Auctions at Pebble Beach this past weekend may have a total sales figure down by 14 percent compared to last year, but that figure belies the truth: quality still sells for record-setting prices. And the best auction houses had incredibly strong weekends. RM Sotheby’s tallied a total of $117.9 million, setting records for both British and American cars.
And ask David Gooding about the supposed “froth” of the past two years and that total auction sales for Monterey weekend were down and he will point to the fact this past weekend was the best ever for his auction house, with record sales of $129,989,750, with multiple cars setting records.
See the video interviews we taped with David Gooding and also Ian Kelleher, Managing Director of RM Sotheby's. We taped David just before the start of his second day. And Ian joined us Sunday on the green at Pebble behind the display of Ford GTs. And yes, they were both a little tired. Their two auction houses earned $247.88 million of the $339.7 million total auction figure for the weekend. For those who sell the very best, the sky is not falling. And they've both earned a ten-day vacation.
At the close of the collector car forums held at Inn at Spanish Bay, we met with Ron Fiamma, AIG VP who heads up Private Collections. Fiamma is the man who can insure your record-setting new prize. See his comments at the close of the video here. He has a way of cutting to the chase on valuations, risk, and usage. He's worth a call if you collect or participate in vintage rallies or racing.
Let's start with Gooding, who focuses on exquisite examples of cars ranging from vintage VW Beetles to the rarest Ferraris. We covered several of his offerings prior to sale. No surprise that the Ferrari California Competizione set a record for Gooding & Co., the firm’s highest price ever, and one of the highest ever paid for a Ferrari California. Total? $18,150,000. Quality still commands a high price.
Ferrari California Competizione. Photos by Brian Henniker. Courtesy of Gooding & Company.
Another Ferrari, a 1960 Ferrari 250 GT SWB Berlinetta Competizione, pulled $13,500,000.
Gooding sold this 250 GT SWB Competizione. Photos by Mathieu Heurtault. Courtesy of Gooding & Co.
In a nod to a developing market for guys my age, a 1985 Lancia Delta S4 Stradale, a Group B rally car for the road, pulled in $440,000.
Another Ferrari we covered before the auction, a 1950 Ferrari 166 MM Berlinetta with both Italian racing and colorful American ownership back stories, drew $5,445,000, short of high estimate, but not a bad figure for a car with such a complex history and layers of rough-and-ready patina.
An indication that racecars and Porsches are still strong, the Hawaiian Tropic Porsche 935 that raced to second place at Le Mans with no less than Paul Newman at the wheel, hit $4,840,000.
ABOVE: Hawaiian Tropic sponsorship always brought the Hawaiian Tropic girls to Le Mans, a dash of... [+]
Exquisite pre-war sports racing cars still have gravitational pull. A 1932 Bugatti Type 55 with incredible provenance sold on Gooding's second day for $10,400,000, just making the lower end of its estimate window. A 1933 Alfa Romeo 8C 2300 Monza with a lengthy California history sold for $11,990,000.
Gooding auctioned this Bugatti Type 55, making an estimate. All images copyright and courtesy of... [+]
And that Beetle mentioned at the top? It went for $71,500. I’m not sure that indicates a dulled market. I gave the Beetle a brief once-over. It was a fabulous piece of work and brought back memories of "So Cal Look" as well as stock Beetles that filled my high school's parking lot. Someone will enjoy it thoroughly.
Another car had my attention at the Gooding because my high school car was a 1962 Alfa Romeo Giulietta? A 1958 Giulietta Spider Veloce in spectacular condition went for $148,500.
Gooding had a 1930 Packard 734 Speedster set a record for its breed, at $2,090,000.
The JDM (Japan Domestic Market) cars remain in flux. A Toyota 2000 GT sold for $533,000. In recent years, these cars approached and broke the $1 million mark. Yet a 1972 Datsun Skyline GT-R, a “Hakosuka,” went for $187,000. A Mazda Cosmo, an early rotary sports car, sold for $104,500. A Toyota FJ40 Land Cruiser in gorgeous condition drew $41,800, which is a particularly good value. Excepting the Toyota 2000 GT, which is as lovely and desirable as any comparable European sports car, the JDM cars will likely remain a good buy for years. Their day will come when Trail Boomers and Gen-X come to dominate auctions.
RM had a big weekend, too. Ian Kelleher of RM Sotheby’s spent time with us Sunday on the green at Pebble Beach, behind the display of 16 Ford GTs.
On Friday RM offered the 1956 Le Mans-winning Ecurie Ecosse Jaguar D-Type, which sold for $21.78 million, a new record for a British car. Yes, it stuck pretty hard at $19 million for awhile, but this is one of the most significant post-war sports racing cars you can hope to own. Follow this link to my earlier piece on the car.
RM set a record for American cars with CSX 2000, the very first Shelby Cobra, which went for $13.75 million. No one knew where this car might end up, and RM’s only public pre-auction estimate was “priceless.” In the end, the first Cobra sold for about the same as a road-going Ferrari California. If the market were not so intensely focused on Ferraris of the 1950s and ‘60s, this car alone could have made up a big chunk of the drop in total sales for the weekend. Again, follow the link to my earlier story on the car. The buyer now owns one of the two or three most desirable American sports cars, ever. Maybe his heirs will donate it someday to the Smithsonian.
And the Alfa Romeo 2900B from the Mann Collection totaled $19.8 million, a new auction benchmark for any pre-war car. Here again, quality sells, and so does unparalleled beauty. The buyer says he intends to drive and enjoy the car, just as the Manns did. It’s sage advice to buy cars you love and enjoy them.
RM had 21 lots achieve more than $1 million.
Also, it’s important to note that the Ferrari 268SP (see photo below) did not sell, but there was plenty of negotiating after the auction closed Saturday. Here again, this car alone could make up a chunk of the dip measured this year. But the owner is wise to keep it unless it draws the money he wants. Long term, this particular 268SP will only go up. Read the post here.
Here’s a short sample of other high-quality vehicles RM Sotheby’s had on offer:
- 1955 Ferrari 750 Monza Spider, driven by the big three of American racing in period, Phil Hill, Carroll Shelby and Jim Hall. Owned by Jim Hall and on offer for the first time in 60 years, it commanded $5,225,000 to establish a new auction record for the model. Provenance and quality sell.
- A rare left-hand drive 1954 Bentley R-Type Continental Fastback Sports Saloon soared past high estimate, realizing $1.87 million.
- The 1966 AAR (All American Racers) Eagle Indianapolis #31, the very first Indy 500 Eagle created by Dan Gurney, offered from the Riverside International Automotive Museum, garnered $962,500, a record price for an AAR Eagle Indy car at auction.
- Another standout was a 1930 Cadillac V-16 Roadster, a winner of multiple concours that was restored by RM’s own RM Auto Restoration. The car exceeded expectations at $1,457,500, an auction record for a Cadillac V-16 Roadster.
One reason totals are down? According to McKeel Hagerty of Hagerty classic car insurance, “The results are down 14% compared with 2015 largely due to a lower sell-through rate. The majority of the cars that did not sell were bid to prices in line with current market values. This means sellers are not desperate to sell unless they realized higher than market prices. The fact that some sellers are holding out means we are not seeing indications of people desperate to leave the market.”
As to the doomsayers, the nattering nabobs of negativity who have grabbed onto the lower total, let them chatter. Quality still sells. Quality, provenance, rarity and beauty will always pay in the end. Buy a car you love and enjoy it.
