1967 Ford GT40

Chassis Number: P1069

The early history of this roadgoing GT40 is particularly fascinating, outlined in extensive detail by marque specialist Ronnie Spain, whose report remains on file for this car and is available for review by interested potential bidders. It begins on February 16, 1967, one week before its scheduled delivery date, and its assignment by Ford to GT40 Mark I’s “Promotion and Disposal Program.” As such, it was expected to be a corporate car used for press purposes. In fact, on paper, it was one of only six cars within that program consigned to Shelby American, but as history has shown, plans changed, and the car ultimately never ended up arriving Stateside until much later in its history.

Built to the order of Ford Division in Dearborn, MI, the car was delivered February 24, finished in striking Opalescent Silver Blue, outfitted with the customary Mark I 289 small block, with the “Production Car Record Sheet” indicating its intended loan to “Performance Cars.” Performance Cars was the dealership of the Geneva-born Georges Filipinetti, whose Scuderia Filipinetti was perhaps best known for its success in sports-car racing, particularly with Jo Siffert, and which was undoubtedly the most prominent of the Swiss privateer teams. Shortly after its arrival in Switzerland, the car was prominently displayed at the Geneva Auto Salon in March, refinished in Metallic Borneo Green, as per period photographs on file, which corroborate the car’s amended second Production Car Record.

By this time, of course, Filipinetti’s renown had grown tremendously, as the racing team had not only won the Targa Florio the year before in a Porsche 906 but also finished an outstanding 3rd at the Monza 1,000-kilometer race with one of the privateer Ford GT40s. Interestingly, P1069 remained in Switzerland with Filipinetti for virtually the rest of the year, and perhaps even longer, caught up in ongoing disputes over accounts between the Swiss privateers and John Wyer Automotive Engineering in the U.K., who were eagerly demanding the car’s return for use in Ford’s press efforts. As a result, the car has been frequently referred to as the infamous “Hostage Car” by historians, in reference to this period of dispute between Wyer and Filipinetti.

Chassis P1069 is presented and offered today in the configuration with which it was originally delivered, from the stunning blue finish to its Borrani wire wheels, Weber carburetors, black interior and much more. It is an extraordinary testament not only to the racing history of the GT40 program but also the exceptional history this particular chassis has enjoyed from day one, from its two Geneva Auto Salon showings, test drive with none other than Graham Hill, original private ownership by Lord Bamford, and countless historic-race outings in recent years. The new owner of P1069 is presented with myriad opportunities for showing the car virtually anywhere around the world or enjoying it in any number of driving events or vintage-race days. Few, if any, sports racing cars will compete at such a high level on track and fewer still will look as good as P1069 doing it.

Vehicle:1967 Ford GT40
Years Produced:1964–69
Number Produced:102
SCM Valuation:$2,600,000–$9,300,000
Tune Up Cost:$1,000
Chassis Number Location:Engine side of firewall just above driver’s right shoulder
Engine Number Location:Flat boss directly in front of left cylinder head
Club Info:GT40 Enthusiasts Club
Website:http://www.gt40enthusiastsclub.com
Alternatives:1964 Porsche 904 1966 Porsche 906 1966 Ferrari 330 P3
Investment Grade:A

This car, Lot 229, sold for $4,405,000, including buyer’s premium, at Broad Arrow Auctions’ Amelia Island, FL, sale on March 4, 2024.

The legendary battle of egos between Henry Ford II and Enzo Ferrari has been exhaustively documented across the automotive universe for nearly 60 years. Now, thanks to the widely viewed 2019 movie “Ford v. Ferrari,” vast swaths of the general public know of it too. As such, we won’t be rehashing our subject car’s raison d’être in this piece. Neither will we be recounting in detail the GT40’s outsize on-track success, lengthy roster of all-star drivers or the political machinations around the car’s development. Suffice it to say, it would be difficult to overstate the importance of the Ford GT40 as an international auto racing and — dare I venture — cultural icon. Still, a cursory bit of background is in order to better understand this particular sale.

