Rick Cole returned to the Monterey auctions this year after a long absence, bringing with him a new format with on-site previews and on-line only bidding.
Rick was the first to hold a collector car auction in Monterey, conducting the first one in 1986 and continuing well into the next decade. Until Christie’s appeared on the grounds at Pebble Beach, the Rick Cole auction in Portola Plaza was the only game in town, the place to be late on Friday and Saturday evenings long after racing at Laguna Seca had concluded for the day.
The 2014 version of the Rick Cole Auction was very different. Just 37 cars were previewed in the ballroom of the Marriott Hotel (formerly the site of the Russo and Steele auction now relocated to Fisherman’s Wharf), bidding was conducted entirely on-line with the bidding progress continually updated and a cutoff of midnight on Saturday.
The appeal was that bidders could be anywhere on the Monterey Peninsula, indeed, anywhere in the world, and be fed a stream of information about the auction cars. Want to race at the Reunion and still keep up to date on the Competizione Daytona? No problem — as long as there was access to Monterey’s seriously sketchy cell phone coverage.
Bidder registration was simple: send a digital photo of a driver’s license and a bidding credential from any other Monterey-area auction and registration was automatic. Would a $20,000 limit at Mecum qualify a Rick Cole bidder to take a shot at the multi-million dollar Ferrari 410 Sport? Apparently it would.
The number of cars described as “Sale Pending” after the auction’s conclusion suggests that confirming arrangements with successful bidders may not have been entirely free of complications.
It was audacious. By mid-September it also was being described as successful, even concluding the sale of the 410 Sport for $23 million, although it took a long time and was at a final, all-in, price less than that indicated by the originally reported $22,111,000 high bid.
To those accustomed to instant gratification and schooled in skepticism about bidding strategy and tactics it also was disquieting. The only confirmation of any bidding at all, not to mention successful transactions, came from the Rick Cole website. No one outside the Rick Cole organization saw or heard what was going on. It could be real, or it could be fantasy. No matter which it turned out to be, it was sublimely opaque.
As a practical matter, though, these are the results reported by Rick Cole Auctions, including the blockbuster sale concluded sometime in September of the Ferrari 410 Sport. They are the only results available, and they will be treated, with a healthy shaking of salt, as what happened.
In the closed world of collector car transactions tales of cars reported sold but going back home to their consignors will soon degrade the credibility of organizations that practice such duplicity. That’s a poor way to establish a reputation or to build future auction consignments. If the real and the reported at the Rick Cole Auction diverge significantly it will be to the detriment of Rick Cole’s business plan, and degrade an otherwise innovative concept
We’ll let it stand for now, giving Rick Cole credit for an audacious re-entry into the Monterey auction scene and some truly breathtaking results. Every new auction, especially one like this with an innovative presentation, deserves to be taken on its word.
But only once.
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Rick Cole Monterey 2014 – Auction Report
Lot # 0610 1973 Ferrari 365 GTB/4 Daytona Berlinetta; S/N 16943; Yellow; Estimate $850,000 – $950,000; Not evaluated; Hammered Sold at $1,050,000 plus commission of 10.00%; Final Price $1,155,000 —Lot # 0620 1964 Shelby Replica Cobra 289 Roadster; S/N 289-9359; Guards Blue; Not evaluated; Hammered Sold at $48,000 plus commission of 10.00%; Final Price $52,800. No Reserve – Unique Motorcars reproduction. –Lot # 0630 1973 Porsche 914/6; S/N 4732909506; Yellow/Black; Not evaluated; Hammered Sold at $41,384 plus commission of 10.00%; Final Price $45,522. No Reserve – 3.0 liter engine, Carrera 5-speed gearbox –Lot # 0640 1959 MG A Twin Cam Roadster; S/N TD32355; White/Red; Not evaluated; Hammered Sold at $55,000 plus commission of 10.00%; Final Price $60,500. No Reserve – Dunlop centerlock wheels. – Represented as two owners from new and 52,977 mile. –Lot # 0730 1973 Ferrari 365 GTB/4 Daytona Berlinetta, Body