Monterey Auction Results

and the last:

ciao
Oscar
(ps the Bumblebee is nice, but not original color scheme, so afterbumblebeed?)

Bonhams at Quail Lodge - 14 August 2009 - Results

Please note:
The vehicle names/details below are as given by the auction house.

All prices are in $US and include buyer's premium.

Car Price$US
1980 Tyrell 010 Monocoque Grand Prix Tub $5,596
1941 Ford Series 11A V-8 Coupe $16,380
1956 Ford Thunderbird $32,175
1932 Packard Series 902 Rumble Seat Coupe $84,825
1967 Austin-Healey 3000 Mk III (BJ8) Sports Convertible $86,580
1952 Jaguar XK120 Roadster Not Sold
1980 Porsche 930S Turbo Slant Nose Not Sold
1935 Cadillac 370-D V-12 Town Cabriolet Not Sold
1966 Porsche 911S GT Competition Not Sold
1963 Fiat 1600S O.S.C.A. Fissore Coupé Not Sold
1935 Bentley 3½-Liter Aerodynamic Saloon $166,500
1931 Chrysler Imperial Eight CG Close-Coupled Sedan $139,000
1935 Auburn Model 8-851 Custom Phaeton $64,350
1954 Kurtis 500M Roadster Not Sold
1934 Rolls-Royce Phantom II Touring Saloon $155,500
1964 Jaguar XK-E Custom Roadster Not Sold
c1969 Cosworth Experimental Four-Wheel Drive Grand Prix Racer Not Sold
1964 Jaguar E-Type Factory Racer Not Sold
1931 Ford Model A Roadster $30,420
1931 Cadillac 370-A V-12 Dual Cowl Phaeton $133,500
1955 Mercedes-Benz 300SL Gullwing Coupe $546,000
1955 Flajole Forerunner $188,500
1933 Duesenberg Model J Torpedo Convertible Victoria $1,437,000
1937 Cord 812 Supercharged Phaeton $155,500
1934 Bentley 3½ Liter Drophead Coupé $122,500
1958 Cadillac Eldorado Brougham $117,000
1962 Ghia L6.4 Coupe $117,000
1979 Clenet Series I Roadster $17,550
1930 Cadillac Series 452 V-16 Armored Imperial Sedan $309,500
1935 Lincoln Model K V-12 Phaeton Chassis $348,000
1985 Bimota SB4 $5,850
2002 Aston Martin Vanquish $94,770
1932 Huppmobile Custom Roadster $112,320
1952 SIATA 208CS Berlinetta Not Sold
1952 Ferrari 212 Inter Vignale Coupe "Bumblebee" $804,500
1956 Lotus Eleven Series 1 Sports-Racing Not Sold
1973 Porsche 911 RS Touring $232,500
1929 Bentley 4½-Liter Supercharged Birkin Team Car Specification Tourer $722,000
1961 Cooper Climax 1.5-2.5-liter T55 'Slimline' Formula 1 & Tasman Racing Single-Seater $216,000
1963 Aston Martin DB4 Series 5 Vantage GT Not Sold
1975 BMW 3.0 CSL ‘Batmobile’ $150,000
1961 Mercedes-Benz 300SL Roadster $804,500
1937 Bugatti Type 57S Coupé with supercharger Refer Dept. Not Sold
1935 Bentley 3½-Liter Three-Window Fixed Head Coupé Not Sold
1968 Bentley T1 'Coupe Speciale' $172,000
1955 Alfa Romeo 1900C Super Sprint Berlinetta $557,000
1965 McLaren-Elva M1A Chevrolet Sports Racer Not Sold
1938 Peugeot 402 Darl’mat Legere “Special Sport” Roadster Not Sold
