RM Sotheby’s has announced the sale of what may become the most valuable automotive barn find in history: 20 Ferraris consigned to the mercy of time in 1990, unearthed in 2004 when Hurricane Charley collapsed the Florida barn they were housed in, the cars were then rescued and relocated to Indiana and left to gather dust for another two decades.
The vehicle count of just 20 cars is significantly less than the world’s previous largest “barn find” – French industrialist Roger Baillon’s 60-car collection which was left to decay in barns on a French estate for half a century. The average value of the cars in this barn find however, is MUCH higher.
When the Baillon Collection was auctioned by Artcurial in Paris in 2015, it achieved a total sale of USD $28.5 million (EUR €25.15 million), making it one of the most valuable car collections ever sold at auction. Though there were 60 cars, the vast majority of the value of the collection was a 1961 Ferrari 250 GT California Spider which fetched $18.45 million (€16.23 million) to become one of the top five most expensive cars ever to sell at auction at that time.
Apart from the California Spider, only two other cars sold for more than USD $1.0 million: a 1956 A6G Maserati Grand Sport that fetched $2,263,840 (€2.0 million), and a Saoutchik-bodied 1949 Talbot Lago T26 Grand Sport ($1,946,902 = €1.72 million).
The "Lost & Found" barnfind is different to the Baillon Collection as it contains only a third as many cars, but they are all Ferraris and most of them can be expected to sell for in excess of $1 million, with several fetching multiples of that. It doesn't have a $20 million dollar foundation in one car though, so it will be fascinating to see if the new barn find collection can equal or even surpass the $28.5 million figure that we thought could never be matched.
As a form guide as to what might happen, we've looked at the cars that make up the collection and the record prices that have been fetched for those models in the past. While most of these cars are not in pristine condition, some of them have extraordinary provenance and as we saw with the Baillon Collection, the fame of the collection adds to the value of the car on the day and subsequently. That the collection will be auctioned during Monterey Car Week without reserve prices just adds to the intrigue of the entire affair - with no safety net, there are often bargains to be had.
1954 Ferrari 500 Mondial Spider Series I by Pinin Farina
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Number made: This car is the second Mondial built, one of 13 (maybe 14) examples originally completed with Pinin Farina spider coachwork at a time when Ferrari was making its name in Grand Prix Racing. It was initially campaigned by ex-works driver Franco Cortese, the first man to win in a Ferrari. The car also raced in period in legendary events such as the Mille Miglia, Targa Florio, and Imola Grand Prix. It may look a little the worse for wear right now, but it is an opportunity to rebuild a car to perfection and recapture a slice of Scuderia history.
Precedents: A recent sale of a 500 Mondial Spider for $2,095,000 (2022) belies the usual prices fetched by the model, with previous sales being $4,165,087 (€3,717,500) (2019), $5,005,000 (2018), $4,455,000 (2018), $3,162,500 (2017) and $3,520,000 (2013). Considering how few there are, you'd think that there wouldn't be another at auction for some time.
1956 Ferrari 250 GT Coupe Speciale by Pinin Farina
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Number made: While it is different to any other Ferrari ever built, it is essentially a 250 GT chassis that was bodied as a coupe by Pinin Farina. Boano produced approximately 80 “low-roof” 250 GT Coupes, with this car being one of four coupes bodied by Pinin Farina and classified by Ferrari as the Tipo 513. The four owners were all tier 1 Ferrari enthusiasts: American West Coast importer John von Neumann, Fiat director Ing. Emanuele Nasi (the son of Aniceta Agnelli and Carlo Nasi), Fernando Galvao of Portugal, and the last produced Coupé Speciale (this car s/n 0469GT) went to King Mohammed V of Morocco.
Precedents : Only one of the four cars has ever been to auction, with the Agnelli/Nasi car selling at RM Auctions (now RM Sotheby’s) Amelia Island auction on 10 March 2012 for USD $1,430,000 against an estimate of $1,300,000 to $1,600,000. The market is much higher now than it was 11 years ago, and the dual provenance kickers of having been owned by King Mohammed at the time he achieved independence for his nation, plus being part of what will become another legendary barnfind … the auction report sums it up nicely, with “unique 250 GT worthy of a full restoration that could dazzle on the global concours stage.” Estimated at between USD $1,700,000 and $2,300,000.
