Ferrari GTB sells at auction

27 March 2009

Neil McDonald

Fancy a reasonably priced Ferrari? Well you’re just too late.

Last week’s Pickles auction in Sydney sold a late-model Ferrari GTB with just 2293km on the clock for $355,000, plus the 33 per cent Luxury Car Tax component.

The car was nabbed by Ateco Automotive Ltd, which distributes Ferrari in Australia and has since been onsold to an enthuasist.

Ateco spokesman, Edward Rowe, says the GTB was now back in the Ferrari fold.

“Ferrari guards its residual values jealously,” Rowe says.

Although Rowe would not comment on the price paid, Carsguide believes it was well over $500,000 and just shy of its new car price of about $600,000.

The Ferrari was one of several high-end cars that went through Pickles quarterly luxury and exotic auction.

More than $4.5 million worth of vehicles went under the hammer.

Other rich pickings included a 2006 Aston Martin Vantage sold for $162,000 and a 2008 Porsche 911 Turbo all-wheel-drive fetched $280,000. Even with the LCT component added into the price the cars were bargains.

Some home-grown performance cars also sold.

A 2007 Ford Performance Vehicles F6 Typhoon fetched $38,500, not bad when new it cost $63,310.

Apart from Pickles, GraysOnline and ManheimFowles auction houses are reporting a lift in distressed prestige sales by finance companies and cash-strapped owners and the economic crisis bites.

For the managing director of GraysOnline, Cameron Poolman, the downturn is proving a boon.

He says the traffic on Grays’ site has increased more than 25 per cent since the economy took a dive.

“We expect that it will continue to rise,” he says.

“People are still looking to buy but they’ll try to get it at a reduced price.”

Poolman says GraysOnline has helped take out the middle-man and dealers.

The upside of increased interest in cars going through auction houses is that it is helping push used values up.

Private owners and fleets are holding on to their cars for longer, leading to a shortage of used stock coming into the market.

This is lifting used prices of some popular late model cars by up to $1500.

http://carsguide.news.com.au/site/news-and...lls_at_auction/

$250,000 odd for 2293km's...

Total of 3 machines running...2 will run out of work tonight....

1 Machine running, no jobs for next week...Letter for all employee's Tuesday requesting that we take some long service days, talk of a four day week...

Scary thing is it aint going to get any better for a while...sorry to hear Dags

The company I was working for shut down a division and as a result, 50+ people are without a job and I finished Xmas eve. I have been working with a mate, but that has all dried up too. Job market is very concerning atm.. Not been missing out on jobs, just nothing to apply for.

I have a degree, 15 years Supply Chain experience and no job.. I also have paving / landscaping experience and run my own business for a couple of years, this is what has been keeping me going. Things don't change, the car will go and I'll have to start drawing money from my house?

Kimberley Scott Yesterday, 09:58 PM

Can you put this in the your doing tough,

The intricacies of the financial crisis is not well understood by all and sundry. The explanation below arrived in my inbox just in time to share with you for light weekend reading and to assist in debunking the myths of the crisis.

Heidi is the proprietor of a bar in Berlin. In order to increase sales, she decides to allow her loyal customers - most of whom are unemployed alcoholics - to drink now but pay later. She keeps track of the drinks consumed on a ledger (thereby granting the customers loans).

Word gets around and as a result increasing numbers of customers flood into Heidi’s bar.

Taking advantage of her customers’ freedom from immediate payment constraints, Heidi increases her prices for wine and beer, the most-consumed beverages. Her sales volume increases massively.

A young and dynamic customer service consultant at the local bank recognizes these customer debts as valuable future assets and increases Heidi’s borrowing limit.

He sees no reason for undue concern since he has the debts of the alcoholics as collateral.

At the bank’s corporate headquarters, expert bankers transform these customer assets into DRINKBONDS, ALKBONDS and PUKEBONDS. These securities are then traded on markets worldwide. No one really understands what these abbreviations mean and how the securities are guaranteed.

Nevertheless, as their prices continuously climb, the securities become top-selling items.

One day, although the prices are still climbing, a risk manager (subsequently of course fired due his negativity) of the bank decides that slowly the time has come to demand payment of the debts incurred by the drinkers at Heidi’s bar.

However they cannot pay back the debts.

Heidi cannot fulfil her loan obligations and claims bankruptcy.

DRINKBOND and ALKBOND drop in price by 95%. PUKEBOND performs better, stabilizing in price after dropping by 80%.

The suppliers of Heidi’s bar, having granted her generous payment due dates and having invested in the securities are faced with a new situation.

Her wine supplier claims bankruptcy, her beer supplier is taken over by a competitor.

The bank is saved by the Government following dramatic round-the-clock consultations by leaders from the governing political parties.

The funds required for this purpose are obtained by a tax levied on the non-drinkers.

Finally an explanation I understand …

Hope no one invested in DagaBONDS....

Not been missing out on jobs, just nothing to apply for.

Sorry to say, but I think that's rubbish.

A mate is in a very similiar situation to you (decent education, employment history etc) and recently lost his job. Spends all day bitching about lack of jobs yet the HJ's 2min down the road has night shift jobs available. 4 hours a night, 5 nights a week. "ohh but I dont want to do that, ""ohh it doesnt pay enough". Sure as hell more than what your getting paid sitting on your arse doing SFA

Always jobs to apply for. Now my job is secure (2009 has seen good growth compared to previous years) but if I was to loose work, I'd have no issues about flippin burgers at HJ's for $10 an hour if that's what I had to do to survive. I really do think a lot of people are in for a rude awakening soon. Living beyond your means to impress people with your X5 / HSV / FPV, mcmansions with blingin home theatres housing 70" TV's probably isnt so important now

One of my customers was telling me they were watching a bloke in Osy Park (semi commercial suburb in Perth) wearing a sign asking for work week or so ago and got it within the hour. Funny that.

