Equipment
Painted wire wheels, blackwall tires, skirts, trafficators, leather upholstery.
Condition
Engine replaced with a 2300 bored to 2.5 liters, 2500 cylinder head, carburetor, manifolds, and ancillaries. Restored in 1998, 2nd in Class and Most Elegant Closed Car at Pebble Beach in 1998, still good enough to be Best Pre-War Alfa at The Quail in 2012. Excellent paint, chrome, and interior showing only faint evidence of being used.
Market commentary
A particularly beautiful example of late Thirties' design by Touring, equally particularly well restored and presented. The engine block swap doesn't help its value, but shouldn't detract as much as the difference between the high bid and the low estimate. Most collectors well never get close to buying a Two-Nine Berlinetta, but this Two-Five is close at least in appearance if not in performance. The high bid is about as far short of a reasonable price for this Alfa as the low estimate is over it.