Gooding & Company Amelia Island 2014 – Auction Report

Gooding & Company, Omni Amelia Island Plantation, Amelia Island, Florida, March 7, 2014

Bitter cold didn’t do much to deter the bidders at this year’s Gooding & Company Amelia Island auction although it kept the line long at the Chubb Insurance latte stand.

In addition to some superior Porsches and the beautifully original, preserved and maintained Ferrari 250 Europa GT s/n 0409GT this year’s Gooding Amelia auction presented a cross-section of postwar BMWs, from an Isetta to a 507 roadster that tested the depth of the BMW collector car market.

While the total sale was slightly up from 2012, the mean and median transaction values declined, reflecting the character of the consignment. BMWs just don’t sell like the Drendel family collection of Porsches in 2012, a hard act to follow.

Also surprising was the weakness displayed by prewar cars. David Gooding has probably done more to promote prewar, and particularly early brass and nickel era cars and antiques, than anyone else in car collecting, but here in Amelia a selection of well known and very attractive cars came up unusually short. Those that sold did so at modest prices (except for the Rolls-Royce PII Henley Roadster.) Of 13 prewar cars offered eight were sold, a 61.5% sale rate that pulled the overall sell-through down significantly.

Gooding Amelia Island
Cars Offered / Sold
Sale %
Sold < Low Est
Sold > High Est
Average Sale
Total Sales
2014
88 / 78
88.6%
44.9%
12.8%
$396,839
$30,953,450
2013
72 / 69
95.8%
46.4%
13.0%
$408,167
$28,163,500
2012
77 / 70
90.9%
54.3%
15.7%
$515,111
$36,057,800
2011
85 / 70
82.4%
66.7%
7.3%
$255,422
$17,879,550
2010
71 / 58
81.7%
72.4%
2.5%
$278,353
$16,144,500

Cars at the top of the market, or those that seem to be in collectors’ headlights these days like the Lancia Aurelia B24S Spider America, unrestored 300SL Roadster, Dinos and BMW 507, did well. But the Porsche RSK sold for only rounding error more than it had brought a year and a few months ago at Gooding’s Scottsdale auction in 2013.

Still, when all was said and done $31 million in sales in a single day is indicative of the enthusiasm of collectors and the abundant liquidity they still bring to the collector car market, even if some of it goes to chasing fads.

