The nation and the global economy remain in the grips of a pronounced recession, and a universal economic rule has been 'belt-tighten and eliminate unnecessary expenses.' Still, as the comic character Pogo reminds us, another universal economic rule is 'Thems that has, gets.'
A steal ... at $12 million
And over the weekend in Italy, 'one of thems, got': a black 1957 Ferrari 250 Testa Rossa sold at auction for a mere $12.4 million – the highest sale price for a car at a public auction, according to RM Auctions, The New York Times reported Monday.
The official price including the buyer's premium was $12,402,500 if you're counting, but hey, when you're plunking down $12.4 million for wheels, what's an extra twenty-five hundred?
The new record was about $2.68 million higher than the previous record, set last year, for a black 1961 Ferrari 250 GT SWB Spyder California, gizmag.com reported.
Only 22 1957 Ferrari 250s were built, and the model has won 10 races. It contains a 12-cylinder, 6-carburetor engine, and a 4-speed manual transmission.
Auto Sector/Investment Analysis: The above is: a) the last gasp of splurging at the high-end, b) the start of the next round of totally conspicuous consumption, or c) a prudent investment. Auction experts said a price correction had occurred in the market, but that there still was a lot of money out there for cars that were priced right. The 1957 Ferrari 250 Testa Rossa may be priced right, but the view from here argues for that kind of money, $12 million, I want to be able to buy a small company, not a car.
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Reader Comments (Page 1 of 1)
5-18-2009 @ 9:00PM
Eternal said...
classic car, but really that money could have been put to better use especially since people all over the world are hurting for money, food & shelter
5-19-2009 @ 10:03AM
fabio said...
it looks like a car out of a speed racer cartoon