RE: Ferrari 250 GTO? $52m...
Thursday 3rd October 2013
Anyone who thought the classic car price boom was tailing off may have to wait a little longer before the bubble bursts. Another record has been set for the world's most expensive car.
Ex-Moss GTO a snip at just over £20m...This particular GTO, chassis #5111, was owned by collector Paul Pappalardo. Its competition history includes a win at the 1963 Tour de France. The price represents 49 per cent increase on the previous record price recorded for a, you've guessed it, Ferrari 250 GTO. The ex-Stirling Moss Apple Green GTO made $35million (£21.6m) last June.
Ferrari 250 GTO? $52m...
Prancing horses show no sign of calming down in the overheated classic market
That it's a Ferrari 250 GTO probably isn't too surprising; the $52million (£32m) price tag is staggering though.
Ex-Moss GTO a snip at just over £20m...
Predictably, experts are now voicing concern about the sustainability of such meteoric price rises in the new car market. The most recent price index of rare Ferrari sales has shown a 54.5 per cent rise in values, against a typical yearly increase of about 15 per cent. This implies the values have to average out soon.
We suspect the latest owner will be enjoying their car far too much to be unduly concerned though. If the EuroMillions numbers don't come in for you tomorrow (and probably a few more weeks too!), take a look at this video of Mark Hales discussing and driving Nick Mason's GTO.
[Sources: Bloomberg via WCF, Telegraph, Moss car photo: Auto Italia Magazine/Michael Ward]
Discussion
As long as the next owner takes it to Goodwood then I don't care how much it's worth. These cars will always be in the stratosphere for mere mortals, so whether they're worth £1m or £100m is almost immaterial, it's the appreciation of the price that's more worrying. If it gets bought by an investor who carcoons it in the hope that the price rises will continue, that will be sad.
Captainawesome said:
No car is worth 32 million quid. These people have too much money. Ridiculous.
It's worth what someone is willing to pay.It's more worth it than a painting, or some dumb piece of modern art.
Ownership of such a car means that you get invited to participate in events and to experience things which money alone cannot begin to open up to you.
"Too much money"? In whose opinion? Nick Mason has one of these cars, and he made his money be legitimate means by being in one of the greatest bands that ever lived - he brought pleasure to ten of millions.
Jealousy is a very unedifying trait.
One does wonder what Mason's insurers will be asking for next year though!!!
Cotty said:
Captainawesome said:
No car is worth 32 million quid. These people have too much money. Ridiculous.
Agreed but idiots have too much money.
What casual observers usually miss is the the key details.
EG: "The red competition car, owned by the Greenwich, Connecticut-based collector Paul Pappalardo, was acquired last month by an unidentified buyer in a private transaction, said three specialist traders who independently confirmed the purchase and price to Bloomberg News. "
For me there are some interesting elements in that para alone. Such as, an unidentified buyer, 3 specialists all confirming the price and private transaction.
All leads me to believe that there are real details being obscurred.
DonkeyApple said:
Cotty said:
Captainawesome said:
No car is worth 32 million quid. These people have too much money. Ridiculous.
Agreed but idiots have too much money.What casual observers usually miss is the the key details.
EG: "The red competition car, owned by the Greenwich, Connecticut-based collector Paul Pappalardo, was acquired last month by an unidentified buyer in a private transaction, said three specialist traders who independently confirmed the purchase and price to Bloomberg News. "
For me there are some interesting elements in that para alone. Such as, an unidentified buyer, 3 specialists all confirming the price and private transaction.
All leads me to believe that there are real details being obscurred.
RSoovy4 said:
"Too much money"? In whose opinion? Nick Mason has one of these cars, and he made his money be legitimate means by being in one of the greatest bands that ever lived - he brought pleasure to ten of millions.
But then Nick Mason didn't pay $52m for his car, or even $20m or even anywhere near $1m. http://www.ferraris-online.com/Articles/SCM_0209.h...
A lot of these classics have been in the same ownership for a number of years and the owners are no doubt feeling very pleased with themselves, but compared to other classic Ferraris (330 GTC anyone?) 250 GTOs do seem over-priced.
RSoovy4 said:
Captainawesome said:
No car is worth 32 million quid. These people have too much money. Ridiculous.
It's worth what someone is willing to pay.It's more worth it than a painting, or some dumb piece of modern art.
Ownership of such a car means that you get invited to participate in events and to experience things which money alone cannot begin to open up to you.
"Too much money"? In whose opinion? Nick Mason has one of these cars, and he made his money be legitimate means by being in one of the greatest bands that ever lived - he brought pleasure to ten of millions.
Jealousy is a very unedifying trait.
One does wonder what Mason's insurers will be asking for next year though!!!
Captainawesome said:
I could go and buy a brand new 458 or gallardo and pay in cash right now if I so desired but I couldn't pop to tescos in those here. I would look like a tool. My daily is 11 years old....I drive it because I love it not because I can't afford anything better.
That's a great story but what's the relevance to this article?I believe that Nick Mason and his wife used to use their GTO to do the school run for many years.
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