Auction Editor Rick Carey reported from 30 different auctions in 2014, starting with the Scottsdale, Kissimmee and Paris sales, moving quickly into the Amelia Island sales and continuing on a frenetic pace throughout the rest of the year.
Ferraris — the unquestioned epicenter of the collector car market — were a huge focus of Carey’s reports, with no less than 169 of Maranello’s finest methodically examined in 2014. They ranged from modern variants you wouldn’t wish upon your worst enemy to the belle of any ball, the 250 GTO.
Carey said, “The top of the market (usually attached to the marque ‘Ferrari’) is steaming hot. Cars like 250 GT Pf Coupes once were candidates for sacrifice to make Testa Rossa replicas. They now bring enough money to hire Scaglietti to re-create the original style bodywork.”
The biggest — both in dollars and in publicity — sale of 2014 occurred when Bonhams sold the Maranello Rosso Collection’s 1962 Ferrari 250 GTO (s/n 3851 GT) for $38,115,000 at their Monterey Week sale, breaking the all-time auction record set only last year by the 1954 Mercedes-Benz W196R that Bonhams sold for $29,650,095 at their Goodwood Festival of Speed sale. A staggering price indeed, but far less than $50-75 million many ‘experts’ dreamed up. Carey said the GTO sale represented, “a benchmark for considered, thoughtful, realistic valuations in the face of vast hype.”
The impressive auction results from the Monterey Classic Car Week further cemented Ferrari as the place to be in the collector car market. Carey commented, “It’s Ferrari that made the difference, with $205.9 million in 39 sales over $1 million hammer, 78.1% of the Monterey over $1 million transactions. How important? The 2014 Ferraris greater than $1 million were up a staggering 98.6% from 2013, $12 million more than the total value of all the cars sold in Monterey in 2011. Just in million dollar Ferraris.”
Will this upward trajectory continue in 2015 and beyond? We’ll soon know with the Scottsdale auctions coming up soon in mid-January, followed quickly by the Kissimmee and Paris sales. One certainty is that Rick Carey will continue to offer up his educated opinions about market trends and values going forward.
Listed in chronological order, Rick Carey’s reports on the 169 Ferraris analyzed in 2014: