Auction This Weekend: 1966 FORD GT40 MK I Serial #1065

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Guest

Guest
Christies is auctioning GT40 serial #1065 at Peeble Beach this Sunday.


Chassis No. GT40 1065
Engine No. SGT 27
Azure blue with black interior

Engine: Ford V8, 4,728cc (289ci), 380bhp at 6,500 rpm; Chassis: sheet steel semi-monocoque with square steel stiffening and glass fiber body panels; Gearbox: ZF five speed; Suspension: front independent double wishbones with coil springs, rear independent double trailing links, lower wishbones, coil springs; Brakes: discs all round. Right hand drive.
The story of the failed merger in 1963 between Ford and Ferrari and the subsequent return to competition motorsport at the highest level by the American company is motoring lore. Suffice to say that Henry Ford II subsequently declared that he 'wanted to win Le Mans in 1966'. With that brief, Lee Iacocca and Leo Beebe formed Ford Advanced Vehicles and went shopping. After visiting Eric Broadley's business in England, they knew they had the basis for a winning car in International long distance road racing. After teaming up with John Wyer, the new Ford GT was unveiled to the world's motoring press in April 1964. Shortly thereafter the Ford Advanced Vehicles premises moved to Slough and the inaugural race for a GT40 was at the Nürburgring 1,000km in May. In 1965 the Ford GT project was given to Holman-Moody and then also to Shelby American who came on board with their sports car endurance racing experience. The next year Ford triumphed at Le Mans when three MK IIs took the checkered flag. An all American built model, the MK IV, triumphed at the 1967 Le Mans event and GT40s also won in 1968 and 1969! Other famous victories, to name but a few, included three wins at the Sebring 12hr, and wins at the Daytona 24hr, Reims 12hr, Watkins Glen 6hr and the Monza and Spa 1,000km races. In fact, the GT40 turned out to be one of the most successful road/competition cars ever built.
Naturally one of the rules of racing is that the manufacturers must build a minimum number of road going variants to homologate the model. These road cars are thus always in demand because in effect they are as close to the racecar as can be achieved. Chassis number 1065 is such a version which would have been built to the exact same specification as a race car except that it lacked race carburetors and conformed to road legislation. Other differences included a fully trimmed cockpit and carpeted interior. This remarkably original GT40 was dispatched in December 1966 to the Ford Merchandising Department in Dearborn, Michigan. When new, it was painted Azure blue and starting in February 1967 it was used as part of a promotional program to assist in the sale of new Mark Is.
The first known owner, according to the Shelby American World Registry and the definitive book GT40 by Ronnie Spain, was Mr. Charles Hill from Dallas, Texas whom we believe acquired the car in late '67. The next owner was Mr. Andy Harmon from Mississippi, who reputedly only kept the car for a few months in 1969, during which time he repainted the car dark blue with yellow markings. In 1970 the car was sold to Nick Shrigley-Feigl, an English collector, who decided to paint the car purple with a white stripe. In this form the car was featured in the September 1978 issue of Autocar magazine. In the early 1980s Mr. Shrigley-Feigl decided to have the car restored and this time he chose to paint the car red with black and red trim. At the completion of this work in 1982, the car still had only 2,035 miles recorded on the odometer! By 1984 the car passed to the well known specialist classic car dealer, William Loughran, who initially registered the car with UK license plate number XGA 1, and shortly after he acquired the highly desirable license plate number GT 40 for it. We believe that in the mid 1980s the car passed to Richard Allen and in January 1989 the new owner was Alan Baker.
Christie's had the pleasure of inspecting this car while still in the ownership of Mr. Baker in September 1998, at which time we noted the mileage was 2,540 miles. In early 2000 the GT40 was sold back to the USA. Before purchase, the car received a detailed inspection and the mileage at that time showed 2,596. In addition, the car still retains its original engine and gearbox, as one would expect from such a low mileage car. Non-original or updated items include a set of Halibrand wheels, 38mm Weber Venturis down draft carburetors, and the fuel pump, pressure regulator, fuel and oil lines and coil have all been updated. Recent work in the past year has included returning the car to its original color scheme of Azure blue with black upholstery. Mechanical work has included a carburetor overhaul, checking the caster angles, rectifying a transistor, adjusting the clutch and fitting two new electric fans.
Overall this is a lovely example of a GT40 Mark I and must rank as one of the lowest mileage and most original GT40s in existence. Importantly its ownership history is well documented and, having never raced (to our knowledge), it has avoided the hazards of a racing car. Having test driven the car we can confirm that 1065 still drives wonderfully, and the mileage in the past couple of years has risen by just a further 200 or so miles! The success of this model in International racing and Super Car road performance are quite legendary, making the GT40 one of the most desired collectors' cars of all time.