1956 Ferrari 410 Superamerica Coupe Series I by Pinin Farina
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Number made: The 10th of only 12 Pinin Farina-bodied Series I 410 Superamerica coupes, and one of just 16 Series I 410 Superamericas. In total, just 35 of Ferrari's frightfully expensive 410 Superamericas were built over three series and the clientele was suitably rarified: Casino magnate Bill Harrah, the Shah of Iran, Prince Bernhard of the Netherlands, Emperor Bao Dai of Vietnam, “Pasta King” Pietro Barilla and Dottore Enrico Wax (American importer of Johnnie Walker whisky).
Precedents : Given there are only 16 comparable cars, they don't come around very often. The last Series I Superamerica to sell fetched $3.3 million at Gooding & Company's, 2014 Scottsdale Auctions, though another went to auction at Gooding & Company's 2018 Amelia Island auction with expectations of between $5,000,000 and $6,000,000, but failed to reach reserve price. Both Series II ($5,087,500) and Series III ($5,335,000) Superamerica 410s have sold for more than $5.0 million.
1960 Ferrari 250 GT Coupe Series II by Pinin Farina
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Number made: This is a 2nd Series example, the most sought after series in the 250 GT Pininfarina coupé range, of which just 147 were produced and far fewer are on the road today.
Precedents : The highest price paid for a Series II was USD $1,140,020 (EUR €989,000) at Bonhams' 2018 Zoute sale in Belgium, though that was an outlier price for an exceptional car. The average price is far closer to $500,000 than $1,000,000.
1964 Ferrari 250 GT/L Berlinetta Lusso by Scaglietti
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Number made: Ferrari built 350 of its 250 GT/L Lusso, but although this car started life as a GT/L, it isn't anything like a standard Lusso any more and it is difficult to understand how the marketplace might accept the car. A standard GT/L Lusso now sells for $1.5 million plus, with half a dozen having bettered $2.0 million and the record is $2,447,500, perhaps more. but it is a much juicier prospect than that, and it just might turn out to be the bargain of the sale. The car has a custom lightweight body and was raced successfully at absolutely no expense for such a long time that it is far closer in specification to a GTO. Cars that have been raced for a long time have some advantages in that they are fully-sorted for going very fast and there's every reason to believe this is better to drive than a GTO, with a 99% discount on the price. The difficulty is that investing in something that can be fickle at auction is not for the feint of wallet.
Precedents : There's only one, but when it last sold in 2002 it fetched $220,000, but if you look at the cars that sold around it at that time, you'd think it would be a $1.0 to $1.5 million car now. Our view is that it is worth more than that, but auctions have a habit of proving us wrong.
1965 Ferrari 275 GTB/6C Alloy by Scaglietti
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Number made: One of 80 aluminum-bodied Long-Nose 275 GTBs
Precedents : The ultimate road-going 275 GTB, this car is the first long-nose example built with an alloy body and six carburetors, and several have sold above $2 million, with the record set by Gooding & Company at Pebble Beach in 2014 at $4,620,000, which put it in the top 100 most expensive cars ever sold at that time. This isn't in nearly as good nick, but it would be worth the effort to make it new again, as it was the 1965 Turin Motor Show car, built to full racing specification and has a wonderful provenance, having been the personal car of Autosprint publisher Luciano Conti.
1965 Ferrari 275 GTS by Pininfarina
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Number made: Just 200 examples of the 275 GTS were built, with this car being the 19th manufactured
Precedents : With the additional lure of an open top, and the reduced supply of just 200 units, the 275 GTS has been a million dollar car for more than a decade and the record price of $2,365,000 was set at RM (now RM Sotheby's) in January 2015. RM Sotheby's has sold all for 275 GTS specimens that have fetched more than $2.0 million, the most recent being $2,260,000 at Monterey in August 2022.
