June 2011 - Kidston

203 Collector Cars Rated / Complete Amelia Island Coverage
Sports
Keith Martin’s
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The Insider’s Guide to Collecting, Investing, Values, and Trends
MIURA SV
Daytona Destroyer
$1.7m
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Etceterini & Friends Profile
1971 Lamborghini Miura P400 SV Prototype
A car, especially at auction, has to have that “wow” factor to excite
bidders, and this one really did
by Simon Kidston
Photos: Scott Nidermaier © 2010, Gooding & Company
Chassis number: 4758
The Miura presented here is, quite simply, unlike
any other.
Issued production number 576, this
Lamborghini represents the end result of a
project undertaken by the factory’s chief development
engineer and test driver, Bob Wallace, to create the
definitive Miura—the SV. As a prototype, this car was
equipped with features that made it stand apart from the
examples that followed. The treatment of the headlamp
surround is different from the production cars, and the
interior was fitted with convenience items not found on
any other Miura—three separate ashtrays, for example.
The SV debuted at the Geneva Salon in March 1971.
While a lack of factory records makes it difficult to
confirm, it’s generally understood that 4758 was the
car that introduced the ultimate Miura to the world. On
April 6, 1971—after its testing and show duties were
fulfilled—4758 was sold, a month before the delivery
of the first “production” SV. Subsequent owners were
based in Italy, Monte Carlo and Germany before the car
came to the U.S. in 2000.
In 2008, the Miura was delivered to Wayne Obry’s
Motion Products Inc. to be prepared for that year’s
Lamborghini class at Pebble Beach. Foremost Miura
specialist Jeff Stephan was brought in for his technical
expertise. The SV Prototype was completely disassembled,
evaluated and researched. Stephan proclaims
that this Miura is “the best properly restored car in existence.”
After fine tuning, the SV Prototype produced an
estimated 417 horsepower.
In all just twelve Lamborghinis participated in the
feature display at Pebble Beach, and the SV Prototype
was justifiably honored with a class award for its exquisite
presentation, historical import and reverence of
authenticity.
The Miura SV is among the top tier of collector cars.
Given its significant prototype status, documented provenance,
world-class restoration and intrinsic quality,
4758 must be considered one of the finest Lamborghinis
in existence.
This car, Lot 34, sold for $1,705,000,
SCM Analysis
including buyer’s premium, at the
Gooding auction on March 11, 2011, in Amelia Island,
FL.
Timing. It’s everything, especially in the world of car
collecting: Ask the man who sold his Ferrari 250 GTO
for $10,000 in 1970. Or the one who bought this Miura
for $178,000 less than a decade ago.
The headline car for David Gooding’s Amelia Island
auction, featuring prominently in pre-sale marketing
and gracing the catalog cover, this Miura really got
“The Full Monty” in terms of buildup. Hats off to David,
who did a great job—whatever commission he charged
the seller, it was worth every cent.
As always, there’s more to this story than meets the
eye. Let’s consider the elements in play to understand
why this Miura, on this particular day, set a new auction
record for the model.
First of all, what is it? The headline description says
Miura SV Prototype. By definition that would make it a
pre-SV chassis, and its serial number puts it near the
end of S production. The S model is far less valuable
than the SV, but as most collectors would probably
agree, the first and last of anything have special appeal.
Catch 22? I called Mr. Miura himself, Bob Wallace, and
asked what he remembered about the SV prototype.
“We pulled a new yellow S body shell off the production
line and built it up during our spare time,” Wallace
said. “The modifications were pretty rudimentary and
done by hand before the car went to Bertone to be rationalized
for production. It was close to the series version
but the rear fender wells, for example, were different.”
What about a 400-plus horsepower engine, I ventured?
His reply is unprintable.
Two prototypes
To further the intrigue, there are two yellow Miuras
in circulation with factory paperwork supporting
their claim to SV prototype status. I know this, as I’ve
auctioned them both—twice. In a telex dated April 6,
Details
Years produced: 1971-1973
Number produced: 150
Original list price: Lire 11,000,000
($18,000 U.S.)
SCM Valuation: $700,000-$937,500
Tune-up cost: $1,000
Distributor cap: $800 (two required)
Chassis #: Front crossmember, behind
radiator, and chassis plate
Engine #: In middle of vee on top of
engine
Club: Lamborghini Club America, PO Box
649, Orinda, CA, 94563
More: www.lamborghiniclub.com,
www.themiuraregister.com
Alternatives: 1966-68 Ferrari 275 GTB/4,
1966-68 Bizzarrini 5300GT Strada,
1969-72 Ferrari 365 GTS/4 Daytona
Spyder
SCM Investment Grade: A
Comps
1971 Lamborghini Miura P400 SV
Lot # 47, s/n 4926
Condition: 3-
Sold at $990,000
Gooding & Co., Scottsdale, AZ, 1/21/2011
SCM# 168679
1971 Lamborghini Miura P400 SV (SVJ
mods)
Lot # 150, s/n 4892
Condition: 1
Sold at $1,152,132
RM Auctions, Automobiles of London, U.K.,
10/27/2010
SCM# 167924
1972 Lamborghini Miura P400 SV
Lot # 172, s/n 4818
Condition: 1
Sold at $1,115,637
RM Auctions, Automobiles of London, U.K.,
10/27/2010
SCM# 167963
50 Sports Car Market

SCM
Digital Bonus
1988, Ferruccio Lamborghini’s right-hand man, Ubaldo
Sgarzi, confirmed the other example to be “one of our
SV prototypes” (note the plural). That car, serial number
4856, engine number 30780, had a much earlier production
number—266—but a later chassis number, a very
late SV engine number and wasn’t sold by the factory
until 1973....
