What's the news?
Those of us of a certain age and with a passion for both moustaches and Hawaiian shirts will have always wanted to own or at least drive a Ferrari 308. Specifically a red one, with the lift out roof panel as driven in countless on-screen adventures by Tom Selleck in the none-more-eighties TV series Magnum, P.I. The improbably named Thomas Magnum, an ex-US Navy intelligence officer used the car (the property of a wealthy patron) to solve crimes, rescue various distressed damsels and generally look achingly cool, in spite of some questionable wardrobe choices.
Well, now the very car used by Selleck has just sold for a record price for a model of its type. In the first season of Magnum, in 1980, Selleck drove a 1978 model year 308 GTS with a carburettor-fed V8 engine. For the 1981 season, he was upgraded to a 1980 fuel-injected model and for the fourth season, he was given the ultimate 308 - the GTS Quattrovalvole (four-valve, in Italian, sounds amazing doesn't it?) and used that for the 1984 and 1985 seasons.
It's this last car that went up for auction, and according to Bonhams, it suspects that the car was used for 'light driving duties and close-ups' thanks to its very gently used condition. It recorded a final price of some €170,000 including commission and charges, a figure vastly above the circa-€100,000 price tag normally asked for an early eighties 308.
"It is believed that there were about five cars of each series used. The cars were destined to be used for one of two distinct purposes: action shots and light action/close-ups, the latter of which were kept in pristine condition. All of the cars used on the show were provided by Ferrari North America. Once a car was no longer in service, Ferrari North America would take the car back, give it a fresh paint job and servicing, and sell it to its "first" owner" Bonhams told us.
"One could argue that this particular Ferrari 308 GTS QV is one of the most famous and iconic Ferraris of all time. This Ferrari captured the hearts of millions throughout the 1980s in living rooms across America as Tom Selleck piloted this exact car around the streets of Hawaii in the pursuit of justice. Accompanying the vehicle is a wonderful history file which documents the car's history, contains a letter from Ferrari North America certifying that this car was actually driven by Selleck in the 1984-1985 shooting season of Magnum P.I."
It's part of a growing trend for classic car prices to become significantly inflated when there's a verifiable celebrity connection to the vehicle. There are potential pitfalls ahead, though. The classic car market has been overheated for some time, particularly with investors seeking fast-turnaround profits at a time when the global property and bond markets have been relatively weak. That could be about to change, though, with the possibility of the US Federal Reserve bringing in some significant interest rate hikes, and the general global political turmoil in the wake of Trump and Brexit. Classic car prices will have to contract, eventually, simply because they're unsustainable and the celebrity connection will only take you so far. Joesf Tito's Mercedes limousine, for instance, still remains unsold.
Tom Selleck's moustache though? A gold-plated investment it seems...