When Enzo Ferrari first founded his company, we can’t help but wonder if he ever envisioned the extreme value that some of his cars would bring in the next century. There have been several editions that have sold for incredibly high amounts. There is a hot market for vintage Ferraris and the rarer the more they are worth in this market of enthusiasts and collectors who have millions in cash to spend just for the privilege of owning. One such treasure is the 1967 Ferrari 275 GTB / 4 NART Spider. In 2013, this car sold for a staggering $ 27.5 million at auction. This magnificent example of the brand’s workmanship and taste deserves a closer look.
1967 Ferrari 275 GTB / 4 NART Spider
Some of the most expensive Ferraris sold at auction have been owned by self-made millionaires who started without many resources. Most of us are familiar with Preston Henn’s 1964 Ferrari 275 GTB / C Speciale collection which was housed for two decades at the Henn-owned Swap Shop until it was discovered after his death and auctioned for a price of 27.4 millions of dollars. We found a similar story for the 1967 275 GTB / 4NART Spider. Eddie Smith was the owner who grew up in an orphanage in the 1930s, but went from a movie theater usher to owning his own business, National Wholesale’s mail order service and making millions. He was a contemporary of Henn and they were both Ferrari enthusiasts who collected the rare versions of these vehicles. Both collectors passed away within a year or so of each other and their families auctioned off their prized Ferraris and Eddie’s came slightly above his friend Preston’s.
The Importance of Eddie Smith’s 1967 275 GTB NART Spider
The NART is an acronym for North American Racing Team. This car was the second he bought for his growing collection. As hard as it is to believe, this model was not a great seller. Ferrari initially planned to produce 25 in limited production, but when public demand was low, the manufacturer only made a total of 10 of them. This would help establish its rarity for years to come. Smith bought this vehicle in 1968 when he was only one year old. made the purchase of the vehicle with chassis number 10709 from ultra-expensive Ferrari collector Luigi Chinetti, who imported and sold the Spider to Smith. Under his care, the spider was driven to watch the Sebring race events and was repainted red in the 1980s, but it wasn’t until after his passing that his son, Eddie Smith Jr., subjected the car to a total restoration with the removal of each piece and a completely professional job to preserve the integrity of the original vehicle
1968 was the same year Steve McQueen added the brother and had an interest in Smith’s, but was unwilling to part with him, not even because of a superstar celebrity like McQueen. This vehicle had been stored in a garage that was specifically made to keep it protected from the elements, although it was out of public view for the most part, unless the family was prepared to watch a race. Sadly, Mr. Smith passed away at the age of 88 in 2007. The family had sentimental feelings for the collectible vintage Ferrari, but they honored his father’s memory by putting it up for sale at RM Auctions on Pebble Beach in Monterey. Eddie Smith Jr. gave an emotional presentation at the auction house that let everyone know what the car had meant to the family and that they were selling it in the hopes that it would go to a winner who enjoyed driving the car and letting it go. others catch it. glimpse of this rare and prized collectible. The family donated the proceeds from the sale of the vehicle to a variety of different charities in keeping with his father’s philanthropic spirit.
An unexpected surprise
When the car went up for sale, it was expected to sell somewhere in the neighborhood for $ 14 to $ 17 million with the auction open at $ 10 million. The collectors’ response was to show up at the auction, filling the room to capacity and most were willing to pay a good sum for the rare Ferrari that had once been unpopular but was now one of the most popular products in the world. the auction market. The tender occurred and the final sale price after the hammer fell at $ 25 million and fees was $ 27.5 million. A brother of the 275 NART Spider appeared in “The Thomas Crown Affair” with actor Pierce Brosnan …