Small production volume

The GT40 was built in four iterations known simply as Mark I, II, III and IV. Except for the prototypes and Mark IVs, GT40 chassis were constructed at Ford Advanced Vehicles (FAV) in Slough, England. Having finally beaten Ferrari at its own game, Ford sold FAV after the 1966 season to JW Automotive (JWA), which continued building chassis on Ford’s behalf. Ironically, it was the same updated example of the first-swat Mark I (s/n P1075) run by fired former GT40 project manager and JWA principal John Wyer that captured the last two of Ford’s remarkable streak of four consecutive wins at Le Mans from 1966 to 1969.

Among the hundred-plus GT40 chassis constructed (102–105, depending on the source), 31 examples of the Mark I, including our subject car, and seven Mark IIIs — lengthened cars, hence slightly less impractical — were built specifically for public road use across the production run.

Big value gains

Real-deal GT40s of any specification do not turn up for sale often, much less at public auctions. But they do appear enough, seemingly in waves, to show a consistent progression of upward pricing over the past 15-plus years. This dynamic can be readily seen in the larger GT40 market as well as the more-relevant subset data for this analysis of the roadgoing Mark I.

The range of GT40 prices is quite broad, however. Starting at the top with genuine competition models boasting the best provenance, we can look to the private sale of none other than P1046, the very Mark II that New Zealanders Bruce McLaren and Chris Amon drove to Ford’s famous first Le Mans victory in 1966. It was reported that this Holy Grail example traded hands for more than $20m back in 2014. Price stratification even within this upper tier can be illustrated with RM Sotheby’s 2018 sale of P1016 at $9.8m (SCM# 6877236). This was the 3rd-place car at Le Mans in 1966, immortalized along with P1046 and P1015 in the famous “1-2-3” finish-line photo.

The remaining examples of the 12 prototypes fit nicely in the middle-price tier, with both GT104 and GT108 each selling twice in the past dozen years. The former made $4.9m in 2012, then $7.5m in 2014 (SCM# 239225), and the latter, one of four roadsters, $6.9m in 2014, then $7.7m in 2019 (SCM# 6908529).

At the bottom of the pricing spectrum are the relatively modest road examples, such as our subject car. As most of these have little-to-no period race history, values are lower. These “entry-level” GT40s were trading for around $2m when the collector-car market cratered after the Great Recession of 2008. A strong market recovery the following decade brought a slough (pun intended) of GT40s to market. This bounty of consignments yielded a couple of break-out sales of roadgoing cars by Gooding & Co. at Pebble Beach in 2014 (SCM# 245044) and Amelia Island in 2016 (SCM# 271381), when these two found new homes at $3.5m and $3.3m, respectively.

Prices for these supposed street cars are now on the move again. P1085, stored as a rolling shell in its original crate from 1969 to 2007 — and therefore with no period history whatsoever — sold in 2021 for $3.5m. P1052 was well sold at Mecum Kissimmee this past January for a surprising $6.9m. While the latter sale will likely be seen as an outlier, the $4.4m sale of our subject car is very much in step with the long-term pricing trend line.

An enduring legacy

Ford has fully leaned into the GT40’s glorious history with its next-generation Ford GT production cars from 2005 to ’06, and 2017–23. These blast-from-the-past halo cars have no doubt served to introduce or reinforce Ford’s rich Le Mans legacy with younger buyers, as can be surmised by the success of numerous modern Heritage Edition GTs. That these historically liveried, limited-production specials maintain significant price premiums over their contemporary brethren speaks volumes.

With such strong support from the mothership and the esteem of a new demographic, the prospect that original GT40 pricing will continue to go upward is virtually certain. Our subject car looks fairly and astutely bought. ♦

(Introductory description courtesy of Broad Arrow Auctions.)

Michael Leven Avatar