vintage ferrari
vintage ferrari car

This 1995 Ferrari F512M Coupé will be on sale at the Bonhams auction in Zoute, Belgium on October 11

Modern classic cars, desirable machines from the 1980s onwards, are hotter than ever, with demand not damped by the pandemic or constraints against driving. So for that reason, LUX Editor-in-Chief Darius Sanai says he is reluctantly putting his beloved Ferrari F512M, one of the craziest Ferraris of them all, up at auction with Bonhams

The economic ramifications of the coronavirus across the upper echelons of the collecting market have been unpredictable. Walking home from an emptying office at the start of the lockdown in London in March, I bumped into a gallerist friend, who was in the process of locking up the doors of his famous gallery in Mayfair for a potentially indefinite period. What did he think would happen in the art market, I asked him (this was a time when I naïvely believed that people would knew the answers to questions like this). “Carnage!” he said.

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Last week I was having a drink with another friend, one of the most significant collectors of contemporary art in Britain, and a good client of the same gallerist. My friend was bemoaning the state of his investments – not his stock market investments, which were doing very well, but the companies and people he has invested in directly. The companies are in the hospitality and retail sector, and having to let good people whom he knew and liked go was was eating him up, giving him sleepless nights, he looked drawn, despite his fitness regime and wealth. And how was the art market, I ventured, expecting more sharp intakes of breath, and of single malt. “Brilliant! I’m selling, and the prices are amazing!”

sportscar

2014 Bugatti Veyron 16.4 Grand Sport Vitesse sold for $1,750,000 at the Quail Motor Car Auction in August.

My friend’s observation was evidently a reflection of the specialised part of the top end of the market in which he is selling – abstract expressionism. The art world itself has been hit severely by lockdown. According to one survey, by UBS and Art Basel, art gallery sales fell by 36% in the first half of the year – although falling sales do not equate to falling prices for the most desirable works.

Another part of the collectibles market that could logically have been expected to collapse during the last ten months, but which has not, is that of classic cars. The sector has even more going against it than the art world at the moment. Announcements by governments that the sale of new fossil fuel cars will be banned during ever shorter time spans; ever stricter restrictions on driving in cities; coronavirus-induced road changes in favour of cycles and pedestrians.

vintage green sports car

1956 Lister-Maserati 2.0-Litre Sports-Racing Two-Seater sold by Bonhams for £575,000.

And unlike collectors of Rothkos, the classic car market is not restricted to ultra high net worth individuals who have seen the size of their wealth increase during coronavirus due to a boom in the stock market. Classic cars encompass everything from £5000 MGs to £50m Ferrari GTOs. And the different segments of this market, while separate, are not hermetically sealed. If the price of a Ferrari Daytona drops, then a Ferrari 355, at a tenth of the price, also tends to drop. Yet, despite everything, the classic car market has been doing well across some of its tiers.

Read more: British artist Marc Quinn on history in the making

“Despite the challenging circumstance, the collectors’ car market has fared better than other sectors,” says James Knight, Executive Director at auction house Bonhams. “Although some sellers were initially concerned that the timing was right for selling a valuable collectors’ motor car, our (online live auction) system has been successful. We have sold cars and have sold them well – many at pre-COVID level prices. This success has given others confidence and we’re seeing healthy volumes come to market and being sold for market-correct prices.”

Knight says the market has been doing particularly well in the “hot” area of modern classics, cars desired by the latest generation of collector. “We are seeing a trend towards more modern classics and supercars becoming ever more popular. The demographic of buyers is changing – younger buyers are entering the classic market and they are looking at the ‘poster’ cars of the 1980s, 90s and even of this century.”

Vintage red sports car

The Ferrari F512M had the final development of Ferrari’s famous “Flat V12” engine.

So, with this in mind, I have entrusted my beloved “modern classic” Ferrari F512M for sale at Bonhams auction in the swanky silver seaside resort of Zoute in Belgium on October 11.

