The Unstoppable Rise of Classic Ferraris: Exclusive Insights from Industry Veterans

My first adult job was working for a classic car dealer. We sold what we then called 'exotic' cars, including Ferrari, Maserati, Lamborghini, Rolls-Royce, and Bentley. These were the golden days when the term 'modern classic car dealership' was just beginning to take shape.

Among the plethora of cars sold by new 'exotic' car dealers were the Maserati Boras, Ferrari Daytonas, and Dinos. The Rolls-Royce Silver Shadow was still on showroom floors and the Lamborghini Espada was hitting its prime. It was a transformative period for the dealership model and the classic car market alike.

Such dealerships became cornerstone institutions for car enthusiasts and the market. In this piece, we take a deep dive into the minds of three seasoned veterans to understand the current state of the classic Ferrari market—specifically models from the 1960s through the early 1970s, the golden eras of the Dino and Daytona. These Ferraris are now among the world's most prized collector cars.

Insights from the Experts

Dave Olimpi

First up, we have Dave Olimpi. Dave, a long-time automotive consultant and broker, started his career at the legendary Algar Motors dealership. Dave sees a positive sign in a new, younger market forming for these classic Ferraris. He advises potential buyers, "You will love the car if you buy and commit yourself to it," stressing the importance of knowing the inherent challenges and rewards of these automobile icons.

Edmund 'Ed' Waterman

Next, we spoke to Edmund 'Ed' Waterman, the founder of Thorobred Motorcars and Motorcar Gallery. Waterman highlights that the market for these timeless machines is stabilizing, with cars in extraordinary condition or with unique attributes selling the fastest. He views the recent price adjustments as a positive shift and believes the market's interest is expanding to include newer exotics and supercars.

Marc Tauber

Lastly, Marc Tauber, another seasoned dealer and broker, emphasizes that the post-COVID market has seen a return to pre-pandemic prices. His advice is straightforward: "Buy what you love, both in the short and long term, and purchase the best example your finances allow." He makes a compelling case for the market's evolution, comparing it to how the Duesenberg's value has fluctuated but ultimately found appreciation among newer collectors.

Ferrari Market Dynamics: 250 SWB to Daytona

Olimpi recalls the car market collapse of 2008 and observes that a younger, more research-savvy audience is now forming. He advises new buyers to deeply commit to their purchase and know the ups and downs they might face.

Waterman notes that after a slight price dip due to an oversupply, the market has stabilized. Key attributes that help cars sell quickly are exceptional condition, originality, and a distinct history. He believes this was a temporary adjustment that has long-term ramifications, particularly as interest shifts to newer supercars.

Tauber observes the return to pre-COVID values, noting that younger buyers are indeed interested in cars but often have different preferences than older generations. He draws a parallel with the Duesenberg market, suggesting that classics will regain value as newer collectors recognize their historical significance and craftsmanship.

Advice for Potential Buyers

Tauber advises purchasing the best car your budget allows, driven by passion rather than purely investment motives. Waterman champions quality and thorough research, while Olimpi warns against buying as an investment alone. For Olimpi, hands-on research and physically inspecting the car are crucial steps in avoiding risky purchases.

When it comes to Dino's rising price over the Daytona, Waterman attributes it to the Dino's accessibility and universal appeal, particularly among younger buyers. Olimpi acknowledges Dino's charm for casual drives, while the Daytona shines on long, grand tours. Tauber concurs, noting the Dino's lighter, mid-engine design as a key attraction but affirms the Daytona's heavyweight appeal for those who savor intense driving experiences.

The Importance of Provenance and History

Olimpi estimates that full documentation can add about 20% to a car's value. Waterman, however, cautions against placing too much emphasis on history, noting that some elements can be exaggerated or fabricated. For him, mechanical inspection by an expert is paramount.

Tauber insists that original cars often command higher values than restored ones. He criticizes the trend towards over-restoration and believes buyers should appreciate the natural patina and history that come with an original car.

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