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Jeff

[ August 13, 2002: Message edited by: Jeff Frigo ]
 
Dear Father Christmas......

$ 400-450 seesm a little high currently - be interesting to see the final figure
 
That car has averaged one paint job every 500 miles!!! What is it about GT40s that causes them to get resprayed every couple years?

That was a decent write-up by the people at Christies, except I think they got the Shelby - Holman Moody chronology backwards. Lets start a pool to see what the final price will be. My guess: $380,000.
 
My guess is it won't reach reserve. No race
history. But if it does sell, I say $275,000 is a fair price . I just think that it's a
buyers market out there lately. If this car
was going up for sale after the release of
the new 2004 GT40 I would say it would bring
much more at an auction.
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Hersh
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Guest

Guest
An original GT40 with less than 3,000 miles. This car will go for over $400K.

Jeff
 

Jim Rosenthal

Supporter
I'm with Hershal on this, I think 300K tops. I think the market is soft right now. And did they use a NOS transistor when they rectified it, or did they just re-rectify the old transistor?
I hope it goes to someone who DRIVES it and doesn't just paint it every year whether it needs it or not.
Well, maybe 325K...
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Jim Rosenthal

Supporter
By the way, a similar GT40 with less than 3000 miles has been on Motor Classics website for about two years,and has not sold. Neither has the ERA they have, if I am not mistaken...
 
Hersh

Pebble Beach brings people with LOTS of money. I'll bet it gets bid to $ 350k.
But you never know. Some people go wacky
over low mileage autos. Maybe it will sell.

Personally I would not buy it...too many
paint jobs....adds too much weight.

MikeDD
 
There is a lot of very heavy metal on the market in these strange times. A real Mirage,
a real Ferrari GTO, a LeMans winning
Testarossa. Hopefully, this too shall pass...
 

Jim Rosenthal

Supporter
Hershal, boy are you ever right. At the height of the Ferrari craze a few years ago I think Testarossas were bringing twice their new price, if not more. Then the bottom fell out and everything was suddenly worth a third of what it had been. And many of them have never come back up to nearly what they were worth- for example, vintage 300SLs which brought over 500K are advertised for 275, and bring less. In a way it's good; if people buy cars at more sane prices, they are more likely to actually drive them, which is what they should be doing.
 
Jim,
I know several people that got caught up in the frenzy and they paid the price big time. Now they shy away from cars as investment material. They went back to wine collecting.
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There are exceptions though. Many fine cars from the golden era will always maintain a steady increase in value. To me a car has to meet several requirements in order to be a true ivestment collectible. First is the rarety then the history, which is paramount to holding value. It's also important to know
if the car is an unrestored original. These are the ones that bring the big money. The more documentation and the more stories you have about the car the better.
Unfortunatly the GT40 above has a very mondane history with no interesting stories about it. If you are looking for a GT40 for investment then get one that has the history. Your not going to lose with that.
This car has been changed and repainted much to often to have a good investment prospect. To buy it for driving and enjoyment is the way to go but the price would have to be much lower to make that feasable for most enthusiast.

Hersh
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Price paid in January 2000 was about $ 400 but I'm with Hersh on the $ 280 not sold this time - the car was being advertised in March this year which may be the ad to which Jim refers
 
I watch the Barret Jackson auction on
speed vision when it is on. I was shocked
at how many cars did not make reserve. The
one car that did really well was a Yanko
camaro that fetched $145,000 ! To me, that
was an example of someone wanting a peticular car real bad.
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One thing is for sure and that is when they say there are more cars in the auction than
ever before you can bet it's because people who bought for investment are new trying to unload and save their a$$.
I can remember 15yrs ago when all the baby boomers were reliving there high school yrs and just had to have the car they had back then. Well, the prices for these muscle cars were going sky high. People started buying them for investment purposes as well as nostalgic reasons. Then the boomers got tired of the toy and decided that it would be nicer to have a cottage on the lake and the toy would make a great down payment. They didn't all decide this at the same time but enough of them did that it effected the price.
I myself wanted to buy a 68 442 Hurst Olds. The fellow that owned it wanted $20,000 but I new he only paid $14,000. I offered him $18,000 and he turned it down. Two yrs later he still had the car and now he calls me wanting to know if I was still interested. He said he would take $16,000 for it. I told him that I had to pass because I bought another project. He eventually sold the car but for much less than he paid. Ten yrs later the car is worth about $20,000 but the cost of living has increased significanly as well,so there was not much gain if it was for investment puposes.
during those prosperous times there were thousands of counterfiets being build to get the big money. Most were chevies. That why documentation is worth probably 30% of the price.

Hersh
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