The recent sale of a wrecked Ferrari that caught fire during a 1960s race has garnered attention due to its price tag of £1.5 million, significantly lower than the estimated value of its counterparts in good condition, which are valued at around $60 million. This particular car, a 1954 Ferrari 500 Mondial Spider Series I, is notable for being the second out of only 13 cars built with the iconic Pininfarina spider framework.
After the unfortunate incident, the remains of the Ferrari were left untouched for nearly four decades. However, in 2004, a hurricane destroyed the barn in which it was stored, along with 19 other Ferraris. Surprisingly, the wreckage has managed to preserve its original chassis plate, gearbox, rear axle corners, and 3.0 litre Tipo 119 Lampredi inline-four engine.
During the RM Sotheby auction at Monterey Car Week, the damaged car found its way into the possession of a collector in Monterey, California. It was part of the ‘Lost and Found Collection,’ which also included the other recovered 19 cars. The buyer is rumored to have plans for restoring the Ferrari so it can be raced once again.
Meanwhile, Sotheby’s in New York is preparing to auction a 1962 250 Ferrari GTO, one of only 34 ever made. This highly sought-after car is expected to fetch around $60 million. GTO models hold a special place in the hearts of classic car collectors due to their historical significance.
The journey of the 1962 250 Ferrari GTO is particularly fascinating. Sold initially for $6,000 in 1964, which is equivalent to roughly $59,000 today, it was later purchased in 1985 for approximately $500,000, equivalent to around $1.4 million today, by Jim Jaeger, a car enthusiast from Ohio.
Jaeger, now 75, explained that during the 1980s, he was in search of the ultimate Ferrari and realized that a GTO was his dream car. This prized possession is now set to go under the hammer as part of Sotheby’s major fall sales series.
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