Ferrari lost the brand rights of the Ferrari 250 GTO, the world’s most expensive car, sold for $ 48 million at auction in 2018, and paved the way for Ares Design, founded by Swiss businessman of Turkish origin, Dany Bahar, to reveal a reinterpreted 250 GTO.
If we could rewind the calendars and go back to 1962, we could buy a brand new (for that time) Ferrari 250 GTO for $ 18,000 (about $ 152,000 today). Of course, the vehicle does not have a price tag for every budget, but if we remind you that the Ferrari 250 GTO was sold for $ 48 million in an auction in 2018, we will probably better understand the level of the ‘real’ value of the vehicle.
The most interesting part of the job is that Ferrari has lost the brand rights of this vehicle, which has been awarded the title of the most expensive car in the world by selling it for $ 48 million. So Ferrari can no longer produce and sell a new 250 GTO. As you can imagine, this means that Ferrari has lost potential revenue of hundreds of millions of dollars.
Ferrari ignores Rule of Use or Loss
The European Union Intellectual Protection Office (EUIPO) has a rule called ‘Use or Lose’. According to this rule, if a trademark is not used in any commercial activity within five years, the trademark rights are taken away from the owner. This is exactly what caused Ferrari to lose 250 GTO brand rights.
As a matter of fact, as we mentioned above, there was a huge incentive for Ferrari to renew and put 250 GTOs on sale. However, the company based in Maranello was reluctant to evaluate the brand for some reason and eventually lost its brand rights.
We can start waiting for Ares 250 GTO
All these developments mean that the legal “war” that Turkish Swiss businessman Dany Bahar initiated against Ferrari ended in victory. Bahar announced that she plans to release a reinterpreted version of the Ferrari 250 GTO in 2018 with Ares Design, which she founded.
Ferrari became the first winner of the legal war a year later after the court ruled that the sports car was a work of art and could not be copied. Ares Design has won the legal battle thanks to the “Use or Lose” rule and has enabled Ferrari to lose its brand rights.
So, there is no obstacle to redesigning and launching the 250 GTO under the leadership of Dany Bahar. However, it is not known when an Ares 250 GTO will be introduced or put up for sale.