Gooding and Company Amelia Island 2012 – Auction Report

Gooding & Company, Amelia Island Plantation, Amelia Island, Florida, March 9, 2012

Report and photos by Rick Carey, Auction Editor

Gooding & Company kicked off the Amelia Island auctions with their famed healthy breakfast (if you like bacon and sausage and omelets and really strong coffee) and a sterling lineup of Porsche products, not only from the featured collection of Matt Drendel but also a number of others calculated to get the juices flowing within anyone who appreciates high performance from tiny engines.

26 of the 77 lots offered were Porsches, or Porsche-powered, 33.8% of the total. When the final hammer fell after a long day in the hot and stuffy auction tent they totaled $ $23,855,700 with commission, 66.2% of the sale’s total dollars.

It was decidedly Porsche-centric.

The sale started just after 11AM and the final hammer fell after 5PM. That’s six hours to auction 77 lots, not quite 13 cars/hour. While it’s hard to argue with the 90.9% sale rate (including one post-block sale) that Charlie Ross and David Gooding achieved from the block, the pace was often glacial. But the bidders stayed, even concluding the sale with a healthy price for the final car, which wasn’t a Porsche.

The stage was set with the early sale of lot # 15, the 1955 Porsche 550 Spyder which sucked the air out of the already sweltering tent with a price of $3,350,000 hammer, $3,685,000 with commission. Pre-sale the $2.2-2.6 million estimate for a customer 550 Spyder with no significant race history seemed optimistic by 50% or so. The bidders quickly proved both the estimate and its evaluation wrong, streaking to $2 million and going on from there with five or six active bidders even at $3 million.

Gooding claimed eleven auction record prices. No surprise, all of them were for Porsches, although several were for unique cars from the Drendel collection for which any sale would be an auction record.

The sale’s $36 million total was the best Amelia Island has ever seen, again demonstrating the allure of a once-in-a-lifetime consignment of highly specific cars from a recognized collection that adds provenance to quality and presentation.

Gooding & Co. Amelia Island
Cars Offered / Cars Sold
Sale %
Sold < Low Est
Sold > High Est
Average Sale
Total Sales
Chg from prior year
77 / 70
85 / 70
71 / 58

Ed Lenahan was essential to preparing this auction report.

