Equipment
289, Webers, 5-speed, Borrani wire wheels.
Condition
Purchased new by an Italian buyer and specced with some race-oriented tweaks over the standard street GT40. The engine is noted on the build sheet as “High Performance with Weber [carburetors],” and also lists a “[r]ace exhaust system supplied in addition to Road Exhaust, one rear wheel and tyre extra, [and a] High Pressure (Race) Oil Pump.” Two years later, three-time Targa Florio and Sebring race winner Umberto Maglioli purchased the car. It then went on to two subsequent owners, both in Germany, the latter of whom owned the car from 1994 on. Later restored by RUF Automobiles, the famous Porsche builder.
Market commentary
Pricing GT40s can be tricky, though, especially when it comes to the road cars. Provenance can be a trump card for the race cars—those that were successful on track or driven by the likes of Ken Miles or Bruce McLaren are likely to be more valuable. Famous butts sitting in seats, along with famous accomplishments, aren’t as frequent and don’t carry as much weight in a road car. “I think originality is probably the biggest thing to consider with a road GT40,” says Gary Bartlett, a collector and owner of a road-legal Mk III. “Looking at the car’s history is important—whether it’s been wrecked or burned up and subsequently rebuilt—the usual things that can happen to these old cars. To me, originality is paramount because most of them don’t have that interesting racing history to rely on.” The other sticky wicket with GT40s is that they simply aren’t very good cars for the street. “My wife and I quickly discovered just how hot they are in street use,” says Bartlett. “I had no idea. I don’t mean the heat of the engine—I mean inside the car. This was in April on what was probably a 70 degree day, and I thought my wife was going to pass out.” Since then, Bartlett has been more strategic about deploying his GT40: “I’ve got around 2000 track miles on my GT40,” he says. “But I’ve only put maybe 150 miles on the road. They’re amazing to drive at speed, but they’re incredibly uncomfortable in street use.” That said, the road-going GT40s’ place in automotive royalty is recognized. A Mk I sold at Amelia in 2016 for $3.3M, and later that year another brought home $2.9M in Monterey. Those comparables are closing in on eight years old, however. Bartlett indicated that, given the car’s solid restoration, overall originality, and the age of prior sales, he was unsurprised the price landed where it did. Incidentally, the Hagerty Price Guide #2 (Excellent)-condition value for a ’66 Mk I GT40 is $6.7M, not far from the $6.9M final sale.