1970 March-Cosworth Formula 1 Racing Single-Seater $152,200
c1899 Worth 'Dog Cart' $46,800
1967 Vollstedt-Ford Indianapolis Single-Seat Racer Not Sold
1970 Maserati Mistral Spyder $130,750
1954 12-hours of Sebring,1953 Porsche Roadster Typ 540 K/9-1 $529,500
c.1931 Bentley 4½ Liter ‘Birkin Style’ Tourer with original Supercharger $804,500
1961 Alfa Romeo Giulietta Sprint Zagato Berlinetta Not Sold
1966 Jaguar XKE Series 1 4.2 Open Two Seater Not Sold
1964 Jaguar XKE Series I 3.8 Fixed-Head Coupe $99,450
1981 BMW M1 Coupé $147,800
1971 Lola-Chevrolet T260 CanAm Racing Spider $304,000
1948 Daimler DE-36 ‘Green Goddess’-'The Chairman's Car' $271,000
1938 BMW 327 Cabriolet $144,500
1949 Talbot-Lago Type 26 Course Formula 1 Racing monoplace $557,000
1964 Repco Brabham-Climax BT8 Sports-Racing Prototype Not Sold
1962 Ferrari 400 Superamerica Series I Coupé Aerodinamico Not Sold
1975 Porsche 3-Liter RSR Not Sold
1953 Jaguar XK120SE OTS $221,500
1952 Allard J2X 'Little Red' $194,000
1963 Stebro Mk. IV Single Seater Grand Prix Car Not Sold
1965 Shelby GT350 Not Sold
2000 Harley-Davidson FXDL Dyna Low Rider $17,550
1976 Rolls-Royce Silver Shadow I 4-Door Sedan $49,140
2005 Ford GT Chassis $166,500
1968 Chevrolet Camaro Z/28 Not Sold
1957 Chevrolet Bel Air Convertible $155,500
1971 Plymouth Duster Two-Door Hardtop Custom Not Sold
1972 Ferrari 365 GTB/4 Daytona Berlinetta Not Sold
1963 Plymouth Savoy Stage II Max Wedge 2-Door Sedan Not Sold
1969 Chevrolet Chevelle Yenko Sports Car Not Sold
1934 Packard 1101 Standard Eight Coupe Roadster $113,490
1934 Cadillac 452-D V-16 Convertible $210,500
1961 Chevrolet Corvette Convertible $93,600
1965 Pontiac GTO 2-Door Hardtop Not Sold
1969 Chevrolet Camaro COPO ZL-1 Sports Coupe Not Sold
1973 Ferrari 368 GTB/4 Daytona Spyder Not Sold
1962 Rolls-Royce Silver Cloud III Drophead Coupé Not Sold
1961 Chevrolet Corvette Fuel Injection Convertible $150,000
1967 Chevrolet 427/435hp L89 Aluminum Head Roadster Not Sold
1954 Chevrolet Corvette Roadster Not Sold
c1971 Ferrari Dino 246GTS Not Sold
1967 Chevrolet Corvette 427/400hp Roadster Not Sold
1987 Buick GNX Coupe $70,200
1988 Ferrari 328 GTS Spider $36,270
2007 Ford Mustang Shelby GT500 Fastback Not Sold
1956 Bimbo Racer V12 $17,843
1952 Muntz Jet Convertible Not Sold
1939 Auto Union 3-liter ‘D-Type’ V12 Grand Prix Racing Single-Seater Chassis no. '19' Engine no. 17 Not Sold
1961 Lotus Type 19 Sports-Racing Two-Seater Not Sold
1950 Jaguar XK120 Alloy Roadster Not Sold
1964 Bentley S3 Continental Drop Head Coupe Not Sold
1990 Porsche Carrera 4RS Lightweight $139,000
1961 Cooper Monaco Mark III Sports-Racing Two-Seater Not Sold
1965 Porsche 356C Convertible $86,580
1964 Porsche 356C Convertible $66,690

