The auction house RM Sotheby’s describes it as the “ultimate barn find”: In August, 20 rare and sometimes very old rarities from Ferrari will go on sale. The collection was “discovered” in Indiana, where it has been gathering dust for about 20 years.
Some specimens have even been standing much longer. For example, a Ferrari 410 Superamerica Coupe Series I from 1956 has been living on brittle tires for 49 years.
A certain Walter Medlin put on the collection over many years. Medlin rarely appears in the media as he is considered to be quite reclusive. A report in the “Orlando Sentinel” tells parts of his story – and that of his cars.
In 2004, the Ferraris made headlines because of a hurricane
How exactly Medlin got the money he needed to buy the cars is not clear either – what is known is that the Ferraris were repeatedly involved in disputes with the US tax authorities. Some call Medlin a real estate mogul, others a billionaire, others say he worked as an X-ray technician.
Now the cars go on sale. Many are surprised that the vehicles still exist at all. The original hall where they were kept fell victim to Hurricane Charley in 2004. This revealed the collection for the first time after a long slumber. Some cars still bear visible damage from this event today.
But what many collectors didn’t know: Medlin then had the cars taken to another hall, again to give them the ravages of time. There were no major repairs, the cars came to Indiana the way they had been loaded in Florida.
Auction without reserve price
Many cars now have a second chance if buyers are found for them. The auction house recommends a complete restoration for almost every Ferrari, but at least a general technical overhaul will be necessary to breathe life back into the old engines.
Apparently, that doesn’t hurt the possible prices. Even for a completely burned-out wreck of a Ferrari 500 Mondial Spider, Sotheby’s expects seven-figure proceeds. Because although the condition of some vehicles is very bad, some models are now incredibly rare – and therefore a real opportunity for collectors.
Quite unusual for such rare vehicles: All Ferraris from Walter Medlin’s “Lost & Found Collection” are offered without reserve, i.e. without reserve price. This means that while Sotheby’s may quote a starting price, the last bid will usually prevail. No matter how high or low it is.