This is an incredible drop from early 2008 prices but not terribly surprising. For Ferraris, 1,301 is a huge production number
The ultimate expression of Ferrari's fabulous line of V12 front-engined sports cars, the 365 GTB/4 gained the unofficial name "Daytona" in honor of the 1-2-3 finish by the Ferrari 330 P4 at that circuit in 1967. The influential shark-nosed styling was by Pininfarina's Leonardo Fioravanti, the famed carrozzeria's director of research and development, who later revealed that the Daytona was his favorite among the many Ferraris he designed. Although the prototype had been styled and built by Pininfarina in Turin, manufacture of the production version was entrusted to Ferrari's subsidiary Scaglietti, in Modena.
The Daytona's all-alloy, four-cam, V12 engine displaced 4,390 cc and produced its maximum output of 352 hp at 7,500 rpm, with 318 ft-lb of torque available at 5,500 rpm. Dry-sump lubrication enabled it to be installed low in the chassis, while shifting the gearbox to the rear in the form of a 5-speed transaxle meant 50/50 weight distribution could be achieved. The all-independent wishbone and coil-spring suspension was a recent development, having originated in the preceding 275 GTB. The four-wheel ventilated disc brakes were servo assisted. Air conditioning was optional, but elsewhere the Daytona remained uncompromisingly focused on delivering nothing less than superlative high performance.
With a top speed in excess of 170 mph, the Daytona was the world's fastest production car in its day, and surely is destined to occupy the front rank of high-performance sports cars for the foreseeable future. A mere 1,301 Berlinetta models and 123 Spyder convertibles had been made when Daytona production ceased in 1973.
Right-hand-drive chassis number 15055 has had only five former keepers, the first of whom is understood to have been the Chairman of P&O, and it has covered only 49,331 miles from new. 15055 has been maintained by marque specialists Italia Autosport in Metham, West Yorkshire, since acquisition and comes with full service history from 1995 onwards, plus a substantial quantity of preceding bills, all of which are contained within a most substantial history file.
Finished in Sera Blue with matching leather interior, the 1972 365 Daytona Coupe has the desirable options of nine-inch rear wheels (shod with new Michelin XWX tires), headrests, air conditioning, and opening quarter lights. 15055 is presented in excellent condition and offered with its original dealer card, warranty card, owner's wallet, instruction manual, tool kit, and car cover. There can be few better examples of this iconic Ferrari currently available.
SCM Analysis
Detailing
| Vehicle: | 1972 Ferrari 365 GTB/4 Daytona |
| Number Produced: | 1,301 coupes, 123 Spyders |
| Original List Price: | $19,500 |
| Distributor Caps: | $450 |
| Chassis Number Location: | Stamped on passenger side frame rail next to engine |
| Engine Number Location: | Stamped on flange on rear passenger side of block |
| Club Info: | Ferrari Club of America, PO Box 720597 Atlanta, GA 30358 |
| Website: | http://www.ferrariclubofamerica.org |
| Investment Grade: | B |
This 1972 Ferrari 365 GTB/4 Daytona Coupe sold for $203,745, including buyer’s premium, at the Bonhams Collectors’ Motor Cars auction in Oxford, England, on March 8, 2009.
There is little not to like about a Daytona. It has a gorgeous profile, a sporty interior, and enough performance to keep all but the most hardcore enthusiast entertained. It came from an era when Mr. Ferrari still called the shots, and his influence can be seen and felt in the car. The styling is exciting without being flamboyant. Its performance is thrilling.
On the downside, Daytonas have a bit more engine than they do brakes. The a/c is little more than a suggestion, and the steering drastically needs some assist. Fortunately, there is enough braking for everything short of track work, nobody’s parallel parking Daytonas these days, and who needs a/c, anyway? Yes, there are some challenges to owning a Daytona, but nothing that should keep you from buying one.
Speculators were buying up Daytonas
In early 2007, I got a commission to find a Daytona for a good customer. He had been following the market as Daytona values crept from the mid hundreds to the high hundreds. The next year or so the market was on fire and we had a difficult time catching up. Every time we upped our target price $10k, the market advanced a little more. The few cars offered were snapped up in days and if it hadn’t been for a tip that a car was coming on the market and a gut-wrenching decision to pay $50k more than we would have paid for a similar example just six months before, we would have been priced out of the market.
Parallel to the price escalation I noticed at my day job that the phone was ringing more often with requests for Daytona parts. Speculators were buying up any Daytona they could find and many shops had at least one they were sprucing up. Surprisingly, there were still enough spares in the pipeline to fill most requests, and if not, there was enough demand to warrant the expense of reproducing some of the extinct items. In short, there were few Daytonas on the market but a banner crop on the way.
The SCM Platinum database has data on five Daytona coupes running through auctions in 2006. 100% of the cars sold, with the average selling price over $204,000. In 2007, the sale percentage had dropped to 86%, but the average price of the seven cars offered was up to $236,000. Escalating prices and a graduating class of freshly refurbished Daytonas flooded the market in 2008. Auction offerings more than doubled to 17 cars, with an equally dramatic escalation in prices. January through August auction prices were up sharply to an average of $359,000, with two examples bid to over $400,000, but the winds were changing. As fall brought cooler outside temperatures, the Daytona Coupe market totally froze. September through December, the average price dropped over $100,000 to $253,000. Five cars were offered, but only two of those cars sold.
The 1972 Bonhams Daytona coupe, s/n 15055, is an interesting car. It appeared to have been personalized after it left the factory. The center console had been re-covered in blue leather rather than the black with which it would have been delivered. Ferrari’s trademark shifter gate was hidden under a shift boot and lights of some kind have been added at each corner. It was reported to have opening rear windows, something the factory probably didn’t do.
An incredible drop, but not surprising
The Bonhams car sold for roughly $203,000, well under the market and just under the average of our 2006 sample. This is an incredible drop from early 2008 prices but not terribly surprising. With 1,301 Daytona coupes built, the figure is not “mere,” as the catalog suggested. In the quarter-million-dollar-plus collector car world, a 1,300 production is huge, especially when the majority of the owners have bought in at well less than current market value. In a buyer’s market, there will always be a Daytona Coupe owner who can undersell the market and still make a profit, which will make him look like a genius to his wife. Anyone who bought a Daytona from 2006 through 2008 will have to hold on to it for a couple years or else take a hit to get out.
We’re in unusual times. Very wealthy and solvent people simply have no cash flow and can’t borrow money to raise cash. As taxes, college, and other expenses come along, selling assets may be the only way to pay bills. For these sellers, price isn’t the issue-liquidity is. He can make back the loss next year. We don’t know why this 365 GTB/4 Daytona was sold cheap, but we do know it won’t be the only one. Today it looks like the buyer got a bargain, but only time will tell whether this is the actual new market price, or just a momentary dip.