 

We did not sell it. In fact it will be at Goodwood Revival racing along with a RS 60 we are supporting next month.

I'm very pleased it is "racing" and that I still maintain a very significant piece of history to full race ready state and not part of the stock exchange.

 

Mr. Walton's car (of Walmart). Asking $7.5MM. He bought the RM Ferrari factory sale Testarossa that broke all records. If some one stole that LM he wouldn't even notice. Now that's being liquid!

Geno.

 

Humm. They quoted me less and a different owner. Go figure.

 

I got this from a third party not Gooding so the ownership could be wrong. I also got a $7MM figure from some one else. Either way, what a car! It was great to talk to you at Quail. What are your thoughts on the auction results and the vintage Ferrari market? My thoughts: Lot's of cars not sold (non-Ferrari), especially Bonhams with Gooding doing the best. The vintage Ferrari market is down, but not too bad. With 250 PF series 2 cabs going for $467K, Dino $170K, Boano $583K, 275 GTB (needing rehab) $600K, Daytona Spider $880K, California $5MM+, and Lusso with the wrong engine $400K. Could be much worse, no?

Geno.

 

http://www.ferrarichat.com/forum/showthread.php?t=254362

 

Lots of Auction Results - includes pics and the (way off) pre-sale estimates.

RM Auctions:
http://www.sportscardigest.com/sports-classics-of-monterey-auction-results-rm-auctions

Gooding & Co:
http://www.sportscardigest.com/2009-pebble-beach-auction-results-gooding-company

Bonhams:
http://www.sportscardigest.com/quail-lodge-auction-results-bonhams

 

Love your assessment sir!!

 

IMHO, people need to keep prices within their historical perspectives. PRICES ARE VERY VERY HIGH. An eType at Gooding for $132K, a 289 Cobra for $440K, A Porsche Speedster for $170K. Yes these are slightly down from all time highs but many, many mutiples of where they were just a few years ago. People need to stop thinking their houses, cars and stocks are worth what the greater fool was willing ot pay for them in the great bubble. These discretionary purchases have held up better than nearly all other asset classes.

 

Yes, there still seem to be plenty of buyers for these cars, unlike real estate. So, the interest and the liquidity are there, but some sellers appear to have unrealistic expectations.

 

Completely agreed!

 

I don't see why others don't realize this. Does this mean, though, that they are due to plummet just like real estate, or are the people that are in the car hobby a bunch of tight old (or young) farts that have their houses paid off and live within their means such that they can still afford to pay high prices for these beautiful machines?

George

 

They've already plummeted from the peak.

A year ago RM Factory Auction a SWB Calif with a newly stamped Classiche engine sold for 11MM.
This year a better car sold for 5MM.

At the peak an F 40 sold for 1.5MM.
This year one hammered at 420K.

Daytona Spyders have sold for 1.4MM.
This year ns @ 600.

275 GTB hammered at 600K this year.
250 Lussos hammered at 320K.
Daytona's ns'd at 210K.

IMO there is still a ways to go on the downside. Another 30% drop over the coming year wouldn't surprise me.

Until unemployment shows REAL signs of abating, until young people can graduate from college and get a good job, until the deficit is brought under control, the prices of collectibles will not stabilise.

There is another dirty little secret that may effect this. In todays WSJ there's an article about UBS/Off Shore Accounts and the Criminal Prosecution of people who used them to avoid US taxes. Think any of those 10,000+ people own any collectible cars?

 

Next you'll be suggesting that some Ferraris have been purchased with ill gotten gains. Egad!

 

Jim, you are closer than I to the global economic issues than I, but I would propose that the crash in the commercial real estate market has yet to fully unfold. A different collection of owners, investors, insurers and banks will fail over the next 24 months.

 

That is a VERY good point and will put a lot of pressure on all Collectibles. The No Sales tell the story. When there are a lot of No Sales it often signals a disconnect. This time IMO the disconnect is signaling a down draft. 288 GTO/Daytona Coupe/Daytona Spyder/Enzo/Veyron/Lambo CT's, etc.,etc. all no sales. At the high end Auto Union NS, Bugatti NS, etc.,etc.

Another thing about Auctions. The buyer has to pay 10% over Hammer and the Seller gets
10% less than Hammer. On an F40 @ 420K hammer that's 84K in fees. The seller is letting go for 378K. On the downside the fee's start to matter.

One last thought. People are getting bored and burned out with all of this. There were way too many cars at the auctions. Fatigue set in. When potential buyers see an endless supply they pull back.

 

The UBS settlement releases data on 52,000 U.S. account holders in Switzerland.

I agree that the "no sales" are inflection point indicators, up or down, that large changes for the market are in the pipeline (either buyers cave or else sellers cave in the near future).

And that indicates which direction the market will take from the above inflection points.

