It might mean in a recession and global financial crisis you would 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 instances, however, the number of sportscars runs into the double digits-such as for Nagoya-based businessman Junichiro Hiramatsu, who has just taken delivery of the SP1 Ferrari (pictured with him below). 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 attended an exclusive event around last November 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 showed interest in buying the new model when it becomes available this year.

The event also signified Ferrari’s move last 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-years anniversary of its importation business, remains a partner for Ferrari.

In may be foresight to expand its global presence, Ferrari has clearly recognized 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%, or 376 cars, of Ferraris shipped worldwide in 2007, a near 40% increase over 2006, and sales in 2008 were significantly up the year before. Japanese collectors eagerly buy up the high-end models and special editions such as a recent Japan-only edition of 50 Ferraris with special plates.

Ferrari’s new wholly-owned subsidiary, Ferrari Japan KK, is the company’s second in Asia, after its Chinese subsidiary.

Source: ftalphaville.ft.com