Gooding and Company Amelia Island 2012 – Auction Report

1973 Porsche 911 Carrera RS 2.7 for sale
Lot # 4 1973 Porsche 911 Carrera RS 2.7; S/N 9113601317; Engine # 6631284; Light Yellow, Green 'Carrera'/Black leather; Estimate $300,000 - $375,000; Visually maintained, largely original, 2+ condition; Post-block sale at $250,000 plus commission of 10.00%; Final Price $275,000 -- 2.7 liter/210hp, 5-speed, Fuchs alloy wheels, duckbill spoiler. Excellent paint over a largely original car. Dashboard worn and dull in places. Originally an M472 touring option RS, the car was converted to full lightweight spec at some point and then recently converted back to Touring save the missing rear seat and the lightweight door panels. A great car possessing a unique color combination, the RS nevertheless suffers from the juxtaposition of a perfect repaint on an otherwise original car. This RS is perfect on paper but did not generate the excitement its consignor expected. Bidding stalled at $260,000 and it left the block a no sale. Its later sale was at a hammer bid $50,000 below the low estimate, a price that recognizes the compromises in its presentation.
1968 Shelby Mustang GT500KR Convertible for sale
Lot # 7 1968 Shelby Mustang GT500KR Convertible; S/N 8T03R213224-03949; Lime Gold metallic/Black vinyl, Black vinyl top; Estimate $160,000 - $200,000; Unrestored original, 3 condition; Hammered Sold at $127,500 plus commission of 10.00%; Final Price $140,250 -- 428ci, 400bhp, automatic, P/S, P/B, 5-spoke Shelby wheel covers, roll bar, Marchal fog lights. All original exterior, interior and chassis. Paint flat in small spots -- particularly on the nose -- but in solid condition otherwise. Wood veneer and chrome trim in interior aging with some small chips and fading in both. Underside is well-detailed and clean as is the engine compartment. No Reserve. This car appeals with its well-maintained original appearance, significant option list and fantastic color combination. The automatic doesn't drastically affect the desirability of GT 500KRs as they were built for high speed cruising. This price is spot-on correct for an original KR convertible in this condition, though both Gooding and the consignor clearly expected more even though it was a no-sale at RM's Ft. Lauderdale auction last year at a paltry bid of $97,500.
1965 Shelby Mustang GT350 Fastback for sale
Lot # 12 1965 Shelby Mustang GT350 Fastback; S/N SFM5S430; Wimbledon white, blue/Black leather; Estimate $220,000 - $260,000; Recent restoration, 3+ condition; Hammered Sold at $175,000 plus commission of 10.00%; Final Price $192,500 -- 289/306hp, T-10 4-speed, hood scoop, 5-spoke Cragar wheels, Goodyear blue dot tires, hood pins, wood-rimmed steering wheel, dash gauges, parcel shelf with spare tire. Unoriginal engine, decent paint and chrome, clean and moderately well detailed chassis and engine compartment, fiberglass hood cracking and checking around scoop. Panel gaps between hood, front fenders and front valence are inconsistent. History includes a stint as a drag car called "Snakebite" in the late '60s. Judging by cracking hood and the inconsistent panel gaps this first year Shelby Mustang's restoration wasn't in keeping with the car's significance. Though well below Gooding's estimate, this is a fair price.
1955 Porsche 550 1500 RS Spyder for sale
Lot # 15 1955 Porsche 550/1500 RS Spyder; S/N 550-0062; Engine # 90546; Silver/Tan leather; Estimate $2,200,000 - $2,600,000; Older restoration, 2+ condition; Hammered Sold at $3,350,000 plus commission of 10.00%; Final Price $3,685,000 -- 4-speed, 4-wheel drum brakes, small acrylic windscreen, through-the-hood fuel filler, leather engine cover straps, center exit exhaust, gold Spyder scripts on front fenders. Minor stone chips on front end, chassis and engine well detailed. Used as a street car for a majority of its early life and still retains its original engine and bodywork. Totally restored in the late '90s and used in the Colorado Grand and the California Mille. This number raised many an eyebrow in the Gooding tent. While 550s are beautiful and historic cars that rarely retain their important original components as this one does, the nearly one million dollars paid over the high estimate is hard to justify. Other significant Porsches with important factory and track history sold for less money later in the day and other 550s are available for less money. This is, simply put, an astronomical price for a customer 550 with no racing history. That there were four or five bidders still involved at $3 million suggests, however, that the mania was contagious.
1956 Porsche 3656A Super Speedster for sale
Lot # 16 1956 Porsche 3656A Super Speedster; S/N 82106; Engine # 80191; Black/Red leatherette, Black cloth top; Estimate $200,000 - $250,000; Older restoration, 2 condition; Hammered Sold at $240,000 plus commission of 10.00%; Final Price $264,000 -- 4-speed, 4-wheel drum brakes, bumper overriders front and rear, gold Speedster scripts on front fenders, gold Porsche scripts on engine cover, beehive taillights. Solid interior and paint, chassis is dirty and oil drips from the valve covers. Current color combination is a change from the original Aquamarine over black leatherette. Engine is a replacement stamped with the correct numbers. A car that looks great on the surface. While it's not uncommon to see Speedsters that are well-used or without their original engine, this car's missing history, color change and restamped engine leave too many unanswered questions. It was last sold at Christie's Pebble Beach auction in 2002 for $82,250. That was appropriate: this is too much money.
