First Electric Ferrari Auctioned for $40 million

By unveiling the Luce—its first electric car, designed by LoveFrom, a design studio founded by Marc Newson and Jony Ive (a former Apple executive responsible for the iPhone, iMac, iPod, iPad, and more)—Ferrari had sparked intense enthusiasm and faced a rather virulent smear campaign.

Three months later, the tables turned during Monterey Car Week, that major California event where concours d’élégance, presentations of exclusive new models, and auctions take place one after another for an entire week. It was at the RM Sotheby’s auction that the very first production model of the Luce sold for $40 million—not only the highest price ever paid for an electric car but also a record for a new Ferrari.

The context is significant. On the one hand, the outcome of this sale—closely watched by all connoisseurs—will undoubtedly influence the reaction of potential future customers interested in the Luce. On the other hand, the U.S. classic car market is red-hot this year. The fact remains that for a car offered without reserve, estimated at $1.1 million, and—most notably—an electric vehicle, no one expected it to fetch thirty-six times the estimate, especially since its list price in the U.S. is around $640,000 and the first deliveries haven’t even begun yet. The lucky buyer, billionaire optician and stock market investor Herbert Wertheim, had already made a splash at the same auction last year by shelling out $26 million for—yet again—a one-of-a-kind Ferrari Daytona SP3.

Although such a sum defies all logic (other historic cars offered for sale have not reached such heights), this record can be explained by several factors.

Aside from joining the ranks of Ferrari’s top clients, the donation of the proceeds from the sale to charity (and the accompanying tax deductions in the U.S.) was a major deciding factor for the buyer, a prominent philanthropist. The entire amount will go to the Ferrari Foundation, a 501(c) charitable organization under U.S. law whose primary mission is to fund inclusive educational projects and create opportunities for young people, particularly in the fields of science, technology, and technical training.

In the front row of the auction hall, the Ferrari delegation—including Piero and Enzo Ferrari Jr., CEO Benedetto Vigna, and the newly appointed marketing director Massimiliano Di Silvestre—congratulated one another: for the Prancing Horse brand, this record represents a tremendous success in terms of public relations.