Barn-find 427 Cobra and Ferrari 275 find new homes at Gooding auction

Ferrari 275 GTB/2 Alloy Longnose at Gooding and Co.

Last we heard from the 427 Cobra and Ferrari 275, Barn Find Hunter maestro Tom Cotter had successfully extricated the dusty duo from their North Carolina garage in preparation for sale at Gooding & Company’s Amelia Island auction.

The cars garnered huge buzz under the Gooding auction tent on Friday morning, with the 1966 Ferrari 275 GTB/2 Alloy Longnose crossing the block first. As the car drove onto the stage it actually overshot its mark by about five feet, as if it was overexcited to be surrounded by people after decades in solitude. The first bid came in immediately at $1 million, before quickly climbing to $2 million and then briefly stalling out at $2.2 million. The hammer eventually came down at $2.3 million—$2.53 million including the auction premium—just eclipsing the low end of the $2.5 million–$3.2 million estimate.

Following the Ferrari was the 1967 Shelby Cobra with the rare 428-cubic-inch V-8. With a pre-sale estimate of $1 million–$1.3 million, the car started out at $500,000 before briefly resting at $850,000. It finally hammered at $950,000, followed by a generous chatter of approval. Total price, with premium, was $1,045,000.

Shelby 427 Cobra crossing the block
Shelby 427 Cobra crossing the block
Matt Lewis

Compared to the state of the cars’ surroundings when they were found in the condemned garage, the Ferrari and Cobra looked impressively clean. Both drove onto the block under their own power, perfuming the front row with that magical smell of gas and exhaust. No doubt they’ll go to very happy owners, who will hopefully give them the love and care they’ve long needed.

There was certainly enthusiasm surrounding these cars, although some people were no doubt hoping for more action for such rare and captivating barn finds. Are barn finds losing their luster, perhaps? It will be interesting to see if the new owners keep them as-is or choose to go down the path of total restoration.