As you see, early Lamborghini record keeping is
somewhat Latin in nature. For the record, 4856 was sold
at auction in 1998 for $126,349 (SCM# 5929) and again in
2002 for $157,937 (SCM# 28406).
Over a decade ago, when our feature car last changed
hands in public at Brooks’ 2000 Quail Lodge auction for
$84,000 (SCM# 10383), the reporter commented: “Of all
the Miuras, the SV is the one to have. Is this an SV or
really an S with some SV options? Cheap price for an S
and a real bargain if it’s an SV.” Given that a late SV (s/n
5038) had sold just 24 lots earlier for $210,000, it appears
the auction house didn’t succeed in getting the Prototype
point across to buyers.
The successful bidder, a Los Angeles-based dealer,
quickly resold s/n 4758 to a speculator from Southern California for an amount believed
to be just into six figures. A quick detailing and one advert in FML later, chassis
4758 was now billed as “first owner for many years, a Monte Carlo based Italian opera
singer” and available to “serious parties”—price on application, of course.
Ownership history—and minor myths
The auction catalog repeats the previous belief that this was possibly the car which
launched the SV at the ’71 Geneva Salon, and implies it was sold a month before the
first production SV, but we now have the Bertone build records identifying the chassis
number and (different) color of the show SV, photos of the show stand and the sales
records of the dealer who sold the show car 29 days before 4758. To put a minor myth
to rest, the Italian “opera singer first owner” in Monte Carlo, who I’ve just called, is
a financier who bought the car in the late 1980s—he couldn’t afford a bus fare in ’71.
And he still can’t sing.
Next stop: Florida, and a genuine private enthusiast who struggled to document
its history, before in 2002 the Miura finally found a long term home for $178,000
with a reclusive big hitter on the East Coast, spending the next nine years in climatecontrolled
luxury.
I asked what attracted him to this particular SV.
“I like firsts,” he said. “I have the first 250 GTO, the first F50 imported to the U.S.A.
and so on.” What about the restoration? “Wayne Obry has done six cars for me, each
in one year, with the aim of being the best of its kind. This Miura felt very fast, more
so than the other SVs I had tested, and a real torque monster compared to the finesse
of Ferraris.”
Would he own another? “I had the best. Anything now would be a letdown.”
The value of history, presentation and timing
So bearing in mind all of the above, how do we
explain the price? At over $1.7m, it’s 70% more than
normal SVs have achieved recently at auction and
about half the price of real Miura SVJs we’ve handled
privately.
Why? First of all, history. It may not be the only
claimant, and three ashtrays will stand out about as
much as an alloy block on a 300SL, but one of two
prototypes is rarer than one of 150 SVs. It’s telling that
a decade ago buyers discounted this car compared to
a regular SV, and it’s an encouraging sign that since
then they have become more sophisticated in attaching
a premium to something with an interesting story.
Second—and significantly—presentation. A car,
especially at auction, has to have that “wow” factor
to excite bidders, and this one really did. Details like
the Italian government paper seal reproduced on the
cigar lighter, the factory leather document wallet and
guarantee certificate were all assembled or recreated
by the seller (who previously owned an automobilia
business), but they made the car complete. If that didn’t
impress, the folder of restoration invoices certainly did:
all $536,496.27 of them (we checked).
Third, provenance. The Pebble Beach award, even
if only third in class, means a lot. We’ve handled the
Lamborghinis which came first and second that year,
and each set a new record. The seller’s status in the
collecting community, and the quality of his cars, reinforced
the notion that this Miura had already made
the grade.
Finally—and perhaps most important of all—timing.
If you’re trying to assemble the world’s best
Lamborghini collection and want to fill a piece in the
puzzle, but when you find yourself up against a young
U.S. dealer representing a Middle Eastern buyer and
a father and son from Texas who’ve already bought 150
cars, you either have to step up or give up. Tomorrow
could be a completely different scenario, but the auction
takes place today. So we followed instructions and
bought it. ♦
(Vehicle description courtesy of Gooding &
Company.)
SCM Digital Bonus. Additional images, Seat Time and more...
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