Intended to extend Ferrari’s appeal to a sector of the market already contested by rivals Aston Martin and Maserati, the 250 GTE 2+2 debuted in the summer of 1960. The GTE featured a light, compact Colombo-designed 3.0-liter V12. The 250 GT chassis was a multi-tubular frame tied together by oval main tubes and an independent coil spring front suspension. Introduced with a 4-speed gearbox and drum brakes, late GTEs were updated with disc brakes and an overdrive gearbox.
Pininfarina’s brief had been to produce a 2+2 without sacrificing elegant good looks or sporting demeanor. Moving the engine, gearbox and steering gear forward — and the fuel tank back — accomplished the task without altering the 250 GT’s wheelbase. The Tipo 128E outside-plug engine’s 240 horsepower ensured that performance was crisp. A highly profitable car for Ferrari, the 250 GTE evolved through three series, remaining in production until 1963.
This barn-find 250 GTE 2+2 is an estate sale. It was sold new in Rome, Italy, and was once owned by Agostino “Dino” De Laurentiis, who produced the film “Serpico,” among many others.
The car still carries an expired 1976 tax disc and its last MoT certificate. This well-preserved barn find represents a wonderful opportunity to acquire an original and untouched early Ferrari 250 GTE, ripe for sympathetic restoration by a fortunate new owner.
SCM Analysis
Detailing
| Vehicle: | 1961 Ferrari 250 GTE Series I 2+2 coupe |
This car, Lot 348, sold for $160,598, including buyer’s premium, at Bonhams’ Collectors’ Motor Cars and Automobilia Auction on March 3, 2012.
“They’re only original once.” “Barn find.” “Survivor.” “Preservation candidate.” The battle cries for non-restored cars seem to be at a fever pitch.
There’s no denying the appeal of a vintage race car oozing the patina that takes you back to the period of its glory. Likewise, you can marvel at the originality of that old Maxwell with the cracked paint and well-worn leather.
But what happens if there’s one mag wheel and three wire wheels on the race car or a crumpled fender on the other side of the Maxwell? There’s a fine line between patina and shabby — and that line moves, depending on which side of the transaction you’re on.
A flawless bloodline…
Ferrari produced a diverse assortment of 250 GTs. The approximately 2,540 250s built were the product of more than 20 models. The 250 GTE was the most prolific of the 250s, with a reported 955 examples representing 37% of the total 250 production.
The GTE counts as its siblings the top echelon of Ferrari’s production, including several among the most valuable automobiles ever produced. Historic models, such as the 250 Testa Rossa, provided DNA for the GTE, and legendary models like the 250 GTO, 250 California and 250 SWB were built in the same building, at the same time, by many of the same people — with similar components — as the 250 GTE.
…but last in the value sweepstakes
Although the GTE is incredibly similar under the skin to the most important Ferraris of all time, its value is at the opposite end of the spectrum. Credit the 2+2 configuration or the lack of racing history, but the most popular 250 in its era is the least valuable today.
They are not necessarily hard to sell, they just don’t bring a lot of money. Mike Sheehan recently sold a good-looking, good-driving GTE for $135,000. The very upper end of the market in the U.S. tops out around $200k. Restoring a California can cost twice what the best GTE will sell for.
The fact that the GTE has so many components in common with other 250 models has made it a target for harvesting parts for the repair of other 250s — and for the construction of clones, replicas, or whatever you call them. The practice has brought scorn and condemnation from the automotive community, but no one is reaching deep in their billfold to save the GTE — so far.
Restoration or donation
In researching this article, I scoured the Ferrari Internet forums, looking for chatter on GTE number 2647. Mixed with the factual information were opinions on what the new owner should do with it.
Almost to a person, the advice was to do as little as possible and enjoy it as-is. That may be the romantic notion, but reality lives in a different universe. Where are these cheerleaders for salvation going to draw the line during the resurrection? The paint on GTE number 2647 was fleeing in large flakes, rust filled the spots on the bumpers where chrome used to be, and the interior soft material and trim was shot as well.
Mechanically, the exhaust was loose from the headers, which can be an ominous sign of aborted engine work. Who knows what other disasters will be discovered? Clearly this was a serious project when it was abandoned 36 years before. Sorry, fellow gearheads, it’s going to take more than fresh gas and a wash to save this car’s soul.
A 250-series engine of any type is worth about $75,000. Add to that the starter, generator and other accessories and you are in for another $10k. If you want to build a replica, you’ll need the chassis, brakes, suspension, and a whole lot more. As a donor, a GTE is worth $100,000 to $125,000. Herein lies the rub, as a running, driving GTE is worth only slightly more than a donor-quality car. Cannibalizing a GTE may be an ethical dilemma, but it’s an economic no-brainer. It may be romantic to save a derelict GTE, but it’s like burning money.
GTEs are wonderful drivers, so much so that many were used up like the Fords and Chevys of their time.
Every year or two, a derelict GTE pops on the market, having been pulled out of a corner where it was left rotting years before. Our subject car was just another GTE in this long line. Celebrity ownership and a picture on the catalog cover isn’t going to save this one. The only way 2647 gets restored is through bad judgment. I like GTEs and I’m all for preservation, but unfortunately, the value of 2647 is probably the sum of its parts.
This car blew past Bonhams’ $95,000 high estimate, eventually selling for about $160,000. Europeans will pay much more than Americans for a GTE, but this was a huge number for a rough car.
The car needs everything. Bonhams’ suggestion of a “sympathetic restoration” isn’t in the cards. Bonhams sold a better car in driving condition just a month earlier in Paris for $7,000 less. Unless the buyer of 2647 has plans for the car for which the purchase price doesn’t matter, they’re hopelessly under water. Chalk this one up for the seller and accent it with a star.