Burnt out Ferrari shell sells for $1.5M

[Stratman]

The burnt out shell of a 1954 Ferrari has sold at auction for $1.5 million.

It caught fire during a race in the 1960s and was not touched for decades.
It was driven by Franco Cortese, Ferrari's first racing driver. Analysts say the new buyer may want to restore it so it can race again.
The 1954 car is a 500 Mondial Spider Series I - one of 13 ever made, with a body produced by designer Pinin Farina.

Hmmm

 

[clk320x]

Expensive scrap

 

[Darrell]

Expensive scrap

But will it make the buyer a profit?

 

[markjay]

I am guessing that the buyer is paying for the VIN, so to speak.

The car will be fully restored, meaning that every part will be new, but it will still sell at an auction as a genuine fully-restoted 'Ferrari 500 Mondial Spider Series I - one of 13 ever made'.

 

[markjay]

Found this:

'Scraps of a rare 1954 Ferrari 500 Mondial Spider Series I were just sold for about $1.9 million. The buyer could end up investing another $2 million just to restore the car, a Ferrari expert said. In "very good condition," the model can be worth up to $4 million to $5.5 million, the expert said'

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[JHS]

The start of a $ 5,000,000 garage queen.

 

[John N]

The burnt out shell of a 1954 Ferrari has sold at auction for $1.5 million.

It caught fire during a race in the 1960s and was not touched for decades.
It was driven by Franco Cortese, Ferrari's first racing driver. Analysts say the new buyer may want to restore it so it can race again.
The 1954 car is a 500 Mondial Spider Series I - one of 13 ever made, with a body produced by designer Pinin Farina.

Hmmm

Reminds me of the "Triggers Broom Sketch"!

Probably get a "Q" Plate in the UK!

 

[ALFAitalia]

I am guessing that the buyer is paying for the VIN, so to speak.

The car will be fully restored, meaning that every part will be new, but it will still sell at an auction as a genuine fully-restoted 'Ferrari 500 Mondial Spider Series I - one of 13 ever made'.

Yes...just a very expensive piece of metal bought to use the VIN...like the £20,000 Mini Cooper bought on Bangers and Cash where only a few original pieces exist in the "restored" car. Imo opinion it should not be allowed to be sold as the car it claims to be without, what?, 75 percent of the original parts.

 

[Bobby Dazzler]

Found this:

'Scraps of a rare 1954 Ferrari 500 Mondial Spider Series I were just sold for about $1.9 million. The buyer could end up investing another $2 million just to restore the car, a Ferrari expert said. In "very good condition," the model can be worth up to $4 million to $5.5 million, the expert said'

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An incredible amount of money, but $2m doesn’t sound enough to me. I can’t help but think the buyer will spend more.

Yes...just a very expensive piece of metal bought to use the VIN...like the £20,000 Mini Cooper bought on Bangers and Cash where only a few original pieces exist in the "restored" car. Imo opinion it should not be allowed to be sold as the car it claims to be without, what?, 75 percent of the original parts.

I’d be more inclined to agree with you if it was a mainstream high volume car “fixed” ina garage under the arches, because the history would likely be hidden from future buyers.

However in a car like this it will be a big part of the “story” and therefore the value of this car - firstly that is a full high quality “restoration” and secondly that it was driven by Cortese.

Stories add values on cars at this end of the market.

 

[Petrol Pete]

Ferrari don't even know how many Enzo's are out there (or do they ?) as they allegedly re issue VIN numbers of destroyed cars. It's a confusing mess that suits the agenda of keeping prices (value ?) high.

This bit of tin ? well all that matters is that someone out there thinks its worth the money . Who are we to argue, but it's an interesting subject.

 

[JHS]

Stories add values price on cars at this end of the market.

FTFY>

 

[ALFAitalia]

Maybe......but it should NEVER....EVER be worth anywhere near the value of an original (preferably unrestored ) example. At the the end of the day Cortese would never have driven more than a few percent of that very car when it's done. It's a tribute car or a high quality replica at best!