Over the years we have seen headlines about the most expensive car ever sold at a live auction was a 250GTO, and the record for an online was recently broken 2X in the same week, both by different Ferrari cars just a couple months after the prior record was broken in June.
The 1st was a white original 1966 Ferrari 275 GTB Long Nose which sold for $3.08-M, the most ever paid for a car purchased at an online auction for a couple days or so, after which a 2001 Ferrari 550 GT1 Prodrive smashed the record with a winning bid of $4.29-M including fees a few days later.
The latter Ferrari was sold by RM Sotheby’s, which provided a full breakdown of the car’s historical significance as part of the auction materials. It was 1 of 12 550 GT1 chassis commissioned by the Prodrive by Care Racing Development racing program in Y 2001, and went on to become the winning car in the 2004 FIA GT Championship.
The Big Q: What made the car so valuable at auction?
The Bog A: When Ferrari was concentrating on F1, private customers took a modified car road racing, which had happened before with the Daytona, 365/512 BB, and F40. In this case, Prodrive modified the 550 to go racing against cars like the Chevrolet Corvette C5R. This car won the 24 Hours of Spa in 2004.”
The Ferrari brand is so well known that it makes purchasing them online a sensible move for much of the serious car collecting public. That, and the brand’s established collectors’ appeal makes them a natural for the world of online car auctions, which have seen a huge acceptance thanks to the coronavirus chaos.
Now, for a good look at what is the most expensive car ever purchased online, check out the 2001 Ferrari 550 GT1 Prodrive in the video below from auction house RM Sotheby’s:
Ferrari is The Aristocrat of the automotive sector.
HeffX-LTN overall technical outlook for RACE is overall Very Bullish, the Key resistance is 195.15, Strong Support is at 187.84.
Our overall technical outlook is Very Bullish in here, as all Key indicators are Very Bullish.
Ferrari finished at 193.81, -1.21 Friday in NY, just off of its all time high at 199.62 marked intraday Tuesday.
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 weekend, Keep the Faith!
