October auction prevews: RM in London

RM returns to Battersea in London for its now-annual October Auction. Whilst the lot list doesn’t quite have the star power of the James Bond Aston Martin DB5 from last year's event, it's still an exciting list with a number of star lots. I’ve reviewed the list and picked what I think to be some of the best value lots. By value, I don’t mean cheap - quite the opposite, actually! - but cars that, within their peers, can be bought for less than you might expect.

All the comments here are in general terms; I have not commented on the specific condition of the cars other than as stated in RM’s catalogue.

Ferrari 750 Monza

One of two star Ferraris in the auction is the 750 Monza chassis 502M, which RM estimate will sell for between £1,550,000 and £1,800,000. That's a lot to pay for a car, by anyone's measure. However, it's significantly less than the Monza’s replacement, the 250 Testa Rossa (250TR) would realise, with the prototype 250 TR selling for over $14 million at the recent Monterey auctions.

Why the disparity in prices? The 250 TR is rather more famous than the Monza with three wins at Le Mans (in several different guises), but I suspect some of the difference is also due to what’s under the bonnet. The Monza eschews the trademark Ferrari V12, and instead uses a twin cam 3.0 litre four cylinder engine designed by Aurelio Lampredi. The reasoning for this was that the big four had rather more low down torque than the screaming twelves, and fewer moving parts meant it was popular with privateers.

502M was the only example built without a rear fairing for the driver, so its first American owner could drive it  on the street without attracting the attention of the police! The car went on to have had a successful career in US sportscar racing in the mid-Fifties. Today it's likely to get its owner into the same historic races and concours events as a 250TR but for rather less financial outlay. In my opinion it's also a more attractive car than the pontoon-fendered versions of the TR.

Ferrari 500 Superfast

If I were to say that in fifty years' time, Ferrari Enzos will sell for less than Ferrari 599s, readers would probably laugh at me, and with some justification. However, that very situation does arise with the 1966 500 Superfast offered (estimate £580,000 to £650,000).  At that value it's slightly less than the admittedly alloy-bodied 275 GTB (estimate £640,000 - £700,000) in the same auction. When both cars were new the Superfast cost twice as much as the 275, and was pretty much the most expensive car you could buy at the time.  

With it being so expensive, it won't come as a surprise that only 36 were made, which makes it as rare as the iconic Ferrari 250GTO. Customers included the likes of the Shah of Persia, actor Peter Sellers, European royalty and a number of captains of Industry.

Other than the eye-watering price tag, what marked the Superfast out as special was its engine: a 5.0 litre two cam V12.  This V12 - unique to the Superfast - is a hybrid of the long and short block versions of the Ferrari V12 seen on previous models. Rated at 395bhp, it was the most powerful engine offered by Ferrari at the time. Indeed, it would take another 18 years for Ferrari to claim a larger output in a road car, with the 288GTO. With a top speed of 171mph the Superfast would also be the fastest road Ferrari until the arrival of the Daytona.

I suspect what holds the Superfast back, value-wise, is its underpinnings. It shares a chassis with the Ferrari 330 GT 2+2, which in today’s terms would be like the replacement for the Enzo sharing it’s chassis design with the FF! The looks also lean more towards elegant than the racy image you would now expect of a Ferrari, especially a top of the range model.

Personally I think that's a shame. If ever a Ferrari could fit the concept of cool, it would be the Superfast. Even the name sounds cool! Still, with RM selling an example of the Superfast’s predecessor, the 400 Superamerica, at Monterey for $2.09 million, I can see plenty of financial upside in ownership of this Superfast.

Maserati Ghibli 4.9SS Spyder

The Ghibli was the Ferrari Daytona’s closest rival when new. Both cars sold in similar numbers, and both offered a similar super GT experience to the buyer. Both cars were also offered in open spyder formm which sold in almost identical numbers (122 Daytona Spyders versus 125 Ghiblis). Of the Ghiblis, 25 of these were the higher-power SS versions, as is the example offered by RM.  Today, a factory-built Daytona Spyder is likely to set you back at least £500,000, whereas RM estimate this Ghibli will sell for between £140,000-£170,000, or about the same as an average Daytona Berlinetta. Why the disparity? The most obvious difference is the badge; the Cavallino Rampante is still the badge to have on the nose of your classic if you're thinking of an investment.

The Daytona Spyder was also something of a movie star with appearances in the Gumball Rally, A Star is Born and The Swiss Conspiracy, plus the replica version which appeared in the Miami Vice TV series.  All of these appearances raised the profile of car in the public conscience and have had a beneficial effect on values. A Ghibli Spyder has only appeared in one movie I can think of: the Donald Sutherland movie Lady Ice. You have to be something of a Seventies movie aficionado to remember that particular film, but it does feature a brief car chase where Sutherland steals Jennifer O’Neal’s Ghibli Spyder and she gives chase in a handily parked Daytona Berlinetta!

The example RM offer has certainly has some use with 76,000 miles on the odometer, a slightly high mileage for an exotic.  It's also presented in its original but uninspiring yellow (Ghiblis tend to look best in light metallic blues and silvers), but on the other hand it's a right hand drive model, which adds to its appeal in the UK.  While I’m not sure that the market will see Ghibli Spyders go much higher in value, bear in mind that it's possible to acquire this car and a very good Daytona Berlinetta for considerably less than it would cost you to buy a factory-built Daytona Spyder.

Alfa SZ Coupe

The SZ coupe of the late Eighties and early Nineties is something of a curio. A joint effort between Alfa’s in-house design studio and Zagato, it was a limited edition based on the rather more humble (but brilliantly-handling) Alfa 75, which donated much of its chassis and the tuneful Alfa 3.0 V6 engine. Using composite body panels the resulting coupe is one of the most distinctive cars of the period, and is often nicknamed Il Monstro (the Monster). In truth, the chassis was rather more capable than the 210bhp the standard V6 produced. With 1036 coupes made (and a further 284 of the open RZ version) it was and remains a rare car (surprisingly, rarer than the contemporary Ferrari F40). However, somehow the SZ has never set the world on fire value-wise. Difficulties in obtaining spare body parts, particularly the windscreen, may have something to do with this, along with those humble origins. With a no-reserve estimate of between £30- £40,000, RM’s low mileage example will provide a more distinctive sports car than, say, a new BMW 3 Series coupe, and with values of Eighties car now on the rise as the boy (and girl) daydreamers of that period become the buyers of today, now could be the time to buy.

The auction takes place on Wednesday 26th October and you can view the whole catalogue here.