Talacrest claims to have sold more than $1bn worth of Ferrari since it’s founding in 1987.
Is that figure accurate? The skeptics will say it is a very big number – but if anyone can pull it off – it is John Collins– the founder of Talacrest and main person behind the operation.
One thing is clear. Nobody on this planet has sold more vintage Ferrari than John.
Originally a photojournalist, John bought a Dino 246 GT and fell in love with the brand.
It was the start of a long and colorful journey but one that started from humble beginnings. Borrowing money from friends, John bought $3m worth of vintage Ferrari with only a $300′ooo deposit but managed to sell all the cars before the deadline. That was the start of Talacrest in 1988.
In 2000 John sold his business to Symbolic motorcars and took a 20% stake in that operation before going out on his own again a few years later. It is said that JC has the best Rolodex in the world and his clients (while most remain private and discrete) have included the Sultan of Brunei, Rob Walton, Wexner (owner of Victoria Secret) and Chairman Lee of Samsung Electronics.
Having owned more than 50 Ferrari’s personally (including one 250 GTO) and sold over 1700 Ferrari over his career – JC is a legend in the classic car world (I bet you didn’t know that JC owned 31% of RM Auctions until last July).
We were honored to sit down with him outside London to talk about his life and the classic car market.
LME: Why did you concentrate on Ferrari in the beginning in 1988?
Collins: In 1976 I bought a Dino for £7k and I was hooked. No other car brand looks as good and sounds as good as a Ferrari.
Marcel Massini once said that there is only one ‘king of the hill in classic cars’. That is clearly Ferrari. Do you agree?
Collins: Of course I do. If you think about it Ferrari has everything going for it. The best looks, the best sound, style and last but not least a rich history of racing successfully. Ferrari is a mythical brand and its founder was legendary (Enzo Ferrari). What other brand can match Ferrari on all these fronts? Besides no other car looks as good in red as Ferrari.
What are you favorite Ferrari?
Collins: I love so many models (I have owned over 50 Ferrari). A personal favorite is a 250 California Spyder competition car which I owned for along time (I no longer own it). I also love the 250 SWB which I currently own. It handles superbly, you can drive it on the track and then drive home with it (it is the ultimate dual-purpose car).
I also own a 275 GTB (four cam) which is a pleasure to drive and a 330 GTS. I also owned the 250 GTO (I believe I am the only dealer in the world to have physically owned the 250 GTO). I was not brokering it on behalf of someone. It was my car. I owned it 100%.
Which collector of Ferrari do you admire?
Collins: There are many great Ferrari collectors but one that stands out is Wexner (of Victoria Secret, Limited Brands). He has built up a superb collection in a rather short period of time (there are several ex – Talacrest cars in his collection).
People today buying a classic Ferrari want ‘matching numbers’. They want the original engine that was delivered with the car when it left the factory. Is the ‘Matching Numbers’ demand by collectors justified when buying a £3-5m Ferrari?
Collins: One has to remember that many Ferrari’s were raced during the 50s, 60 and 1970s and the values then were not what they are today. As a result many of the cars do not carry the original engine. If you look at the 250 GTO- not every car carries the original engine. Many carry the ‘correct type’.
As long as the car carries the ‘correct type’ engine from the period – this is what counts and is important. This ‘Matching numbers’ hype we see is really a marketing tactic by Ferrari to sell more ‘Classiche Certificates’.
It is said that you were involved in at least 8 deals of the 250 GTO – the most famous car in the world. Tell us more.
Collins: I owned a 250 GTO – 3909GT – in 1994. The car was owned by us, it was part of our stock. I don’t recall another dealer ever owning a 250 GTO – most dealers broker them- but don’t physically own them. I can confirm that I was involved in 8 deals that involved the 250 GTO over the years.
Is there a particular Ferrari you have not been able to buy yet that you always wanted to own?
Collins: Not that I can think of. I have sold some of the best and rarest Ferrari in the world. Most of the P-cars (like P3, P4), the 410 Superamerica, 250 GTO, 330 LMB. The rarest Ferrari have all passed through my hands.
How do you see the classic car market this year in 2015?
Collins: Gangbusters. Bananas. No signs of slowing down in the high -end market. Top cars will continue to sell for top money.
Do you see different buyers today than you did in the 1980s aside from the Japanese that are no longer that active?
Collins: I do see more Middle Eastern buyers (maybe the F1 visibility in Bahrain and Abu Dhabi has increased brand awareness for vintage Ferrari). I also am starting to see some Chinese buyers and HK buyers.
You are known to buy many cars at auctions only to resell them 24hrs later at a higher price. Is making money that easy?
Collins: Well believe it or not, sometimes buyers are sleeping at auctions. Take for example the Disney 14 Louvre 250 TDF that I bought all in for $6.7m. People were clearly sleeping. That car was significantly worth more.
I was not even registered for bidding and was not planning on buying that car but when nobody was bidding at $6m, of course I took the opportunity to bid. Sometime bargains can be found at auction.
Talking about auctions, how come you didn’t bid for the highly original example of the 250 California barn find in France earlier this year?
Collins: I had a budget in mind, which was $15m for the car as it needed some work. It simply went over my budget and therefore did not decide to bid more even though the car was a fantastic one.
Today there are many 40 year old men who are buying their childhood dream car that was on their bedroom wall, like the Countach, F40 and 959. Are these cars going to continue their strong rise?
Collins: Most probably. People continue to get wealthier and the supply is not increasing any more. That bodes well for prices in the near term.
What explains your success and longevity in the classic car business?
Collins: I think the main difference is that I always thought and acted like a collector (which I also am). I only buy what I love and can justify selling later on. I buy with my heart first and foremost. This is why many buyers buy cars from me without ever seeing the car. I have some Asian collectors who buy cars simply because they trust me without ever seeing the car.
You recently found 27 cars belonging to one collection and have paid a reported £20m for the collection. How did this deal materialize?
Collins: Yes this deal caused major headlines. A partner I work with actually found the collection but I put up the money for the deal and agreed to a certain percent of the sales. I have already managed to sell many cars out of that collection.
If someone said you had to choose another brand besides Ferrari to concentrate on what would that be? Porsche? Maserati?
Collins: Honestly speaking I would go back to writing. No other manufacturer has enough history, beauty and glamour to keep me interested.
Lastly we have to ask you about the Elves Video (see video here). Whose brilliant idea was it?
Collins: My idea. It was Christmas time and I wanted something that would cheer everybody up.
Now I ask John Collins to chose one, or the other or both!
- A 275 GTB/4 or a 250 SWB? Its a close call but the SWB wins
- Ascot with the Queen, or a day with an elf? Done both already!
- Lunch with Enzo Ferrari or Luigi Chinetti? Thats an easy one – Enzo ofcourse
- Rollings stones or the Beattles? I have always been a stones fan
