This year the Pebble Beach Automotive week (11-16 August) featured again many events for car enthusiasts, owners, collectors and investors. The 6 day program consisted of tours, auctions, gatherings and reunions and of course the famous Concours d’Elegance on Sunday.
Red Blossoms visited all events where classic Ferrari’s could be found and attended all viewings and auctions where Ferrari’s were sold. In total 137 Ferrari’s were offered at the auctions of Gooding, Bonhams, RM Sotheby’s, Mecum, Rick Cole, Mecum and JD Auctions.
The most unique Ferrari’s were the 1964 250 LM (sold for $17.600.000) the 1962 250 GT Bertone Berlinetta Speciale (sold for $ 16.500.000) and the 1959 250 GT LWB California Spider (sold for $ 15.180.000). Solid prices that were in line with the expectations. Another special car was the Ferrari Enzo, which was offered to pope John Paul II in January 2005. This car was sold for $ 6.050.000, about three times the price of a ‘not holy’ Enzo.
But not all cars were sold for the expected prices of the auction houses. Compared to other brands the Ferrari’s did well, but some cars were not sold such as the 1960 250 GT SWB Berlinetta Competitione, despite a bid of $ 13.250.000.
Other Ferrari’s were sold for a little less than the expected prices. Still with a plus compared to the prices of last year, but not the extreme price increases we have seen in the last two years. In our opinion a good development and a signal that some realism has come into the market. Price increases of 25% or more per year are not healthy, cannot go on forever and are not good for the long term confidence in the market.
Our impression is that most of the cars were sold to true Ferrari enthusiasts and serious collectors and not to speculators. All auction results and our new insights from talks with buyers, traders and experts will be processed in our next update of the Classic Ferrari Investment Report.