Rare and Historic Ferrari Race Car Sells for $1.9 Million at Auction
A vintage Ferrari race car, once a hulk of dented, torn, and scorched metal, has just been sold at an RM Sotheby’s auction in California for a staggering $1.9 million. While the price tag may seem exorbitant, this purchase holds more value than meets the eye. For the buyer, it represents a piece of racing history and an opportunity to create their own legacy on the track.
The 1954 Ferrari Mondial Spider Series I, one of only 13 ever made, deviates from Ferrari’s renowned V12 models with its unique four-cylinder design. This particular car was specifically crafted for navigating twisting tracks with numerous curves and limited straightaways, making a smaller and lighter engine highly desirable. The Mondial’s name, meaning “World” in Italian, pays homage to Ferrari’s world championship victories in 1952 and 1953 with cars of a similar design.
Identified by its chassis number, 0406 MD, this Ferrari originally featured a body designed by the renowned Italian firm Pinin Farina, which later changed its name to Pininfarina. In 1954, the car was driven by Franco Cortese, the same driver who had previously secured Ferrari’s very first racing victory. However, like many vintage racing cars, the Mondial had a complex journey. Shortly after its construction, it received a different body from the firm of Scaglietti before being shipped to the United States in 1958.
Unfortunately, the Mondial experienced a crash and fire incident in the late 1950s or early 1960s, although the exact details remain unclear. Additionally, its original engine had been replaced by that time. The car was eventually purchased by Ferrari collector Walter Medlin in 1978 and has since spent the past 45 years in storage, maintaining its current condition.
While the $1.9 million price tag may seem steep, it pales in comparison to the most expensive Ferrari ever sold at auction. The 1962 Ferrari 250 GTO, also auctioned by RM Sotheby’s, fetched a staggering $48.4 million in 2018. In comparison, a well-preserved Ferrari Mondial Spider can sell for just over $2 million, with some reaching prices as high as $5 million in recent years.
Restoring the Mondial to its pre-crash appearance and making it drivable again could cost around $1 million, according to Brian Rabold, the vice president for automotive intelligence at Hagerty, a company that closely monitors collectible car values. While the new owner may not see significant financial gains from this investment, the true reward lies in reviving this historic car and showcasing it to appreciative enthusiasts once more.
The $1.9 million sale price includes the commission of the RM auction house, and the identity of the buyer remains undisclosed.
