'Lost' Ferrari could fetch $2 million at auction
One such "lost" Ferrari is set to be sold this weekend. It's a rare 1967 Ferrari 330 GTS. It's rusted out. The engine won't start. Parts of the car are charred from a fire. And the interior looks likes like it wouldn't even qualify for most junkyards—let alone a millionaire's garage.
Yet despite its rough condition, it is estimated to sell at Gooding & Co.'s upcoming Scottsdale, Ariz., auction for more than $2 million.
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It remains to be seen how much collectors are willing to pay for the lost Ferrari, but its story shows just how high vintage Ferrari prices are soaring, and why today's rich car collectors are increasingly valuing authenticity in cars by paying as much or more for a rusty original than one that's been rebuilt with almost entirely new parts.
One such "lost" Ferrari is set to be sold this weekend. It's a rare 1967 Ferrari 330 GTS. It's rusted out. The engine won't start. Parts of the car are charred from a fire. And the interior looks likes like it wouldn't even qualify for most junkyards—let alone a millionaire's garage.
Yet despite its rough condition, it is estimated to sell at Gooding & Co.'s upcoming Scottsdale, Ariz., auction for more than $2 million.
[clip]
It remains to be seen how much collectors are willing to pay for the lost Ferrari, but its story shows just how high vintage Ferrari prices are soaring, and why today's rich car collectors are increasingly valuing authenticity in cars by paying as much or more for a rusty original than one that's been rebuilt with almost entirely new parts.