A Crashed 1954 Ferrari Fetches $1.9 Million At Monterey Auction
Classic Ferraris are hot items at premier auction events, such as RM Sotheby's Monterey Car Week last week.
A crashed 1954 Ferrari 500 Mondial Spider Series I by Pinin Farina coachwork fetched $1.87 million. The sports car is one of 13 and will take much more than a buff job to return to road-worthy status.
RM Sotheby's description of the mangled Ferrari says this one is chassis number 0406 MD, the second one built and assembled in March 1954.
Only "13 spiders and two berlinettas were completed by Pinin Farina over a run of first-series cars before Scaglietti assumed coachwork production. Cherished by enthusiasts today for its historical significance, gorgeous aesthetics, and spirited performance, the 500 Mondial is a highly desirable collectible that is eligible for major vintage events, justifying its position at the center of notable collections worldwide," the auction house said.
It was revealed by the auction house 0406 MD had a racing history:
"In April 1954 the Ferrari was piloted by former factory driver Franco Cortese and co-driver Perruchini at the Coppa della Toscana, finishing 19th overall and 2nd in class. It is interesting to note that Cortese is listed as the owner on the factory build sheets, and his name appears several times in the engineering notes, prompting speculation that the car was purchased by Cornacchia specifically for Cortese's use."
In 1954, Franco Cortese drove the 0406 MD at the Coppa della Toscana.
Then, the ultra-rare Ferrari changed owners a few times in the late 1950s and suffered a crash with extensive fire damage in the mid-1960s.
"By the early 1970s the Ferrari was acquired by marque specialist Ed Niles, who soon sold it without an engine. After briefly passing through two Maryland-based ownerships, the spider was sold to Walter Medlin by 1978. The Mondial has since been preserved in its race-damaged condition, accounting for 45 years of seclusion from the collectible Ferrari niche. The car continues to wear its factory-issued chassis plate, and it is accompanied by components including rear-axle corners and its matching-numbers gearbox. It is also accompanied by a larger, 3.0-liter Tipo 119 Lampredi inline-four engine, such as would have been used in a Ferrari 750 Monza," the auction house said.
RM Sotheby's continued to touch on the rarity of the sports car:
"It is worth noting that genuine 500 Mondial examples are very rare; chassis number 0406 MD is further distinguished by being just the second car built, and having been raced and owned by one of postwar Italy's best-known privateers. It is furthermore desirably documented with color copies of the original factory build sheets and CSAI homologation papers."
Regarding the results from Monterey, as pointed out by Bloomberg:
By the end of the weekend, total sales reached a little more than $400 million across five auction houses, including after-sales, down from $473 million last year. An average sell-through rate of just 68% for 1,225 vehicles fell short of the 78% rate from last year, when there were 1,023 on the block. A sell-through rate of 80% or more is considered healthy for a car auction.
Average sale prices faltered, too, dropping to $477,981 from $591,768. Several Ferraris struggled, even though they're largely considered market-proof. At Bonhams a 1967 Ferrari 412 P took $30.2 million after a lackluster show of bidding, far less than the expected $40 million. A 1964 Ferrari 250 LM at RM Sotheby's reached a high bid of $17 million—but missed its reserve and didn't sell at all.
It's unclear what the new owner plans to do with 0406 MD. Returning the vehicle to race status could cost millions of dollars.
