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Ferrari 365 California Market Report

Ferrari's ultra rare 365 California is a difficult vehicle to accurately value with only fourteen examples having ever been built, many of which are now in the long-term ownership of some very serious collectors. Three or four have changed hands over the course of the last decade, all selling for figures in excess of $500k, these being among the most desirable open topped Ferrari street cars ever manufactured. Pininfarina's extravagant but irresistable cabriolet bodywork was combined with wonderful detailing and fabulous componentry to produce a worthy finale for this, the last of Ferrari's super exclusive grand tourers that had begun back in 1950 with a handful of 340 America road cars.
   Chassis 8347, from the 1966 sales brochure  
It seems unlikely that any 365 California's will ever come to market in a generally poor condition, most having been meticulously maintained over the last twenty or so years thanks to their sky high values. Indeed, the lowest sum that you could possibly hope to acquire an example of this tipo with would be around the £300k / $450k mark, at which price a long wait would probably be in order. The whereabouts of all but one 365 California are known, persistent rumours suggesting the remains of chassis 10155 are somewhere in a New York scrapyard. If they are, and dependent upon their condition, they could be worth in excess of $100k. Meanwhile, most 365 California's have had their original factory colour scheme replaced at some time and, while the most desirable examples will undoubtedly be presented in their original scheme, so long as changes have been made in accordance with period colour options, there should only be a nominal difference in values. However, if a non-standard, non-factory colour is worn inside or out, an appropriate deduction should be considered. Differences between one 365 California to the next were nearly always subtle cosmetic details so it is on the basis of originality, documentation, historical correctness and condition that the value of any given chassis is determined. Indeed, to warrant a figure around the higher appropriate value indexed below, any California will have to posess a number of important attributes.
    Model   Production   Years   Low   High
    365 California   12   1967   £300,000 ( US$ 395,000 )   £550,000 ( US$ 725,000 )
    365 California (RHD)   2   1967   £350,000 ( US$ 460,000 )   £550,000 ( US$ 725,000 )

     The actual values today ( January 2018 ) are between 4 and 5 million US Dollars. See: Hagarty Valuation
Most importantly, the originality of top money cars must never have been compromised. They should come with the original Pininfarina body panels, Ferrari's matching number engine, the original interior fixtures and fittings and, of course, an unbent chassis. Thus, they must correspond fully with Ferrari and Pininfarina's original build sheets which should be included in the sale along with a well-researched and extensively documented history. Indeed, this should be especially detailed with regard to the cars early years and any restoration work that has been carried out.
  8347 again, note it's unique flush rear clusters  
Condition-wise, top money California's will have to be correct and exceptional in every department, from the chassis and suspension, the engine and gearbox, paint finish, brightwork and panel fit, to the interior fixtures and fittings. A totally original interior is to die for but impossibly rare so make sure the car has been restored by a well-respected Ferrari specialist. Genuine concours examples are rare and can occasionally make more, but be wary of over-restored cars which should be avoided. Finally, look for the original handbooks, toolkits and owners wallet, all ultra rare and very desirable additions that should be included at the higher end. Meanwhile, those 365 California's that should be valued more according to the lower appropriate figure are unlikely to be in very poor condition, instead often masquerading as excellent examples. However, such cars will be unable to claim such high levels of provenance which could come down to a number of factors. Most likely is that the originality will have been compromised in some way, either through an overdone or incorrect restoration, having been involved in a serious crash at some time, or possibly even having been cannibalised for parts at one stage. Indeed, a surprising number of 365 California's have been crashed (five of fourteen at the last count) albeit with varying degrees of seriousness. However, the desirability all these California's is such that any restoration work should have most recently been carried out with the closest regard to historical accuracy.
Meanwhile, depending upon the seriousness of an impact, the extent of any damage and, in particular, who went onto rectify the damage, some kind of appropriate drop in value should be considered over an otherwise stunning example. Finally, some of these 365 California's have been modified in varying ways, one chassis being fitted (by Pininfarina) with an electric hood while others have had lighting modifications both at the front and rear, more often than not to suit later owners tastes. But so long as no terribly extensive modifications have been made and they have now been accurately reversed, such changes will have had a nominal effect upon value.
  The ex-Goldstein 365 California chassis 10077  

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