When $50 Million Is Too Low for a Vintage Ferrari
August 15, 2013
Rising prices of stocks could well turn out to be a misconception for you, if one was to consider prices that collectible Ferraris demand. Sources at Hagerty, the collectible car insurance and valuation firm have pointed out that the average price of collectible Ferraris has risen up by over 70 percent since 2010. This Ferrari index at Hagerty comprises of values for some of the most in demand Ferrari models that were featured in Vogue from 1950 to 1970.
The Blue Chip Index is a term used to define some of the 25 most sought after collectible cars. Nothing could be better for Hagerty as the average price of the Ferraris in this index has reached around $2.6 million.
The real worth of Ferraris will be much in public preview at a car collector’s event in Florida. Ferraris up for auction will include a 1952 Sport Berlinetta and could fetch around $1.4 million. The top spot at the auction is expected to be grabbed by a bright yellow Ferrari 275, a 1996 car which is expected to be auctioned for $2 million.
However, the highest price that any vintage Ferrari could grab till date went to a 1962 Ferrari GTO which went for $3.5 million last year.
The kind of interest that Ferrari generates among car collectors can be gauged from the fact that in last two months of 2012 alone, seven Ferrari 250 GT SWB Berlinetta’s were sold. The total amount generated from sales of these Ferraris amounted to over $50 million.
Marcel Massini, the founder of Massini AG and a avid expert on collectible Ferrari’s points out that the number of Ferraris sold in recent times has surpassed all the records by two to three times over. Ferrari collectors too are in demand. Recently, one of the Ferrari collector in United States was offered $50 million for his GTO but the collector turned down the offer.
Massini observed that the collector could have easily got over $50 million for the GTB but perhaps the lure of Ferrari was too strong to overcome.
Vintage Ferrari’s are much in demand though. Around 165 of the 250 GT Ferrari models were produced between 1953 to 1964. Similarly only 36 GTO’s were considered the most sought after for professional races, they were produced between 1962 to 1964.
Massini points out that buying the 250 GT is like acquiring a legend. Though a range of latest trendy cars might be available, none can match the elegance of vintage Ferrari’s and those who understand this go all out to buy a Ferrari.
Those who acquire these Ferrari’s are genuine Ferrari lovers and maintain the car with due diligence and care. The passion of Ferrari lovers is reflected every year as they gather at the annual car collector’s event in Florida and 2013 will be no different for them.