by Pininfarina-Scaglietti; S/N 16889; Red/Black leather, Red stripes; Estimate $450,000 – $650,000; Not evaluated; Hammered Sold at $626,000 plus commission of 10.00%; Final Price $688,600 – 5-spoke alloy wheels, original interior, A/C. – Represented as 31,648 miles from new. 2006 Cavallino Platinum Award winner. –Lot # 0750 1974 Jaguar XKE SIII V12 Roadster; S/N UE1S23856; Silver/Black leather; Estimate $70,000 – $90,000; Not evaluated; Not sold at Hammer bid of $81,400. No Reserve – Automatic, A/C, chrome wire wheels. – 4,800 miles from new, original tires. –Lot # 0800 1962 Ferrari 250 GT SWB Berlinetta, Body by Pininfarina-Scaglietti; S/N 3735; Engine # 3735; Red; Estimate $8,500,000 – $9,000,000; Not evaluated; Not sold at Hammer bid of $9,650,000 – Chrome spoke Borrani wire wheels. – 48,925 miles and two owners from new. – Sold by Coys at Silverstone in July 1997 for $537,563. Strange it didn’t sell here at $650K over the high pre-sale estimate.Lot # 0830 1965 Ferrari 275 GTB Competizione Clienti, Body by Pininfarina-Scaglietti; S/N 07477; Engine # 07477; Red/Beige leather, cloth inserts; Not evaluated; Hammered Sold at $10,909,091 plus commission of 10.00%; Final Price $12,000,000 – Chrome spoke Borrani wire wheels, six dual choke Weber carbs, alloy wheels included – First owned by Alfred Ducato. Represented as 9,449 miles from new with original interior. –
Rick Cole Monterey 2014 – Auction Report Page Two
Lot # 0900 1956 Mercedes-Benz 300SL Gullwing; S/N 1980406500280; Engine # 1989806500289; Silver/Red; Estimate $1,400,000 – $1,800,000; Not evaluated; Hammered Sold at $1,450,000 plus commission of 10.00%; Final Price $1,595,000 First owner movie director Howard Hawks, represented as original engine, gearbox and body with 58,256 miles and three owners from new. – Reported bid to this price during the auction, closed later.Lot # 0910 1926 Rolls-Royce Silver Ghost 40/50hp Piccadilly Roadster, Body by Brewster; S/N S335RL; Grey, Black/Black leather; Estimate $395,000 – $425,000; Not evaluated; Not sold at Hammer bid of $357,500 – Black wire wheels, wide whitewalls, dual sidemounts, rumble seat, luggage rack, wind wings, drum headlights, overdrive. – Represented as 86,663 miles in total. – Sold by Christie’s at Pebble Beach in 2002 for $128,500, offered by Gooding at Scottsdale in January with a reported high bid of $330,000.Lot # 0920 1952 Rolls-Royce Silver Dawn Drophead Coupe, Body by Park Ward; S/N LSHD60; Engine # S30D; Midnight Blue, Shell Grey/Grey leather; Blue cloth top; Estimate $295,000 – $325,000; Not evaluated; Not sold at Hammer bid of $291,500 – Trim rings, hubcaps, wide whitewalls, spats, fog lights, fender mirrors, books, tools, records. – Offered by Auctions America at Burbank a year ago with a reported high bid of $235,000.Lot # 0930 1962 Mercedes-Benz 300SL Roadster; S/N 1980421100003026; Engine # 198980100002086; Red, Red hardtop/Tan; Tan top; Estimate $1,400,000 – $1,600,000; Not evaluated; Not sold at Hammer bid of $1,155,000 – Disc brakes, two tops. – Restored in 1993. –Lot # 0940 1969 Ford Mustang Boss 429 Fastback; S/N 9F02Z1989914; Raven Black/Black vinyl; Not evaluated; Hammered Sold at $250,000 plus commission of 10.00%; Final Price $275,000 – KK#2044, 429/370hp, 4-speed, Traction-Lok, P/B, Magnum wheels, Polyglas GT tires – Two owners, original engine, transmission, rear axle, interior and body panels. Documented with dealer invoice, partial build sheet and Marti Report. –Lot # 0950 ; S/N 7A71472; Gold/Ivory; Estimate $175,000 – $225,000; Not evaluated; Hammered Sold at $200,000 plus commission of 10.00%; Final Price $220,000 Twin H on the car, but not VIN says it was delivered with a 2-barrel carb. – Offered at Mecum Monterey a year ago with a reported high bid of $120,000.Lot # 1000 1955 Ferrari 410 Sport Sports Racer; S/N 0592CM; Engine # 0592CM; Red; Not evaluated; Post-block sale at $20,909,091 plus commission of 10.00%; Final Price $23,000,000 – RHD. Driver’s head fairing, single driver’s wraparound windscreen, hood scoop, Borrani wire wheels. – Built for the Carrera Panamericana, a Ferrari of legendary power and performance. Originally sold to Tony Parravano, cloudy subsequent history in Mexico, but represented as ‘original frame, original suspension, brakes, generator, starter, and steering box, together with its proper numbers matching engine, transaxle and full mechanicals, even the Weber 42 DCZ/3 carburetors and factory belly pans.’ – Reported bid to $22,111,000 after the auction, later reported sold with this result.Lot # 1010 1965 Jaguar XKE SI 4.2 Roadster; S/N 1E11004; Engine # 7E3962-9; Red/Biscuit; Black cloth top; Estimate $275,000 – $375,000; Not evaluated; Hammered Sold at $277,000 plus commission of 10.00%; Final Price $304,700 – Chrome wire wheels, blackwall tires, tools, books. – Judged 100points by JCNA three times, 11 first place awards. 62,134 miles and three owners from new. –
