Courtesy of Artcurial
This Lamborghini Miura P400, chassis number 3649, left the factory in Sant’Agata on August 7, 1968. Sold new in France, it arrived at the premises of Voitures Paris Monceau, 114 Rue Cardinet Paris 17e, on September 16, 1968. It was painted silver gray with mustard leather interior and electric windows. The car had been so successful since its launch at the Motor Show in October 1966 that by September 1968, the list of clients driving around in a Lamborghini Miura included Johnny Hallyday, the singer Christophe, the journalist Philippe Bouvard, Jacques Dutronc, the businessman Fred Lip and other Parisian luminaries. With a devastating performance and stunning looks, Lamborghini’s new creation sold very well. The importer Voitures Paris Monceau registered 3649 in the company name, and the car was given the registration 4600 VA 75 on September 25, 1968. For the next 12 months, it was used to take selected clients on test drives and demonstration runs. On September 19, 1969, it was sold to its first owner, an enthusiast for Italian cars who lived in the Essonne department, who registered the car 972 LR91. On May 25, 1971, it was acquired by its second owner, a hairdresser based in Martigues, near Marseille. He bought the car on credit, and when he destroyed the engine, he didn’t have the financial means to have it replaced. He stopped making repayments, and the bank seized the car and sold it at auction. Monsieur Muscinesi, a well-known figure in Marseille at that time, bought the non-driving Miura in the name of his company Muscinesi (a copy of the extract from the prefecture of Marseille is included in the file). He sold it shortly afterwards to a mechanic working in the old port in Marseille, who owned a 400 S that he had written off in a hillclimb. He put the engine from his 400 S into the Miura, along with certain other elements including the electric windows and big brakes. The car then sold to a certain Marc Harchier, followed by two other owners in France, and was registered in Mulhouse, in 1987, with the number 400 UE57. In 1994, the Miura was found for sale with the Ferrari dealer in Mulhouse, painted green with its original mustard interior. On April 3, 1998, the dealer sold the car to the previous owner, the ex-President of Club Lamborghini France. He entrusted the Miura to the expert care of marque specialist and renowned mechanic Toni Sisinni, who completely rebuilt the engine, gearbox and axle in 2003. The previous owner drove long distances regularly and wanted a car that was mechanically perfect and totally reliable. The oil has been changed every 5,000 km (3,106 miles). The brakes (discs and pads) were changed and the suspension refurbished in 2013, and the alternator belt, fragile on this model, has been changed regularly as a precaution. All the invoices will be passed on to the new owner. In October 2013, the car sold at an Artcurial auction to the current Parisian owner, an enthusiast for GT and supercars from the 1970s and 1980s. He has driven it regularly in various rallies and is now selling the Miura, having had the engine entirely rebuilt and other major work carried out by Toni Sisinni, for a sum of around €75,000 ($87,832) (copies of invoices will be made available to interested buyers on request). Today, the car is presented in flawless condition. We satisfied ourselves of this in a recent test drive and are assured by its provenance. We are very familiar with the cars belonging to the vendor and the high standards he has for all of them. It will be delivered with a history file and numerous invoices.

SCM Analysis


Vehicle:1968 Lamborghini Miura P400 Coupe
Years Produced:1966–69
Number Produced:465
Original List Price:$21,000
SCM Valuation:$906,500
Tune Up Cost:$4,500
Chassis Number Location:Engine compartment on firewall plate
Engine Number Location:In center of head, on top of block
Alternatives:1968 Ferrari 275 GTB, 1968 Aston Martin DB6 Vantage, 1968 DeTomaso Mangusta
Investment Grade:A

This car sold for $978,251 (€834,400, €1=$1.17) at Artcurial’s Le Mans auction in Le Mans, FRA, on July 7, 2018.

SCM’s Executive Editor Chester Allen asked a very valid question when he sent me the assignment to write about this sale. He noted that in the same session a Countach LP400 “Periscopio” was sold for $1,145,950 — could a Countach have a higher value than a Miura?

The answer, of course, is, “Sure, why not?” I’m not here to write about the Countach, but it must be considered here as it helps to illustrate quite brilliantly the effect of fundamental attributes of value — once again.

The early Countach “Periscopio” has a median valuation in the SCM Pocket Price Guide of $915,500, not quite 1% higher than the Miura P400. For all intents and purposes, equal value. However, as has been illustrated endlessly in the current market, there are no “prices for these cars,” but rather “a price for this car.”

Both these cars had stories. They weren’t necessarily bad stories, but it’s another reflection of the market that in order to sell a car at all — and certainly if you want to sell it well — as much information as possible must be shared. In the end, the Countach had fewer stories than the Miura.

Many changes, many stories

The attributes of value most commonly sought in a small-production, high-performance car are design, specification, originality, condition and provenance. The last is especially important, as it can make a big difference if a car has gone through many — possibly unknown — owners in whose hands the level of use, maintenance, repair and restoration cannot be accurately determined.

By most traditional measures, our subject car would seem to have more than a few strikes against it.

Presented in yellow over black leather, it was originally delivered in silver gray with a mustard interior — in my eyes a stunning combination. The second owner blew up the original engine approximately three or four years from new. The fourth owner brought it back to the road with the engine and some other sundry parts from his wrecked Miura S. Sometime around the seventh owner, the car was painted green. At some point between 1998 and 2013 — while in the hands of the head of the Lamborghini Club of France — it was resprayed its current yellow and retrimmed in black.

According to the catalog description, the consignor purchased the subject car at an Artcurial sale in October 2013 (SCM# 231486). He paid $629,010 (€459,668, €1=$1.37). The SCM auction analyst commented on the apparent lack of a clear service and restoration history — and that the replacement engine was a post-catalog announcement. This catalog described the history rather better, but was still light on actual dates.

A well-sold car

Despite the many changes, the car sold quite well. It sold a bit higher than what a “no stories,” well-presented P400 might bring — or roughly the price of a very good Miura S. Factoring in the exchange rates, the buyer paid 81% more than the seller did in 2013 in euros, but only 55% higher in dollars thanks to the 17% increase in the dollar against the euro date to date.

This may be a sign that buyers seeking to experience the Miura now worry less about color changes, engine swaps and multiple-owner history than they have in the past.

Of course, it’s always down to what is available on a given day in a specific venue, but by any objective, analytical viewpoint, this car was quite well sold — especially considering that it was being sold without a current “contrôle technique,” or technical inspection.

The market understood this car

I must also state that I find it interesting that I am not surprised or offended that the car sold where it did.

It’s not unnatural that a high-performance car like the Miura was used aggressively when new, especially as it is an ex-demonstrator. It was also common for these cars to be “upgraded” on a regular basis when service was required, and that is all part of a car’s unique life experience.

What is clear to me is that when the facts are laid out in an open fashion and potential buyers are allowed to make an informed choice, the market speaks.

I am fairly certain that the new owner will enjoy driving his car, and that’s really what counts. And, since it has already changed colors twice, I hope it can once again be seen in the original silver gray over mustard. ♦

(Introductory description courtesy of Artcurial.)

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