during the four-day event on the central California coast. Auction prices include a commission that's typically 10 percent on top of the number when the gavel hits.
``The value of rare collectible cars is holding strong,'' Martin said in an interview. ``Investors have become discerning and knowledgeable about the cars they buy. They also tend to have a lot of money, so they're not buying with the intention of selling later for a profit. That means it's harder to buy a car than it is to sell one.''
Both Hill and Ginther drove the Ferrari in competition in 1958. Hill became America's first Grand Prix champion. Ginther was one of his Ferrari teammates.
The Bugatti changed hands for $6.5 million, including commission, in 1986 in Reno, Nevada. Adjusted for inflation, the value of the sale would be $11.8 million, according to Sports Car Market.
To contact the reporter on this story: Rochelle Garner in San Francisco at rgarner4@bloomberg.net . ¶ 4:25 AM
Rare Ferrari Sells for $5.61 Million, Misses Expected Record
By Rochelle Garner
Aug. 20 (Bloomberg) -- A 1958 Ferrari driven by racing legends Phil Hill and Richie Ginther sold for $5.61 million in Monterey, California, falling short of the record price for an automobile sold at auction in North America.
The Ferrari 412 S was sold late yesterday during the Monterey Classic Car weekend, an annual gathering of wealthy automobile owners and other racing enthusiasts. RM Auctions Inc., which handled the sale, estimated the car's value at $7 million and $9 million, above the current record. RM declined to divulge the name of the buyer or seller.
The sale places the Ferrari fourth among the most-expensive cars sold at auction in North America, according to Portland, Oregon-based Sports Car Market magazine, which keeps tracks of automobile auctions around the world.
``The estimate was optimistic,'' Keith Martin, Sports Car Market publisher, said in an interview from Monterey after the sale. ``The auction houses want the bragging rights for the most- expensive car of the weekend. This lower selling price doesn't say anything about the market in general.''
The top-priced vintage car auctioned on the continent is a 1931 Bugatti Royale Berline de Voyager that sold for $6.5 million in 1986, according to Sports Car Market. The Ferrari sold in Monterey is as famous in racing circles for its 400-horsepower engine as for the curvaceous, red body of chassis No. 0744.
``The collectors who race vintage cars tend to be very competitive and want a car that will win,'' Michael Fairbairn, partner and cofounder of Blenheim, Ontario-based RM Auctions, said in an interview before the sale. ``This is among the most powerful of the 12-cylinder engines.''
The Ferrari sports car was among hundreds of vintage automobiles put before the gavel by six auction houses during the four-day event on the central California coast. Auction prices include a commission that's typically 10 percent on top of the number when the gavel hits.
``The value of rare collectible cars is holding strong,'' Martin said in an interview. ``Investors have become discerning and knowledgeable about the cars they buy. They also tend to have a lot of money, so they're not buying with the intention of selling later for a profit. That means it's harder to buy a car than it is to sell one.''
Both Hill and Ginther drove the Ferrari in competition in 1958. Hill became America's first Grand Prix champion. Ginther was one of his Ferrari teammates.
The Bugatti changed hands for $6.5 million, including commission, in 1986 in Reno, Nevada. Adjusted for inflation, the value of the sale would be $11.8 million, according to Sports Car Market.
To contact the reporter on this story: Rochelle Garner in San Francisco at rgarner4@bloomberg.net . ¶ 4:25 AM
