Market: 1972 Daytona triumphs at Silverstone Ferrari sale
Pop star Jay Kay sold two of his cars, and a Daytona achieved strong money at the first ever one-make auction for Ferraris in the UK
Over 70% of all vehicles listed in the Silverstone Auctions' sale dedicated purely to Ferrari, the first of its kind on UK soil, were sold with an average of £101,000 paid across the board; even though 19 cars sold for below their guide price.
The top selling Ferrari during a £2.45m afternoon in The Wing, beside the Silverstone F1 circuit, proved to be a UK-supplied 1972 365 GTB/4 right-hand drive ‘Daytona’ with 35,900 mileage from new. Supported by no-gaps history file, the Ferrari was applauded for a £480,000 performance, the telephone bidder paying £540,000 including premium.
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The oldest Prancing Horse in the paddock was a 1964 330GT Series 1 (below), another RHD car and one of only 44 produced for UK consumption, which was again applauded when hammered for a below-estimate £130,000, selling for £146,250 with premium.
Only one Ferrari sold within the estimate band and none achieved over top estimate, while buying bids for 19 cars ended up below their lower estimate figures. Thanks to some vendors acknowledging market reality and dropping their reserves, post-sales were speedily concluded for seven cars and, by the time the auction book had been closed, 71% of the entry had sold and new owners had spent an average of £101,223 on their acquisitions.
Relatively modern, and with only ten in RHD numerically rare too, was a 2000 vintage 550 ‘World Speed Record' (below), for which £146,200 was forthcoming in the room. One third of the price was a fellow front-engined Ferrari, a 456M GTA thee years the 550's younger, with mileage of 28,900 since new in 2003 headed for Australia, costing £47,250 with premium.
Pop star Jay Kay also sold both his Ferraris here, including his first ever ‘supercar’ purchase; a 1998 550 Maranello manual with 14,000 miles of comprehensively invoiced history for £126,000, and his 2011 FF 6.3 V12 four-wheel-drive four-seater 17,000 miler (below) for £100,000.
This inaugural sale for Ferraris was held in association with the Ferrari Owners’ Club of Great Britain, whose knowledgeable members’ exemplary steeds were lined-up in the paddock outside the salesroom.
A one owner from first registration in 1993 to date 348TS ‘Targa’ (below) with only 5500 serviced miles and a fresh MOT duly made £59,167 with premium, only just below the guide.
For two factors continue to matter in the market and are not only value-enhancing, but can often be the main reasons why one car sells and another one doesn’t - low mileage, preferably substantiated by documentary evidence, and as few registered owners on record as possible.
Driven even fewer kilometres, a Mondial T (below) with 2+2 accommodation and detailed service history to warrant just 2100k from new in 1991 sold in the room for £52,875, including premium within the guide price band.
A former 1977 400 Fixed Head meanwhile had been converted into a Convertible at some time, believed to have been by the company that owned AC Cars who employed the soft-top operating mechanism from the R-R Corniche. At £42,750 with charges, this opened 400 is rarer (and cheaper) than an AM V8 Volante.
The lowest priced Ferrari to cross the block at what may well become an annual one-stop shop for the Italian marque was a 1981 308 GTSi left hooker that had been shipped from the US one year ago. Auctioned ‘Without Reserve’, but with fresh MOT and NOVA, though in need of cosmetic refreshment, as and when, the Targa-top was landed by its new owner for £27,000.
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