Edited 03/04/09 03:16 PM03/04/09 03:16 PM by Mat

Very true Mat, I have also suggested to people to find ANY job and not whine that they cannot get a $100,000+ job.

The labour market has now swung back into the Bosses favour and we can get great people for a fair price.

I have been advertising for a Bookeeper/Accounts person for 20hrs part time. We have received over 60 applications, just from a local paper ad.

We have picked the best 4 and will employ one fo them. It was nice to see a great level of candidates for the job as normally we would be luck to see 5 applications 2 years ago.

Generation Y people will be learning a very tough lesson now and into the future. No longer can they expect 100% home loans, 2 years intrest free Plasma TV's and unlimited supply of Credit.

I was told the big 4 banks will now not lend to anyone with more than a 95% LVR on property. you must have atleast 5% deposit after costs to buy a place. Most banks will now not even consider you unless you have 10%. Low docs are also much tighter.

Sorry to say, but I think that's rubbish.

A mate is in a very similiar situation to you (decent education, employment history etc) and recently lost his job. Spends all day bitching about lack of jobs yet the HJ's 2min down the road has night shift jobs available. 4 hours a night, 5 nights a week. "ohh but I dont want to do that, ""ohh it doesnt pay enough". Sure as hell more than what your getting paid sitting on your arse doing SFA

Always jobs to apply for. Now my job is secure (2009 has seen good growth compared to previous years) but if I was to loose work, I'd have no issues about flippin burgers at HJ's for $10 an hour if that's what I had to do to survive. I really do think a lot of people are in for a rude awakening soon. Living beyond your means to impress people with your X5 / HSV / FPV, mcmansions with blingin home theatres housing 70" TV's probably isnt so important now

One of my customers was telling me they were watching a bloke in Osy Park (semi commercial suburb in Perth) wearing a sign asking for work week or so ago and got it within the hour. Funny that.

I'l dig ditches to keep a roof over My wife's and my own head. Gen Y is in for a major shock when the cookie crumbles.....

I head a little while back that Dominio's pizza where paying $25 an hour to make pizza. That'd be better than sitting on a dole que!

After the latest meeting of liars and decievers INC Maybe it will all just magically go away

Hallelujah! We can all breathe a great sigh of relief now! This great economic crisis is magically over!

Or so you would think, judging from the hype and hoopla emanating from the G-20 summit in London.

At this much-ballyhooed meeting, world leaders did everything they could think of to be seen as fighting the crisis ...

They called for $1.1 trillion in loans and guarantees for poor countries through the International Monetary Fund (Steal more 3rd world country assets)

They agreed to set up a new global Financial Stability Board to serve as a sort of financial early warning system of systemic crisis in the future (Give the IMF even more power)

They pledged to extend regulations to cover hedge funds for the first time ...

And they vowed to take action against Switzerland and Caribbean nations, declaring that “The era of banking secrecy is over.”

Then, despite the fact that NONE of this does one single thing to address the elephant in the room - The $684 TRILLION in dangerous derivatives worldwide plus tens of trillions of debt still likely to go bad (When that bursts it will be something to behold)

All of this nonsense regardless of the fact that both the World Bank and the Organization for Economic Cooperation and Development (OECD) have just warned that global production and trade will fall off the cliff this year ...

Our leaders wasted no time in praising themselves for these meaningless accomplishments.”

Our own President Obama even went so far as to call the G-20 summit the turning point in the global economic meltdown and praised the nations joint efforts as a historic step on the road to stability.

Do these assurances sound eerily familiar to you?

Do they remind you of the assurances the CEOs of Countrywide Financial, Bear Stearns and Lehman gave us just days or hours before those companies collapsed?

Or the assurances Freddie Macs primary regulator gave in Congressional testimony mere days before the mortgage giant imploded?

Make no mistake: The disease that triggered this crisis is still raging.

Foreclosures, bankruptcies and unemployment are still skyrocketing. And like Damocles’sword, the hundreds of trillions in derivatives and bad debts are still hanging over the world banking industry.

If the G-20 meeting proves anything, it's that if you’re waiting for the government to save you, you'll be waiting until Kingdom Come.

NO WONDER KRUD THE WANKER HAS BEEN CRANKY LATELY

Edited 04/04/09 12:55 AM04/04/09 12:55 AM by hypnodoc

Thanks for the support guys

Let me just clarify something. I meant nothing to apply for that I am qualified for / my chosen profession. I have been labouring to keep money rolling in, not sitting on my arse. My wife works part time, so I am not eligible for the dole either. I still have a mortgage and three kids to feed, so I can't afford to sit around doing nothing.

Yes there are heaps of jobs out there, but there are a lot of qualified people that would be applying for those positions too. What makes you think you'd get a job making pizzas with no experience, over someone who has experience? Also I am sure that HJ would prefer to employ a junior, as they would be paying them a lot less. Employers will be more inclined to hire someone who is going to hang around too, rather than filling a void till they find a job they want.

Whilst I sort of agree with what you have said, I don't think it is as easy / clear cut as you are making it out to be.