Auction prices and estimates on V12 Ferraris are high, but the actual number of cars being sold is low.
Classic Car Auction Results reports Historics at Ascot’s recent auction saw a noticeable drop in interest for V12 Ferrari sports cars, of which six were available to choose from but only two sold and for surprisingly cheap prices. About $107,000 would have nabbed you a 2009 LHD 599 GTB, while for only $42,000, somebody drove home with a 1995 456GT.
Although the 599 GTB and the 456GT aren’t the most lustworthy Fezzas, a 1989 and 1990 Testarossa were also available on the same stage, but neither of them sold. Ferrari is always the leader when it comes to the auction (and attention grabbing) market, and the Testarossa has been the talk of Modena lately when it comes to upcoming classic Ferraris, so when prices start to fall and cars end up staying in sellers’ hands, it raises some eyebrows.
More red hot V12 machines such as the Enzo, LaFerrari, and F12 TDF also remained in the lambskin-driving-glove-clad hands of their owners, failing to sell at Villa Erba.
Owners are potentially shying away from big Ferraris because their warranties are expiring and the thought of maintenance on a multi-million-dollar supercar that’s only been driven as far as the country club and back might make buyers think twice before whipping out their leather-bound checkbooks.
Golden era Ferraris are still selling as expected, but the devaluation of many modern Ferrari V12 cars could signal the beginning of the end of the Ferrari boom. Sales at the Aston Martin Newport Pagnel auction suggest the problem is not exclusive to the prancing pony brand but could be a trend in the classic car market in general, with 88 percent of sales falling below average estimates.
Whether it is the Ferrari market or the classic car market in general, this could be a sign of things to come and a slightly worrying premonition for everyone’s favorite 12-cylinder engine.
[Source: Classic Car Auction Results]