All posts from Retirely
Retirely in The things you own end up owning you,

Ultra-rare 1964 Ferrari 250 LM sells for $17.6 million, not including dealer prep

At $17 mill for the car, just one of those acorn nuts is worth, like, my house. Any person that can afford to pay $17 million for a 50 year old car is clearly not being taxed enough. I know it’s just weird camera settings, but did anyone else look at the picture and say “That’s a neat model. Where’s the real car?”

Remember when a A 1963 Ferrari 250 GTO racer fetched $52 million at an auction recently? “Today the GTO is considered the top car to own,” the California-based dealer Don Williams of Blackhawk Collection said in an interview. “It’s like the Mona Lisa. It has a mystique. If you have a GTO, you have a great collection.”

“It’s a cult car,” the London-based Ferrari dealer Joe Macari said in an interview. “If you’re a billionaire, you feel you have to have one. I don’t understand the appeal of them. They’re not very beautiful and they never won Le Mans. I’d rather have a Testa Rossa.”

The HAGI F index of private and public sales of rare Ferraris was up 54.52 percent for the year, the London-based Historic Auto Group said in a report in August.

“Nothing goes up like that in the mid-term,” HAGI founder Dietrich Hatlapa said in an interview. “Price rises of 55 percent aren’t sustainable in any market. We’re not saying the market is going to collapse. It will probably average out over time.”

“It is a bubble for certain cars,” said van Puyvelde, surrounded by well-heeled Salon Prive visitors, enjoying their complimentary Pommery champagne and barbecued lobster lunches. “The people who buy the top things do use them. The market is driven by genuine enthusiasm. They want to take part in events like this. I don’t think that many people are buying just for investment.”