The most expensive car sold during an online auction goes to a 1966 Ferrari 275 GTB Long Nose

By Bryan Hood 18 August, 2020
1966 Ferrari 275 GTB Long Nose

The prancing horse does it again, proving that nothing can really faze the crowd when it comes to online auctions

A few months ago, Gooding & Company announced its auction dates that kept petrol heads waiting with bated breath. On 3 August 2020, a limited-edition 2003 Ferrari Enzo would be up for grabs as part of its Geared Online auction. All eyes were on this particular collectible – despite the appearance of two other Ferraris that were also to be auctioned) – for two reasons. Firstly, it was expected to fetch up to S$3.61 million and secondly, should it, by any miracle, fetch at least S$3.67 million, it would set a new online-only auction record. For the curious, the record was then held by, a fellow Ferrari.

The five-day auction came and went, but in a twist of sorts, the 2003 Ferrari Enzo didn’t come out tops. Instead, what made the news was that another Ferrari at the auction, the 1966 Ferrari 275 GTB Long Nose, set a new record for the most expensive car sold on the internet.

The gorgeous ’60s speedster sold for a jaw-dropping approx US$3.08 million (S$4.22 million) at Gooding & Company’s Geared Online sale late last week, according to a press release from the auction house.

The record-setting price tag falls squarely in the middle of the auction house’s US$2.75 million (S$3.77 million) to US$3.25 million (S$4.45 million) estimate for the vehicle. But why did this particular car fetch so much? In addition to being kept in immaculate condition over five-plus decades – it still features its original Bianco finish and tan leather interior – it’s one of the final two-cam 275 GTBs ever built. Making the sporty coupé even more exclusive is that it’s one of just 40 factory-equipped with an improved torque tube driveshaft and the optional high-performance six-carburettor intake.

“I think this car is virus-proof in the sense that it is a really, really exceptional 275. It’s basically an all-original car with an original interior, a lot of original paint, and long-term ownership,” Gooding & Company president and CEO David Gooding told Bloomberg News before the sale. “It’s special – pandemic or not.”

The 275 GTB wasn’t the only Ferrari to fare well at the auction. The top four sales prices all belonged to cars from the prancing horse. In addition to the record-setter, the above-mentioned 2003 Enzo sold for US$2.35 million (S$3.22 million), a 1995 F50 went for US$2.13 million (S$2.92 million) and a 1992 F40 hammered down for US$1.63 million (S$2.23 million). Overall, 71 per cent of the lots up for bid at the inaugural event sold, bringing in a total of US$14.5 million (S$19.86 million).

Nearly US$70 million (S$95.58 million) worth of collectible cars have been sold in online auctions held by Gooding & Company, RM Sotheby’s and Bonhams since the pandemic began, according to Bloomberg. While there have been signs that things could be slowing down – sell-through rates are down about 10 per cent overall – cars costing more than US$100,000 (S$136,000) continue to move at a brisk pace.

This article was first published on Robb Report US