Gooding and Company Scottsdale 2016 – Auction Report

Gooding and Company Scottsdale 2016 – Auction Report Page Two

1960 Ferrari 250 GT Cabriolet SII, Body by Pinin Farina
Lot # 41 1960 Ferrari 250 GT Cabriolet SII, Body by Pinin Farina; S/N 1967GT; Engine # 1967GT; Ice Blue, Ice Blue hardtop/Tan leather; Dark Blue cloth top; Estimate $1,800,000 – $2,200,000; Older restoration, 2- condition; With Reserve; Not sold at Hammer bid of $1,550,000 – Chrome spoke wire wheels, Michelin X tires, two tops, Marchal head and fog lights. 398F engine internal number and represented as the original engine. – Very good paint, chrome and interior. Underbody done a while ago and shows age and use. Orderly and attractive underhood without being overdone. – Traded around in the late 90’s, selling for $137,500 at the Rick Cole/RM Monterey auction in 1997, then at the Kruse Scottsdale auction in January 1998 for $110,250 and a week later at Barrett-Jackson for $143,325.
2012 Dallara DW12 Honda Indy Car
Lot # 47 2012 Dallara DW12 Honda Indy Car; S/N DW12057; Yellow, DHL/Black; Estimate $600,000 – $750,000; Competition car, original as-raced, 2+ condition; With Reserve; Not sold at Hammer bid of $460,000 – 2014 Indianapolis 500-winning, 2012 IndyCar Championship driven by Ryan Hunter-Reay with 2016 Speedway aero package. – Race ready and planned to continue to compete through the 2018 season. At conclusion Andretti Autosport will restore it to its 2014 Indianapolis 500-winning configuration, less the engine which is leased from Honda. Another Indy 500 win (the car has three more chances before it’s retired) would increase its value by an order of magnitude. – This is an unprecedented and imaginative shot at expanding race sponsorship through a collector car auction. The car will continue to be maintained and raced (with whom behind the wheel is not stated) through the end of the current rules package in 2018 and with primary sponsorship not specified. The buyer would get two season-long passes to all IndyCar events with Andretti Autosport hospitality included plus four more for guests at all IndyCar races except the two at Indianapolis. The deal is built on the perks. Based on a 16-race season (as scheduled for 2016) that’s 42 events with six access/hospitality passes, plus 6 events at the Brickyard for the principal and one other only: 258 passes. Call it $100K for the Indy-winning car and the reported high bid works out to $1,395/person/event. That’s not a cheap date, but for someone who likes racing it’s more than reasonably priced for exceptional access. Honda should throw in the Indy-winning engine to make it even better. It’s a concept that deserves more exposure, and maybe tweaking the formula. Of course, should DW12-057 win another Indy 500 it becomes rather moot. (photo: Gooding & Co.)
1966 Ferrari 275 GTB Long Nose Coupe, Body by Scaglietti
Lot # 49 1966 Ferrari 275 GTB Long Nose Coupe, Body by Scaglietti; S/N 08869; Engine # 08869; Red/Black leather; Estimate $2,600,000 – $3,000,000; Older restoration, 2- condition; With Reserve; Not sold at Hammer bid of $2,100,000– Chrome spoke Borranis, Michelin XWX tires. – Excellent paint and chrome. Lightly surface creased upholstery. Undercoated wheelwells and chassis showing some age and use. Modified for historic competition by Marc Mastoon in the 80’s with a short nose, then returned to its original long nose in the late 90’s. – The estimate range is not unrealistic for this 275 GTB, even with its [honestly explained] history of modifications and return to original appearance. It is a surprise it wasn’t bid higher.
