Most expensive online collector car Auction at $2.64 Million

[Mark Gregory]

https://driving.ca/ferrari/auto-news/news/this-ferrari-enzo-just-set-an-online-auction-record

 

 

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This Ferrari Enzo just set an online auction record

Crossing RM Sotheby's virtual docket for US$2.64 million, it's the most expensive car sold at an online-only collector car auction

 

Ontario-based RM Sotheby’s concluded one of its first-ever online-only collector car auction late May, in the process breaking the record for the most expensive car sold in such a venue: US$2.64 million, for a like-new 2003 Ferrari Enzo.

The modern supercar, being sold by its second-ever owners out of California, was nearly matched by a 1985 Ferrari 288 GTO, which realized US$2,310,000 during the firm’s “Driving Into Summer” event.

The weeklong event saw about 217 lots on offer, a mix of cars and automobilia, and marks the first such sale the company’s coordinated from the outset as an online-only sale.

 

In late March, it pivoted the live Palm Beach event it had planned to an online-only auction format, and realized much success with the new platform, netting “nearly 900 registered bidders—23 percent more than the average number of registered bidders at live RM Sotheby’s South Florida auctions over the last four years.”

 

[Robert G. Smits]

I think we are going to see a shift to more online auctions.  Look at the success of Bring a Trailer.  They must average around 50 lots per day.  I recently bought a car there and found it preferable to a typical auction.  In many ways it was better than a private transaction.

[edinmass]

RM has car specialists that interact with any approved bidder. On a car in the seven figure category, it would probably include a FaceTime call for over an hour explaining the car. There are not sales pitches........these are experts in the year and type of vehicle you are interested in, and photos and other details covered. Trust me, nobody dumps 2.5 on a car sight unseen. Also, RM has a very good reputation on representing cars to clients, They just give straight facts and disclose everything. It’s smart and good business. Many of their customers are repeat customers, and special relationships have been made. This is NOT to be mistaken for the low end trash for sale auctions that are as is where is. I don’t think online auctions for cars under 250k are going to be a big thing in the future. 

Edited June 8, 2020 by edinmass (see edit history)

[Robert G. Smits]

17 hours ago, edinmass said:

think online auctions for cars under 250k are going to be a big thing in the future. 

Ed, you may be correct however on 6/5/2020 BaT sold  55 lots for a total of $1,893,000.  Average price was  $27,500 although 3 cars sold for over 100  with the top lot selling for $280K.  Their total commission was  just over $100K for one day with minimal overhead, no advertising, no rental fees and no auction staff. and remember they do this every day.  Seems like a good business plan to me. Hemmings must  also think so  as they recently started a similar service. I have been following BaT since they started with 5 or 6 cars per day.  On average they have around 50 new listings every day.  The cars on their site present very well with emphasis on European  makes.  Cars must be submitted with accurate descriptions and paper work along with 50 to 150 high quality photos. Buyers have 7 days to submit question to the seller and all responses are public. Sellers pay $95 for a 7 day listing and can place a reserve.  Buyers pay a 5% fee.  The last time I flew to a major Auction I spent approximately $3000 for my wife and I and didn't purchase the car we were interested in because of non disclosed issues.  Recently bought a car on BaT and was very satisfied but unfortunately I am not in the over $250K market..

 

 

 

Edited June 8, 2020 by Robert G. Smits
spelling (see edit history)

[John_S_in_Penna]

I find myself never impressed by money.

I'm impressed by excellence, whether it's an 

expensive item or not.  To me, that Ferrari

doesn't express much grace or beauty, and even

has an Edsel-like central nostril!

 

Ah, life can be simple and enjoyable with a 1977 Buick

or a 1952 Nash instead of a seven-figure burden!

[padgett]

Particularly if the Nash is a Lois Lane special.

[Steve Moskowitz]

John, so if you ever run across a Ferrari like this one for real cheap I would love to own it!  Beauty is in the eye of the beholder and for me, this car rocks.  This car might not be excellent for getting the groceries but it sure the heck would be a blast to drive in certain areas of the country.  As you said, not about the $$$ but neither should we show any disdain for a car because of its monetary value.  Vast hobby, and enough designs to make everyone happy to some extent.  Heck there are people that love the Pontiac Aztek!

[Robert G. Smits]

44 minutes ago, Steve Moskowitz said:

.  Heck there are people that love the Pontiac Aztek!

That probably explains why our wives stay with us!!!

[Steve Moskowitz]

Robert, I was going to say something like that also, my mom used to call me her handsome son.  I also knew I was her ugliest son as I was her only son!!!  Fortunately, the mirror has a way of telling the truth and I have never pretended to be a movie star...just try not to scare the little ones!

[padgett]

The Aztek looks better now than it did then. However it still cannot get out of its own way.

[1912Staver]

19 hours ago, Steve Moskowitz said:

John, so if you ever run across a Ferrari like this one for real cheap I would love to own it!  Beauty is in the eye of the beholder and for me, this car rocks.  This car might not be excellent for getting the groceries but it sure the heck would be a blast to drive in certain areas of the country.  As you said, not about the $$$ but neither should we show any disdain for a car because of its monetary value.  Vast hobby, and enough designs to make everyone happy to some extent.  Heck there are people that love the Pontiac Aztek!

