2003 Ferrari Enzo Nets Online Auction Record of $2.6 Million
Even during a global pandemic, vintage sexy supercars still sell at a premium.
But the buying process is changing.
In a sign of the times, RM Sotheby's recently held its first online-only collector car auction. The auction house took bids from 550 individuals from 35 countries around the world.
About 60% of the 193 classic cars listed sold during the “Driving into Summer” event, generating a combined $16.4 million in sales.
Leading the way was a 2003 Ferrari Enzo that went for more than $2.6 million, which Sotheby's claims is record for an online sale. It was followed closely by another Ferrari, of course, with a limited-edition 288 GTO fetching $2.3 million.
No other vehicle sold for more than $1 million during the online auction. Rounding out the top 10 were four other Ferraris, two classic Ford models, plus a Shelby and Lamborghini.
What the Enzo Buyer Gets
Ferrari built just 399 Enzo F60 models in the early to mid-2000s. At the time, the cars had a starting price of $650,000.
Powered by a naturally aspirated, mid-mounted 6.0-liter V-12, the Enzo generates 651 hp and 485 lb-ft of torque. The car can rocket from zero to 60 mph in 3.3 seconds on its way to an estimated top speed of 218 mph.
The lightweight supercar is built on a carbon fiber chassis and has carbon fiber/Kevlar body panels.
There’s also exposed carbon fiber in the spartan interior, which features two-tone racing seats with red cloth inserts. Other goodies include an electro-hydraulic 6-speed transmission and scissor-style opening doors.
The record-setting model has had just two previous owners. Only 1,250 miles are on the odometer.
In terms of past car auctions, the Enzo’s $2.6 million selling price is somewhat pedestrian.
This was due in part because most of the vehicles in Sotheby’s online auction were newer models that were built in the last 20 years. Older and rarer vintage rides typically attract much higher bids.
Indeed. The overall auction record was set in 2018 when a buyer paid $48.4 million for a 1962 Ferrari 250 GTO race car at a RM Sotheby auction during the Pebble Beach Concours d'Elegance in California.
And several vehicles have fetched higher prices during private sales. This includes a record $69 million paid for a 1963 Ferrari 250 GTO in 2018.
Last year’s top seller was a 1994 McLaren F1 LM that gaveled for $19.8 million.
This year’s Enzo auction indicates there still is a lucrative market for classic cars—no matter how they’re sold.
If heritage means anything in this industry, then it is surprising that Buick doesn’t make more of its history because the story of the early years of the company is nothing short of astonishing.
Often when there are vehicles that have ceased production and are in the process of being completely moved out of the system there are sales numbers that look like this: Honda Insight: June 2016, 9; June 2015, 126; % change: 93.1% Sometimes there is a vehicle that has just gone into production and it catches the sales at just the right time so that there are numbers that look like this: Honda Ridgeline: June 2016, 2,472; June 2015, 7; % change: 33,856% OK.
It’s the fifth generation of a vehicle that has been increasing in sales year after year since its introduction in 1997.