In the automotive scenario reconfigured after the C-19 coronavirus chaos shutdowns stalled production lines and hit new-car sales with declines of 20% and more, here is an area the virus chaos has not hurt: the values of, and demand for, classic and collectable automobiles.
“It’s been a wild ride, but it’s been good—it’s been really good,” David Gooding said, adding that Gooding & Co.’s private-sale business is booming. “I have had people ask ‘Have you seen pressure sales, desperation?’ And I have not. A lot of the people who own these cars have a lot of money. I just have not seen one desperate sale. The market is strong.”
This is the time that a catalog of cars would be auctioned during the Pebble Beach Concours d’Elegance that will not be held this year.
Instead, Gooding will hold its 1st-ever online car auction. They were already planning to start incorporating online sales to augment live auctions, especially for more modern, collectable cars that younger buyers would be interested in owning.
The C-19 chaos sped up the process, he says.
“The success of Bring a Trailer has helped us,” Gooding says. “Does that mean every online sale will work? No. But I am quite confident.”
The sale is not a direct replacement for Pebble Beach, the cars that were slated for that sale are not being sold here.
But the 54 lots include everything from a golden 1972 Volvo 1800 ES (estimate: $25,000 to $35,000) and a 1941 Ford half-ton pickup ($25,000 to $35,000) to a 2-tone green Bugatti Type 57 Cabriolet ($1.3 to $1.6-M) and 3 of the “Ferrari Five,” an Enzo, an F40, and an F50. The 288 GTO and LaFerrari, neither of which is on sale, constitute the missing cars.
Bidding will open at 9:00a time Monday, 3 August, and will run through Noon PDT Friday, 7 August. Lot 56 is the most important lot to watch.
For a complete description click here: 1966 Ferrari 275 GTB Longnose
Lot: 56 Estimate: $2.75 to 3.25-M
Why it’s worth watching: The star car of the sale, this Ferrari will indicate how, if at all, C-19 coronavirus chaos has affected the appetite for Ferrari, the world’s premier collectable brand.
The late-production alloy 275 Ferrari comes with the rare torque-tube engine configuration and factory 6-carburetor intake. A further special detail: the factory-optioned gas cap placed on the exterior of the car. Rare in Bianco with a pristine original tan interior, the car has been kept in well-loved condition by discerning owners and is accompanied by 2 sets of wheels, owners manuals, and other spare parts.
Our overall technical outlook is Bullish in here, as all Key indicators are Very Bullish.
Ferrari finished at 181.70, +0.68 Friday in NY, just shy of its intraday all time highs at 185.36 marked on 22 July 2020.
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!