- #1
Thread Owner
A Ferrari that competed in the 1953 Le Mans 24-hour race and another that John Lennon bought just after passing his driving test are coming up for auction as prices rise for classic models by the Italian maker.
The Le Mans racer is estimated to sell for at least 5 million euros ($6.6 million) at a sale in Italy to be held by RM Auctions Inc., while the Lennon 330 GT may fetch as much as $340,000 at Bonhams in the U.K.
"There's a feeding frenzy in the auction market for Ferraris at the moment," the Ascot, southern England-based dealer John Collins said in an interview. "There are new people coming in and there may be some speculators. It's making it difficult for dealers to buy stock."
Michigan-based Hagerty's "Blue Chip" index of the best collectible autos is at an all-time high of 240.9, boosted by a 24 percent increase for classic Ferraris within the last year. The supercar manufacturer is now owned by Fiat SpA.
The Italian sale, at Villa Erba, Lake Como, on May 25 is held in association with the nearby Concorso d'Eleganza, Villa d'Este — Europe's foremost beauty contest for classic cars — and is forecast to raise at least 23.6 million euros.
Ferrari is the dominant marque at the auction, making up 16 of the 40 offered lots, and led by the 340/375 MM Berlinetta "Competizione," one of three entered by the Italian team in the 1953 Le Mans race. Driven by champions Mike Hawthorn and Nino Farina, it was disqualified on a technicality on lap 12.
The current owner has been identified by dealers as the prominent U.K. collector and historic racer, Paul Vestey, who also owns a 250 GTO, the most valuable of all Ferraris.
Read more: http://www.canada.com/cars/Lennon+Ferrari+chases+Mans+Racer+auction/8381724/story.html#ixzz2TKMQE3zs
