Ferraris at Gstaad December 20th 2002
Story and Photos by Marcel Massini
(scroll down for Photo Gallery and complete results)

British auctioneer Bonhams held its 5th annual Ferrari-Only sale on Friday, 20 December 2002, at the fashionable Palace Hotel in Gstaad, Switzerland. It was a journey through the history of Maranello’s famous marque, both on display and for sale.

Enthusiastic bidding, both ‘live’ in the luxurious Palace Hotel salesroom and via telephone from bidders across Europe, the USA and Asia, resulted in a sales total of over Swiss Francs 4.6 million (US$ 3,250,000). Of 37 Ferraris originally offered, 3 were withdrawn prior to the sale, 21 were sold (62%) and 13 remained unsold. Despite difficult economical times with a recession in several European countries, this is a good and satisfying result. The Bonhams sale consisted of three parts; the historic Ferrari motor cars, related automobilia and literature, and Patek Philippe Wristwatches and Fine Diamond Jewelery.

The highest price achieved was a spectacular Swiss Francs 1,086’000 or US$ 765,000 for the "founding Ferrari", the earliest complete Ferrari supplied to a paying customer and, in all probability, the earliest surviving competition Ferrari. The 1947-48 166 Spider Corsa chassis #002 C is indeed a significant motoring landmark, a red sculpture on wheels. This superstar of the 2002 Gstaad sale has found a new home in one of Europe’s finest collections, owned by an enthusiastic Swiss industrialist.

The next oldest Ferrari in the auction was also a gem. A Ferrari 375 MM Coupé Ghia, serial number 0476 AM, built for wealthy US client Robert Wilke in Milwaukee. With its salmon and gunmetalgrey paintwork, this unique Ferrari, a glamorous throwback to the 1950s, was displayed at the 1955 Torino motor show and today has just 13,140 km on the speedometer. Highly original, never restored, and with a lovely patina, it failed to sell. This car, in Swiss ownership since 1987 and carefully preserved, should actually go back into an American collection and perhaps be shown at the Ferrari meeting in Pebble Beach 2004?

The ex-Jo Schlesser 1960 Ferrari 250 GT SWB Berlinetta Competizione, serial number 2209 GT, painted in the Madagascan colors of white with a green stripe, was hoped to command Swiss Francs 1,200,000 to 1,500,000. It is owned by an English connaisseur since 1980 and had been on the market for quite some time. The car has a good racing pedigree with a 3rd place in the 1960 Paris 1000 kms. Is it perhaps because of the non-matching engine and the rebody that this lovely SWB did not sell in Gstaad?

Other lots from the 1960s included a road and a race example of the 1964 Ferrari 250 GT Lusso Berlinetta by Scaglietti. These cars are considered by many to be the prettiest Ferraris of all time. Both Lussos in Gstaad were painted dark metallic blu (Blu Sera) with tan interiors. The road Lusso has had two prominent owners, former Swiss race driver Jo Siffert and Swiss sculptor and metal artist Jean Tinguely. Serial number 5303 GT was unrestored and also showed a good patina. It made a stunning price of Swiss Francs 332,060 or US$ 234,000, a sum which is very high for a Lusso and clearly reflects the provenance and originality of this particular car.

The Competition Lusso, serial number 5367 GT, had been painstakingly restored to the highest level by its fastidious Swiss owner. The interior was untouched and in nice original condition. A super-rare car and ready to race, it came with an exceptional racing pedigree which included the 1964 Tour de France with Charly Muller and Heini Walter. This car is pictured in Jess Pourret’s famous "250 GT" book and is the same automobile which was originally displayed on the Ferrari stand at the 1964 Geneva motor show. The high quality, the provenance, the racing pedigree and only three owners in 38 years resulted in a high price at the Gstaad sale: Swiss Francs 597,350 or US$ 421,000. It was sold to a well known Swiss collector and now joins a stable that also includes a Maserati 250 F.

