As we tick toward the headline auctions that launch the year, Araknid78 inspires us with a host of tips featuring once-in-a-lifetime cars. So it is that we contemplate this 1967 Dino 206 S – one of 18 produced, and spectacular evidence of Enzo Ferrari’s tenacious passion for racing. Fitted with a replacement Tipo 233 2.0-liter V6 engine, chassis 032 was the last 206 S made, and arguably the most advanced of its kind. RM Sotheby’s is handling the auction of this historic Ferrari on January 28th at Retromobile in Paris. The estimate is $4.45 million to $4.95 million – twice the price of previously offered 206 S cars. Let’s consider why the estimate is so otherworldly, particularly in light of the non-matching engine.

Amid the forest of owners who have piloted chassis 032, one Carlos Monteverde, a Brazilian living in England, raced the car at least twice in the 2001-2002 period. One race resulted in light damage, while the second resulted in far more serious damage. The car was subsequently restored in England and sold some years later. The next restoration was commissioned by the consignor, with the work executed by the Ferrari factory in Maranello. This attention earned the car its “Red Book,” certifying its matching numbers chassis, gearbox, and body panels, but noting a “period correct” engine, the fourth Tipo 233 made.

To understand the engine, we must backtrack: the development of Ferrari’s 65° V6 – spearheaded by Vittorio Jano and refined by Franco Rocchi – was aimed at ushering Ferrari into Formula racing with a completely new rear/mid engine configuration. Initially produced in 1.6- and 2.0-liter displacements, the motor was trialed in cars such as the 246P and 156F2. When Porsche entered Group 4 racing, Ferrari followed suit with the purpose-built 206 S, but Group 4 required a 50-car homologation, which Ferrari never met. Without homologation, the new 206 S would have been forced into the more formidable Group 6 prototype class. Aside from collecting a few good results at Targa Florio and Nurburgring, the cars generally competed in circuit racing and hillclimbs. The factory tinkered extensively with the V6 on behalf of its privateers: the Tipo 227 bore Weber carbs and two valves per cylinder for output of around 220 hp; the Tipo 231 was configured with three valves per cylinder (two intake, one exhaust), good for over 235 hp; and this final version, equipped with Lucas injection, registers 270 hp. The Tipo 233 was apparently fitted to only two 206 S chassis, though the second recipient is somewhat of a mystery. Mounted longitudinally in the rear, the 2.0-liter, all-alloy, DOHC construction shed the twin-plug spark arrangement of earlier Ferrari V6s, minutely simplifying its maintenance. A five-speed non-synchro gearbox transmits power to the rear wheels.

All 206 S cars are right-hand drive, in keeping with circuit racing rules of the day. The interior features a minimum of gauges, red ribbed vinyl seats, a left-hand gearshift, and removable side windows. The spider has no top roof section, just a bubble of glass almost enclosing the cockpit. A single wiper is charged with covering the entire windshield. The engine resides directly behind the driver’s head. Speaking of the driver, the new owner of this car will occupy the same seat in the same chassis that competed in several hillclimbs – a history that’s meticulously presented by Sotheby’s.

Outside, the aluminum body was built by Piero Drago’s Carrozzeria Sports Car, located in Modena. The design itself originated at Ferrari. Wind tunnels were already in use, coaxing every curve into efficiency. The flying buttresses sending wind currents away from the car’s rear must be one of the most beautiful shapes to ever exist on any car. As we consider the estimate, we admit that rarity and beauty are extant for each 206 S. Despite this example’s non-matching engine, if a 206 S is on your bucket list, you will wait many moons to make the acquisition. Furthermore, this engine is the ultimate iteration of this V6. However, history hints that chassis 032 may not meet its aggressive estimate: prior sales hover in the $2.5 million area; and this exact car was shopped three years ago by Sotheby’s in a sealed bid process, where it apparently failed to sell. What will be the top bid this time around?