Ferrari Luce charity car sells for $40M, setting new auction record

A charity version of the Ferrari Luce — the Italian supercar brand's first electric vehicle — has set a world record for the highest price ever paid for a new car at auction. The sale far exceeded expectations and has renewed attention on Ferrari's electrification strategy, even though the model drew design criticism and sent the company's share price tumbling when it was unveiled.

The one-of-a-kind charity Luce sold for $40 million at a Sotheby's auction held Saturday during the annual Monterey Car Week in Monterey, California, according to Reuters and CNBC on Monday.

Ferrari organized the auction to rebuild momentum after the Luce's May debut drew a lukewarm market response, despite the company billing it as "the most innovative product in the company's history."

The hammer price was more than 36 times the pre-sale estimate of $1.1 million — and 63 times the Luce's official retail price of 550,000 euros ($637,000), or about 900 million won.

The Luce drew mixed reviews when it was unveiled. Its rounded, compact silhouette — a departure from Ferrari's signature sharp, aggressive lines — prompted some critics to compare it to a computer mouse. The car was designed by Jony Ive, Apple's former chief design officer.

Ferrari's shares, listed on the Milan stock exchange, tumbled more than 8 percent the day after the unveiling, reflecting both market anxiety and uncertainty over the brand's first electric model.

The auction result, however, shifted the mood. The "Chassis 0" model — built by Ferrari's bespoke division and design center — sold for far more than anyone had anticipated, and Ferrari said it expects the result to stoke interest among prospective buyers.

Proceeds from the sale will go toward education projects in the United States and other regions through the Ferrari Foundation.

The buyer of the Luce "Chassis 0" has drawn considerable attention. The winning bidder was identified as Herbert A. Wertheim, an optometrist, inventor and founder of optical lens technology company Brainpower. Forbes estimates his net worth at $4.9 billion.

Wertheim is already a familiar name at Ferrari's charity auctions. At the same Monterey Car Week auction a year earlier, a charity Ferrari Daytona SP3 sold for $26 million — setting what was then the world record for a new car at auction — and Wertheim was the buyer then, too.

Adding to the buzz is Wertheim's long history with Apple. He is said to have bought Apple shares at its initial public offering in 1980 and added to his stake in the 1990s when the stock traded at around $10. As of 2019, he reportedly held 1.25 million Apple shares worth $195 million.

Wertheim was born in 1939 into a working-class family in Philadelphia, Pennsylvania, and later moved to Florida. After discovering in 1969 that ultraviolet light causes cataracts and damages the eyes, he developed a UV-blocking lens tint and built his business from there.

The company he founded, Brainpower, grew into a global manufacturer of ophthalmic chemicals. Wertheim holds more than 100 patents and copyrights.

The Luce also marks a milestone as Ferrari's first four-door, five-seat model. Traditional Ferrari vehicles have struggled to provide a flat, low floor, making it difficult to free up space in the rear center seat. The Luce solves this by mounting the battery pack in the floor of the chassis, enabling the brand's first true five-seat layout.

Performance lives up to the supercar pedigree. Ferrari used motorsport technology to bring the Luce's curb weight down to 2.26 metric tons, enabling a 0-to-100 kilometers-per-hour sprint in 2.5 seconds. Top speed exceeds 310 kph, and range on a full charge surpasses 530 kilometers.

Despite the early criticism, sales have been solid. Ferrari said last month it had already met its target of selling nearly 500 Luce units this year, with particularly strong demand from China. The company is targeting cumulative sales of 2,500 units by 2030, or an average of roughly 600 per year.

The auction result reflects Ferrari's brand exclusivity combined with the symbolic weight of a charity sale more than any resolution of the controversy surrounding the Luce. With real purchase demand now confirmed despite the design backlash and share price drop, however, the market's next question is how the Luce will perform as Ferrari's flagship bet on electrification.