1957 Lancia Aurelia B24S Convertible for sale
Lot # 17 1957 Lancia Aurelia B24S Convertible; S/N B24S-1317; Engine # B241435; Blue/Beige leather; Estimate $275,000 - $350,000; Older restoration, 2- condition; Hammered Sold at $255,000 plus commission of 10.00%; Final Price $280,500 -- 2.5 liter, 110hp V-6, steel wheels, polished hubcaps, Michelin X tires, stainless steel exhaust, wood-rimmed steering wheel, chrome-rimmed hood scoop, rear bumper guards. Excellent older restoration aging nicely, paint shows very light patina, interior as new. Chassis shows signs of use with light dirt everywhere. Tires have been Armor Alled over dirt and grime. This is a great Lancia with lovely colors and Pinin Farina bodywork, but no one took the time to detail it properly before its sale. A desirable fifth series B24 with the best brakes and clutch of the production run, the Lancia would have surprised no one had it sold at a much higher price.
1970 Ferrari 365 GT for sale
Lot # 18 1970 Ferrari 365 GT 2+2; S/N 12743; Engine # 12743; Ruby Red/Black leather; Estimate $110,000 - $130,000; Cosmetic restoration, 3+ condition; Hammered Sold at $125,000 plus commission of 10.00%; Final Price $137,500 -- Blaupunkt multiband radio, chrome spoke Borrani wire wheels, Michelin Harmony blackwall tires, P/W, A/C. Good paint, chrome and interior. Engine and chassis are clean and tidy but not restored. Continuous owner history since new and one family owned since the mid-70's. No Reserve. Some cars just feel right and this is one of them. Carefully and consistently maintained by an enthusiast owner and used frequently enough to keep it in tip-top shape, the bidders responded with a superior price.
1969 Maserati Ghibli SS Spider for sale
Lot # 26 1969 Maserati Ghibli SS Spider, Body by Ghia; S/N AM115S1007; Engine # 1007; Dark Red/Black leather, Black cloth top; Estimate $550,000 - $700,000; Cosmetic restoration, 3+ condition; Not sold at Hammer bid of $440,000 -- Becker Grand Prix multiband radio, chrome spoke Borrani wire wheels, Hellebore woodrim steering wheel with wood horn buttons and hub, Pirelli P4000 blackwall tires. Decent older repaint, chrome and interior, otherwise a sound and well-maintained car. Built with the 4.9 liter engine with factory documents supporting that configuration even though the chassis number is for the earlier 4.7 liter. Accompanied by factory paperwork and a January 2012 certificate from Maserati confirming the correctness of its 4.9 liter engine. Both the estimate and the seller's expectations are exceptional for any Ghibli SS Spider and the odd history does not add to its appeal. It brought $76,719 when bought at RM Monterey in 1998, and the reported high bid here should have been enough to see it change hands. Gooding's sale of AM115S491259 in Scottsdale two months ago for $880,000 may have distorted the seller's perspective, but this was not in close to the same condition, and that transaction was the very definition of an 'outlier.'
1971 Ferrari 365 GTB-4 Daytona Spider for sale
Lot # 33 1971 Ferrari 365 GTB/4 Daytona Spider; S/N 14395; Engine # B1176; Red/Tan leather, Black stripes; Estimate $1,000,000 - $1,400,000; Cosmetic restoration, 2- condition; Hammered Sold at $910,000 plus commission of 10.00%; Final Price $1,001,000 -- Chrome spoke Borrani wire wheels, 215/70VR15 Michelin XWX blackwalls, Becker Europa II stereo, A/C, painted nose panel, popup lights. Good paint, chrome and interior, originally Marrone Colorado (brown). Old undercoat on chassis and underbody. Comes with tool roll and books and an old FCA Platinum award. Not restored, but a very nice driver. Think how distinctive this car would be in its original Marrone Colorado rather than the ubiquitous Rosso-something. It sold at Gooding's Pebble Beach sale in 2008 for $1,023,000 and now shows just 53 more miles on the odometer. The lack of appreciation is generally attributable to the aging cosmetics, not offset by the new interior, and represents a sound purchase in this transaction.
1941 Chrysler Town and Country Barrel Back for sale
Lot # 35 1941 Chrysler Town & Country Barrel Back; S/N 7703147; Engine # C28-79747; Royal Maroon/Burgundy leather; Estimate $200,000 - $300,000; Older restoration, 3+ condition; Hammered Sold at $260,000 plus commission of 10.00%; Final Price $286,000 -- Dual remote spotlights, windshield visor, Fluid Drive, roof rack, hubcaps, trim rings, wide whitewalls, pushbutton radio, fog lights, skirts, dual outside minors. Good older restoration by Lloyd Mayes with subsequent use. Oily chassis, some exterior wood joint cracks. Sound older paint and chrome. Good interior. No longer a show car but very well done and sound. Lloyd Mayes was renowned for the quality and accuracy of his Town & Country restorations, qualities that are abundantly present in this rare Barrel Back sedan from Mayes' workshop in the early 90's. It is holding up well, and should be considered a reasonably buy at this mid-estimate price.
1928 Bentley 4.5 Liter British Flexible Coupe for sale
