Max Girardo of RM Auctions has made a name for himself in the classic car business.
After becoming director of Bonhams Europe in 2006 he moved on to RM Auctions and rose to become the managing director of Europe, after opening the European office there. A few years ago Max made a bold statement (see the YouTube video here) that a 250 GTO would be a wise investment at $20 million. At the time many people (including us) thought he was crazy; but he was right on the money.
Today not even double that amount would entice a GTO owner to sell his car (not that many 250 GTO owners would need the money anyhow).
Watching Max on the podium is indeed very entertaining and LME thinks that Max Girardo is clearly one of the best in the business. With a weakness for Italian cars and fluent in four languages Max is responsible for several records in the classic car business. Most recently at RM at Villa Erba in May, Max sold the second highest Ferrari ever to sell at auction, the 375 MM Competizione which sold for €9.8m.
For more insight on the current state of the classic car market please read on.
LME: We are clearly in a boom phase for the classic car market. Can the momentum continue?
Girardo: I think the market will hold up fairly well right now. The buyers that are buying today are experienced collectors for the most part. Now having said that- we might not see the rapid appreciation in prices that took place the past few years going forward.
You started in the classic car business in 1998- 15 years ago. What has changed since then?
Girardo: Obviously the prices have changed. There are many more buyers today that take an interest in classic cars from further afield. While America & Europe are still the primary drivers of the market, countries like India and China should be watched closely as import restrictions change there. We are selling modern Ferrari in these markets (China & India), – it is a first step in educating people about the brand. You have to remember that there is no culture of owning classic cars in those markets. When I was a child, I had posters of my dream cars above my bed, that didn’t exist on those markets like Russia, India and China so there is much we have to do to educate these new buyers.
You’re Italian and have a weak spot for Ferrari. What makes this brand so special?
Girardo: I think the fact that Ferrari has always been a successful brand had helped enormously. The brand has never gone downhill and steady ownership by more or less the same group makes a world of difference to the brand. The fact that they also always produced a limited amount of cars (below the theoretical demand) has also ensured exclusivity. Lastly Ferrari has an enormous presence and history in winning races -that also helps the brand.
What would you advise a collector looking to buy his first classic car?
Girardo: 1) Buy what you like 2) Buy the best example you can afford 3) Get good advice
Are there any brands right now that are undervalued? Maserati for example?
Girardo: Maserati clearly is undervalued right now. But also many great American brands like Corvette are not expensive either. The brands that have moved the most in terms of rising prices are Ferrari and Aston Martin.
You once said that a $20m Ferrari 250 GTO investment is a good one in 2009. We thought you were crazy but in hindsight you were right. Are GTOs still a good investment?
Girardo: I still think the prices represent a good investment. Having said that returns might not be so high going forward. The reason why GTOs are a good investment is because nobody buys them for investment, all owners have them because they are passionate about them. This is a very important point and why GTOs are really a class by themselves.
With prices so high for many cars-are speculators rather than collectors buying now at auction?
Girardo: At the moment it is mostly collectors that I see. I am simply not seeing people that are buying and then looking to sell again- that is why I am confident the classic car market will hold up in terms of prices.
If you could have three classic cars in your garage what would they be? Your budget is $10m.
Girardo: It would be one pre-war car, one race-car and one typical 1960s GT car. So a Alfa 1750 or 8C, a Maserati 300S and a 275 GTB/4 or Daytona.
You are known as one of the best auctioneers out there- with always plenty of humor and energy even after several hours! What is your secret?
Girardo: I enjoy it, I love what I do! I am also a collector, my father was a rally driver from the 1970s. I love cars and am lucky to love what I do.
Tell us the most memorable car you have ever sold?
Girardo: It would clearly be the Ferrari 375MM which just sold at Villa Erba for almost $13m. It is the second most valuable Ferrari that has ever been sold at auction.
Now I ask Max to answer one, the other or both.
- To do the Mille Miglia or Carrera Pan-Americana? Both!
- The Food in London or Milan? Milan definately
- A 250 SWB or 250 TDF? Both
- To have met Fangio or Enzo Ferrari? Enzo Ferrari