 

Audi's been 'selling' that old racer for what, three years now?

Looks like I could have had that 312 F1 car for track days......VROOM!

Keels and Wheels has become as you describe, too many cars chasing too few buyers...burn out is indeed the term.....

 

You'll never see that many Woodies go by in one spot again though......

Rest In Peace, Dale Velzy.....

 

For those of us who tinker in the low-end of the vintage British market, there were a few head scratchers:

RM lot 556 - 1966 E-Type OTS 1E13164 fresh restoration from Classic Showcase. Estimate was $125-150K brought a modern auction record of $159,500!

Bonhams Lot No: 257 - 1964 Jaguar XKE Series I 3.8 Fixed-Head Coupe Chassis no. 889113 another Classic Showcase restoration. Sold $99,450 - A really solid number for today's market.

RM lot 368 - 1966 Aston Martin DB5 Estimated at $145-185K brought $341,000! This was an unrestored car with serious patina....some might even call it rough.

There were very few E-Types available and they just aren't very expensive. Maybe a few folks wanting to buy comparatively cheap beauty??? I'm done guessing.....

 

Hi Nerd. Do you happen to know where this DB came from. I ask because here in Toronto there was a Db kicking around downtown with SERIOUS patina. It was red and faded as hell. It would just park on random side streets. It was great. Havent seen it in a while though

 

Until unemployment shows REAL signs of abating, until young people can graduate from college and get a good job, until the deficit is brought under control, the prices of collectibles will not stabilise.

One last thought. People are getting bored and burned out with all of this. There were way too many cars at the auctions. Fatigue set in. When potential buyers see an endless supply they pull back.

I agree with both comments especially the latter. I commented before the auction what is up with all the great cars for sale. I got my piggy bank what do I want today an Alfa TZ1, Ferrari 212 or a Talbot Lago. With too much to choose from you choose nothing. That is what happend to me.

Looking as a Jr economist I see more choppy waters ahead for those that are leveraged means that more and more great cars will be on the block.

 

Jim,
In my opinion, even at todays levels the cars are overpriced relative to value. They are still at much higher levels than 5 years ago. Maybe 50% to 100%. This seems to be from a lot of money being created in the last few years. There are lots of thoughts swirling in my head regarding this, including the notion that it may become unfashionable to collect/hoard a large number of significant cars......
I would rather have a few cars that I can really savor and absorb than thriteen that I have someone else manage. If you asked me if I would rather have thirteen sips of thirteen different wines or share a bottle of something nice, I would pick the latter. The wine changes so much as you go from first sip, through the bottle.

George

 

Overpriced ? Not sure that today's circumstances allow for such generalities.

I see more differentiation than at any time in recent years. 'Status' cars, both new and vintage, are facing much lower demand. Other cars offering more personal gratification (e.g. less rare or costly, but fun to drive, evocative, beautiful and relatively easy to maintain) are rising. The steadily increasing value of E-types is a prime example.

There are absolutely vast amounts of liquidity on the sidelines, and lately I'm hearing near-desperation about where to put it for the coming 'stagflation'. European collector cars are quite a good place to be in such circumstances, if one has the expertise to participate in such a highly differentiated and illiquid market. They hedge nicely against the dollar's coming collapse, and in my experience their ownership and use are widely complimented, whereas my current model luxury cars draw noticeable animosity on the roads.

Strongly agree with the idea of savoring a few cars rather than hoarding a fleet, however. The large variety of cars now coming onto the market might reflect a broader and timely shift to this ethos, as well as financial distress. It's a great time to be a buyer, but for reasons above I think only certain types of collector cars will see the drastic price declines predicted by others.

 

In my opinion, even at todays levels the cars are overpriced relative to value. They are still at much higher levels than 5 years ago. Maybe 50% to 100%. This seems to be from a lot of money being created in the last few years.


And now a lot of money is being destroyed and there will be a big reset in valuation. You can't fight demographics with this market. Collectors are getting older and they are going to start selling cars. buyers may want cars from a different era.

The fun factor comes in to play as well. What is pride of ownership really worth. You can have lot of fun for $150,000 and even more fun for $300,000 in this economy and I am not talking just cars.