Last issue I said the regular Ferraris would come back down. They didn't. So this one is all Ferrari, and one question: is the bubble about to burst?
What's still going up
Start at the top. At Monterey in August, Ferrari took seven of the ten biggest sales of the week. A 2023 Daytona SP3 brought $17,825,000 against a $10 to $12 million estimate. An F50 made $14,575,000 and a 288 GTO made $11,555,000, both records for the model.
Hagerty's Supercar Index, which is heavy on Ferraris, rose 14% in the third quarter alone and is up 45% over the past year. Its September market report puts Ferrari at about $730 million of the roughly $1.6 billion year-over-year rise in auction sales, close to half of it.
It isn't only the trophy cars. Hagerty had the F355 up 19% in a single quarter, with good driver cars now over $200,000. On Bring a Trailer, manual 355 Berlinettas and GTSs that sold for roughly $150,000 to $200,000 a year ago have been bringing about $220,000 to $265,000 this fall. 458s, F12s, 812s, 550s and Testarossas are all selling well above where they were a year ago. Hagerty had the Testarossa up 14% last quarter on its own.
Where it's cracking
The old guard. Hagerty's index of classic Ferraris from the 1950s to the 1970s slipped 1% in the third quarter. The 250 GT SWB was down 8% and the Lusso down 6%. At Monterey, a 250 GT Lusso sold for $1.27 million, less than the $1.43 million the same car brought in 2020. A 275 GTB alloy (estimate $2.7 to $3 million) and a Daytona (estimate $700,000 to $900,000) didn't sell at all.
The hybrids. Goldman Sachs' used-Ferrari index, as reported in September, has hybrid Ferraris down about 13% since January 2025 while the non-hybrid cars are up about 16%. On Bring a Trailer, a 2023 SF90 that sold for about $478,000 in August 2025 compares with about $442,000 for another this August.
Sellers holding out. At Mecum Monterey, a seller turned down $4.5 million for an F12tdf, roughly 50% over Hagerty's top value for the car. A special-order 812 Competizione Aperta was bid to $3.4 million and didn't sell, though that would have been a record. And since July, about a third of the Ferraris offered on Bring a Trailer didn't sell, against roughly a quarter over the long run.
Hagerty's own analyst has called the price curve "parabolic" and compared the moment to 1989 and 1990, right before the last Ferrari crash.