The Monterey auctions have again redefined the auction world’s segment of the collector car market, and, as usual, Ferraris are in the top tier of cars.
Gooding offered 13 Ferraris with one no-sale for a 92% close rate and $40,276,500 in sales. RM had 14 Ferraris on offer, with all selling for a 100% close rate and $30,954,000 in sales. Mecum had 18 Ferraris on offer with three no-sales, for a 67% close rate with $2,025,130 in sales. Russo and Steele had 17 Ferraris on offer with seven no-sales for a 50% sold rate and $1,431,100. Bonhams had five Ferraris on offer and two no-sales for a 60% close rate and $710,000 in sales.
The wild world of Dinos and Daytonas
It did seem strange when a late non-“chairs and flares” 246 GTS, s/n 7914, sold for $252,500, while a chairs and flares 246 GTS, s/n 7908, sold for $467,500.
The 2007 Ferrari 599 at the Cavallino Classic concours that year, before it later became the object of an elaborate scam attempt
Our story begins with 2007 Ferrari 599 s/n 150098, the 26th U.S. model 599 built, in Grigio Silverstone with Bordeaux leather and heavily optioned with carbon ceramic brakes, luggage, carbon upper and lower interior, steering wheel with carbon and LEDs, electric Recaro seats and more.
As one of the first 599s in the Read More
We all know that the planet went into recession in 2007 — and fell off the proverbial economic cliff on September 15, 2008, when Lehman Brothers was thrown into bankruptcy. The Dow dropped 500 points on that day — and then even further. Banks and businesses failed, and the gloom set in. Many markets slowed or froze. In the collector car market, both buyers and sellers went into hibernation for the remainder of 2008 and stayed in hibernation through 2009.
We continually have older Ferraris in pre-sale or pre-purchase inspection and stay involved in the follow-up work or additional work requested by clients. There isn’t a day that goes by without hearing of ongoing parts problems from the many shops we deal with.
Federal law requires all manufacturers to supply replacement parts for 10 years after production ends, but when those 10 years are up, look out. Long lists of computer and electrical components, injection-molded rubber, and plastic body trim parts have already become unobtainable.
Modern Ferraris have Bosch engine management and ABS computers with TRW-built airbags, all cross-managing a hoard of Digitek computers and ECUs that talk to the Bosch computers while controlling a/c, heat, door locks, windows, power tops, dash modules, seat controls and so on.
On the emissions front, every manufacturer is required to supply engine and emission system diagnostic computers “at a reasonable cost” to independent shops.
A plug-in computer for a GM or Japanese car starts at $250 and goes to $5,000 for the best model, but the SD2 or SD3 box for the 10-years-or-older Ferrari is out of production.
A used SD2 or SD3 will cost $20k plus — if you can find one. A more modern Leonardo unit is available, but even at $25k, it doesn’t like to communicate with the earlier cars. Want to use a non-Ferrari diagnostic computer? Sorry, Ferrari uses non-standard codes that don’t translate to standard OBD2 boxes. Simply knowing what to repair or replace can be a nightmare.