After I bought it, in 2015, and drove it across southern England for the first time, I saw it as the last car in my small collection that I would sell. The F512M has all the elements of a true collectable. It is rare: only 500 were made, in 1994 and 1995. It looks striking, with the celebrated cats claw scratches down the sides, and a wide, flat rear straight out of an arcade game. It is the ultimate iteration, and technical pinnacle, of a famous model: the Testarossa, which was launched in a nightclub in Paris in 1984.

Read more: Four leading designers on the future of design

The Testarossa (Redhead) gained fame in Miami Vice, and was improved into the 512TR in 1991. Three years later, this evolved into my car, the F512M (“M” standing for “Modified” in Ferrari-speak). As well as a modernised front and rear (which does divide opinion – some found the original rear treatment more classic), it was the pinnacle of development of Ferrari engine and suspension of its time. The engine’s internal parts were made lighter by the use of rare metals, the suspension was modified for even racier handling, and the car in general was given the performance needed to be at the top of the Ferrari tree in the mid 1990s. The F512M was the fastest road car in the world, until the appearance of the special edition Ferrari F50, costing a multiple of the price, in 1996.

It is a quite astonishing thing to drive. The F512M has no power steering, And while it is a lighter car than its replacement, the 550 Maranello, it does as a consequence need quite an effort to haul it around corners in town. The flipside is there is nothing interfering with the communication of the road surface to your fingers, when you get out on to faster roads and the steering becomes both manageable and responsive. Power-assisted steering systems, and particularly the latest electronic power assisted systems, cannot compete in terms of pure road feel. And the F512M’s manual gearbox (newer Ferraris have the easier-but-less-exciting paddleshift) is such a thing that a senior Ferrari executive drove my F512M and tweeted about it in delight.

red sports car

Ferrari steering wheel

Bonhams director James Knight says this particular example has the “holy trinity” of superb condition, perfect provenance and low mileage.

The subsequent 550, and later V12 Ferraris, were tuned more towards comfort and cruising, attracting a broader selection of buyers than the hardcore purchasers of a F512M. And the focussed and rare nature of the 512 is reflected in its price: good examples retail for two to three times the price of its more modern, comfortable 550 Maranello successor. Indeed, the F512M is the the last of a monstrous line that began with the 365 Berlinetta boxer in 1973, a family of Ferraris with a 12 cylinder engine placed not under the bonnet, but right behind the driver and passenger’s head. The sound, from centimetres away from your ears, when accelerating at full spate, is quite frightening – as if you are inside the jaws of a ravenous Tyrannosaurus Rex.

There is something else quite special about the F512M. Every Ferrari made afterwards was equipped with safety devices like stability and traction control, which meant that if you were about to lose control of the car by accelerating too fast around a corner, the car would notice, and stop you from doing so, electronically.

vintage ferrari

The F512M being sold by our Editor-in-Chief was previously owned by one of Spain’s most prominent collectors, who kept it alongside the rest of his Ferrari collection in a heated underground garage. When we bought it, we put it though Ferrari’s official 101 point Approved car check, which it passed with flying colours

Not only does the F512M not have any kind of safety control “nanny”: it is also the most powerful-ever general production Ferrari with a V12 engine placed behind the driver. On the one hand, this means for thrilling handling: turn the feelsome steering wheel, and there is no engine weight over the front wheels to create inertia by creating momentum through its mass and resist the turn. It just turns.

The corollary of this is that when the back of the car also turns, a nanosecond later, the mass of the engine turns with it, and if you get your cornering wrong, will wish to continue turning, American-cop-car-in-street-chase-style, until you go round in a circle. Keeping this under control at high speed would be both a challenge and a delight – although to be fair, the advanced suspension and huge rear tyres mean breaking traction only really happens when you want it to. I’ve never done it.

Read more: How Chelsea Barracks is celebrating contemporary British craft

So why am I selling it? Firstly, I simply do not have the opportunity to take it out onto the road where it can be driven properly. This is a car that needs to be driven from London to Tuscany at high speed. I barely have time on a weekend to get from London to Oxford.

