We often think of cars that sell for hundreds of thousands of dollars as expensive. But what should we think about one that loses $7 million in estimated value over the course of just two years but is still worth many millions more?
There are not many cars in this world that are worth tens of millions, either new or collectible. Fate would have it that most of these cars are not made in America, where most of the auction action usually takes place, but over in Europe. Think Bugattis, Alfa Romeos, and the occasional Porsches.
Ferrari is one of the names that most often comes into the spotlight as the maker of some of the world's most expensive collectible cars. Over the past ten years alone, about half a dozen different Prancing Horses went to auction for more than $10 million, making the Italian carmaker one of the most successful in this respect.
Few Ferrari cars (or any cars, for that matter) match the success of something called the 1955 Ferrari 410 Sport Spider by Scaglietti. The last time we know of it selling was in 2022 when someone purchased it off the RM Sotheby's lot for a staggering $22,005,000. That's right, $22 million. And now the same car is getting ready to go again, at the hands of the same auction house, this time with an estimated value of "just” $15 million.
We'll get to the possible reasons behind the difference in a bit, but before then let's see what this thing is all about.
The Ferrari 410 may not be the most famous car for the general public, but it certainly is a star of the racing world. A successor to the 375 Plus, it was made for just two years, in 1955 and 1956, with the goal of taking on the World Sportscar Championship.
Photo: Theodore W. Pieper / RM Sotheby's
The range, of which just four models were ever built, was born as a breed of long-distance race cars inspired by the ones Ferrari used in the Carrera Panamericana, an event similar to the Italian Mille Miglia, but held on the roads of Mexico.
The four models that were built as part of this family wore chassis numbers 0592 CM, 0594 CM, 0596 CM, and 0598 CM. The one we have here is the very first one, 0592 CM, the prototype, or development car, if you will, that stands at the core of all others.
Officially titled 1955 Ferrari 410 Sport Spider by Scaglietti, the racer is built on a wide, low-riding tubular spaceframe, the type 514's chassis, and is powered by a 5.0-liter V12 engine of the type 126 variety, tied to a five-speed transmission.
Within its rather limited family, the 0592 CM is considered a one-off racing special. That's because it packs a series of custom features, including "cross-hatched fender-vent louvers and a unique ovoid grille."
This particular car was first owned by one Tony Parravano, one of Ferrari's most important customers at the time, and an important character of the racing world on America's West Coast. The man got the vehicle the same year it was made, in 1955, and held on to it right up until he disappeared, never to be found, five years later.
While in Parravano's possession, the 410 was raced by one of the most important figures in the automotive industry, Carroll Shelby. The American legend got behind the wheel of this thing in 1956, winning the Palm Springs Road Races and opening the doors for many more victories in the years that followed.
Photo: Theodore W. Pieper / RM Sotheby's
After 1960 the Ferrari changed hands several times, but it appears all the people who owned it, Americans and Germans, mostly, took great care of it. Seven years ago, in 2017, the Ferrari entered a restoration process that ended with the vehicle being brought back to its initial shape.
The world got to see the revived Ferrari 410 for the first time in 2018, at the Pebble Beach Concours d'Elegance. In 2022, it publicly sold at auction for $22 million.
As said, the car is now up for grabs again. Auction house RM Sotheby's is tasked with selling it during the Monterey Car Week taking place in August.
The seven million dollar difference between the sale price of 2022 and the estimated one for this year should be taken with a grain of salt. Although spectacular in itself, it's not something that can't be quickly covered if the right, enthusiastic crowd is in the house when the hammer drops.
It means that, even if expectations are lower than what it went for last time, it may very well happen for it to sell for a lot more. We will keep an eye out for what happens in August and report back with news, because it's not every day we get to see a vehicle selling for tens of millions.
Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies. Full profile
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