A Ferrari Enzo Sets Record for the Most Expensive Car Sold Via an Online-Only Auction

A Ferrari Enzo Sets Record for the Most Expensive Car Sold Via an Online-Only Auction

$RACE

Last Friday, a collector ended up paying $2,640,000, including a buyer’s fee, for a 2003 Ferrari Enzo at an online auction.

The Italian supercar is 1 of only 400 ever made, including the 1 donated to the Vatican for charity, was sold over the world wide web, as auction houses had to reorganize in the wake of the C-10 coronavirus chaos, by RMSothebys, as part of their ‘Driving into Summer’ event organized between 21-29 May 21.

The Enzo’s official estimated selling price was $2.6-$2.9-M. The price is not the news, but the fact that the Enzo set a record for the most expensive car to have ever been sold “in a dedicated online-only collector auction to date”. And it was nearly beat by another Ferrari, a 1985 288 GTO, that fetched $2,310,000 during the sale session that took place last Friday.

This Enzo has only 1,250 miles (2,012 km) on the clock and looks just as good as when it left the factory 17 yrs ago. And it is very fast, even by today’s standards, with the 0-60 mph (0-96 km/h) at 3 secs and a Top Speed of 217 mph (350 km/h)+

The mid-mounted 6.0-liter naturally aspirated V12 kicks out 651 hp (660 PS / 485 kW) and 485 pound-feet (657 Nm) of torque, which are channeled to the rear wheels via a 6-speed automated manual transmission

Ferrari is The Aristocrat of the automotive sector.

Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos

HeffX-LTN overall technical outlook for RACE is overall Bullish with a Very Bullish bias, the resistance Nil, and Key support is at 174.16.

Our overall technical outlook is Very Bullish in here, as all Key indicators are Very Bullish as it approaches its all time highs at 179.21 marked on 18 February 2020.

Ferrari (NYSE:RACE) finished Thursday at 173.09, – 2.20 in NY. Just off its all time highs.

The Maranello Outfit’s shares were raised to Buy from Hold at HSBC.

Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I have called it at it at 200+/share long term, adjusting it to 200/share short term (after the virus) and siding with BAML to 230 long term for now. The stock is now considered defensive in the sector.

Have a healthy weekend, Keep the Faith!

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Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.