Gt40's on the block this weekend

[Jimmy P]

Not sure why but most of the big auction houses have GT40's going on the block this weekend. Mr. Watkins alerted us to the sale of a nicely optioned SPF MKII at RUSSO & STEELE this weekend with no reserve plus they're also offering a Bailey Cars P4 (w/ a Ferrari V12) at no reserve and the SLC. This group should have plenty of interest in that selection.

For the 1%'s (you know who your are!) BONHAMS is offering
GT40 P1033, RM is offering 1074 & 1059 while GOODINGS offers the salacious GT 104.

[Cliff Beer]

Very interesting. That's a lot of GT40 machinery on the block.

As far as the originals, prices of collector cars at the very upper end of the spectrum are continuing to climb...and probably higher than they have ever been. I'm no expect but I would guess this is symptomatic of both a) the ultra-wealthy continuing to get richer, and b) limited faith in the wealth-preservation ability of traditional investments (stocks/bonds/etc.). Should be some impressive prices for original cars in good shape with history!

[Jimmy P]

HOT OFF THE PRESS GT40P/1033 sells for $2,205,000.00.

[DON S.]

1074 sold Friday evening at RM for $10 million hammer price = $11 million final price including the 10 percent buyer's premium (but I wonder if a buyer putting $10 million bucks on the table can't negotiate some discount to the usual 10 percent fee?). Seemed that two bidders in the room kept jacking each other up from the mid-$7's to the final $10 mil. Wowza!

[Glenn Bilawsky]

Article, Pictures and a Video of the Car

1968 Ford GT40 Gulf/Mirage sets auction record at $11 million

[Jimmy P]

BIG money! Curious as to what the two other originals do. Auction houses must be rubbing their hands in anticipation.

Not sure I can see 10 million......for any car. Whole lotta cash.

[Andrew Komosa]

I think the point is, there are a finite number of original GT40s, so there is more chance they will go up in value than stocks & shares at the moment. That $10M becomes $12M and so on... Andrew

[GTRene]

I would be very happy with the 10%

[Pete McCluskey.]

Wow! Some one really wealthy has got a terrific piece of history. The fact it was used in the filming of Le Mans would help up the price.
I wonder who the buyer is. You Jim?

[Cliff Beer]

I know of a guy locally here in Seattle (Microsoftee) who bought a very rare 60's race car towards the end of 2009, on the advice of a collector car "consultant" for just under $3,000,000 USD. He never took physical possession of the car, never even saw it in person. He didn't really even know that much about it.

He sold it earlier this year through private channels for $4,600,000 USD, in exactly the same condition as when he bought it. Never ever saw the car up close throughout his 3 years of ownership.

That's a cool $1,600,000 (net of a $50,000 broker fee...) for not doing anything except waiting two and a half years. He call himself a "car guy" and a "rare automobile collector" but he doesn't know anything about cars really, nor does he drive anything other than his Escalade and the Prius (so he looks environmentally aware in front of his friends).

For some it's about cars, and for others it's just money. Nothing wrong with making money of course.

[DON S.]

Original Mk I Road Coupe #P1059 sold at RM Saturday evening for $2.6 million hammer price, $2.860 million all in to the buyer.

[Mike in Nederland]

Lot No. 139: 1968 Ford GT40 Gulf/Mirage Lightweight Racing Car - YouTube

[Randy V]

Originally Posted by MHNCO

Lot No. 139: 1968 Ford GT40 Gulf/Mirage Lightweight Racing Car - YouTube

Thanks for posting this...

There was an amazing lack of auctioneer tongue banter at that auction. I wish they were all that way as that banter gives me such a headache..

[Grady]

GT40P2129 at Russo Steele went for $64 + 6.4K or ~$70,000 USD

[Mesa]

I wish I had read this thread BEFORE the weekend. Anybody know what the Bailey P4 V12 went for? I would have liked to check that out.

[DON S.]

Prototype GT40 No. 104 sold at Gooding Sunday evening for $4.50 million hammer = $4.950 million all in.

[Jimmy P]

Don, Michael and Grady thanks for posting the final results and video. I kept checking for the results over the weekend but could only find one auction house posting immediate results.

Some decent size money being splashed about for these fantastic cars.

Two things came to mind....can one imagine what the owner of 1075 is thinking today and I couldn't help but chuckle a wee bit to myself for Ronnie Spain.

I pictured him ripping a couple of chapters from his book and saying "damn them, can't they see I just want to finish this bloody book!" Ronnie, if you read this, I feel for you mate.

[TrevS]

Originally Posted by TA152

GT40P2129 at Russo Steele went for $64 + 6.4K or ~$70,000 USD

That's seems like a very good price. does anyone know what the P4 replica sold for and also there was a nice looking Mercedes 300sl Gullwing replica for sale. Again does anyone know what it sold for?

[Jim Rosenthal]

104 sold for 4.95 million? That tells me that 103 got sold too soon, a couple of years back. It ought to be worth more than 104 IMHO. Even if it doesn't have an original engine.

[Ronnie Spain]

Jimmy P,

I was touched to read that you were concerned about my well-being as a consequence of all those GT40 owners nastily simultaneously conspiring to auction off their steeds at the Monterey auctions last weekend, just to annoy me and make me have to rewrite the entries for their cars in the new book so late in the day! But thanks to the wonders of computer data storage, a few minutes at the keyboard of my laptop in each case - once I have found out each new owner - will catch me and my new book up with the GT40 world again.

No doubt right up to the day the entire text is handed over to the printers, I will still have last minute new owners popping up. It all goes to keep life interesting.

But thanks for your concerns.

And lest anyone should be wondering why I have not posted on this thread regarding the prices achieved for the four cars, interested though I obviously was, I strenuously avoid getting involved in values of GT40s. Valuations in terms of how I compare one particular GT40 against another, yes, I will reluctantly get involved. And I say reluctantly, as due to the key factors which my research has developed in me as being of significance, but which are by the very nature of any individual’s views, including mine, unavoidably subjective personal factors, I would in all honesty prefer not to even get involved in valuing GT40s that way either. The values are decided on the day by the price a buyer is prepared to offer, and if that offer is acceptable to the seller. And by the same token, whatever price is in the end involved is the result of those two individuals own subjective thoughts.

Best to all,


Ronnie Spain