By David C.R. Neyens, Motorcopia
Without doubt, one of the major draws to Mecum Auctions’ huge (approximately 4,000 cars offered) Kissimmee, Florida event was the “Bianco Speciale” 1962 Ferrari 250 GTO S/N 3729 GT, the only one of 36 examples to have been painted White when new. For this auction, I traveled to Kissimmee, where I joined forces with our news team, comprising Eric from Gran Touring Motorsports, William from Exotic Car Marketplace, and Jon Summers, the Motoring Historian.
The journey began with an unforgettable visit (my first) to the world-renowned Revs Institute in beautiful Naples, Florida, and a fabulous guided tour with Lauren Goodman, Associate Curator of Exhibitions. We later toured the nearby Revs Institute Library and Archives with Senior Archivist Arthur Carlson and his team. This stunning, purpose-built facility serves as a magnet for serious historians and researchers.
On Saturday, January 17th, the lead-up to the offering of the 250 GTO was the amazing Bachman Ferrari Collection, offering over 40 Ferrari models, mostly modern, one-off examples with either long-term or single ownership from new. Several ordered new by the Bachmans with factory delivery. More to come on the Bachman cars in subsequent posts. The Mecum team delivered an auction coup with the White Glove offering of this collection, including several world records and strong results throughout this landmark all-no-reserve Ferrari offering.
As hard-core collectors, enthusiasts, and market watchers have likely read already, the Bianco Speciale fetched a winning bid of USD $35 million on the auction block. A representative of the winning bidder, noted Ferrari collector and businessman David S. K. Lee, was present on the auction block with Dana Mecum. The auction reserve was lifted at USD $35 million, and then the car was slowly counted down in a reasonable effort to draw more bids. While a racing and Ferrari icon, the 250 GTO occupies a rarefied market space with only 36 examples produced and a bidder pool of likely 2-5 individuals, according to knowledgeable estimates.
The result left us scratching our collective heads, given Mecum’s excellent and extensive pre-auction marketing of the car. The on-site display was equally excellent and tasteful, with the car placed within a dedicated indoor display space, rotating on a turntable with a professionally produced video presentation immediately behind the car. Posters and multiple marketing pieces extended the top-notch marketing of the Ferrari, ensuring that everybody in attendance was aware of the car’s significance and offering. If any doubts remained as to Mecum’s ability to attract such ultra-high-end consignments, market them, and then sell them on the auction block, the sale of 3729 GT should conclusively end that discussion.
Having said all that, the $64,000 question is “why such a relatively low price,” when other examples have sold for $38,115,000 in 2014 (Bonhams), $48,405,000 in 2018 (RM Sotheby’s), $51,705,000 in 2023 (RM Sotheby’s), and a reported $70 million, in the case of 4153 GT, the car bought in a 2018 private deal by Weather Tech founder David MacNeil. Each of these cars displays features and attributes, some quite subtle or unique, making the 250 GTO extremely fascinating to enthusiasts and collectors today.
Is the MacNeil purchase an outlier? Let’s dig into comparable cars sold since 2014:
3851 – Owned new by Jo Schlesser. Co-driver Henri Oreiller crashed fatally in 1962. Car repaired/rebuilt by Ferrari. Several owners and several crashes. Ex-Fabrizio Violati, who owned it 38 years. Sold August 2014 at $38,115,000 (including fees) by Bonhams
3765 – The only 1962 250 GTO raced by Scuderia Ferrari. Class win and 2nd overall at the 1962 Nürburgring 1000 KM. Driven by Mike Parkes and Lorenzo Bandini for Scuderia Ferrari at the 1962 24 Hours of Le Mans. 1965 Sicilian Hillclimb Championship runner-up. Formerly owned by a chairman of the Ferrari Club of America. FCA Platinum Award and Coppa Bella Macchina at Cavallino Classic. 2nd in GTO class at the 2011 Pebble Beach Concours d’Elegance. Best of Show at the Amelia Island Concours d’Elegance. Well documented. Sold by RM Sotheby’s in 2023 at $51,705,000 (including fees).
3413 – The third of 36 GTOs built, considered by marque experts to be one of the most authentic and original. One of 4 upgraded in period by Scaglietti with Series II GTO/64 bodywork. Class win, 1964 Targa Florio. Over 15 class and overall wins during 1962–1965 seasons. 1st in class at 1963 and 1964 Targa Florio. Sold by RM Sotheby’s in 2018 for $48,405,000.
4153 – the David MacNeil car. Winner, 1964 Tour de France. Several podium finishes in period. Shown recently at Villa d’Este, Cavallino Classic, Pebble Beach. No crash history as far as I can discern from Barchetta’s chassis records. Purchased privately for a reported USD $70 million.
