Ferrari Mailing List: Re: Fw: Ferraris-online.com Newsletter - 1972 Ferrari 246 GT> s/n 03000 - Price reduction

[Rick Moseley (ramosel]

After years of historic racing, I have a slightly different perspective.  I do 
not consider myself in the upper stratosphere by any means... But when you race 
with the "bucks up boys" you talk with them, have lunch or dinner with them, 
etc.  

Don't get me wrong, I've met Mr. S a few times and he's a good chap.  But the 
significant, rare or quality cars usually change hands via a handshake over a 
catered lunch on paper plates at race track -race  car or otherwise.   Years 
ago, I personally watched a mechanic get sent back and forth between tables 5 
or 6 times and watched a 917 change hands. Those are the collectors. When it 
comes to their cars, money is of little concern. 

Below the collectors are the investors.  If they are playing in this realm, the 
cars usually go to auction.  Money (or lack thereof) plays a huge role.  And by 
"lack thereof" I mean some who can afford to drop a cool million on a car but 
can't write a carefree $6M check at lunch or write down his Amex Black card 
number on a napkin with bbq stains to seal a deal with a wink. 

Below that are the dabblers...  Rarely (but it happens) do the significant, 
rare or quality cars trickle down here.   Whatever is left usually has some 
issue... And it doesn't take much for a serial number to lose favor with the 2 
groups above.  These are the cars you often find at a broker... Usually for one 
reason or another.  Sometimes an unknowing relative inherits a top car and offs 
it quickly and a gem enters this realm.  Or, a top car's owner goes into 
distress and brokers it for a quick liquidation.  

A subset of the dabblers are those selling cars to friends at ridiculously low 
prices to shelter them from divorce.  This has a negative impact on the market 
too.  

I think shows on TV have also affected this market.  I've had several kids and 
wives tell me they were told by "someone" to call Wayne because they saw him on 
TV.   Wayne is a good guy, but his show has resulted in a lot of great cars 
being dumped in his lap.  

So when all the above is in play, it's really hard for Mr. S or Fantasy 
Junction to get stock.  Didn't Cavallo recently go under?

So that's just one view, and it's based on observation, not market analysis... 
But I could be wrong. 

Rick

> On Dec 13, 2015, at 6:39 AM, Alexander Ishii <alexishii [at] mindspring.com> 
> wrote:
> 
> 
> Normally I just lurk, but some folks will recognize me, and know that I've
> been around awhile...
> 
>> Conflicting info?...:
> 
> Some number of years ago, I was living the "some people have a house, but I
> have this car" scenario, and was simultaneously looking for either some real
> estate, or a Daytona.  Made a number of fair offers on both, but it was a
> house offer that got accepted first.
> 
> This is in the height of the financial crisis, so Daytonas could be "had all
> day" for $275k (to use Clyde's terminology), but I saw a couple of perfectly
> serviceable cars (with some major issues) trade in the $225k (or even lower)
> range.
> 
> In the intervening years, I've continued to monitor the situation (hope
> springs eternal for some great financial success), and the prices have more
> than doubled, and many would say tripled.
> 
> One thing I've noticed though is that for many years now, inventory has
> essentially been "zero".  If one talked to any of the established brokers,
> one found that many did not even have a line on an available car; they would
> all say "how much are you offering?  I can go through my rolodex of owners,
> and see if anyone will sell".
> 
> At times, Mike S. was only listing "Craigslist" stuff (friendly jab at
> Porsches and Corvettes); so called "Enzo Era Ferraris"?  Forget it...
> nada...
> 
> Now perhaps in later life, Mike is taking it easy, but man, he used to be a
> real rain-maker, so if he did not have cars for sale, things probably were
> tight.
> 
> Now to me, it seems plausible that all the cars were being held on the
> assumption that their value was still on the rise, so the question becomes
> when do the holders start to lose faith and start trying to get out?  I've
> been smiling at the latest mailings from Mike S., because (1) it seems he is
> starting to have some inventory, and (2) it seems people are testing the
> high-end of prices, and finding no buyers (hence the price reductions).
> 
> Perhaps with some luck (from my perspective), prices are on their way down
> finally.
> 
> Mind you, I don't see being able to afford a stable-mate for my QV anytime
> soon, but it took a long time to prices to go this high, so maybe it will
> take a while for them to come down... :)
> 
> Personally, I would not put too much stock in the article, because the
> nature of "bubbles" is that they are always biggest before they burst...
> 
> Besides, how much cred can you have when you cite a
> 
>    "Ferrari 275GPB4"
> 
> as a potential investment target?  :)
> 
>    -- Alex
>    84 Nero Metallic QV
> 
>> ----------------------------------------------------------------------
>> 
>> Message: 1
>> Date: Sun, 13 Dec 2015 07:24:02 +0000
>> From: Peter Rychel <dino308gt4 [at] hotmail.com>
>> To: LS <lashdeep [at] yahoo.com>, The FerrariList <ferrari [at] 
>> ferrarilist.com>
>> Subject: Re: [Ferrari] Fw: Ferraris-online.com Newsletter - 1972
>> Ferrari 246 GT s/n 03000 - Price reduction
>> Message-ID:
>> <BLUPR19MB0225EAFD6CDCF580B7E765E7DFEC0 [at] 
>> BLUPR19MB0225.namprd19.prod.outlook.co
>> m>
>> 
>> Content-Type: text/plain; charset="iso-8859-1"
>> 
>> Conflicting info?...:
>> 
>> 
>> http://www.cnbc.com/2015/12/05/jay-leno-wannabes-classic-car-market-goes-into-
>> overdrive.html
>> 
>> 
>> Peter
> 
> 
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