 

Steve, if these were cheap it would defeat the prime function of cars like this. That is to broadcast to one and all that the owner is filthy rich. 

The implied speed and power of these cars just goes to waste as if you use anything like 1/2 of the potential the quickest trip will be to the impound lot with a Drivers licence vacation. 

And on the track you can achieve faster times with a car costing perhaps $300,00.00 or less { a real race car } not a rich guy's status symbol.

 

Greg in Canada+

Edited June 9, 2020 by 1912Staver (see edit history)

[padgett]

or lucky.

[1912Staver]

If you actually want to use a car in the way these super expensive " super cars " imply you are going to use them then you can't do much better than a 1970's era, 2 litre sports car.

Lola T212 series, Chevron B19 , 21 etc, and several others.  Not cheap , but a fraction of the cost of certain "P" cars and "F" cars. 

They were built in an era when bang for the buck was a prime concern to potential purchasers. Just simple, light, effective tools. Easy to maintain and easy to repair. Many owners were on relatively tight budgets in this era.

Just as fast or faster than the V8 and V12 powered " heavy metal " cars but intended for 2 or 3 hour events rather than the 12 and 24 hour events where the lower stressed , larger engine cars came into their own.

How do you think a " Enzo " would stack up against a very low tech machine like this nearly 50 year old Chevron ? All that out of 2 tiny little litres. 

P.S. Spa is a very fast track.

 

Greg

Edited June 9, 2020 by 1912Staver (see edit history)

[SC38dls]

3 hours ago, 1912Staver said:

 

Steve, if these were cheap it would defeat the prime function of cars like this. That is to broadcast to one and all that the owner is filthy rich. 

The implied speed and power of these cars just goes to waste as if you use anything like 1/2 of the potential the quickest trip will be to the impound lot with a Drivers licence vacation. 

And on the track you can achieve faster times with a car costing perhaps $300,00.00 or less { a real race car } not a rich guy's status symbol.

 

Greg in Canada+

I do not agree with that as a blanket statement. If it were fact one could say a $400,000 1930’s Show ready car represents the same thing. You wouldn’t take it to the grocery store or just drive it around. I for one could not even think I could afford one and most people that have them are very rich compared to the majority of people even members of this association. I still appreciate the fact the cars are around and someone can have, use, display and enjoy them in many different ways. The fact we get to see them is just an added bonus. 
dave s 

Edited June 9, 2020 by SC38DLS (see edit history)

[Matt Harwood]

I actually think it that Ferrari sale reflects two things:

 

One, it's a barometer for the state of a fairly wide swath of our hobby--cosmetic excellence above all else. There are insanely expensive restorations being done but the cars don't run very well at all. Nobody cares as long as it looks perfect. I recently read an article in the latest issue of "Hagerty Driver's Club" magazine about three dealer-prepped '60s muscle cars (Yenko, Grand Spaulding DOdge, and Royal Pontiac) and the cars they chose to represent them were over-restored perfect trailer queens. The Yenko had 2 miles on it and the GSS Dart had 20. Guess which two cars promptly crapped themselves when someone tried to use them as cars? We're to the point where people are buying hammers with the intent of never using them to drive a nail so the face never gets marked. Worse, we are spending large sums of money to replicate the original price tag so they look even newer and become even more useless. My point? This Ferrari (and other cars like it) is the same thing and the new owner, much as he wants it, only wants it because it's valuable and believes it will get more valuable in the future and that it will allow him to attend big events as a celebrity. It is unlikely that he wants it to experience its driving dynamics and performance. Every mile he puts on it is $1000 less that it's worth. Sadly, that is no longer unusual in the collector car world. You'll see cars just like this as frequent flyers at auctions where they change hands every 2-3 years and the owner added 11 miles during their ownership. Drive it once, park it, wait for the next bump in value, send it to auction, profit, repeat.

 

And secondly, I think it this also reflects the absolutely insane cost of Ferrari maintenance. Sooner or later that Ferrari is going to need a $70,000 engine service or a $15,000 set of tires or a $10,000 brake rotor or two or four. Who wants to be the guy holding that bag when the time comes? Better to not drive it and not have to worry about using it up. Best to pass it on before that moment comes and wipes out your profit margin.

[edinmass]

Doesn't matter what the value of a car is. It has wheels, and it is meant to be driven. I see new McLarens at my grocery store every week. LaFerraris at the local pizza shop. Last week I saw an eight figure car that starts with a 2 going down the road by the shop. This stuff does get driven, and most people who spend more than half a mile (500k) on a car drive them to some extent. The great stuff is often on private tours that are not publicized, until after the fact, if at all. Many people like their privacy. Some of the stories I could give about driving these road cars for a test drive are a hoot. Most of the time a very attractive young lady will walk right up to you and want to find out how interesting of a guy you are.......read between the lines. I usually just smile, and explain...."I'm the help." And I get a quick goodbye. But.....it's still good for ones self confidence.