1. Former F1/race cars. This is a market I know nothing about.
2. Vintage. The RM auction clearly showed the depression in the market. The far, far, majority did not reach it's lower estimate and a significant number of sales only came about because of the lowering of reserve during the auction.. It is very clear to me that there is a depression in the vintage Ferrari market. However, what is really surprised me in the last 6 months is how little of a depression it is. On most models, I would say there is a reduction of around 20 - 30%, mostly closer to 20%. Considering the crisis we are in, this is actually a very impressive performance. And this depression only seems to affect the good and below cars, excellent examples have hardly dropped. If we compare 2004/2005 pricing and economy with 2009, then you would have to say that vintage Ferrari prices are amazingly high, really. This is one of the reasons that I bought my 330GTC now - I really think that they are not going to come down like every one (including myself) expected them to. If they perform well enough now, wait what happens when the economy recovers.
3. Classic. These cars have a knock but overall it hasn't been all that bad. As an example, the 365BB was hammered at 130k including commission at Maranello. Still a very healthy price, only 20% of the absolute highs of last year and 40% higher than a similar UK car. This is one thing to note: the UK has seen much more of a drop, even just in GBP. Translate the UK prices into Euro and the drop has been quite shocking.
4. Modern. The knock has been hard on very recent cars, particularly on V12 cars. 612s are worth next to nothing now, even with low mileage. The same for the 550/575 cars. In the V8s, the hardest knocks have been dealt to the F430 crowd. Strangely, the 360 seems much less affected.
But all in all, I think Ferrari prices have performed very well. If you see the knocks on other luxury cars (Astons, Maseratis and so on), then Ferrari has truly lived up to its name as the pinnacle of sports cars - people have more faith in the name and consequently cars sell better second hand even in a crisis.
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