Will the Ferrari 250 GT Lusso go over $ 2 million again?

Will the Ferrari 250 GT Lusso go over $ 2 million again?

The Ferrari 250 GT Lusso of 1963/1964 has become increasingly popular with collectors. At auction, prices have gone up from around USD 250,000 in 2004 to 2.5 million in 2014. For 2018 there are several Lusso’s on the market. Question is, will prices for this elegant Ferrari continue to increase?

Almost the highest price ever paid for a Ferrari 250 GT Lusso was 2.3 million dollar in 2007. That was at an auction by Christie’s in Monterey and the car fetched almost double the auctioneer’s estimated value.

Foto: Silverstone Auctions

But hey, that was no ordinary Ferrari 250 GT Lusso, it was Steve McQueen’s old car. Considering the prices that were paid for similar cars that year, we can safely say that whoever bought McQueen’s Lusso, paid around USD 300,000 for the Ferrari and 2 million for the Steve McQueen-provenance.

The absolutely highest price at auction for a Lusso was paid in 2014 at the Salon Prive auction by Silverstone Auctions in the UK. An RHD maroon Lusso was sold there for GBP 1,897,500, today that is the equivalent of 2.5 million dollars.

Elegant

The 250-series of Ferrari was built from 1952 to 1964. The name ‘250’ was based on the amount of cc’s per cylinder; the twelvecylinder Colombo-engine measured 3,000 cc in total.

The 250-platform was the basis for many different bodystyles. The last incarnation of the Ferrari 250 was the GT Berlinetta Lusso, designed by Pininfarina and built by Scaglietti.

The 250 GT Lusso is considered to be one of the most elegant Ferrari’s ever built. Being the last one in a long line of 250-generations, it profited from experience from the past. It is equipped with several improvements that came directly off the 250 GTO racecar, like the Watt-linkage to stabilize the rear axle and concentric springs around the shockabsorbers. 

Only 350 of the 250 GT Lusso were produced in just 18 months, in 1963 and 1964.

It is not exactly clear how many of the 350 Lusso’s are still in existence, but they are quite a few, considering the fact that each year a bunch of them is being sold on auctions in the USA and Europe.

Auction results

To see how prices of the Lusso have developed over the years, we only have to look at the auction results. RM Sotheby’s have sold more Lusso’s than any other auction house and the results of those auctions show a steady increase in value.

Foto: Tom Wood 2017, Courtesy of RM Sotheby’s

In 2004, this 1964 example sold for USD 247,500. Then in 2009, a 1963 Lusso went for USD 440,000. Two years later a Lusso of the same year sold for USD 907,500, but another one in 2011 went for just USD 504,000.

But the high price would stick and in 2012 we see two Lusso’s at RM Sotheby’s auctions selling for USD 750,400 and 979,000. A year later, in 2013, the first Lusso breaks through the 1 million-limit at an RM auction. It’s a blue 1964 Lusso, number 275 of the total of 350 cars that were produced. The car goes for USD 1,386,000 at the RM Sotheby’s auction at Monterey. RM sells two more Lusso’s that year, but they don’t reach 1 million.

The next year things really take off. In 2014, RM Sotheby’s sells its first Ferrari 250 GT Berlinetta Lusso for more than 2 million dollars. It is USD 2,447,500 to be exact, the car is a 1964 example and the auction is in Phoenix, Arizona.

 

 

For RM, this remains an all-time high. The auction house sells about a dozen Lusso’s after this one, and some for hefty sums, but none of them makes 2.4 million dollars again.

Foto: Jason Dodd 2015, Courtesy of RM Sotheby’s

Some make just over 2 million, like that Pino Verde 1963 car that RM sold at Villa Erba in 2015, or the 1963 Grigio Ferro one at Monterey 2016. And there was also one at Monterey 2014 that made more than 2 million dollars, a metallic maroon Lusso from 1963. The last Lusso that RM sold was lot number 128 at the Legende e Passione auction in Maranello in September 2017; a 1964 Ferrari 250 GT/L Berlinetta Lusso with chassis nr. 5783 sold for EUR 1,695,000, or USD 2,033,646.

Other auction houses show the same pattern. Gooding sold a Lusso for USD 2,365,000 at Pebble Beach in 2014, a black-over-red example from 1964. At that very same auction another Lusso, a silvergrey one, went for 2.2 million dollars.

Five Lusso’s on offer

So how about the Lusso’s that are on the market today? There are five on offer at the moment.

There’s this red one, for instance, at Tomini Classics in Dubai. It has had only two owners and has been carefully restored in the original Rossi Cina with certified Borrani wheels. Tomini doesn’t give a price for the car, you will have to contact them to find that out.

 

A1 Full Banner

 

The same goes for Talacrest in Ascot, UK. They have this white 1964 250 GT Lusso that once belonged to Chris Evans. Who? Chris Evans is a British tv-presenter and radio-DJ, pretty famous in the UK. He is well known for his love of classic cars, especially Ferrari’s.

Then there is a blue Lusso for sale with AR Cars in the Czech Republic. They even name a price for it. A steep one though, they ask CZK 76,700,000 for the car. That would come down to a staggering 3.6 million dollar. But, according to the seller’s information, the car has only 743 km on the odometer. 

And then there are two Lusso’s to be auctioned this year.

Foto: Robin Adams 2017, Courtesy of RM Sotheby’s

Silverstone Auctions has its Ferrari Auction on May 18th, though we don’t know the catalogue yet. And the year kicks off with RM Sotheby’s Arizona Sale on January 18 in Phoenix. There will be this blue 250 GT Lusso on stage. The car will be offered without reserve, RM estimates it between 1.8 and 2.2 million dollars.

Possibly there will be one or two more Ferrari 250 GT Lusso’s on offer in 2018.

The big question at the moment is how the value of this model will develop. Over the past year, classic car values have declined a bit, which is a good thing after the overheated market of 2015 and 2016. On the other hand, it looks like the collector value of the Ferrari 250 GT Lusso still has potential to grow.

Will we see any more Lusso’s go through the 2 million limit?
Let’s wait and see.

 

Leave a Reply