Gooding and Company Scottsdale 2016 – Auction Report

Gooding and Company, Fashion Square, Scottsdale, Arizona, January 29-30, 2016

2016 was a solid performance by Gooding and Company in Scottsdale, reflecting the collector car market, the world economy and increased competition from established and upstart auction companies for headline consignments.

It’s rough out there, and all the Arizona collector car auctions were feeling the heat.

Under the circumstances Gooding & Company’s accomplishment was to assemble one of their typically diverse consignments of quality cars and sell them effectively to a large crowd nearly filling the tent adjacent to Fashion Square.

The absence of a high seven- or eight-figure headline car depressed the total sale to the lowest it’s been since 2012, but note in the table below that the median transaction is the highest it’s been since 2013. It’s the median that characterizes the overall quality of the cars – and the bidders’ willingness to match quality with price.

There was no shortage of highly valuable cars, including the gorgeous Ferrari 166MM (s/n 0060M) that brought a fully deserved $6.49 million; Duesenberg Model J Dual Cowl Phaeton (s/n 2151) sold for $4.42 million; Ferrari 330 GTC Coupe Speciale by Pininfarina (s/n 10107) for $3.41 million and the trio of Tony Shooshani’s late model supercars, the F40 (s/n…86554) for $1,534,500, F50 (s/n …99999) for $2.4 million and Enzo (s/n …$2.86 million.)

On the other hand, both the Ferrari 250 GT Cabriolet SIIs came up short at $1.55 million (s/n 1967GT) and $1.65 million (s/n 1939GT), results that reflect a generally moderating trend in values across all the ‘Scottsdale’ auctions. Enthusiasm, and the bubble-inflating inducement to ‘buy now before it costs more later’ was supplanted by a more measured consideration of intrinsic and relative values not only among Ferraris but also with other marques and models.

The more considered approach of bidders in Scottsdale has been mirrored in February’s fine art auctions in London, so it’s not just the collector car world.

Gooding should be recognized, however, for its innovative offering of the 2014 Indianapolis 500-winning Dallara DW12 Andretti Autosport IndyCar, a package deal that added insider IndyCar access to the buyer and friends at the next three years of IndyCar races to the chance not only to own an Indy 500 winner (and 2012 IndyCar Championship winner) but also to participate in the potential upside as this car continues to be raced by Andretti AutoSport in IndyCar speedway events through 2018. It has three more chances to win the 500 again, which has value consequences that are inestimable.

It was a ground-breaking attempt by David Gooding and Michael Andretti to expand the concept and availability of top drawer American racing sponsorship to a new audience. While it didn’t connect in Scottsdale it deserves to be tried again.

Here are the numbers:

Gooding Scottsdale
Cars Offered / Sold
Sale %
Sold < Low Est
Sold > High Est
Average Sale
Median Sale
Total Sales
2016
113 / 97
85.8%
77.9%
6.3%
$443,412
$178,750 [40.5%]
$43,011,050
2015
126 / 113
89.7%
58.0%
16.1%
$450,749
$176,000 [39.1%]
$50,934,600
2014
117 / 110
94.0%
50.0%
14.6%
$449,510
$143,000 [31.8%]
$49,446,095
2013
106 / 101
95.3%
23.8%
36.3%
$571,700
$193,600 [33.9%]
$57,741,695
2012
118 / 116
98.3%
72.4%
8.6%
$343,827
N/A
$39,883,900
2011
129 / 121
93.8%
54.6%
6.6%
$289,098
N/A
$34,980,900
2010
125 / 114
91.2%
57.9%
13.2%
$298,186
N/A
$33,993,250
2009
101 / 84
83.2%
69.1%
4.9%
$386,226
N/A
$32,442,950
2008
93 / 86
90.1%
65.0%
8.3%
$328,589
N/A
$21,029,700

Andrew C. Newton contributed some of the on-site observations and photographs; final comments are the responsibility of the editor.

