If we were to sum up the results of the Pebble Beach 2014 auctions in one word it would be: Ferrari. Why?
Because Ferrari was the real winner of the auctions.
Not because the 250 GTO became the most valuable car ever sold at auction. In fact the 250 GTO price was rather disappointing. But Ferrari really stole the show in many other ways.
Firstly for the first time since 1968, a post war car won the Pebble Beach best of show with Jon Shirley’s 375MM Rossellini. Secondly, now this statistic is really crazy, 9 out of the Top 10 cars sold at Pebble Beach was a Ferrari (source Hagerty, Kidston).
The 275 GTB series showed exceptional strength within Ferrari. Not only did a 275 GTB/C Speciale (a racing version of the 275 GTB-only three were made) achieve an exceptional result at $26m but the 275 GTB standard cars did also well. A beautiful Verde Scurro Ferrari 275 GTB achieved a new record at $3.85m.
It seems the market rewards cars with an attractive color combination (see full result here). Not all things Ferrari shined though.
Perhaps the most sought after Ferrari in the world, the Iconic Ferrari 250GT SWB failed to find buyers. Maybe the owners misjudged the market as the reserve estimates proved to be too high. Even $10m was simply too little to secure the beautiful silver car that Gooding was offering. The 250 SWB that Rick Cole was offering also failed to find a buyer with the last bid being still a healthy $8.5m. It is worth keeping in mind that only two years ago 250 SWB were changing hands quite regularly at $5.5-6m.
How times change.
So what do the results say about the classic car market going forward?
This is the million (or billion) dollar question that is on everybody’s mind right now.
If anything the Pebble Beach auctions (which are the most important of them all) showed that there is some rationality among collectors and even speculators. Else the 250 GTO would have sold at $50 or $60m (which many had assumed it would – including ourselves).
Also both Ferrari 250 SWB would have sold even though the reserve estimates were very high. Kidston, always elegant with his words put it perhaps best when he said ‘Even in a bull market, savvy bidders don’t like to feel they’re competing against the sellers reserve rather than each other’.
Yes even in this low rate environment where wealthy collectors can borrow money essentially for nothing- rationality prevailed. While prices remain high, collectors are doing their homework. Make no mistake we are in a bull market for classic cars. But for those who claim we are in a bubble- I point them towards the Ferrari 250GT SWB.
It is and remains the one Ferrari that all the big collectors aspire to own (including ourselves). But not at any price as Pebble has shown.
