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SCM: the $11000000 Ford GT40 11/12

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SCM: the $11000000 Ford GT40 11/12 American Car Collector Profile 1968 Ford GT40 Gulf/Mirage Lightweight There isn’t another P1074, and like when you’re collecting baseball cards, is paying a little ahead for a Mickey Mantle card really horrible? by Colin Comer Details Years produced: 1964–69 Number produced: 107 (all variants) Original list price: $16,000 Current SCM Valuation: $1.5m–$2m Tune­up cost: $500 Chassis #: Metal plate on bulkhead behind driver’s head Engine #: Tag above water pump Club: SAAC More: www.saac.com Alternatives: 1966 Porsche 906, 1965 Ferrari 275 GTB/C, 1965 Lola T70, SCM Investment Grade: A Comps Chassis number: P1074 (M10003) he GT40 offered here, chassis P1074, began life ?'//7+%?/2/%.33/08 as Mirage M10003, and in its debut May 1967 at P1074 was a camera car at the start of the 1970 1965 Ford GT40 Works Prototype Spa, with Jacky Ickx and the “Flying Dentist,” Dr. S/% M6,+% T=KU(:2% 26#/8% C% *6"2% (9% )(5"/% #6)/26+% Lot 117, s/n GT111 !"#$%&'()*+(,-%.,"+'/0%1"2+3%45/26778 was mounted in the spare tire well. It’s uncertain as Condition 1 Not sold at $2,996,700 TFollowing the FIA’s regulation change for the 1968 to whether the car actually ran during the race. A RM Auctions, Cernobbio, ITA, 5/21/11 season, which reduced prototype engine size to three li- PVFK0/E2//% 2(363",E% C22"W/J% #6)/26% ?6+% )(:,3/0% (,% SCM# 177917 3/2+-%6,0%.5/%7"3/2+%9(2%*2(0:#3"(,%;<2(:*%=>%+*(23+%#62+-% the rear deck. A 35 mm manually rotated camera was with a limited build of 25 examples, Mirage M10003 )(:,3/0%6@(5/%3'/%*6++/,E/2%0((28%&'/%#()@",63"(,%(9% ?6+%36$/,%@6#$%3(%A8B8C8%",%D,E76,0%9(2%"3+%#(,5/2+"(,% 3'/+/%'/65H%#6)/26+-%67(,E%?"3'%+:@+36,3"677H%2/0:#/0% ",3(% 6% <2(:*% =% <&=F8% &'/% #(,5/2+"(,% ?6+% #()*7/3/0% aerodynamics and less-rigid chassis, meant the car was on February 23, 1968, whereupon it became GT40 5/2H%'620%3(%#(,32(7%63%3'/%+*//0+%3'/%.7)",E%2/X:"2/08% P1074, but has since remained complete with its original &'/%):#'K)(0"./0%<&=F%Y2(60+3/2L%?6+%:+/0%:,3"7%3'/% Mirage bodywork and could easily be returned to that .7)",E%?6+%#()*7/3/08 The acquisition of GT40 P1074 represents a special 1966 Ford GT40 MK I #(,.E:263"(,8 Lot 54, s/n GT40P1065 G3% ?6+% 3'/% .2+3% ;@H% +/2"67% ,:)@/2>% (9% 3'2//% 7"E'3- opportunity. Aside from its current stunning presenta- Condition 1­ weight racing GT40s built for the J.W.A./Gulf team. Its 3"(,-%3'/%96#3%3'63%"3%"+%(,/%(9%(,7H%3?(%+:25"5",E%<:79% Sold at $1,650,000 chassis retained the unique Mirage straight substructure Mirage M1s, in which form it accumulated much of its Gooding & Co., Pebble Beach, CA, 8/14/10 9(2?620% (9% 3'/% ?",0+#2//,8% I*/#".#% 3(% 3'/% #62% ?/2/% 26#",E% '"+3(2H-% 2/,0/2+% "3% *623"#:7627H% 63326#3"5/% 3(% 6,% SCM# 165710 I36E/%GG%5/,3"763/0%0"+#%@26$/+-%6%7"E'3?/"E'3%926)/%6,0% /,3':+"6+3% ?'(% ,(?% '6+% 3'/% (*3"(,% (9% 2/763"5/7H% /6+- a lightened roof. "7H%2/3:2,",E%3'/%#62%3(%3'"+%#(,.E:263"(,%6,0%6#3"5/7H% The body was described as “super lightweight with campaigning the car with its remarkable Jacky Ickx #62@(,% .76)/,3% 67:)",:)-% 9:77H% 5/,3/0% +*62/% ?'//7% *2(5/,6,#/8 #(5/2-%/J326K?"0/%2/62%?'//762#'/+-%0(:@7/%/,E",/%#((7- This car’s impeccable credentials, both as a winning /2+-%6,0%2/62%*6,/7%5/,3/0%;+"#>%9(2%@26$/%6"2%/J"38L%&'/% 26#/2% 6,0% 6+% 3'/% #6)/26% #62% 9(2% 3'/% 7/E/,062H% I3/5/% #62@(,% .@/2K2/",9(2#/0% @(0H?(2$% :+/0% (,% 3'/% M"26E/% M#Z://,% .7)% YS/% M6,+-L% 6+% ?/77% 6+% "3+% 7(,E% 0(#:- 1966 Ford GT40 MK I Lightweight Lot F250, s/n AMGT402 M1s, now P1074, P1075 and P1076, is reputed to be mented history of prominent owners and its meticulous Condition 2­ 6)(,E%3'/%.2+3-%"9%,(3%3'/%5/2H%.2+3-%:+/%(9%#62@(,%.@/2% 2/+3(263"(,%",%A8B8C8[<:79%7"5/2H-%)62$%"3%6+%(,/%(9%3'/% Not sold at $2,200,000 panels in race car fabrication. most desirable GT40s, and indeed endurance racing Mecum Auctions, Indianapolis, IN, 5/13/09 N:22/,37H-%OPFQ=%"+%.33/0%?"3'%6%*/2"(0K#(22/#3%<&=F% #62+-%/5/2%@:"738 SCM# 120613 Ford 289 cubic inch V8 with Gurney-Weslake cylinder This car, Lot 139, sold for '/60+-%9(:2%B/@/2%#62@:2/3(2+%6,0%6,%C5"6"0%("7%*6,8%G3% SCM Analysis ?6+%*6",3/0%",%*(?0/2%@7:/%<:79%7"5/2H-%?"3'%6%0"+3",#- $11,000,000, including buyer’s pre- 3"5/-% #(,+36,3K?"03'-% )62"E(70% ;(26,E/>% #/,3/2% +32"*/-% mium, on August 17 at RM Auction’s 2012 Monterey ?'"