It cost $650,000 when new and sold for a nearly $2 million profit.
FerrariCollector car auctions typically involve a group of wealthy bidders sitting around waiting for their possible prized possession to roll across the block. But, the coronavirus pandemic has changed things.
In a world where so much has gone digital, RM Sotheby's has moved some of its operations entirely online, and in the process still managed to help set a record. According to the auction house, a 2003 Ferrari Enzo sold for $2.64 million and became the most valuable car sold during an online-only auction. Total, the company oversaw the sale of $16.4 million worth of vehicles in its online-only auction. Clearly, car collectors still have an appetite (and the bank accounts) for purchasing expensive vehicles.
A move to online auctions and bidding isn't exactly a surprise, as we've seen the rise of sites such as Bring a Trailer become staple corners for car buyers. It wasn't long ago when selling a car online basically meant creating a Craigslist ad and hoping for the best. These days, there are car-buying apps, Facebook Marketplace and dedicated online auctions and even the big guys like RM Sotheby's are embracing the digital era. The auction house was able to present 193 cars for auction and took bids from 550 individuals from 35 countries around the world. In another sense, it's a whole lot easier to make some really expensive impulse purchases.
Read more: What it's like to buy a car during a pandemic
As for the Enzo and its $2.64 million sale price, the supercar bearing the Ferrari founder's name only showed 1,250 miles on the odometer and had been with just two owners. The first owner only recently sold it, too, and let the car go in 2018. It's painted in a very appropriate shade of red and and still includes the original tools, owner's manual and window sticker that came with the car when new 17 years ago. And talk about an appreciating vehicle. The supercar cost $650,000 when new. Even adjusted for inflation, the Enzo's original MSRP would still come in under $1 million.
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