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AN appeal has gone out to any City boy racers who are still solvent: come and buy a cut-price classic Ferrari.
The third annual Ferrari Leggenda e Passione auction in Modena, Italy, earlier this month turned out to be a disaster after the motors failed to move.
Even the top lot, a 1957 Ferrari 250 Testa Rossa sold at a 25% knocked-down price - €9 million (£7.9 million) rather than the expected €12million.
This time last year, DJ Chris Evans put the auction on the map after spending £5.6million on a 1961 Ferrari 250GT.
But this year, with several lots as yet untouched, organiser RMAuctions is now hoping to contact potential buyers privately.
Experts had thought classic car auctions were unaffected by the economic slump but they now reckon they are being hit by the number of motors coming on the market from US owners who put on a too-high reserve price and put off European buyers who are also hit on the exchange rate.
Unsold lots include a single-seater Maserati in which Stirling Moss won his first Monaco Grand Prix in 1956.