Also, in the little leisure driving time I have, I have become an increasing cultural fascist about convertibles. I believe cars with open tops are right, and everything else is wrong. Or something like that.

Vintage sports car

1959 Porsche 718 RSK Spyder, sold for $2,232,500 at Bonhams Quail Motorcar Auction in August.

Sadly, they did not make an open top version of the F512M. So, I want to sell it and put the money towards an open-topped V12 Ferrari. You will find full details of my magnificent F512M, which I purchased from one of the most prominent collectors in Spain, here.

As Knight himself says about this car: “The Testarossa is one of the modern Ferrari icons and the F512M was the final and the rarest version with just 501 examples produced. This is a very special motor car as it represents the ‘holy trinity’. It is offered in superb condition, having been exceptionally well-cared for; it has covered fewer than 20,000 kms and has the all-important provenance, which includes full Ferrari service history.”

If you’re the lucky buyer, please promise me a ride. I will miss her. And meanwhile, long may the market for collectibles thrive – after all, driving a two-seater Ferrari, you and your passenger are in glorious self-isolation as you hurtle towards your destination, enjoying every second.

For more information visit: bonhams.com

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Reading time: 9 min
Side profile portrait of an elderly woman wearing a statement earring
graphic banner in red, white and blue reading Charlie Newman's model of the month
Side profile portrait of an elderly woman wearing a statement earring

Daphne Selfe is the world’s oldest professional model. Instagram @daphneselfe

LUX contributing editor and model at Models 1, Charlie Newman continues her online exclusive series, interviewing her peers about their creative pursuits, passions and politics

colour headshot of blond girl laughing with hand against face wearing multiple rings

Charlie Newman

THIS MONTH: It comes as no surprise that the world’s oldest professional model, Daphne Selfe, who turns 91 next month, ‘doesn’t do retiring’. The British model has clocked up over 70 years of experience, working for the likes of Olay, Eyeko, and Dolce and Gabbana, as well as posing for artists, making TV appearances and writing a memoir. This year, she was included in the Queen’s New Year Honours list and was awarded a British Empire Medal for her contribution to fashion, and whilst she no longer wears high heels, she can still do the splits. Here, she tells Charlie how she got into fashion, and why the Queen is her style icon.

Charlie Newman: Firstly, let’s talk about your upbringing – what was it like and how do you think it informed your choice of career?
Daphne Selfe: I spent most of my childhood in Berkshire until my parents moved to Hertfordshire. I always had an eye on fashion because my mother was very beautiful, smart and always made my clothes, but my true love was horses, I was mad on horses. I learnt to sew but I didn’t really get into fashion until I started working at Helles (what John Lewis was) in the coat department. At the store, there was a competition for the cover of a local magazine. All the girls, including myself, went to meet the photographer, and I won! It turned out the photographer was a royal photographer called Gilbert Adams and funnily enough he knew my parents from an amateur Opera society! The last time he saw me I was 2 years old, so when I turned up all 5ft 10 and a half of me aged 19, he really took me under his wing and taught me how to behave in front of a camera. I did lots of little odd jobs for him, assisting him for a while whilst working part time at Helles. The store then had a fashion show and the agency who were supplying the models was one short, so I was propelled onto the catwalk and thought, ‘Oh my god, what am I doing?’ After that they all said I should join the agency. In those days you had 3 weeks of training to be a model. Mummy thought this was a lot better than breaking a collarbone and being kicked in the head by horses so off I went!

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After 3 weeks training, I belonged to the agency. I met my husband, Jim, through Gilbert Adams, because he was the lighting technician of the ballet show we were working on. We didn’t get married straight away because he was busy travelling and I was busy with my dance school. I did my ballet training far too late, at 19 years old, but I assiduously learnt because ballet is the basis of all dance. I learnt from a very interesting choreographer called Buddy Bradley, who was well known in the twenties for having put on an amazing musical called Evergreen with Jessie Matthews. I joined his company because I could sew and help with the costumes and because I loved dancing! Of course nobody went abroad in those days, so when his little company went to Belgium, Rome and Madrid, I was delighted to go with them!

