- Jul 13, 2006
- 4,782
http://www.nytimes.com/2016/03/11/business/the-assets-of-the-ultrarich-come-closer-to-earth.html
As prices surged for late-model Ferraris, fleets of them flooded onto the market. At the Bonhams February sale at the Grand Palais in Paris, six nearly identical Ferraris from the late 1980s to mid-1990s were offered; three failed to sell.
“The sight of six Ferrari Testarossas, all red, lined up at one auction waiting optimistically for buyers probably summed up much of what’s wrong with the recent bull market,” noted Simon Kidston, founder of an advisory firm for car collectors.
As prices surged for late-model Ferraris, fleets of them flooded onto the market. At the Bonhams February sale at the Grand Palais in Paris, six nearly identical Ferraris from the late 1980s to mid-1990s were offered; three failed to sell.
“The sight of six Ferrari Testarossas, all red, lined up at one auction waiting optimistically for buyers probably summed up much of what’s wrong with the recent bull market,” noted Simon Kidston, founder of an advisory firm for car collectors.
