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SCM Digital Bonus
on the market, not only for their rarity but also their tre- mendous event potential. As offered, 0024M would be an exciting entry at any vintage event in the world, not the least of which is the Mille Miglia Storica—an event in which this car participated, in period! Beautifully restored and complete with its original engine, this is a Ferrari worthy of the connoisseur’s close attention.
SCMAnalysis This car, Lot 285, sold for $1,870,000 at RM’s Phoenix, AZ,
auction on January 21, 2011.
It is to be expected that a 1949/1950s vintage Ferrari
might be light on authenticity and even lighter on docu- mentation, but 166 Barchetta #0024M is an exception. Through good conversation—and saved paperwork— by a couple of previous owners, as well as Ferrari historian Stan Nowak’s exceptional efforts, virtually all the history of 0024M is known, and all the original components have been reunited with the car. With the exception of the original body, 0024M is nearly true to its original configuration, and few apologies need to be made for its current condition.
$1,870,000 is a lot of money to most people, but it was a disappointingly light sale for this 166 Barchetta. The Barchetta didn’t even break the low number of the $1.9m to $2.9m pre-auction estimate. The January Arizona auction circus clashes with the very popular and well attended Cavallino Classic Ferrari event in Florida, and that may have stifled some interest. Many big Ferrari collectors would rather spend the weekend with friends than fight the Arizona crowds to spend a couple of million dollars.
A few other factors may have kept the number low. One Barchetta expert I consulted was very high on the car, but he noted that 0024M has been on the market since 2007—and flogged all over the world. He said that the asking price started out at $4.5m, which was way too much for the car. He said that the rebody was good, but it still left a little to be desired.
This car has apparently has been sold a couple of times since 2007, and I suspect these sales were for more than it brought at this auction. Too much activity is not good for an important car. Many of this Ferrari’s potential buyers had already been offered the car, and its availability was yesterday’s news.
A future trip to Italy?
Like it or not, Ferrari Classiche certification is now a factor in the value of important Ferraris. The new-
est version of the program is more realistic than the original. Ferrari now grants conditional certificates to some historically correct cars that are not able to meet the rigorous originality standards. The conditional certificates allow important race cars or in-period modified Ferraris to be certified without returning them to factory configuration.
A conditional certificate is an approval of the car—with an explanation of why the car doesn’t meet full certification. Scores of Ferraris have been certified, and even the critics of the program can’t deny that certification is becoming an important part of a buyer’s criteria. Most cars can be certified with the assistance of a local dealer.
Barchetta 0024M had been undergoing Ferrari Classiche certification, but the process was not complete at the time of the auction. Ferrari wanted the car shipped to Italy for inspection before they would certify it. The request to send 0024 M to the factory is an ominous sign that Ferrari suspects a problem that will require their assistance—and the owner’s money—to correct.
In the end, the buyer got a deal on 0024M. It is one of only a handful of the 166 Barchettas, an immensely desirable model. It is well known in the Ferrari commu- nity—and is accepted as a legitimate car without reservation. It should only require minor tweaking to pass Ferrari Classiche certification. It is in restored condition, and while it isn’t in Pebble Beach-winner condition, all the expensive work has been done. This is a blue-chip car at a fair price that will only appreciate with time. Call this one well bought. ♦
(Introductory description courtesy of RM.)
Seat Time
Jon Shirley, via email: I own a 1949 Ferrari 166 MM serial number 0010M. It was a factory
team car and took second in the 1949 Mille Miglia and won the 24 hours of Spa with Luigi Chinetti driving almost all of the race himself. It then came to America and was raced to several victories by Jim Kimberly. The 166 MM created the Ferrari legend, winning every major distance race in Europe in 1949 with just the three team cars.
One of the best features of the car is that it has a lot of room in the cockpit—unlike almost all
of the 1950s Ferrari race cars that are very cramped. There is ample leg room and room to the side by your feet to store the rain gear you are likely to need in a topless car. That comfort has made it a favorite rally car of ours and we have done several thousand miles in it including the Mille Miglia. It is my wife’s most-loved Ferrari in our collection.
I have also vintage raced the car. Of course it will go faster than it will brake, although for the era the brakes are not too bad because the car is pretty light. The crash box requires patience in shifting, but once you get it down, it’s actually pretty easy. The front suspension has virtually no adjustments, and it can tend to shake quite hard at low speeds, which is best fixed by adding a damper to the steer- ing mechanism.
It is fun to drive and pretty responsive but 2 liters will only accelerate at a moderate pace. At speed it feels happy and does not wander. On the track at 100 mph, you can understand why the car was so successful a race car. It does not wear you out, and it just keeps going. Having 5th gear is a great help for driving fast and saving the engine. Turning, as you might expect, is a weak spot, as it does not want to turn, and requires sliding the car around the corner, but it is predictable and lets you know before it breaks loose.
All in all, it is a great car to drive to the store—or 1,000 miles through the mountains of Colorado.
April 2011
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