Gooding and Company Scottsdale 2016 – Auction Report

1985 Ferrari 288 GTO Coupe, Body by Scaglietti
Lot # 19 1985 Ferrari 288 GTO Coupe, Body by Scaglietti; S/N ZFFPA16B00005569; Red/Black leather; Estimate $2,000,000 – $2,400,000; Unrestored original, 2- condition; With Reserve; Not sold at Hammer bid of $1,750,000 – CD stereo, power windows, modular wheels, Toyo tires, SF shields, fitted luggage, tools, books. – Very good original paint and interior. Owned for years by FCA judge Stephen Hill, meticulously maintained while still being used and enjoyed. Belt serviced in 2013. Comes with many spare parts and original items like Goodyear Gatorback tires and oil filters. Ferrari Classiche certified. – This is an exceptional 288 GTO, a model that has finally found its following but is forever burdened by looking like a 308 GTB on steroids. The reported high bid was not unrealistic, but neither was the consignor’s decision to hang onto this zealously maintained example in search of a more appreciative audience. (photo: Gooding & Co.)
1952 Allard J2X Roadster
Lot # 25 1952 Allard J2X Roadster; S/N 3062; Engine # 526225912; Red/Black leather; Estimate $475,000 – $550,000; Recent restoration, 2+ condition; With Reserve; Hammered Sold at $410,000 plus commission of 10.00%; Final Price $451,000 – 331 Cadillac, six Stromberg 97s, 255hp, 3-speed, chrome wire wheels, Dunlop Racing tires, dual sidemounts with mirrors, dual aeroscreens, Brooklands banjo spoke steering wheel, Lucas headlights with mesh stoneguards, cycle front fenders, chrome paperclip rollbar. – Excellent, fresh, paint, chrome and interior. Freshly restored to better than new with little evidence of post restoration use, done right but not overdone. Originally Chrysler Hemi powered. – Everything expected of a J2X until the bonnet opens, then much more even if the 255hp does challenge the handling of Sydney Allard’s rudimentary chassis. There is no argument at all with the price it brought.
1972 Maserati Bora 4.9 Coupe;
Lot # 26 1972 Maserati Bora 4.9 Coupe; S/N AM11749562; Black, Stainless roof/Red leather; Estimate $180,000 – $220,000; Visually maintained, largely original, 3- condition; No Reserve; Hammered Sold at $170,000 plus commission of 10.00%; Final Price $187,000 – Blaupunkt multiband radio, power windows, air conditioning. – Casually masked old repaint with a few scratches and chips. Worn original upholstery. Badly frayed original driver’s shoulder belt. Loose body side molding. Scuffed bright trim. Peeling old undercoat with surface rust underneath. A Maserati with many needs and few good surprises. – The catalog recounts occasional mechanical work in the past ten years or so, but nothing comprehensive, a record consistent with the erratic presentation. This result is a deft compromise between this Bora’s presentation and its innate rarity and performance potential. Boras are unlikely ever to catch up with their mid-engined V12 competition from Maranello, but at a third or less the price still represents potentially good value for money, value tempered in this case by any number of needs that will not be inexpensive to fix.
1963 Ford Thunderbird Sport Roadster
Lot # 28 1963 Ford Thunderbird Sport Roadster; S/N 3Y89M106102; Red/Black leather; Black vinyl top; Estimate $200,000 – $250,000; Recent restoration, 2+ condition; No Reserve; Hammered Sold at $112,500 plus commission of 10.00%; Final Price $123,750 – Every possible option, including the M-code 390/340hp engine with three deuces, except an FM radio. – Extensively detailed since it was acquired in 2011, AACA Grand National, Best Postwar award winner. Beyond perfect. – Sold at Russo and Steele here in the Valley of the Sun in 2011 for $77,000, this is a T-bird fanatic’s obsessive pursuit of perfection in accuracy and presentation. Even among T-bird fanatics there is unlikely to be a better, nor better equipped, one and it brought a representative price, despite being barely half the low estimate.
1948 Alfa Romeo 6C 2500 SS Cabriolet, Body by Stabilimenti Farina