#'% ",+36,37H% "0/,3"./0% "3% 6+% A8B8CR+% ,:)@/2% 3?(% sale. #628%4,%+/5/267%(##6+"(,+-%"3%?6+%26#/0%?"3'%32"6,E:762% As space limitations limit me from fully diving into ,(+/K)(:,3/0%#6,620%.,+%3(%")*2(5/%0(?,9(2#/8%12()% the crazy, funhouse-mirror world of GT40s, I’ll do my the outset, 8.5-inch front and 11-inch rear BRM Mirage best not to add to the confusion. In a nutshell, the GT40 46 Sports Car Market program is not as neat and tidy as it may immediately look to those who sum them up as “Ford GT40s.” The fact is that, similar to Shelby’s Cobra, Ford built perhaps the most successful Anglo-American hybrid of all using a Lola GT chassis — along with Ford engines and huge Ford development money funneled through the likes of Shelby American and Holman & Moody, to create the GT40. GT40 history Of course, today the GT40 is known as the Ford that beat Ferrari. But before the cars reached Shelby American or Holman & Moody, they had to be built, and this was done at Ford Advanced Vehicles Ltd. (FAV) in England, a subsidiary created in 1964 for the GT40 project. John Wyer was the project manager. In Wyer’s previous role of Aston Martin team manager, among other things, he helped Carroll Shelby and Roy Salvadori win Le Mans in 1959. When Ford moved from the Mk.1 GT40 to the big- block Mk.11, and later the J-Cars, with Shelby and Holman & Moody, FAV was quickly out of the Ford- backed race car business. However, Wyer formed J.W. Automotive Engineering Ltd. car’s history. (J.W.A.) with John Willment and soon inked a deal with Gulf Oil to produce and race ;%/3"#$%"#6DLI#)*(/-$-#,0+#1'*3$#./$%#&"($'/0#3/!"(- their Mirage M1, a GT40-based Group 6 race car. The Mirage M1 looked very much ties that were taken during the reconstruction and sub- like a Mk.1 GT40, but with a much narrower roof and windshield, along with changes sequent restorations of P1074, such as the wrong door to the substructure forward of the windshield under the skin. This car, as Mirage M1 handles, it is still unquestionably the right car under all M1003, started as a GT40 chassis at Abbey Panels, completed as Mirage M1003, and that. Now, in a perfect world, one would follow the gen- was, as RM states, returned to J.W.A. and converted to a Group 4 GT40 with chassis erally accepted rule of picking a point in time during number P1074. $%"#&'(N-#('&/04#&'(""(#$%'$#/-#E2-$#-/40/,&'0$#'0+#'&- So if you’ve been following along, our subject car started life as a bare GT40 chas- &*('$"35#("-$2(/04#/$#$2#(")("-"0$#$%"#"O'&$#-)"&/,&'$/20# sis but was completed as the GT40 derivative Mirage M1, only to be later converted at that time. But we’re splitting hairs here, especially to GT40 specs and numbered as a GT40 for the Gulf Oil team. What followed was an on a car of this value. impressive, if not earth-shattering, race career, with its most notable races being 1st at Spa in 1967 — as a Mirage — and 1st at Monza as P1074 in 1968. It also happens to Is $11m really shocking? !"#$%"#&'(#$%'$#&')$*("+#$%"#,(-$#./0#12(#$%"#02.#3"4"0+'(5#6*31#7/38#9:;:<:#)'/(/04: Which brings us to that subject: value. With so few competition GT40 cars produced, rarely does one come Steve McQueen and “Le Mans” up for public sale, so an $11m result can be shocking ;%"("#/$#("'335#4"$-#/0$"("-$/04#/-#$%"#=&>*""08#?23'(#@(2+*&$/20-8#AB"#='0-C# on its face. camera car deal. In period, since nothing is older than last year’s race car, by 1970 Privately, at least one other famous GT40 has traded P1074 was pretty old. So when the need for a fast camera car arrived, I suppose it at or above this level in recent years: P1046, the Mk.11 made perfect sense — just not from a driving dynamics standpoint! car that (arguably) was the 1st overall winner at Le D%"#E2F/"#&'(#(23"#E'(G"+#$%"#-"&20+#$/E"#=HIIJ8@HIKL#32-$#/$-#3/+#'0+#%'+#!2+5# Mans in 1966. Our subject car, unlike the fresh meat panels changed. But the chassis remained, so is this simply a wardrobe change — or most auction companies like to bring to market, was a dramatic physical change? recently semi-privately for sale at a number very close D%/-#/-#'#('&"#&'(M#'0+#$%"-"#,3E#&'(#&%'04"-#'("#02#E2("#$('*E'$/&#$%'0#$%"# to the RM result.
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