### Collector Splurges on Vintage Ferrari Race Car at Auction
A battered and scorched Ferrari race car, which has been decaying for decades, has been sold for a whopping $1.9 million at an RM Sotheby’s auction in California. The car, a 1954 Ferrari Mondial Spider Series I, was one of only 13 ever made. Despite its forlorn state, the sale price might not be a terrible investment, especially if the buyer is more interested in owning a piece of racing history rather than making a profit.
### The Ferrari Mondial Spider Series I: A Racing Legend
This car was not one of Ferrari’s flagship V12 models but a distinct design. The four-cylinder vehicle was engineered specifically for winding tracks with many curves and limited straightaways, where a smaller, lightweight engine was beneficial. This design helped Ferrari secure world championships in 1952 and 1953, leading to the car’s name “Mondial” or “World.”
The car, known by its chassis number 0406 MD, was originally built with a body by the renowned Italian design firm Pinin Farina. In 1954, it was driven by Franco Cortese, the man who had earlier driven a Ferrari to the brand’s first racing victory.
### A Complicated History
Like many vintage racing cars, this Ferrari has had a complex life. A year after its production, its body was replaced by the firm Scaglietti, and in 1958, it was shipped to the United States. Sometime in the late 1950s or early 1960s, the car was involved in a crash and fire, though the specifics are unclear. By that time, its original engine had also been replaced.
The car was purchased by Ferrari collector Walter Medlin in 1978 and has been kept in storage in its present condition for the past 45 years.
### The Value of Vintage Ferraris
The most expensive Ferrari ever sold at auction was the 1962 Ferrari 250 GTO, sold at RM Sotheby’s in 2018 for $48.4 million. According to Brian Rabold, Vice President for Automotive Intelligence at Hagerty, well-preserved Ferrari Mondial Spiders can fetch just over $2 million. Some have even sold for as much as $5 million in recent years.
Restoring this particular car to its pre-crash appearance and making it drivable again could cost upwards of $1 million, says Rabold. However, the new owner could potentially break even on that investment. But Rabold suggests that financial gain might not be the main motivation for purchasing such a vehicle.
“The sale price doesn’t leave much room for financial upside, but for the new owner the bigger reward may be in getting this historic car back to like-new condition and in front of appreciative enthusiasts again,” Rabold said in an email. The price includes the RM auction house commission, but the buyer remains undisclosed.
Original Story at www.cnn.com – 2023-08-18 22:39:00
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