Lot # 29 1948 Alfa Romeo 6C 2500 SS Cabriolet, Body by Stabilimenti Farina; S/N 915670; Engine # SS923773; Grey/Burgundy, Grey leather; Grey cloth top; Estimate $800,000 – $1,000,000; Older restoration, 2- condition; With Reserve; Hammered Sold at $920,000 plus commission of 10.00%; Final Price $1,012,000 – RHD. Chrome wire wheels, Michelin tires, Autovox radio, trafficators. – Restored in the late 90’s and still with very good paint, chrome and upholstery. Neat but aging engine compartment. Driver’s seat cushion is barely creased. A quality older restoration with some age but little use that is holding up extremely well. – The quality of the late 90’s German restoration is apparent in its preservation and the 8,697km (probably since restoration) showing on the odometer. It is a stunning car in these colors, showing the lines of Stab. Farina’s sleek coachwork to advantage. It is a trophy car at an appropriate price.
1965 Buick Riviera GS Sport Coupe
Lot # 30 1965 Buick Riviera GS Sport Coupe; S/N 494475H930646; Burgundy/White vinyl; Estimate $50,000 – $60,000; Older restoration, 2- condition; No Reserve; Hammered Sold at $110,000 plus commission of 10.00%; Final Price $121,000 – 425/360hp, automatic, AM-FM air conditioning, power steering, power brakes, power windows, power seat, chrome styled steel wheels, narrow whitewalls. – Very good older paint, chrome and interior. Restored a while ago and holding up well; a thorough detailing could bring it back to show quality. – Offered at Mecum Anaheim in 2012 and Indy in 2013 where it was bid to $65,000 and $60,000 respectively, this Riviera found its market at Fashion Square, as it should have. It is a Detroit design milestone, clean, crisp and elegant, that is as much admired today as it was when it was new and the 425/360hp Nailhead V-8 only adds to its allure. Nothing should have prepared the audience for the price it brought, however, easily double what it was expected to bring and bringing a curve-setting result (or a dramatic outlier.)
1989 Ferrari 328 GTB Coupe, Body by Pininfarina
Lot # 32 1989 Ferrari 328 GTB Coupe, Body by Pininfarina; S/N ZFFCA19S000080998; Red/Black leather; Estimate $140,000 – $180,000; Unrestored original, 2- condition; No Reserve; Hammered Sold at $150,000 plus commission of 10.00%; Final Price $165,000 – Air conditioning, power windows, no radio. – Very good original paint and interior. An exceptionally clean used car recently imported from Sweden and showing a believable 23,287 km. – This is a generous result for a $75K car, even taking its originality into account.
1950 Ferrari 166 MM Berlinetta Le Mans, Body by Touring
Lot # 33 1950 Ferrari 166 MM Berlinetta Le Mans, Body by Touring; S/N 0060M; Engine # 0060M; Blue/Black leather; Estimate $5,750,000 – $6,500,000; Recent restoration, 2+ condition; With Reserve; Hammered Sold at $5,900,000 plus commission of 10.00%; Final Price $6,490,000 – RHD. Silver painted wire wheels, Dunlop Racing tires, Marchal head and fog lights. – Raced by Cornacchia and Serafini when new, then exported to Chinetti in New York after it was shown at the 1950 Paris Salon. Bought by Briggs Cunningham for whom it was upgraded to 195S specs, then entered in Sebring driven by Chinetti and finishing 7th overall and first in class. Later raced at Buenos Aires finishing 7th driven by Jim Kimberly, Bridgehampton (Phil Walters 2nd) and Watkins Glen (John Fitch 2nd.) Later owned by Henry N. Manney III, with a long, active career following until it was restored in 2001, taking second in class at Pebble Beach. Excellent paint, interior and bright trim. Freshly done to better than showroom condition without going too far. Represented as the original engine, chassis, gearbox and rear axle. – This important and beautiful 195-spec 166 MM has a significant race history in the hands of recognized hero-level drivers. It is beautifully and sympathetically restored by a recognized expert and is little exposed to the public since Pebble Beach 2001. Among the 87 Ferraris offered in Scottsdale it is, by more than a factor of two, the most expensive. The runner-up is, however, a 330 GTC and this MM is more than twice the car in any number of ways. While the price is appropriate in today’s Ferrari market, the new owner has gotten very good value for the money.