A burnt-out wreck for 1.7 million? Really now?

At a race The car caught fire in the early 1960s and went untouched for decades. And then it suffered even more damage when a hurricane blew the roof off a shed where it was kept in Florida.

Accordingly, today it looks like this:

And recently this thing (can you still call it ‘a car’?) offered for auction by auction house Sotheby’s; Estimate: $1.6 million.

Oh how we laughed.

But this estimated price was not met.

He was surpassed.

Someone out there apparently thought it appropriate $1,875,000 for the junk yard pictured here. 1.7 million francs.

OK. Well, no one, really no one, spends such an amount without the certainty that sooner or later a profit will be expected. And as insane as that may seem, in the case of this heap of tin, it may turn out to be right. Because in its former, undamaged state, this was one of the rarest and most desirable racing cars in the world.

We’re talking about one here Ferrari 500 Mondial Spider Series I from 1954. One of only 13 ever built. With a body handmade by designer Pininfarina.

Despite the fire and the ravages of time, the racing car still has the original chassis number plate, the transmission, the rear axle and the 3 liter four-cylinder in-line engine. Type 119 Lampredi.

And: This car was driven by Franco Cortese, the very first driver for Ferrari. Around 1954, Cortese drove this Mondial dice Mille Migliathe 1600km endurance race across Italy, finishing 14th.

According to experts, a complete restoration of the car should therefore be worthwhile, even if the costs are astronomically high. In November, for example, a 250 Ferrari GTO from 1962 will be auctioned. The estimate here is… $60 million.

But: the thing is still not scratched.

Although only 13 were ever built, the 500 Mondial Spider does not enjoy the same reputation as its more famous later relatives. A copy of the model in absolutely pristine condition, driven to victory by Mike Hawthorn and Umberto Maglioli on its Monza debut, sold for $2,095,000 in 2022 – well below the $2.5-3 million estimate:

In 2019, a model that was also fully restored missed the minimum price:

In general, it has become clear recently that buyers in the classy classic car segment have been more cautious, leading to prices falling in some cases. At the prestigious 2023 Broad Arrow Auction, which took place in Monterey a few weeks ago, many vehicles on offer stalled and even more went for well below estimate, according to trade journal Zwischengas.ch reported.

No, the 1.7 million wreck is by no means the object of pure speculation. It is more likely that the buyer will view the restoration process as part of the joy of ownership.

And if the car does come onto the market in a few years, there is a good chance that the value will have increased. But the calculated profit may turn out to be rather small.

By the way: There was a similar complex restoration project at the aforementioned Broad Arrow Auction Monterey for slightly less money:

This 1911 Peugeot Type BP1 Bébé cost only $5,000 instead of the estimated $25,000 to $35,000.