This is Monterey Car Week and the auction houses are brimming with million-dollar collector cars, waiting for the 1%’rs to bid against each other for some of history’s awesome automobiles.
Crossing RMSotheby’s block this weekend is a very rare 1962 Ferrari 196 SP by Fantuzzi, s/n 0806, which is expected to sell for as much as $8 to 10-M.
According to the listing, this is the last car built of the remaining 5 examples in existence.
The 196 SP was Ferrari’s 1st-ever mid-engined sports proto tipo, and it was developed specifically for the 1961 and 1962 racing seasons of the World Grand Prix. This particular car participated at the 1962 12 Hours of Sebring, Nürburgring 1000 KM of that year, Elkhart Lake, and the 1963 Nassau Speed Week. It boasts a storied driver and ownership history.
Some of motorsport’s greatest drivers of the era were at the wheel of this car, including Pedro Rodriguez, Bob Grossman, and Buck Fulp, while the car has exchanged hands between Pierre Bardinon, Fabrizio Violati, Rob Walton, and Doug Thiem.
This 196 SP features a numbers-matching engine and transmission. To that note, it’s also significantly different than other famous Ferrari racers of the time, in that the 196 SP doesn’t feature the legendary “Colombo” V-12, but rather a low-displacement, high-revving 2.0-liter V-6 that was essentially a halved Tipo 163 competition V-12. Power output tallied up to around 210 horsepower with a single overhead camshaft and 2 valves per cylinder. With a dry weight of just 600 kilograms, or 1,322 pounds, the 196 SP had an incredible power-to-weight ratio.
The RMSotheby’s notes that this 196 SP is ready to be driven at any future vintage racing or Concours events. It was last shown at the 2010 Amelia Island Concours d’Elegance where it won the “Best-in-Class” award for race car between 1956 and 1964.
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 Neutral to Bullish, overhead resistance is at 160.24, and support at 154.42, all Key indicators are flashing Bullish to Very Bullish in here. Ferrari finished at 156.07, +0.75 Friday in NY.
Note: Goldman Sachs upgraded Ferrari to ‘buy‘ from ‘neutral ‘calling the stock’s pullback a good “entry point.” “We upgrade Ferrari from Neutral to Buy, offering 15% upside to our new price targets of 182. Our thesis, outlined in Life of Luxury published last month, is fundamentally unchanged post Ferrari’s in-line 2-Q results. We view the stock’s recent pullback (-7% since July 16) as a good entry point in here.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term investment, and I see it at 200/share in that frame.
Have a terrific weekend.