On the Pro side of the ledger, our subject car, 3729 GT, was purchased new by famed UK Jaguar dealer and racing team owner John Coombs, who specified the White paint finish in keeping with his racing stable. According to Jon Summers, the car may have spent some time at the Jaguar factory, where its engineering features might have been carefully scrutinized by Jaguar’s legendary engineers and development drivers. Surely, the all-out Ferrari would have spurred Jaguar’s development and limited run of all-out “Lightweight” E-Types for on-track GT-class combat against the Ferrari and the evolving Aston Martin DB4 GT and DB4 GT Zagato.
Other positives included the roster of top British drivers who logged seat time in 3729 GT during its 1962-64 front-line racing days, including 1959 Le Mans winner Roy Salvadori (co-driving with Carroll Shelby), eventual F1 World Driving Champion Graham Hill, Ferrari engineer/development driver Mike Parkes, Mike Salmon, Mike McDowell, American ace Richie Ginther, and Jack Sears, who would re-encounter and purchase 3729 GT around 1970 and retain the car to 1999, when it was acquired from Sears by noted American tech businessman and Ferrari collector, Jon Shirley.
In period competition, 3729 was a key part of Ferrari’s three consecutive 1962-64 World GT Manufacturer’s Championships, with a 2nd Overall and 2nd in the GT Class scored on its maiden outing in August 1962 at Brands Hatch, with Roy Salvadori driving. Less than two weeks later, Graham Hill drove 3729 to another 2nd OA and 2nd in class at Goodwood. At the time, British GT-class racing was hotly contested by Aston Martin, Ferrari, and Jaguar. Several more overall and class podiums would be earned through its competitive career.
While 3729 GT would never suffer a major wreck in competition, unlike several other 250 GTOs extant, the original V-12 engine is documented as having been removed in the mid-1960s to extend the competitive life of a British Cooper GP car. The GTO did receive a correct-type engine, and this engine swap, in my opinion, simply adds to the color and flavor of this car, since after their original front-line use ended, 250 GTOs were often available, simply as the old racing cars they were, for $6,000 – $10,000. For example, my late friend and mentor, Christopher Renwick, acquired and resold several examples during the late 1960s-early 1970s with the then-CEO of Warner Bros., John Calley. During Jon Shirley’s ownership, 3729 GT received a correct, GTO-specification V-12 engine under the auspices of Ferrari Classiche, making the car as correct as possible. According to the chassis listing for 3729 GT on www.barchetta.cc, the new engine was installed circa 2008.
Under Jon Shirley’s ownership, 3729 served as a proven vintage racer and classic rally mount. It also participated in numerous Cavallino track and concours events, and it was displayed in the special 250 GTO class at Pebble Beach in 2011. GTO anniversary tours and competition at the Monterey Historic Races have added to the Ferrari’s high-profile history.
So, the car has a correct engine, one produced and installed with the factory’s blessing. The prior V-12 engine also accompanied the car at the auction, along with an extensive and impressive collection of spare, replacement, and original parts. Is the replacement engine sufficient to cause 3729 GT to sell for approximately the same amount as the ex-Violati car did in 2014, which had a tragic wreck followed by a Ferrari factory rebuild in period? I’m not so sure, and it seems almost punitive for 3729 GT to have sold for about the same amount just a few days ago, in my humble opinion.
While some respected people in the collector-car space have declared the dominance of classic racing cars in the elite collector-car market to have ended, it now appears to us that Mr. Lee approached his latest acquisition with full information and applied a market-correct winning bid on Saturday. This is a solid example that was marketed exceptionally well and sold directly on the auction block. For those reasons, the team at Mecum Auctions should rightly be proud, and they have confirmed their ability and worthiness to offer and sell today’s top high-end collector vehicles. Before the sale of the Bianco Speciale, Mecum’s commendable outperformance with the No Reserve Bachman Ferrari Collection proved the company’s ability to handle the best of the best.
That is the lesson that we believe all market participants and watchers should take from this spectacular and intensive exercise. We will re-run the Motorcopia ValueScope model with a more correct #3 Good rating as the baseline, according to the Hagerty value guides, and see how the numbers line up in a future post.
Why do you think this car did not bring more money at auction? Do you think the sale result is market-correct? Please join the discussion by commenting to this post.
By the way, kudos to the buyer of 3729 GT, noted Ferrari collector and enthusiast, Mr. David S.K. Lee. Unlike many high-end bidders and buyers, he happily reported his purchase across his various social media channels, adding to the transparency surrounding the offering of this highly valuable Ferrari icon.
About Motorcopia
Motorcopia is an independent collector-car market intelligence and publishing platform founded by David C.R. Neyens, a veteran writer, researcher, and auction-catalogue specialist with a long-standing presence in the industry since2008.since 2008
Motorcopia delivers proprietary market indices – including the Market Pulse™, Forward Index™, Buy/Sell/Hold Index™, and ValueScope™ – alongside auction coverage, investment insights, and collector-vehicle analysis.
With a focus on serving high-net-worth collectors, advisors, and industry professionals, Motorcopia combines deep cataloguing expertise with data-driven reporting to spotlight actionable trends, opportunities, and results across the global collector-car market.
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