Lot # 36 1928 Bentley 4 1/2 Liter British Flexible Coupe, Body by Harrison; S/N XR3347; Engine # XR3347; Midnight Red; Beige cloth roof/Saddle leather; Estimate $600,000 - $800,000; Recent restoration, 1 condition; Not sold at Hammer bid of $500,000 -- RHD. Black wire wheels, dual sidemounts, blackwall tires. Helmet fenders, glass side window visors. Three owners from new. Excellent paint, chrome and interior. Very attractive interior wood, dashboard and instruments. Restored to better than new condition for John Webb de Campi with excellent cosmetics and little subsequent age or use. 2009 Fairfield Concours class winner. An unusual car made even more unusual by many unique design and specification elements and a superb restoration for marque expert John Webb de Campi. It needs nothing except a new owner and when it finds one it'll be a particularly special addition. A Bentley coupe, even a 4 1/2 Liter as attractive and well restored as this, worth over a half million dollars is in very rich company, but if any one is, it's this one.
1973 Ferrari 365 GTB-4 Daytona Coupe for sale
Lot # 39 1973 Ferrari 365 GTB/4 Daytona Coupe; S/N 16447; Silver/Black leather; Estimate $310,000 - $350,000; Cosmetic restoration, 3+ condition; Hammered Sold at $300,000 plus commission of 10.00%; Final Price $330,000 -- Centerlock alloy wheels, Michelin XWX blackwall tires, Becker Mexico cassette stereo, A/C. Good older paint, chrome and original interior. Flat panels, even gaps, flush fits. Odometer shows 39,854 believed original miles. Underbody is restored with some shiny goop over old undercoat. Engine and chassis are aged and a bit grubby. A presentable but not exciting driver. Realistically priced by the bidders in Amelia and realistically sold by the consignor, this is a good, sound, attractive Daytona that can be driven without detracting appreciably from its condition or value.
1953 Fiat 8V Zagato Coupe for sale
Lot # 41 1953 Fiat 8V Coupe, Body by Zagato; S/N 106000065; Engine # 104000000116; Red/Black leather; Estimate $750,000 - $900,000; Older restoration, 3+ condition; Post-block sale at $681,818 plus commission of 10.00%; Final Price $750,000 -- RHD. Silver painted wire wheels, Michelin X 165R400 tires, Leston "Stirling Moss" woodrim steering wood. The only factory-built righthand drive Fiat 8V, still has its original engine. Raced when new by Ottavio Guarducci with an outright win in the 1955 Coppa Intereuropa at Monza. Restored by Zagato for Andrea Zagato's personal use to very good driving condition and competed in the 1991 and '92 Mille Miglia Storica, then in 2011 for a later owner. Good paint, interior and aluminum trim. Chassis and underbody were done like new and now show plenty of touring miles. Paint cracked in front of hood scoop. Redundant electrical system with alternator with extra switches and indicator lights. Owner says it runs and drives extremely well. FIVA identity card. Reported bid to $700,000 on the block and sold later at this price. Beautiful, technically intriguing and eligible to participate in lots of places, this is a sound value in a rare car with high utility.
1986 Aston Martin V8 Volante for sale
Lot # 42 1986 Aston Martin V8 Volante; S/N SCFCV81CXGTL15422; Engine # V/580/5422/LFA; Dark Blue/Beige leather, Blue piping; Blue cloth top; Estimate $150,000 - $180,000; Recent restoration, 2- condition; Post-block sale at $117,500 plus commission of 10.00%; Final Price $129,250 -- Automatic, Kenwood CD stereo, Cibie Oscar driving lights, alloy wheels. Good paint, chrome and interior. Very clean and nearly like new. Reported sold in Scottsdale in January at Gooding's auction there for $140,250, its appearance here and sale substantially under its result of less than two months ago is curious, but perhaps a good deal for today's buyer?
1960 Chevrolet Corvette FI Race Rat for sale
Lot # 44 1960 Chevrolet Corvette FI "Race Rat"; S/N 00867S104420; Engine # 104420; White, White hardtop/Black vinyl; Estimate $450,000 - $550,000; Competition restoration, 2 condition; Hammered Sold at $400,000 plus commission of 10.00%; Final Price $440,000 -- Wide wheels, radio delete. 16th overall and class winner at Sebring in 1960 driven by Chuck Hall and Bill Fritts for George Reed. Later street driven. Excellent paint, chrome and interior. Freshly restored like it never was when it was raced and loaded with period racing bits from Chevrolet, but not yet given the seal of approval by Bloomington Gold, NCRS or the FIA. The new owner undertakes a project with some potential pitfalls but great potential rewards in taking on this Corvette with the Sebring class win. It is appropriately valued in this transaction, unlike its last appearance at auction at Gooding's Pebble Beach sale in 2009 where it had a wide-eyed estimate of $700-825,000 that scared the bidders into the weeds.
1960 Porsche 356B Roadster for sale
Lot # 45 1960 Porsche 356B Roadster, Body by Reutter; S/N 87383; Engine # 800105; Silver-Grey/Blue leather; Blue cloth top; Estimate $135,000 - $160,000; Recent restoration, 2- condition; Hammered Sold at $135,000 plus commission of 10.00%; Final Price $148,500 -- Chrome wheels, Talbot mirror, CD stereo underdash with four very nicely integrated speakers. Super 90 spec 1582cc engine (later than this chassis number) and 4-wheel disc brakes. Excellent paint, chrome, interior arid top. Small delamination in lower right windshield corner. Underbody undercoated and nearly like new. Not fresh but very attractive and clean. Color changed from Light Ivory over red with a bogus body tag. No Reserve. This is a very good looking Porsche with desirable updates to improve its enjoyment and safety on the road, but the fake trim tag is an affront. It may be honestly disclosed this time but a few years in the future with less scrupulous parties involved the color change is going to be conveniently overlooked. Gooding Amelia was a Porsche-mad auction and this mixed up Roadster was dragged along by the mania to an expensive price the new owner is going to regret.

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