Market Intelligence
Online auctions grow
At the recent RM auction, a 1958 Ferrari 250 GT Coupé by Ellena sold for $671,000, answering important questions about the online sale of older cars. The three modern Ferrari hypercars also sold well, but the Ferrari F50 failed to reach enough offers to sell. The auction also showed a trend of early bidding for some lots, with final raises made hours before the lot closed, indicating a mature market that knows the value of a car without getting into a bidding war.
$671,000. This is the most important figure of the entire RM auction that took in over $16.1 million called “Driving into the Summer” organized online from 21st to 28th May.
$671,000 was the amount paid for a 1958 Ferrari 250 GT Coupé by Ellena, chassis number 0861GT. This was not the most expensive car sold but, in my opinion, it was the most important car on sale. The explanation can be found in its recent history: the Ferrari had already gone to auction in August 2019 during Monterey week (Bonhams, lot 127) and, against an estimate of $750-950,000 remained unsold at $560,000 and therefore had returned to its owner. Many of my pre-auction expectations were concentrated on this car because this sale would have answered two important questions.
1958 Ferrari 250 GT Coupé by Ellena sold for $671,000
