This car, Lot 145, sold for $786,000, including buyer’s premium, at RM Sotheby’s Phoenix, AZ, auction, on January 24, 2025.
The 458 Speciale falls into a special series of Ferrari models sometimes called Version Speciale, or VS. These are track-inspired variants introduced near the end of a model’s production run, usually first introduced as a coupe and later as a low-volume open-top model. Their overtly racy styling and enhanced performance make them especially desirable, with a cult-like following.
As the last of the normally aspirated VS cars, the 458 Speciale is particularly desirable. While not as fast as its successor, the 488 Pista, the sound and throttle response of the 458 Speciale are usually mentioned as the model’s outstanding virtue. Simply put, for many Ferrari fans, the 458 Speciale represents an era-ending car and one of the greatest Ferrari road cars of all time. More on the Speciale is found in SCM’s July 2021 issue (Ferrari Profile, p. 62).
A fickle market
The Ferrari market has been volatile since the late 1970s. The introduction of the 308 GTB brought curious older clients back to dealers’ showrooms, along with new prospects. The traditional clients rekindled love for some of the classics they saw around the dealerships, and the newbies discovered a brand they would often become loyal to for the rest of their lives.
The experience changed the demand for all things Ferrari. The moment was complemented by inflation and a shift in the U.S. dollar-to-lira exchange rate and made the Ferrari market a financial juggernaut. The following years saw the value of vintage Ferraris multiply several times over. Meanwhile, most new models became so popular that clients often had to wait years for their order to be filled. Sometime a client would be asked to buy a used model just to be allowed to order a new one.
As the world economy rose and fell, so did the Ferrari market. Huge gains were seen, as well as similar losses. Today the market for classic Ferraris is flat. Enzo-era Ferrari buyers are purchasing models they always wanted with little expectation of a return to cover much more than their holding costs. The Next Gen Ferrari market is much more dynamic.
Ferraris in the desert
There were 41 Ferraris offered among the three top Arizona auctions this year. Bonhams Cars had two (a third was withdrawn pre-sale), but only one of them sold. Unsurprisingly, that no-sale was a 1952 250 Europa GT. Demonstrating the flat vintage-Ferrari market, the Europa had sold in 2014 for $2,310,000 against an estimate of $2.5m–$3m. In 2022 it sold for $2,095,000 against a $2.3m–$2.8m estimate. This year, the estimate had fallen to $1.8m–$2.3m, but bidding stalled at $1.5m. The fact that the final bid was $810k less than what the car sold for in 2014 speaks volumes about these older cars.
Barrett-Jackson offered 31 Ferraris, all without reserve. The sale of a 296 GTB and SF90 Stradale, both 2023 models, provides a look into the current production market. The 296 GTB is Ferrari’s newest mid-engine model with fewer than 12 cylinders, producing 818 hp between its twin-turbocharged V6 and plug-in electric motor. The $464k list price from a roughly $338k MSRP assures the car was loaded with plenty of options. The 375-mile, nearly new 296 sold for a respectable $440,000 — not bad for a two-year-old car.
The SF90 did not fare as well. Marketed as a production supercar, many buyers were so smitten by “supercar” that they failed to absorb the fact that production was not limited. As other Ferrari supercars were a golden ticket to windfall profit, the 986-hp, twin-turbocharged V8 hybrid SF90 was built in abundance, ensuring depreciation to follow. The Barrett-Jackson SF90, like the 296 GTB, was well equipped with a $647k sticker and just 1,655 miles. The hammer fell at $484,000, $163k behind its new purchase price. This is a stinging reminder that Ferraris can indeed depreciate.
Under-promise, over-deliver
Across town at RM Sotheby’s, a different lesson was being taught. Our subject 2015 458 Speciale carried an auction estimate of $400k–$475k and was one of eight Ferraris to cross the block. The estimate looked spot-on considering 2024 auction sales ranged from $276k to $482k. Bidding opened at the low estimate and quickly rose to a record auction price for the model of $786,000, including premium.
What RM Sotheby’s estimate missed was that enough dealers were asking $500k–$600k for 458 Speciales that buyers perceived this to be the market. This very car had been offered for $618k around a year prior to the auction. At 5,106 miles, our subject car was one of the lower-miles Speciales available today. It also had a significant number of options. While that can be said of most 458 Speciales, a Blu Tour de France exterior with NART livery stripes and a rather unique tan-and-blue interior is a rare and desirable combination.
Ferrari’s VS series has been quite popular. It is possible to assemble a complete VS collection for less than the cost of one true Ferrari supercar. Those who are able to finance that goal demand the best examples, and this car fits the bill. Our subject car was also drop-dead gorgeous and sure to draw more attention than yet another red Speciale. The purchaser paid dearly for a trophy example and got what they paid for. Sellers will try to make the sale price the new normal, and they may be right. This sale set a new record, but dealers are reporting strong interest in 458 Speciales, with little resistance to price. The seller did really well, but the buyer might be the winner on this one. ♦