For those who preferred the more muscular lines of the 275 GTB Bonhams offered a fabulous 275 GTB/4 in azzurro metallizzato (lightblue) with a light red interior called by the factory arancia (orange). A very low mileage car that had spent most of its life in sunny Florida. The four-cam was one of the highlights in Gstaad and achieved no less than Swiss Francs 641,750 or US$ 452,000. It has now found a new home in Texas. Another Ferrari 275 in Gstaad, a red 1964 275 GTS Spider sold for Swiss Francs 258,800 (US$ 182,000). Eleven years ago, in November 1991, this car had been sold in the legendary Orion Solo Ferrari auction in Monaco for French Francs 1,380,000. The new owner is a prominent German jeweller and watch manufacturer who will no doubt use this stunning topless Ferrari in rallyes and classic car events throughout Europe.

Three most interesting Formula 1 Ferraris from 1972, 1980 and 1984 were available in Gstaad but none of them sold. The group included the famous "Spazzaneve" or "Snow-plough", a rather bizarre looking prototype which never raced. The market for these mono-posti is certainly a bit limited. After all, what can you do with such a racecar? Hang it on the wall in your bedroom, or occasionally rent a race track to play (if you don’t already own your own circuit). Spare parts are almost unobtainable and maintenance costs must be exhorbitantley expensive.

No fewer than five Daytonas were offered in Gstaad. An early white Berlinetta with plexi-glass headlight covers and in stunning condition sold to buyer in California, while a red Berlinetta, converted from RHD to LHD, remained in European ownership. Also offered was an original Daytona Spider, an US-Version which originally belonged to legendary stuntman Evel Knievel, one of only 121 examples built. It failed to sell, however. In sensational condition was another Daytona Spider, also a red example with a tan interior. This car had been converted from a Berlinetta into a Spider by Swiss Daytona specialist Edi Wyss and Carrozzeria Brandoli in Montale near Modena. Fanatically rebuilt with a brand new engine and a wonderful Luppi interior, this virtually brand new automobile made Swiss Francs 258,800 or US$ 182,000. Excellent value for little money. What a deal!

Among the newer cars of the sale was an F40, an F50 and a 550 Barchetta, all painted red, of course. While the F40 and the F50 failed to sell, the 550 Barchetta brought Swiss Francs 319,850 or US$ 225,000. Supplied by an Italian collector it will now be based in Switzerland. A black 330 GTS Spider with red interior, one of only 99 built, coming from Spain, was sold to a dealer in Belgium. This lot was the last one sold at the auction.

About 700 people attended Bonhams Friday evening Ferrari sale which was conducted by the ever-charming Robert Brooks and Malcolm Barber. With just a few days before Christmas, the timing and venue was perfect, as many of the rich and famous spending their winter holidays in the Bernese Oberland. Several prominent collectors from all over the world and many American and European dealers attended the sale in Gstaad.

The Bonhams Gstaad Ferrari auction has clearly demonstrated the overall trend: Only the very best cars in top condition, with correct engines, excellent provenance and impeccable pedigree and history, sell well and achieve strong and high prices.

Photo Gallery: Bonham's Auction at Gstaad, December 20th 2002

Click on images to view larger images.

Bonham's Simon Kidston smiles about the $3,250,000 turnover.	A Lusso for racing, S/N 5367 GT, made $421,000, went to a Swiss collector.
Ex-Besana Spider Corsa, S/N 002C, sold for $765,000. Watch these pages for more about 002C.	In the foreground is the "Spazzaneve" F1. None of the F1s sold.
1966 330 GTS, S/N 9771, brought $176,000 including taxes and premiums.	250 GTEs seem to be holding their value, this one, S/N 4745 GT sold for $54,500 which included taxes and premiums.
Strange, but effective, chopped topped 208GT4 sold but at a pittance.	Dinos are also holding their value, this on, S/N 01236 made $73,000 which included taxes and buyer's premium.
Almost new 550 Barchetta also sold at Bonhams for $225,000 including taxes and premiums.	Ex-Jo Siffert 250GT Lusso, S/N 5303GT brought a respectable $234,000 unrestored.

