From Aug. 14-17, nearly $400 million worth of classic cars was sold during the auction frenzy that took place on California’s Monterey Peninsula. Five major auction houses were involved with old Ferraris taking nine of the top 10 spots in terms of value. The Sleuth had his eye on this 1962 Ferrari 250 GTO that basically belonged to the same family since new. Perhaps shockingly, it fell far short of the $100 million that some speculators thought it might bring, based on the car’s history and what other examples have sold for in the past. Still, $38 million is hardly a paltry sum. More interesting is that the dollar value of total sales continues to rise sharply every year. The $400 million is $87 million more than the 2013 total, which was $47 million more than the total from the year previous to that. The collector-car “hobby” is indeed alive and well, especially for the very best of the best. If you have an old Ferrari with a good story, sell it, or hang on to it, as there seems to be no downside.
The Sleuth was sickened (insert sarcasm) when this Ferrari sold for a paltry $38 million when some thought it would go for twice that.