Inside Wealth

Rare Ferraris May Fetch $20 Million at Auction

Chris Woodyard, USA Today
1960 Ferrari 250 GT LWB California Spider Competizione
Source: Gooding & Company

It's only four cars, but together they may fetch upwards of $20 million when they go on the auction block next month at Pebble Beach, near Monterey, Calif.

Auction house Gooding & Co. has put its mitts on the Ferraris of a collector named Sherman Wolf, who is described as one of the most zealous fans of the famous Italian brand. Wolf died earlier this year.

"Sherman Wolf was one of the most earnest and generous Ferrari enthusiasts I've ever known and he is dearly missed by many friends in the collecting community," says David Gooding, president of the auction house.

The star of among the four cars, the one expected to fetch up to $9 million, is a 1960 Ferrari 250 GT long-wheelbase alloy California Spider Competizione. Gooding says it is "recognized as one of the greatest sports cars of all time," one of only nine created. This one was displayed at the 1960 Chicago Auto Show.

The others include a:

•1953 Ferrari 340 MM Competition Spider by Vignale. It was the lasts of 10 and was long part of the collection of the chairman of the Pebble Beach Road Races Committee, a fellow named Sterling Edwards, who picked it up on his honeymoon in Europe and raced it in 1953 and 1954. It's expected to be worth up to $6.5 million.

•1957 Ferrari 500 TRC by Scaglietti. It is described as "one of the most beautiful Ferrari sports racing cars ever built," one of only 19. It is expected to get up to $4.5 million.

•1985 Ferrari 288 GTO. The Pininfarina-designed 288 was one of 272 cars, Ferrari's first supercar, yet it has power windows and air conditioning. It could fetch up to $900,000.