Ferrari (NYSE:RACE) Prodrive Racer Hammered for Online Record at RM Sotheby’s

Ferrari (NYSE:RACE) Prodrive Racer Hammered for Online Record at RM Sotheby’s

#Ferrari #online #auction #Prodrive #racer

$RACE

A Ferrari 550 GT1 Prodrive was delivered in Y 2001 fetched $4.29-M at RM Sotheby’s last weekend, smashing the prior record price for a car sold at online-only auctions.

On 12 August a 1966 Ferrari 275 GTB Long Nose set the previous online-only auction record for a car when it sold for $3.08-M at Gooding & Company’s event.

Both online auctions were held during what would have been Monterey Car Week. This year’s events were rescheduled to 6-15 August 2021, due to the Covid-19 chaos.

The Ferrari 550 GT1 Prodrive was offered directly from the Care Racing Development that promotes this race car model.

Built in Y 2001, the automobile was the 2nd of 10 Ferrari 550 GT1 examples built by Prodrive, a British motorsport and engineering group.

The car has competed in 49 races, taking 15 pole positions as well as 14 race wins, including 24 Hours of Spa in Stavelot, Belgium, in Y 2004.

The Ferrari was fully rebuilt and in race-ready condition, according to RM Sotheby’s, which declined to disclose the identity of the buyer.

The RM Sotheby’s online-only auction on 14-15 August fetched a total of $30.4-M, with 7 cars sold for more than $1-M.

The result of this sale proves that “there is still robust demand across a broad cross-section of the market,” the global head of auctions at RM Sotheby’s, said in a statement.

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 Very Bullish, the resistance is Nil, Strong Support is at 182.18.

Our overall technical outlook is Very Bullish in here, as all Key indicators are Very Bullish.

Ferrari finished at 196.30 -0.89 Tuesday in NY, just shy of its all time high at 199.62 marked intraday.

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

Ferrari will continue to create value the long term as it becomes the world’s 1st Super Luxury brand.

Ferrari is a quality 1st long term luxury products investment, and I called it at it at 200+/share ATV (after the virus) and sided with BAML to 230 long term, then…

Thursday, 13 August I raised my long term target to 300, a Strong Bull call.

Ferrari has an average rating of “Buy” and an average target price at 194.33.

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 ATV and siding with BAML to 230 long term for now.

The stock is now considered defensive in the sector.

Have a healthy day, 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.