News & Features July 26, 2007, 2:53PM EST

Swinging '60s Spyder

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Harry Mathews, another SCMer and a prominent collector, says the 330 GTS is his favorite older Ferrari, combining beautiful styling and a comfortable and roomy interior with a great-sounding V12. He frequently drives this car at vintage rallies all over the U.S.

So there is another subtle factor favoring these cars -- customer expectations. The success of a product depends not so much on the technicalities of the product but on the customer's expectations of it. As the owner of both a 275 Berlinetta and a 275 Spyder, I can attest that most drivers don't expect the carefully styled and luxuriously appointed Spyders to have such outstanding performance and handling. Spyders are not as intimidating as the racy Berlinettas, but boy, do they go.

While not all owners have kept them for 40 years, there are a lot of 20-plus-year owners who keep a Spyder around simply for the top-down Sunday spin. There are few on the market, so the third aspect of rarity comes into play. Rarity is not only measured by 1) production or 2) survivability, but thirdly by availability. And the turnover is very limited for the 95 survivors.

Three reasons for the result

But why didn't this Spyder sell closer to the top of the estimates? Three reasons come to mind.

1. The very well done but not original red interior with black seat inserts. Ed Waterman, who has been selling Ferraris for 40 years, called it "borderline offensive." It was too garish for some Ferrari fans, yet $8,000 to $10,000 would restore it to its original configuration.

2. Another problem was the lack of any details on the "some time ago restoration." The RM catalog was very thorough, and the lack of information was noteworthy.

3. Finally, one key detail; when the car was advertised for sale in New Jersey in 2000, it had engine #9823, a proper 209-type from a 330 2+2. The prospect of a replacement engine invariably causes controversy and a price reduction, as was the case here. Since the FCA deducts only 1 out of 100 points at its concours for a non-original engine, some feel the penalty is small. But see "You Write" in SCM's November 2006 issue, p. 16, for Simon Kidston's letter on the Monaco Lusso, where he estimated the discount on that car at $128,000 for a non-original engine. (Incidentally, I confirmed the engine swap later but was not able to verify the engine number before the sale; despite several visits, the hood was never up, and after carefully opening it, I got only one photo before the guard informed me that I was not to touch the cars and if I persisted, I would be asked to leave. If you are a bidder, always get someone from the auction company to assist you in the inspection).

So, if you don't mind that the engine is non-original, and if you have a great leather man handy, and if the restoration was done by a competent Ferrari mechanic, this car could be a great buy. Add to this equation the fact that Ponder was a sophisticated collector, and one could reasonably assume he kept this car in top fettle.

All things considered, someone took a reasonable enough gamble on the three "ifs" noted above, especially given the way the current market is moving.

Years Produced: 1966-68

Number Produced: 99

Original List Price: $16,426

SCM Valuation: $400,000 -- $500,000 (at time of print)

Tune-up Cost: $3,500

Distributor Caps: $450 (two required)

Chassis #: 11021

Chassis # Location: Left frame member by steering box

Engine # Location: Right rear on motor mount

Club Info: Ferrari Club of America, Atlanta, GA

Web Site: http://www.ferrariclubofamerica.org