In some sportscar-loving circles, recession and global financial crisis might mean you have to settle for a cheaper sportscar than the top luxury models. But in Japan, one of the world’s most resilient deluxe sportscar markets, it probably means you can only own five Ferraris instead of six.
In some cases, however, the number of sportscars runs into double digits – such as for Nagoya-based businessman Junichiro Hiramatsu, who has just taken delivery of the SP1 Ferrari (pictured below with Hiramatsu). That’s the first one-off model to be specially built by the sportscar-maker under Ferrari’s Portfolio Programme – hence the name SP1, Special Project Number.
However, Hiramatsu, one of the world’s foremost Ferrari collectors and former president of the Ferrari Club of Japan, is an extreme example.
There are another 200 or so Japanese who own at least five Ferraris each. Many of them recently attended an exclusive event at the Italian embassy in Tokyo, complete with a couple of top F1 drivers, held to preview Ferrari’s new California model, which sources say will sell for around Y29m, or about $290,000. At least 30 enthusiasts at the event expressed interest in buying the new model when it becomes available next year.
The event also marked Ferrari’s move in July to take control of its own importation in Japan from Cornes & Co, which sold Ferraris in Japan for 30 years, along with Maserati, Bentley, and Rolls-Royce. Cornes, which in 2006 released a Japan-only special limited edition, the Ferrari 612 Scaglietti, to mark the 30-year anniversary of its importation business, remains a partner for Ferrari.
In what may turn out to be prescient timing to expand its global presence, Ferrari has evidently recognised it’s time to take control of its Japan business: “With this decision, Ferrari wants to strengthen its link to one of the most important markets for the brand and for the whole luxury industry”, it said in a release.
Japan accounted for nearly 6 per cent, or 376 cars, of Ferraris shipped worldwide last year, a near 40 per cent increase over 2006, and sales this year are already significantly up on last year. On value-terms, however, it punches above its weight, with Japanese collectors eagerly snapping up the high-end models and special editions. A recent Japan-only edition of 50 Ferraris with special plates was snapped up.
Whether Asia in general can prove the argument that in troubled times, there’s always appetite for luxury items (ie, “I can’t afford another mansion but why not buy a Ferrari?”) remains to be seen: Ferrari’s new wholly-owned subsidiary, Ferrari Japan KK, is the company’s second in Asia, after its Chinese subsidiary.
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