1929 Duesenberg Model J Dual Cowl Phaeton, Body by LeBaron
Lot # 51 1929 Duesenberg Model J Dual Cowl Phaeton, Body by LeBaron; S/N 2151; Engine # J-129; Dark Blue, Black fenders, Red sweep panel/Red leather; Dark Blue cloth top; Estimate $1,800,000 – $2,400,000; Concours restoration, 1 condition; With Reserve; Hammered Sold at $2,200,000 plus commission of 10.00%; Final Price $2,420,000 – Chrome wire wheels, wide whitewalls, dual sidemounts, outside exhaust headpipes, Black cloth covered luggage trunk, dual windshields, mesh hood side panels. – Original chassis, engine and bodywork, first owned by John Duval Dodge, son of John Dodge. Concours restored by Fran Roxas in 2010, Best in Show at Meadow Brook that year, 2nd in class at Pebble Beach, People’s Choice at Kansas City. Still show quality paint, chrome, interior, glass and top. – Sold here two years ago for $2,090,000, $110,000 less than the successful hammer bid today and showing just 44 more miles on the odometer than it did then. Taking out even a modest seller’s commission pushes the ROI into modestly negative territory and makes the 44 miles rather expensive. On the other hand, it shows the steady nature of the market for the highest quality classic era cars and based on the pre-sale estimate the seller was prepared to accept an even bigger loss.
1978 Porsche 911 Carrera Turbo Coupe
Lot # 52 1978 Porsche 911 Carrera Turbo Coupe; S/N 9308800186; Engine # 6880115; Mediterranean Blue/Blue leather; Estimate $130,000 – $160,000; Visually maintained, largely original, 3 condition; No Reserve; Hammered Sold at $107,500 plus commission of 10.00%; Final Price $118,250 – Black center Fuchs wheels, Michelin tires, cassette stereo, power sliding sunroof, air conditioning, power windows, power mirrors, sport seats, Porsche CofA. – Good clearcoat repaint, lightly worn original interior, clean unrestored chassis and underbody. A presentable but ordinary driver. – Porsche Turbos offered explosive performance for the period and their reputation has powered them to explosive heights in recent years. This isn’t nearly as expensive at Turbos were a few months ago and is among the prices brought by five of the other six sold in the Scottsdale auctions, excepting only a generous $264,000 sale at Barrett-Jackson. This would seem to be the new normal.
1983 Toyota FJ40 Land Cruiser Hardtop 4x4
Lot # 56 1983 Toyota FJ40 Land Cruiser Hardtop 4×4; S/N JT3FJ40C1D3360007; Sand/Grey leatherette; Estimate $100,000 – $125,000; Recent restoration, 2 condition; No Reserve; Hammered Sold at $55,000 plus commission of 10.00%; Final Price $60,500 – Canter facing rear seats, rear-mounted spare, Warn front hubs, Old Man Emu suspension, air conditioning, aftermarket stereo, cream steel wheels, 15 inch Yokohama tires. – Excellent paint, interior and chassis. Restored like new and impossible to fault. – Upgraded suspensions are the norm among restored FJ40s and they seem to incur no value penalty, nor advantage. Now plentiful at auction (there were 19 in Scottsdale) prices have settled in mid-5 figures for restored examples like this and less for more utilitarian examples, well off their recent fantastically generous peaks. With such quantity and diversity it has become something of a buyer’s market and prices reflect it.
1957 Mercedes-Benz 300SL Roadster
Lot # 59 1957 Mercedes-Benz 300SL Roadster; S/N 1980427500282; Engine # 1989807500289; Silver/Black; Estimate $900,000 – $1,100,000; Unrestored original, 4+ condition; With Reserve; Hammered Sold at $720,000 plus commission of 10.00%; Final Price $792,000 – Blaupunkt AM-FM-Multiband radio, hardtop only, Nardi woodrim steering wheel. – Barn car, California black-plate last stickered in ’92. Dull old repaint, bird poop stained, shrunken filler, dented right door. Complete but grungy underhood. – The attraction of grunge, so often seen at recent auctions, didn’t save this 300SL’s value from the recognition that it will be a long and expensive process before it can be driven. After restoration it will, in the present market, be solidly into low 7-figures, but it will take all the difference to realize that potential and the time that will elapse injects another not inconsiderable risk element. The result here is surprisingly realistic.