Then I decided Jim was the one, so I got married and in those days you didn’t work once you got married, so I retired and had three children but always kept up with my dance classes. Jim worked in television and one of his friends asked me if I would be an extra in The Arthur Haynes Show. Jim happened to be the stage manager that day, and he said ‘What on earth are you doing here?’ and I said ‘I’m working!’ He thought that was terribly funny, then from that I did more and more extra work, as well as fashion shows and commercials.

Elderly woman poses in a ballerina posture

Instagram @daphneselfe

Charlie Newman: How did your modelling career continue into later life?
Daphne Selfe: I was doing my extra work and in 1999 when I was 70 my agency asked whether I would do a fashion show at London Fashion Week for Red or Dead. I love prancing about in nice clothes so of course I did it! The stylist on the show, Jo Phillips, called me up three months later and said Vogue are doing an article on ageing and suggested I get involved. At the shoot was the scout from Models 1 and I’ve been with them ever since, some 20 years later! I didn’t give up the extra work once I was signed with Models 1 because I know how the industry can like you one minute and not the next. But then I was getting more and more modelling work so I had to drop the extra work in the end.


Charlie Newman: What has been a career highlight for you?
Daphne Selfe: I think going abroad for the jobs is the best thing, because I would never have been able to afford that otherwise. I mean I’ve been to Australia, China, Japan, Africa. Whatever next!

Elderly woman poses sitting in a chair

Instagram @daphneselfe

Charlie Newman: Having worked throughout many fashionable decades, what do you think style means today?
Daphne Selfe: It doesn’t matter what time you live in, you must wear what suits you because then people will always admire you in it, it’s very important not to be driven by the trends of the moment.

Charlie Newman: In a dream world, who would you want to dress you and why?
Daphne Selfe: Currently, I love Roksanda Ilinic’s designs. I love going to Roksanda’s shows now and wearing her clothes at events, they always feel very fun and boost my confidence.

Charlie Newman: What advice would you give to young models starting out their careers?
Daphne Selfe: Taking care of your health is the most important thing because modelling is hard work if you do it properly. It’s long hours, lots of hanging about, lots of physical activity and also you need a good work ethic. In other words, that means be on time, don’t mess about once you’re there, and stay off your phone.

I was working with a Dutch photographer the other day and I was doing all my normal things; inventing poses, jumping around, all the usual. At the end he said to me ‘I’ve never worked with such an energetic model’ which did make me laugh! Just throw yourself into the shoot and give it everything.

Modelling can be horrendous too. I lost a big job the other day, but so what? It wasn’t my fault, it’s about what they want. It’s no good worrying about it, but I know a lot of people find that difficult. Being a model is very difficult if you don’t have much confidence because you have to put yourself in a room of people you don’t know and work with them effortlessly.

Elderly woman posing for a portrait

Instagram @daphneselfe

Charlie Newman: What keeps you happy and healthy?
Daphne Selfe: Well, I do a series of exercises most days, something along the lines of yoga, ballet, a little bit of weights but also static bicycle. Of course, I can’t do everything every day, but I do always do some stretching.

I suppose because I grew up in the war we never ate masses. We grew all our own fruit and vegetables so we had a very strict diet and that’s a mentality which never leaves you.

Charlie Newman: Who was your fashion icon when you were younger?
Daphne Selfe: I suppose in a way we always looked up to royalty, the young Queen, of course, was gorgeous. They all lived such glamorous lives, or so we thought. Whereas now, people don’t want to dress up anymore which I think is such a pity because I love dressing up!

Charlie Newman: Lastly, who is your role model of the month?
Daphne Selfe: It’s got to be the Queen, she’s absolutely fantastic! She always wears bright colours but is also discreet. I know of course she has money, but it really doesn’t cost a lot to look good. I’ve always made my own things and looked as good as anybody else.

Follow Daphne Selfe on Instagram:@daphneselfe

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Reading time: 7 min