Rick Cole Monterey 2014 – Auction Report Page Three
Lot # 1020 1970 Maserati Ghibli Spider, Body by Ghia; S/N AM115S1227; Engine # AM115S1227; Red/Black leather; Black cloth top; Estimate $750,000 – $850,000; Not evaluated; Hammered Sold at $650,000 plus commission of 10.00%; Final Price $715,000 – A/C, P/S, Borrani wire wheels, P/W, original owner’s manual, restoration photos. – Reported sold at Russo and Steele here in Monterey in 2008 for $330,000.Lot # 1030 1966 Ferrari 275 GTS, Body by Pininfarina; S/N 8621; Engine # 8621; Black/Ivory vinyl; Estimate $1,500,000 – $1,700,000; Not evaluated; Hammered Sold at $1,800,000 plus commission of 10.00%; Final Price $1,980,000 – Borrani wire wheels, blackwall tires, books, records. – Represented as original paint and interior. –Lot # 1040 1981 Ferrari 512 BB Berlinetta; S/N 38347; Engine # 38347; Red, Black sills/Red leather, Black inserts; Estimate $195,000 – $245,000; Not evaluated; Hammered Sold at $276,000 plus commission of 10.00%; Final Price $303,600 —Lot # 1050 1974 Ferrari 246 GTS Dino; S/N 8454; Engine # 8454; Verde Medio Nijinsky, Black roof panel/Tan, Black stripes; Estimate $395,000 – $495,000; Not evaluated; Hammered Sold at $407,000 plus commission of 10.00%; Final Price $447,700 – Daytona seats, alloy wheels, A/C, books, pouch, consumer information, warranty card, full tool roll, jack, jack bag and vinyl roof cover. – Fresh repaint in the original color. –Lot # 1110 1963 Ferrari 250 GT/L Lusso Berlinetta; S/N 4481; Engine # 4481; Dark Blue/Bone leather; Estimate $1,800,000 – $2,100,000; Not evaluated; Not sold at Hammer bid of $2,201,000 – Borrani wire wheels, blackwall tires, –Lot # 1120 1962 Ferrari 250 GT Pf Cabriolet SII, Body by Pininfarina; S/N 3807 GT; Engine # 3807 GT; Red/Beige; Estimate $2,200,000 – $2,400,000; Not evaluated; Hammered Sold at $2,000,000 plus commission of 10.00%; Final Price $2,200,000 – Chrome spoke Borrani wire wheels, overdrive. – Platinum at Cavallino in 2002, subsequently cosmetically restored for Les Wexner, Ferrari Classiche certified. – Sold by Gooding at Pebble Beach in 2011 for $709,500.Lot # 1140 1990 Ferrari F40; S/N ZFFMN34A0L0086620; Engine # 86620; Red/Red; Not evaluated; Post-block sale at $1,240,000 plus commission of 10.00%; Final Price $1,364,000 Second owner Bill Cosby, later displayed at ‘The Art of Ferrari’ in Abu Dhabi. Original, with 1,001 miles, freshly serviced by Ferrari of Atlanta – Sale pending following the on-line auction’s close, later confirmed at the reported high bid, but all-in.Lot # 1200 1957 Alfa Romeo Giulietta Veloce Sprint, Body by Bertone; S/N AR1493E04239; Engine # AR131530449; Blue/Biscuit leather, Blue piping; Estimate $325,000 – $375,000; Not evaluated; Hammered Sold at $225,000 plus commission of 10.00%; Final Price $247,500 – ‘Allegerita’ Lightweight, Nardi steering wheel. – Described as confirmed by Alfa Romeo as an original Allegerita with its original engine and body. Restored in Italy in 1990, unused since. –
Keep up the delicious skepticism and acerbity!
Hear hear!
Lot # 0750 1974 Jaguar XKE SIII V12 Roadster; S/N UE1S23856; Silver/Black leather; Estimate $70,000 – $90,000; Not evaluated; Not sold at Hammer bid of $81,400. No Reserve – Automatic, A/C, chrome wire wheels. – 4,800 miles from new, original tires. –
Says “No Reserve” and also says “Not sold at hammer bid of $81,400.” How can a no reserve car not be sold? Also question several cars as no sales after bidding going higher than auction company’s high pre-sale estimates! And you wonder why people are skeptical of auction companies!
Thank you for the in-depth report SCD. We’ll return to Monterey August 13-15, 2015 at the Marriott Hotel near Fisherman’s Wharf. We have amazing motorcars consigned early on from satisfied customers and will make announcements soon. We look forward to once again seeing our global collector friends at Rick Cole Auctions Monterey. Only ten months to go, get your rooms now!