1965 Ferrari 330 GT 2+2 Series I ‘Interim’ by Pininfarina
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Number made: The 330 GT 2+2 was built in two series. These differed principally in the front end treatment; the first series (1963-1965) having four headlights and the second (1965-1967) just two. Around 1,000 examples were built in all. Bridging the two series were the "Series I interim” models, of which just 124 examples were built prior to the introduction of the Series II. These cars retained the earlier quad-headlight design but featured a five-speed transmission, drop pedals, power windows, and upgraded brakes. This car is one of the 124 "Series I interim” models
Precedents : There are very few "interim" cars that have appeared at auction and those that have appear to have not been differentiated from their Series I brethren, so we can't offer any precedents. Interestingly, the high performance and additional carrying capacity of the 330 GT 2+2 attracted quite a few celebrities and several of the highest priced examples of the 330 GT 2+2 Series I can be attributed to provenance. The record price for the model is $543,701 (GBP £359,900), which was fetched by Bonhams when it sold Beatles singer/songwriter John Lennon's first car. From that auction description: In February 1965 The Beatles recorded 'Ticket to Ride', a song that would become one of their biggest hits, topping both the UK and US singles charts. By happy coincidence, that same month the news that Lennon had passed his driving test made headlines across the country. Within hours, the road outside the security gates of his Kenwood home in Weybridge, Surrey was jammed with Maseratis, Aston Martins and Jaguars as luxury car dealerships - hungry for business - spotted an opportunity to secure a high-profile client. The singer, by then father to 22-month-old Julian by his first wife Cynthia, strolled out to inspect the cars and chose a right-hand drive Ferrari 330GT 2+2 coupé finished in Azzuro (blue) with matching interior and priced at £6,500
1966 Ferrari 330 GT 2+2 Series II by Pininfarina
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Number made: There were 460 Series II examples of the Ferrari 330 GT 2+2 built
Precedents : The record price for a 1967 Ferrari 330 GT 2+2 Series II is $737,000, set by RM Sotheby's at Monterey in 2016.
1967 Ferrari 330 GTS by Pininfarina
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Number made: words words words words
Precedents : Mecum holds the record price for this model, fetching $3,300,000 for the Ferrari 330 GTS that casino magnate Bill Harrah famously gave to his new wife, singer-songwriter Bobbie Gentry. The sale occurred at Monterey in 2015 and although there have been ten sales of the 330 GTS in excess of USD $2.0 million, it would appear that the provenance of the Harrah-Gentry car significantly added to the value, as it is nearly $750,000 more expensive than the second highest price paid for a 330 GTS.
1968 Ferrari Dino 206 GT by Scaglietti
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Number made: Just 153 of the hand-built, all-aluminum-bodied Dino 206 GTs were produced from 1967 to 1969, after which production shifted to the heavier 246 GT. Many Ferrari connoisseurs regard the 206 GT as the more distinctive and important Dino model.
Precedents : This car is in need of a restoration so it won't be setting any auction records, but the long-standing record for the Dino 206 was recently broken. It was held by Gooding & Company at $803,000, a record set at the official Pebble Beach auction in 2015, and it was recently eclipsed by RM Sotheby's at Amelia Island (2023) when a concours-quality 206 GT fetched $868,500.
1969 Ferrari 365 GT 2+2 by Pininfarina
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Number made: Approximately 800 365 GT 2+2s were built between 1967 and 1971, a high number for a Ferrari and one that keeps auction prices down. Although the 365 GT 2+2 shared the same wheel base as the 330 GT 2+2, it was wider, and whilst low and elegant looked big, due to increased front and rear overhangs, which extended the overall length by more than 130 mm.
Precedents : With so many cars out there, the record for this model is a relatively low (for a Ferrari) $374,000 set by Gooding & Company at Scottsdale in 2015, and another six cars have fetched more than $300,000. Given this car is clearly still showing the damage from the barn collapse, and with so much competition in the marketplace, it will be fascinating to see what this sells for.
1971 Ferrari 365 GTB/4 Daytona Berlinetta by Scaglietti
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Number made: The 365 GTB/4 was unofficially named the "Daytona" by the media, and it stuck. 1406 Daytonas were produced over the life of the model, 156 as right-hand-drive coupés, 122 factory-made spyders and 15 competition cars, which means that there are 1269 cars just like this one, which is far more than Ferrari's earlier models, and explains why prices have struggled to pass the $1.0 million barrier. This car was the 1972 Montreal Auto Salon show car, and was built to US-market specifications including air conditioning, power windows, and instrumentation in miles.
