It’s generally accepted that if you want to make money from a collector’s car, it needs to be in good condition. But what if the car is so rare that even its burnt-out husk is worth millions? That’s the case with a 1954 Ferrari 500 Mondial Spider Series I, which sold for a whopping $1.8 million at auction this week.
The car is in a truly sorry state, with no wheels or internals and the body badly burned. But its rarity and racing pedigree made it a must-have for collectors.
What’s the hype?
The car was originally owned by Franco Cortese, a former Ferrari factory driver who won the Rome Grand Prix in 1947.
Cortese raced the Mondial Spider at the Mille Miglia in 1954, where he finished fourth. It later changed hands a few times, but continued to be raced at events like the Gran Premio Supercortemaggiore and the Evergreen Trophy Race.
In the late 1960s, the car was involved in a serious crash, resulting in the fire damage it still bears today.
But even in its decimated state, the Mondial Spider is a valuable collector’s item.
The new owner has not been publicly revealed, but whoever they are, they have the opportunity to restore one of the most important Ferraris in history.
The sale of the burnt-out Mondial Spider is a reminder that rarity can trump condition when it comes to collector’s cars.
And while it’s unlikely that any other car in this condition will fetch such a high price, it’s clear that there is a market for even the most damaged Ferraris.
Who knows, in a few years, this car could be back on the track, once again racing for victory.
