Recent Ferrari Auction

[LA458SP]

Just looking at the results of the recent Silverstone Ferrari auction.

http://www.silverstoneauctions.com/a-sale-of-ferra...

I've not really looked at prices properly over the last couple of months, but have prices really started to drop off so much!

Was anybody at the auction to shed some light on why some (seemingly) great cars went for so little? A couple that took my eye:

- Gorgeous looking UK RHD 430 Scud perfect spec with low miles sells for £168,750 (inc fees). Comparative cars are being advertised now on PH for over £200K...?

- One owner UK RHD 550, perfect looking spec and only 3,500 miles sold for £121,500 (inc fees). As a comparison I am aware of a similar spec one owner car with under 5,000 miles selling for over £200,000 with a respected dealer only 2 years ago!

[Ferruccio]

Auctions don’t lie.......

[DeltaOne]

LA458SP said:

Just looking at the results of the recent Silverstone Ferrari auction.

http://www.silverstoneauctions.com/a-sale-of-ferra...

I've not really looked at prices properly over the last couple of months, but have prices really started to drop off so much!

Was anybody at the auction to shed some light on why some (seemingly) great cars went for so little? A couple that took my eye:

- Gorgeous looking UK RHD 430 Scud perfect spec with low miles sells for £168,750 (inc fees). Comparative cars are being advertised now on PH for over £200K...?

- One owner UK RHD 550, perfect looking spec and only 3,500 miles sold for £121,500 (inc fees). As a comparison I am aware of a similar spec one owner car with under 5,000 miles selling for over £200,000 with a respected dealer only 2 years ago!

Didn’t look at the Scud, but I had someone inspect the 550 for me and it had had 3 services since new, incl one a few weeks ago, and quite a stone chips on the bonnet which I wouldn’t necessarily have expected of a similar car. The lack of history was enough to put me off, suspect I wouldn’t have been alone

[LA458SP]

DeltaOne said:

Didn’t look at the Scud, but I had someone inspect the 550 for me and it had had 3 services since new, incl one a few weeks ago, and quite a stone chips on the bonnet which I wouldn’t necessarily have expected of a similar car. The lack of history was enough to put me off, suspect I wouldn’t have been alone

Thanks for the info. Do you happen to know about any of the other cars like the JK FF which sold for £100k (apparently guided to sell £120-135)? Just seems so cheap as the spec, service history are all there plus it's JK's. Dealers still asking £140k + for similar cars...

Edited by LA458SP on Monday 28th May 16:27

[johnnyreggae]

I think there are various reasons mainly to do with lack of buyers and some vendors were realistic enough to lower their reserve

Also there's the traditional story that cars go to auction for a reason and there was some scruffy stuff there as well as compromised service histories

The Scud was indeed a relative bargain which I imagine is why the buyer (who may be along soon) bought it

[voicey]

I was there all day and it wasn't what you could call well attended, probably because it was held on a Friday. I was selling the 330 and it struggled to meet the reserve.

I actually bought the Scuderia on behalf of a client. Although it needed some work it looks like it'll be a great buy.

I looked at the 360 but it had a 8 year gap in the history and the service book wasn't original to the car (or a 360 book for that matter). It did have a certain appeal though but didn't get anywhere near the lower end of the estimate. I tried to do a deal with the vendor afterwards but they were on a different planet with regards to the price.

I also considered buying the 599 but there were virtually no service records and some strange damage to the RHS rear quarter light window. It was also cosmetically tired so I gave it a miss.

Didn't really have chance to look at the other cars.

[DeltaOne]

LA458SP said:

Thanks for the info. Do you happen to know about any of the other cars like the JK FF which sold for £100k (apparently guided to sell £120-135)? Just seems so cheap as the spec, service history are all there plus it's JK's. Dealers still asking £140k + for similar cars...

Edited by LA458SP on Monday 28th May 16:27

Sorry wasn't really interested in any others so didn't have them checked out. Think this sums up the thing with auctions - the devil is very much in the detail/history of the car. As much as there can seem to be some bargains on the face of it, lack of paperwork/provenance (ultimately proof that the car is what is claims to be) will put a lot of people off. Aston one coming up on Saturday will be an interesting barometer, albeit for a single make

[Superleg48]

All very valid comments and observations. In terms of the general comparison with what is “advertised”, of course there is a world of difference between what cars are advertised for (Optimism) and what they eventually sell for (Realism). Some advertised stock has been for sale for some time, which just demonstrates to me that there is too much optimism currently in some cases.

Some examples:

A Mk3 Escort RS1600i currently for sale for around £100k..I mean, really?
A Lamborghini Urus Build Slot for sale for £500k...yeah, ok!

I am seeing some stupid asking prices for some cars currently. There cannot be that many idiots out there prepared to do these kind of deals surely?

Conversely, there is another thread on here discussing a potential 456 purchase. To me, at around £50k, they look like excellent value for money and much as I hate to jump on the “investment vs depreciation” bandwagon, the prices of these can only go one way surely? Especially when you compare with 550 and 612...but then again at north of £100k for some of these (550 mainly) perhaps there is too much optimism?

Anyway, what do I know...

[Helicopter123]

Jay Kay's FF at £100k looks a bargain.

[WCZ]

£100k for an FF really is a great price

[Helicopter123]

WCZ said:

£100k for an FF really is a great price

£17k miles, a very viable alternative to a Bentley CC as a daily?