Precedents: Apart from a significant exception when one of the two 365 GTB/4 prototype went to auction, fetching USD $2,315,000 at RM Sotheby's during 2022 Monterey Car Week, prices for the 365 GTB/4 have been mainly in the $600,000 to $900,000 range for the last decade. Other than the prototype, only three Daytonas have ever crossed the USD $1.0 million mark, and that was back in 2015/2016, being $1,155,000 at a Bonhams sale in 2016, $1,063,741 (EUR €953,600) by Artcurial at Retromobile 2016 in Paris, and $1,045,000 for the U.S. prototype at RM Sotheby's in 2015.
1972 Ferrari 365 GTB/4 Daytona Berlinetta by Scaglietti
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Number made: as above
Precedents : as above
1972 Ferrari 365 GTC/4 by Pininfarina
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Number made: One of 500 365 GTC/4s produced
Precedents : The record price for a GTC/4 is $561,000, fetched at Pebble Beach in 2015 by Gooding & Company, but that is one of just two GTC/4s to have sold for more than $350,000 and the top end of this market sits in the $300,000 to $350,000 range now..
1976 Ferrari 308 GTB ‘Vetroresina’ by Scaglietti
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Number made: This car is one of 712 fiberglass-bodied 308 GTBs
Precedents : The record for a 308 GTB is $357,500 at a 2016 Gooding & Company auction, but that car was beyond pristine, and it is one of just four to have sold over $250,000. This car will sell well below $250,000.
1977 Ferrari 400 Automatic
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Number made: Ferrari produced a total of 355 samples of the Ferrari 400 Automatic, but this car won't trouble the auctioneers to more than $50,000 because although supply is small, so too is the demand. were manual.
Precedents : The record price for 400 Automatic was set by French House Aguttes on 21 March, 2021 at EUR €67,662 (USD $79,616).
1978 Ferrari 512 BB Competizione
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Number made: One of three cars built by Ferrari for the 1978 24 Hours of Le Mans. Various weight-saving measures reduced the car’s weight to about 2,425 pounds, with the 5-liter engine tuned to develop 460 horsepower, while the rear suspension was revised to accommodate wider rear tires. Pininfarina’s production coachwork design was built in alloy and the car was fitted with plexiglass windows, and modified with the addition of a larger chin spoiler and a large rear wing derived from Ferrari’s 312 Formula One car. None of the cars saw the chequered flag, with this car completing 232 laps before retiring at the 19 hour mark with engine problems. As can be seen from the livery, it was entered by Luigi Chinetti’s North American Racing Team (NART) as race #87, and driven by the team of Jean-Pierre Delaunay, Jacques Guérin, and Gregg Young.
From the auction description: Ferraris with authentic Le Mans racing history are a special breed of competition car that encompass rarity and unique engineering, and NART-campaigned examples are even more unobtanium. This long-domiciled 512 is a particularly attractive example, as it has undergone no restoration since being acquired by the current owner in 1981, and remains faithful to its 1978 Le Mans appearance.
Precedents : These cars are rare and each race car has its own provenance and hence value. One prior worth noting though, is this 1981 Ferrari 512 BB Competizione which competed at Le Mans and sold for USD $990,000 at Bonhams' Quail Lodge (Monterey) auction in 2014, then sold a second time as part of the Guikas Collection in November 2021 for EUR €1,973,750 (USD $2,227,772).
1980 Ferrari 512 BB
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Number made: Another mass-produced car by Ferrari standards, 2,323 of the 512 Berlinetta Boxer were made, and hence the auction price has never risen much above room temperature.
Precedents : A handful have fetched more than $400,000, and the record for the model stands at $512,089 (EUR €425,500), fetched at RM Sotheby's Leggenda e Passione sale at Maranello in 2017.
1991 Ferrari Testarossa
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Number made: The Testarossa is one of the most mass-produced Ferrari models ever, which means that it offers great value as a driver, but is unlikely to ever become a star on the auction block.
Precedents : A handful of these cars have topped the $300,000 mark at auction, (record is $321,250) but they are invariably low mileage, near perfect specimens, which this is not. It does however, have the original manuals, window sticker, sales invoice, tool roll and just 18,876 miles on the dial, so if it can be purchased at the right price ...
