Poor Ferrari V12 sales in recent auctions might indicate that a shift in the classic market is coming, but the real question is whether it’s the market’s or the brand’s fault for that shift.
Twelve-cylinder Ferraris have struggled to find buyers at the Historics at Ascot sale while the same applied to the recent Villa Erba auction event, which triggered a warning to classic car specialists, as reported by Classic Auction Results.
Ascot sale’s lot included six V12 Ferraris but only two of them were eventually sold and these were the cheapest of their model family: a 2009 599 GTB and a 1995 456GT, which sold for £84,000 and £33,600 respectively. The cars that didn’t find a buyer were a 2008 599 GTB, a 2000 456M GT, a 1989 Testarossa and a 1990 Testarossa.
While they might not be the hottest of the used Ferraris, it still is surprising that they failed to sell as Testarossas are considered to be a favorite among modern classic Ferraris lately.
Similarly, Villa Erba’s results gave away a common theme, with many V12 Ferraris not being sold. Among the unsold cars were a LaFerrari, an Enzo and a F12 TdF, proving that buyers are losing their interest in big Ferraris.
The LaFerrari and the F12 TdF are considered among the most desirable cars in the market right now, so the reason behind these two failing to sell must be overvaluation. Add to this the fact that manufacturer warranties are currently expiring on the ‘Holy Trinity’ of hybrid hypercars and prospective buyers have another reason to steer clear of them.
The results of these two auctions are only a week apart and probably indicate that this is the beginning of the end of the classic car boom. Some might argue that this is a problem specific to Ferrari but as Harry Metcalfe puts it: “Ferrari prices have been the market-leaders in both the size and speed of the growth. It seems logical they’ll be the first to falter too.”