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Last Ferrari 275 GTS/4 NART Spider could top $26m at auction

One of the prettiest convertible Ferraris built, the NART Spider is also one of the rarest – only ten cars ever left the factory. This specific car was the last off the line, and has the additional distinction of being the only NART Spider sold new in Europe. It was also the only one painted in the Grigio Scuro shade of medium grey from factory. It has been redone in a tasteful red, which is an interesting change from the usual bright Ferrari color. It is also the third-to-last Ferrari 275 to be built altogether. The NART name stands for North American Racing Team, and the drop-top production run is credited to the U.S. Ferrari distributor Luigi Chinetti, who wanted to boost the 275 model's sales with a limited edition convertible model. Originally, Ferrari planned to build 25 cars, but despite the racing pedigree only ten found owners. The first NART Spider finished second in class at the 1967 12 Hours of Sebring, and the model also has some Steve McQueen cool about it due to a starring role in The Thomas Crown Affair. This car, chassis #11057, was sold new in Madrid to a Spanish Foreign Legion colonel, and spent its first 14 years in Spain. In the early 1980s it was bought by a Swiss collector, who had it restored for the first time, and in the mid-90s it moved to the UK. The current paint scheme dates back to 2001, while the interior's beige leather re-trim is from 2009. Despite a gradual change in appearance, it is a fully numbers-matching car that still retains the 300-horsepower Colombo V12 it received at the Maranello factory. A similar NART Spider was auctioned at RM Auctions' Monterey event in 2013, for a staggering $27.5 million. That specific example, finished in a brighter hue was estimated at 17 million tops, so it will be interesting to see whether this darker car will surpass its estimate at the auction held on May 14th. Related Video: Featured Gallery RM Sotheby's 1968 Ferrari 275 NART Spider View 16 Photos Image Credit: RM Sotheby's Auto News Ferrari Auctions Convertible Classics Steve McQueen RM Sotheby's ferrari 275

The Ferrari Enzo's designer isn't worried about the future of supercars

Ken Okuyama is a talented designer with a prestigious portfolio. He spent 12 years at the famed Italian design house Pininfarina after a stint with GM's Advanced Design Studio, where he worked on the C5 Corvette. He also styled the Boxster and 996-generation 911 at Porsche. His first Ferrari design was the Rossa concept car, though his most famous creation is the Enzo. Now Okuyama runs a design studio that not only is responsible for the new Kode57 supercar that debuted in Monterey this past weekend, but also eye glasses, civic planning, and even Japanese bullet trains. We caught up with Okuyama at the Concorso Italiano car show, plopped down on a couple of plush leather chairs right in front of his brand new Kode57, and chatted about what the future holds for car design. Alex Kierstein: Lately there's been a lot of talk about autonomy and future mobility. What sort of challenges and opportunities do you think this autonomous future is going to provide for you as a car designer? Ken Okuyama: It is a really fantastic time for designers because of two reasons. One is that the public and private transport have been two separate, completely different industries up until now. Now, when you think about the future of autonomy, that really brings the automobiles into something more of a public transportation. You really have to think about the total experience of the customers from buying the ticket to the paying mechanism. That's just hardware, actually. It is a huge challenge for engineers and designers, and I really love that. That's one reason. Another reason is that just like horses were a means of transport 100 or so years ago, up until Henry Ford mass-produced the Model T. Now, maybe sports cars are becoming like horses. Now, horses are a great object for hobby, sports, and part of the Olympics and everything. Cars are going to be like that also. Dr. Porsche [was asked what type of] automobile is going to last for the longest time. He said, "the sports car." I really believe in that, because with sports cars, you never lose a sense of ownership. Autonomous vehicles are things you don't have to own. You have to design a total experience and the whole operation. A car, you want to own it. It's part of you. Your mechanical watches, do you borrow them from somebody? You want to own it. Your suits, your favorite shirts, you want to borrow them from somebody for your experience? No, you want to own it. Ownership is a core part of human beings.

Fiat Chrysler begins Magneti Marelli spinoff

MILAN — Fiat Chrysler has kicked off its planned spinoff of parts maker Magneti Marelli, which will be registered in the Netherlands and listed on the Milan stock exchange, a document outlining initial plans and seen by Reuters showed. The spinoff is part of a plan by FCA Chief Executive Sergio Marchionne to "purify" the Italian-American carmaker's portfolio and to unlock value at Magneti Marelli similar to his earlier spinoff of Ferrari. Analysts say Magneti Marelli could be worth between 3.6 billion and 5 billion euros ($4.2 billion to $5.8 billion). It sits within FCA's components unit alongside robotics specialist Comau and castings firm Teksid. FCA has created a separate entity called MM Srl, the document showed, into which it will fold Magneti Marelli's electronics and electro-mechanical operations related to racing motorbikes and racing cars, as well as 14 other holdings in various companies around the world, including Germany, Slovakia, Mexico and South Africa. MM will be incorporated into a Dutch holding company via a cross-border merger, it added. FCA declined to comment. The move follows a similar procedure adopted by FCA for the spinoff and listing of Ferrari as well as of trucks and tractor maker CNH Industrial, both registered in the Netherlands and listed in Milan. The Dutch holding company would allow Marchionne, known for his success in extracting shareholder value through this strategy, to introduce a loyalty share scheme to reward long-term investors through multiple voting rights, as was the case with CNH and Ferrari. That would tighten the grip of FCA's controlling shareholder Exor, the Agnelli family's investment holding company, on the parts maker. Magneti Marelli, which employs around 43,000 people and operates in 19 countries, is a diversified components supplier specialized in lighting, powertrain and electronics. The Magneti Marelli separation is expected to be completed by the end of this year or early 2019, FCA has said. FCA's advisers initially looked at a possible initial public offering for the business to raise cash to cut FCA's debt, but the Agnelli family — FCA's main shareholder — was put off by low industry valuations and did not want its stake in Magneti Marelli to be diluted, three sources close to the matter told Reuters in March. Magneti Marelli has often been touted as a takeover target, and FCA has fielded interest from various rivals and private equity firms over the years.