250 Testa Rossa sells for $12.4 Million

 

Truly a gorgeous car, wow!

 

http://wheels.blogs.nytimes.com/2009/05/18...llion/?emc=eta1

 

MARANELLO, Italy — A black 1957 Ferrari 250 Testa Rossa sold here Sunday for $12,402,500, setting a new record for the highest sale price at a public auction.

 

“The car set a new auction world record as the most expensive motor car ever to be sold at auction,” said Amy Christie, a spokeswoman for RM Auctions, which conducted the third annual Ferrari Leggenda e Passione sale.

 

The immaculate machine actually sold for a “hammer price” of €8.2 million. But with a buyer’s premium of 10 percent, the official sale price was €9.02 million — or $12,402,500 at current exchange rates, Ms. Christie added.

 

The price was €1.98 million higher than the previous auction record, which was set at the same sale last year. The record previous to that, for those keeping score, was set at the 2007 edition of this Ferrari-sanctioned event.

 

Fears that a worldwide recession might negatively affect the high-flying world of collector car prices — at least as they relate to Ferraris — proved mostly unfounded. Although several vehicles offered for sale failed to meet reserve prices, many did sell — and at strong prices.

 

“There were some disappointments,” said Dan Abernethy of Sotheby’s auction house, which produced the event with RM, “but all in all it was a very strong event.”

 

Perhaps an example of what Mr. Abernethy was referring to was a 1967 Ferrari 330 P4 racecar that failed to make its reserve price (the minimum amount at which its seller was willing to let it go) despite earning a bid of €7.25 million. That would have actually broken last year’s record price, too. Auction officials said they were continuing to meet with the high bidder and seller to make a deal. “They were very close,” Ms. Christie said.

 

A 1956 Maserati 250F in which Stirling Moss won the Monaco Grand Prix also failed to sell, despite pulling bids over $2 million.

 

The Testa Rossa, which in Italian refers to the red cylinder-head covers on its V-12 engine, had been forecast as a likely record-breaker before the auction. The car had a solid, if not legendary, career on the racetrack, winning 10 of 19 races in 1958-61.

 

The Leggenda e Passione, or Legend and Passion, event is the only auction of its kind, dedicated solely to the Ferrari and related Maserati marques and held at Ferrari’s Maranello factory grounds with the official imprimatur of the automaker. Several dozen pieces of memorabilia from the company’s private collection were also sold here, including racing team uniforms, tools, parts and press materials. The auction concluded a week of special tours, parties and driving activities at Ferrari’s private Formula One test track for registered bidders. A crowd of nearly 1,000 attended.

 

The auctioneers did not immediately disclose the identity of the winning bidder, other than to say it was someone represented by an agent who phoned in bids on the winner’s behalf. Another telephone bidder and several bidders actually present in the auction arena engaged in a spirited exchange that started at €4 million and eventually topped out at more than double that amount.

 

“I do think there is a lot of good money out there still for great cars priced right, especially cars new to the market,” said David Gooding, principal of the rival Gooding & Company auction house, who was among those attending. “There has been a correction in the market, to be sure. Sellers and auction houses have to be astute in their pricing — myself included — and not be unreasonable.”

Im curious, was this car always black? I thought all the testarossas were made in red.....although it would make sense if its racing livery was black.....

Im curious, was this car always black? I thought all the testarossas were made in red.....although it would make sense if its racing livery was black.....

 

The heads of the engine were always red. The bodies were mostly red but this one was black a some point.

 

I was hoping you would see this and respond. I figured you would be the best to know. Apparenlty they didnt take your bid on the can am?!

Gorgeous car... but not for 12.4M

I could buy 4 of the cars that I want and mod them and still have 10m in my pocket.

Lol mod them.

 

To each his own, this is a classic and >>>>>>> all other cars, just look at it and the sound is great.

Gorgeous car... but not for 12.4M

I could buy 4 of the cars that I want and mod them and still have 10m in my pocket.

 

What 4 cars would you buy and "mod"?

Gorgeous car... but not for 12.4M

I could buy 4 of the cars that I want and mod them and still have 10m in my pocket.

 

You have to understand that these cars are very special, and for those that "get it" the bidding will take them to these enormous levels. Ultra modern exotics either don't interest them or they've been there, done that.

 

The proper vintage cars have staying power; just look at the turnover of modern cars every few years. It's a totally different ballgame and when you have big ballers like these, $10M for a car is no big deal.

 

4 modded cars for $2.4M....awesome cars as well, but not at the pinnacle of the automotive food chain.

I was hoping you would see this and respond. I figured you would be the best to know. Apparenlty they didnt take your bid on the can am?!

 

I made a fair bid. They wanted more. Life goes on.

 

 

This is my favorite Ferrari of all time, nothing even comes close. If I had the money, I would have bid the 12 mil and higher without hesitating.