250 GTO No reserve auction - Ferrari Life
 
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post #1 of 16 Old 06-30-2014, 03:16 PM Thread Starter
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250 GTO No reserve auction

Can anyone say $60,000,000 as I bet it will meet or exceed that #

Breaking News! Bonhams Offers Ferrari 250 GTO at Quail Lodge Auction Without Reserve

A Ferrari 250 GTO Berlinetta will cross the auction block without reserve at Bonhams' upcoming Quail Lodge sale in Carmel, CA. Chairman Robert Brooks shared the news in an exclusive to SCM Publisher Keith Martin during a 25th anniversary celebration dinner at Bonhams' New Bond Street offices.

"3851 GT" is the longest single-ownership 250 GTO Berlinetta in existance effectively in one family's care for no fewer than 49 years from 1965-2014. It was the 19th 250 GTO Berlinetta built, completed new on September 11, 1962. It was delivered to the leading French racing driver Jo Schlesser, to be co-driven by himself and French ski champion Henri Oreiller in the 1962 Tour de France. The pair finished 2nd overall.
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post #2 of 16 Old 07-01-2014, 12:49 AM
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Well, that is very interesting. The first 250GTO to be auctioned off publicly for a long time.

I think the result will be slightly disappointing. First-off, buying a car like this publicly would be less attractive to me if I had the dosh (of course you can do bidding over the telephone as well, but still). Secondly, rumours are abound that several 250GTO are for sale, but they are not changing hands that quickly. Jim G. has reported he has been offered several in the past 24 months or so. It seems that owners are thinking your number, but buyers are thinking something else.

The fact that this one is offered without reserve is telling in its own right, IMHO. But undoubtedly there will be an underbidder at work here - you wouldn't let this car go for silly money, and auctions can be very silly sometimes. A straight No Reserve would be too risky for me if I was the owner.

BTW - I understand the current owner is Louwman, who have an amazing car museum in The Hague and plenty of money. They bought the Violati collection, so technically speaking this car is not in the same family anymore (as advertised). My understanding is that the cars in Violati's collection are not in great shape, but I could be wrong. Of course, if you spend this kind of money restoring it is not a problem. As an aside, Louwman are part owners of Bonham's.


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post #3 of 16 Old 07-01-2014, 01:19 AM
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Originally Posted by JazzyO View Post
Well, that is very interesting. The first 250GTO to be auctioned off publicly for a long time.

I think the result will be slightly disappointing. First-off, buying a car like this publicly would be less attractive to me if I had the dosh (of course you can do bidding over the telephone as well, but still). Secondly, rumours are abound that several 250GTO are for sale, but they are not changing hands that quickly. Jim G. has reported he has been offered several in the past 24 months or so. It seems that owners are thinking your number, but buyers are thinking something else.

The fact that this one is offered without reserve is telling in its own right, IMHO. But undoubtedly there will be an underbidder at work here - you wouldn't let this car go for silly money, and auctions can be very silly sometimes. A straight No Reserve would be too risky for me if I was the owner.

BTW - I understand the current owner is Louwman, who have an amazing car museum in The Hague and plenty of money. They bought the Violati collection, so technically speaking this car is not in the same family anymore (as advertised). My understanding is that the cars in Violati's collection are not in great shape, but I could be wrong. Of course, if you spend this kind of money restoring it is not a problem. As an aside, Louwman are part owners of Bonham's.


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I suspect that the actual bidding will be done by the likes of Simon Kidston and John Collins, with bidding paddle in one hand and mobile phone in the other.

Otherwise I pretty much agree with you. Side point if it is a lower than expected price will it have a dampening effect on the other Monterey sales as the Bonhams sale is before RM and Gooding's sales.
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post #4 of 16 Old 07-01-2014, 02:03 AM
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I suspect that the actual bidding will be done by the likes of Simon Kidston and John Collins, with bidding paddle in one hand and mobile phone in the other.
You're right, of course. Which also leads to one conclusion: there will likely be only be a couple of bidders. When you spend this kind of money you will seek guidance from the experts, of which are only a couple. Sometimes two or three bidders can lead to high prices but I don't think it will be a bidding war. More like the time when Jim G. was bidding on the CanAm 350, the bidding just stalled as Jim hit his ceiling (as he has revealed on Ferrarichat), and the car was not sold. I was there: fascinating to watch the proceedings live in the room. I would love to see the 250GTO auction in person.


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post #5 of 16 Old 07-01-2014, 03:30 AM
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I would love to see the 250GTO auction in person.


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I'm looking forward to the YouTube clip!

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post #6 of 16 Old 07-01-2014, 07:53 AM
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We should ask the experts if this is one of the desirable GTOs based on its fatal history. The GTO that sold for $50M+ was 5111, Henry Manney's GTO, and was really desirable.

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post #7 of 16 Old 07-01-2014, 08:32 AM
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Very interesting times. Huge metal going up at Pebble. Le Mans winning and Steve Le Mans Movie 917. Steve's 275 GTB, great client corsa 275 and this GTO.

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post #8 of 16 Old 07-01-2014, 03:09 PM
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All very desirable cars, that's for sure. Will be interesting to watch.


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post #9 of 16 Old 07-01-2014, 08:32 PM
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Signs of a mature and saturated market....?....!

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post #10 of 16 Old 07-01-2014, 11:08 PM
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Signs of a mature and saturated market....?....!
Don't dare to say, I said that last year already...


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post #11 of 16 Old 07-02-2014, 12:14 AM
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Very interesting times. Huge metal going up at Pebble. Le Mans winning and Steve Le Mans Movie 917. Steve's 275 GTB, great client corsa 275 and this GTO.
The 917 would look great in your garage next to J6 and 0846 and 0854
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post #12 of 16 Old 07-02-2014, 12:46 AM
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Don't dare to say, I said that last year already...
Onno
Well Onno, I agree with your reluctance to predict the market. But I don't think it's simply coincidence so many cars are coming on the market so close together. Nor, as some articles have said, that the owners are all of a certain age group and are "retiring" from their collections. I suspect there's several reasons driving the market.

Then again, for every car sold, there's one purchased....

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post #13 of 16 Old 07-02-2014, 12:50 AM
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Interesting times indeed. I still believe the market will go down fairly soon but it has been more resilient than I expected. We will see.


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post #14 of 16 Old 07-02-2014, 02:53 AM
 
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My dad has always said you can never pay too much for a true classic, you can only buy it a little early.
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post #15 of 16 Old 07-02-2014, 09:54 AM Thread Starter
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We will soon know the answer to who his right and who is wrong.
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post #16 of 16 Old 07-02-2014, 09:57 AM Thread Starter
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The cars history:

250 GTO s/n 3851GT

Before entering the ownership of a certain Fabrizio Violati, who reportedly saved it from scrap, it placed second in the 1962 Tour de France, which gets it on the books as a racing contender, at least.

Yes, it crashed later that year, leading to the death of driver Henri Oreiller
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