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Ferrari hosts vintage auction

2008-05-16 09:56

Milan - Ferrari will host on Sunday an auction of 45 vintage cars made by the luxury sports car maker of Formula One fame, including a 250 GT California Spyder once owned by US actor James Coburn.

The auction, organised by auction houses RM Auctions and Sotheby's, will also see a raft of Ferrari memorabilia put on the block. They range from Kimi Raikkonen's 2007 race suit to a Ferrari 365 TGB4 steering wheel to a spare parts catalogue for the 330 GTC Coupe.

Also in the mix are two original posters from Steve McQueen's 1971 film, "Le Mans", in which Ferraris played a starring role.

A lot of these collectibles cherished by Ferrari fans will be sold by Jacques Swaters, a former race car driver, according to Peter Wallman, a spokesman for RM Auctions.

The estimated value of the cars being auctioned ranges from 100 000 euros to 5 million euros, with the model fetching the highest price a 250 LM from 1964, Wallman said.

Revenues generated from the auction are expected to total more than 30 million euros, he added.

Hundreds of wealthy collectors and Ferrari fans are expected to participate, either in person or by phone from around the world.

The auction, the third of its kind, will be held in Ferrari's home town of Maranello near the Italian north-central city of Bologna.

Ferrari is a subsidiary of Italian carmaker Fiat.

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