The $9 Million Ferrari

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1962 Ferrari 330 TRI/LM Testa Rossa

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330 was on his dream list

The buyer at that sale was the seller at this sale, and I had a chance to ask him why he bought #0808. His candid reply was that as a kid, he had a dream list of cars he would like to own, and a Testa Rossa was one of the cars on the list. He said he had not necessarily had his sights on this Testa Rossa, but the opportunity came along at the right time so he bought it. I didn't ask what else was on his list, but since both this car and Carroll Shelby's personal Cobra Daytona Coupe have graced his garage, it's a good bet there are few spots for tick marks left on the list. During the four years he has owned the car, he has driven it over 7,000 miles. It has been a participant in everything from the Copperstate 1000 to local events. It often went for weekend drives and I wouldn't be surprised if it made a few trips to the drive-through window.

Under Luca Di Montezemolo's leadership, Ferrari has metamorphosed from a small manufacturer of sports and racing cars to one of the world's most admired lifestyle brands. You can find their name on licensed products from tennis shoes to barometers. They produce events for their customers like the Ferrari Challenge Series and the recent 60th Anniversary Concours. They conduct impressive driving schools for their clients and host a popular web site specifically for Ferrari owners. Most recently, Ferrari has introduced the Ferrari Classiche program, a factory-based restoration and certification program for classic Ferraris.

Part of the objective of this program is for Ferrari to become more involved in the ownership experience. One of the ways to do that is an auction of classic Ferraris. Sotheby's was chosen as their partner and in June 2005, the Sotheby's at Ferrari Auction was held at Maranello, the first ever classic event to be held at the factory. While brilliant in concept, the event was less than stellar. Bad timing meant it attracted few real buyers, and those who did show up found the presentation of the vehicles imperfect. This car was consigned to the ill-fated auction, where it was listed as a no-sale at $8,050,000, a number probably enhanced by a favorable tailwind courtesy of the auctioneer.

Sales exceeded early 1990s levels

Failure is not an option at Ferrari, and for 2007, the auction was revamped. RM was chosen to sell the cars and the auction format was changed to allow better presentation of them. RM's comprehensive mailing list and advertising reached the right buyers. Also, Ferrari Classiche inspected and certified the cars before the auction. The results were nothing short of spectacular, with a 97% sale rate and many sales exceeding the highest sales of the early 1990s.

#0808 was the feature car at the auction, and it did not disappoint. But the buyer didn't stop with this TR; he apparently bought two more high-end Ferraris, spending nearly $20 million on the afternoon. The three are rumored to be headed to a museum in Argentina, where it's a fair bet #0808 will not be making Starbucks runs anymore.

So if the high end of Testa Rossa values is upwards of $10 million, was there money left on the table? While #0808 has plenty on its side, it also has a few warts. For years it was branded as having been built on the modified chassis of Testa Rossa #0780TR. The motor had been called into question, and it has been rebodied three times. Ferrari cleared up the chassis issue with an invoice showing that a new chassis was constructed especially for #0808 and also certified the motor as original, but the rebody still hurts the car.

More serious to the value is its age. As a 1962, it is not Mille Miglia eligible and at events like the Monterey Historics it will have to run with '60s era cars rather than other Testa Rossas. Then there's the golden rule of collector cars: Looks sell. #0808 is no slouch in the looks department, but next to a pontoon fender TR it just falls short--maybe a couple million dollars short. #0808 may be the most important TR, but it's not the most valuable. Then again, at $9.2 million, it's not far behind. When and if a 250 TR comes up for sale, we'll find out just what the gap is.

Provided by Sports Car Market—The Insider's Guide to Collecting, Investing, Values and Trends