This car, Lot 113050, sold for $1,035,000, including buyer’s premium, at Bring a Trailer’s online auction on July 17, 2023.
Car manufacturers sometimes seek out celebrities as a means of free publicity. Mohammad Reza Pahlavi, the Shah of Persia (now Iran), had been an admirer of Maserati cars, and during a visit to Italy in 1958, he was presented with promotional materials for the then-new 3500 GT. Also included were brochures of the 450S, which had just retired from racing.
His Imperial Highness was impressed with the 3500 GT, but a car that could be acquired by mere mortals would not do. He inquired about the possibility of Maserati building him a car that would be powered by the mighty V8 of the 450S. Of course, Maserati was not about to turn down an influential customer with plenty of money. This is how the 5000 GT was born.
A racing engine
Prior to 1957, the sports-car regulations specified a maximum engine capacity of 4.5 liters. Maserati decided to develop a 4.5-liter V8 engine for racing. The race car was to be the 450S. Unfortunately, the chassis and brakes to which this engine was mated were not up to handling all the power produced, and the 450S had some mishaps on the racetrack. These would have been addressed over time, but the 450S was killed when the maximum engine capacity was changed to 3 liters for 1957. Maserati had already invested money building V8 blocks, which were now gathering dust. Some were sold for race boats, but many remained.
The solution came on the heels of the shah’s request. Maserati initially did not intend the 5000 GT to be put into production, and his car was not publicly displayed but quietly shipped to Iran. Word soon got out, however, and the crème de la crème in motorsports just had to have one. Maserati already had the engines, so these orders presented an opportunity to rid itself of the inventory.
The list of 5000 GT owners included Briggs Cunningham, the Aga Khan and Giovanni Agnelli. Eagles guitarist Joe Walsh is said to have owned a 5000 GT, although he purchased his car after writing the infamous lyric, “My Maserati does 185.”
Numero uno
Just as Maserati wanted to be associated with elite clients, so too did Italian coachbuilders. They found the 5000 GT the perfect canvas to introduce their latest styling ideas. A total of eight carrozzeria were involved in creating a mere 34 cars. Touring, Pininfarina, Bertone, Ghia, Michelotti, Frua, Monterosa and Allemano all wanted a piece of the action. Most of these coachbuilders created just one, except for Allemano, which built 22 cars designed by Giovanni Michelotti. The first of these is our subject car.
In order to reduce costs, the cars were built on a modified 3500 GT chassis that was significantly strengthened to support the massive V8 engine. The bodies had to be imposing and convey the spirit of a unique car with occupants who were important. There could be nothing subtle about the designs for the 5000 GT.
As the first of the 22 Allemano-bodied cars, s/n 103014 has some unique features not seen on others. The most unique are the two “Indianapolis” scripts on the rear fenders of the car. This apparently was a tribute to Maserati’s wins at the Indy 500 in 1939 and 1940 — making it the only Italian manufacturer to have won the famous race.
Declining market
I recall seeing this car with its Indianapolis scripts sometime in the 1980s in Charlottesville, VA. The car looked impressive back then, as I am sure it does today after a more-recent restoration.
We previously saw this 5000 GT sell for $1,677,500 at the Gooding & Company Pebble Beach sale in 2016. Prior to this Bring a Trailer auction, a dealer had offered it at $1,300,000, apparently with no takers. Selling for $1,035,000 here represents a significant loss in value over the past seven years. For the seller, this was clearly not a good investment. With just 35 miles added since 2016, hopefully he was at least able to enjoy the sound of that glorious engine.
Given all the time the car had been for sale and the exposure this online auction no doubt generated, the sale price is a fair representation of the current market. Only time will tell if the new buyer fares better, but I think at this price he should do just fine.
Prices for vintage Italian cars from the 1960s and 1970s have been in decline. Of course, there are exceptions, especially for superb restorations on cars in desirable colors. But in general, the market is down a bit, as we have seen with Ferrari 365 GTB/4 Daytonas. When Ferrari prices sneeze, Maserati prices get a cold. ♦
(Introductory description courtesy of Bring a Trailer.)