Bonhams Ferrari Sale, Gstaad/Switzerland, December 20th, 2002

LOT	YEAR	TYPE	COLOR	CHASSIS#	ESTIMATE SFR	RESULT SFR
251	1970	365 GT 2+2	white	13287	50'000-60'000	41,000
252	1972	365 GTB/4 Daytona Berlinetta	red	15523	150'000-200'000	116,000
253	1964	250 GT Lusso	dark blue	5303 GT	250'000-300'000	296,000
254	1984	512 BBi	red	50083	90,000-110,000	Withdrawn
255	1970	365 GTB/4 Daytona Berlinetta	white	13731	150,000-200,000	127,000
256	1965	275 GTB longnose (6C conv.)	red	6995	300,000-350,000	Withdrawn
257	1971	365 GTS/4A Daytona Spider (Conv.)	red	13425	220,000-260,000	230,000
258	1991	F40 (Ass.#05616	red	88652	300,000-350,000	Withdrawn
259	1972	312B3 "Spazzaneve" F1	red	009	600,000-700,000	450,000 NOT SOLD
260	1985	TestaRossa	silver grey	64051	50,000-80,000	48,000
261	1979	308 GTB Comp Conversion	red	26645	60,000-90,000	50,000
262	1971	246 GT Dino	red	01236	115,000-130,000	95,000
263	1963	250GT 2+2	black	4745 GT	80,000-100,000	67,000
264	1960	250 GT SWB Comp	white	2209GT	1,200,000-1,500,000	900,000 NOT SOLD
265	1967	330 GTC	azzurro	9307	120,000-130,000	90,000 NOT SOLD
266	1965	275 GTS	red	6867	240,000-280,000	230,000
267	1971	365 GTS/4 Daytona Spider, US version	red	14737	490,000-540,000	410,000 NOT SOLD
268	1972	246 Dino GTS US version	marrone	04964	110,000-125,000	110,000 NOT SOLD
269	1947	Spider Corsa	red	002C	1,100,000-1,500,000	860,000
270	1980	312 T 5 Scheckter F1	red	044	600,000-800,000	580,000 NOT SOLD
271	1996	F50 #165/349, Ass 22899	red	105810	600,000-700,000	500,00 NOT SOLD
272	2001	550 Barchetta (#294/488)	red	124272	315,000-330,000	285,000
273	1972	365 GTB/4 Daytona Comp Conv.	red	15723	340,000-380,000	230,000 NOT SOLD
274	1967	275 GTB/4	azzuro	10307	550,000-600,000	575,000
275	1964	250 GT Lusso Comp	dark blue	5367 GT	500,00-600,000	535,000
276	1954	375 MM Ghia coupe	pink/grey	0476 AM	2,200,000-2,500,000	1,300,000 NOT SOLD
277	1961	250 GT 2+2	dark grey	3071 GT	80,000-100,000	70,000 NOT SOLD
278	1984	126 C4 F1 Alb0reto	red	072	330,000-400,000	280,000 NOT SOLD
279	1977	208 GT4Spider (Conv.)	red	13956	25,000-35,000	21,000
280	1989	328 GTS	red	82868	55,000-65,000	56,000
281	1966	330 GT 2+2 SII	silver grey	9453	38,000-45,000	53,000
282	1982	308GTBi	red	38755	28,000-35,000	27,000
283	1964	330 GT 2+2 SI	red	6479	35,000-40,000	31,000
284	1986	412 Man trans	dark blue	63571	30,000-35,000	29,000
285	1966	330 GTS	black	9771	270,000-300,000	222,000
286	1969	365 GTC	red	12123	120,000-150,000	108,000 NOT SOLD
287	1991	F40 Ass #05223	red	88409	300,000-350,000	250,000 NOT SOLD

Exchange rate: 1 US Dollar $ is Swiss Francs 1.4285

RESULTS DO NOT INCLUDE BUYER'S PREMIUM AND TAXES