Gooding and Company Amelia Island 2014 – Auction Report

1967 Shelby Mustang GT350 Fastback
Lot # 04 1967 Shelby Mustang GT350 Fastback; S/N 67200F4A01451; White, Blue stripes/Black vinyl; Estimate $100,000 – $125,000; Older restoration, 2+ condition; Hammered Sold at $100,000 plus commission of 10.00%; Final Price $110,000. No Reserve – 289/306hp, 4-speed, P/B, P/S, 3.89 Traction Lok, radio delete, 10-spoke wheels, grille-mounted driving lights. – Restored to high standards, sparingly used and consistently maintained since and still like new with better cosmetics. Documented with the original window sticker. – Sold by RM in Ft. Lauderdale in 2007 for the very impressive price of $151,200, a magnanimous valuation for a ’67 Shelby GT350. So magnanimous, it turns out, that even the estimate here recognizes its generosity. This is an appropriate price.
Lot # 05 1974 Ferrari 246 GTS Dino ; S/N 08070; Viola Metallizzato/Black; Estimate $325,000 - $375,000; Cosmetic restoration, 3+ condition; Hammered Sold at $310,000 plus commission of 10.00%; Final Price $341,000 – A/C, P/W, Cromodora alloy wheels, blackwall tires, tool kit, manuals. – Viewed a year ago at Auctions America's Ft. Lauderdale auction, good new paint purported to be the original color (one of 31 delivered in Viola) and attractive new upholstery and mousehair style dash top. Engine and chassis are aged and neglected. Said here to have been recently serviced and have under 26,000 original miles. – The consignor's decision to decline the $295,000 offered at Ft. Lauderdale last year for this eminently usable Dino in its striking and unusual livery was understandable but the $15,000 more that it brought on the hammer was little solace in the end. An eye-catching Dino at a realistic price.
Lot # 05 1974 Ferrari 246 GTS Dino; S/N 08070; Viola Metallizzato/Black; Estimate $325,000 – $375,000; Cosmetic restoration, 3+ condition; Hammered Sold at $310,000 plus commission of 10.00%; Final Price $341,000 – A/C, P/W, Cromodora alloy wheels, blackwall tires, tool kit, manuals. – Viewed a year ago at Auctions America’s Ft. Lauderdale auction, good new paint purported to be the original color (one of 31 delivered in Viola) and attractive new upholstery and mousehair style dash top. Engine and chassis are aged and neglected. Said here to have been recently serviced and have under 26,000 original miles. – The consignor’s decision to decline the $295,000 offered at Ft. Lauderdale last year for this eminently usable Dino in its striking and unusual livery was understandable but the $15,000 more that it brought on the hammer was little solace in the end. An eye-catching Dino at a realistic price.
1968 Datsun 1600 Roadster
Lot # 06 1968 Datsun 1600 Roadster; S/N SPL31117895; Silver-Grey Metallic/Burgundy vinyl; Estimate $35,000 – $45,000; Recent restoration, 2+ condition; Hammered Sold at $46,000 plus commission of 10.00%; Final Price $50,600 – AM-FM, hubcaps, narrow whitewalls, later 5-speed Datsun transmission. – Restored better than new with excellent paint, chrome and interior. Let down only by a scratched gauge lens. AACA Senior National First Prize at Hershey in 2013. – An amazing car, restored to beyond perfect condition and not often seen at all, let alone in this superlative and accurate condition. Its result here should stand for a long time as the benchmark by which other Datsun 1600s and 2000s are judged.
1971 BMW 2002 Cabriolet, Body by Baur
Lot # 14 1971 BMW 2002 Cabriolet, Body by Baur; S/N 2790141; Engine # 2790141; Red/Black vinyl; Black cloth top; Estimate $40,000 – $60,000; Older restoration, 3+ condition; Hammered Sold at $62,000 plus commission of 10.00%; Final Price $68,200. No Reserve – Nardi woodrim steering wheel, wheel covers, Falken blackwall tires. – Good older restoration with good paint, chrome and interior. – One of a number of BMWs offered at Gooding’s Amelia Island auction, and one of the most appealing with its Baur built droptop. The loss of the roof structure may detract from the ‘ultimate driving machine’, but it will more than make up for any shortcoming in that regard when the weather is good, a consideration which the Gooding bidders must have had in mind when they pursued it to this price. [Photo courtesy Gooding & Company © 2014 Gooding & Company, Brian Henniker]
1980 BMW M1
Lot # 15 1980 BMW M1; S/N WBS59910004301385; White/Black leather, cloth; Estimate $325,000 – $375,000; Unrestored original, 3+ condition; Hammered Sold at $345,000 plus commission of 10.00%; Final Price $379,500 – Kenwood cassette stereo, P/W. Grey market certification by Trend Imports. – Clean, orderly original car with good paint and interior, 25,502 miles from new. – Rarely seen and one of the stars of the BMWs assembled by Gooding & Company for Amelia Island, the combination of rarity, performance, design, modest known mileage and a history of consistent care and maintenance made this a sound buy.
1958 BMW 501A 4-Dr. Sedan
Lot # 17 1958 BMW 501A 4-Dr. Sedan; S/N 54989; Engine # 12065; Silver/Blue leather; Estimate $90,000 – $120,000; Recent restoration, 2+ condition; Hammered Sold at $110,000 plus commission of 10.00%; Final Price $121,000. No Reserve – 2,580cc/110hp BMW V-8, 4-speed, Becker Mexico radio, folding sunroof, hubcaps, Michelin XVS blackwall tires. – Very good paint and interior, bright, sharp chrome and glass. A statement. – Known, for good and sufficient reason, as the ‘Baroque Angel’, the appearance of a BMW 501 at auction is rare, and never in such meticulously executed and presented condition. It is worth the price it brought solely as a conversation piece.
1958 BMW 507 Series II Roadster
Lot # 21 1958 BMW 507 Series II Roadster; S/N 70134; Engine # 40146; White/Blue leather; Black cloth top; Estimate $1,500,000 – $1,800,000; Visually maintained, largely original, 3+ condition; Hammered Sold at $1,650,000 plus commission of 10.00%; Final Price $1,815,000 – 3.2 liter/150hp, wheel covers, Becker Mexico radio, shop manual, tool kit. – Good older paint and chrome, well-preserved original interior. Engine compartment and underbody are clean and orderly but not restored. Represented as matching numbers original engine. – It is refreshing to see a 507 like this that has had such good care during its lifetime that it has never had to be taken apart and restored. The prices of these rare and beautiful (but expensive and under powered) roadsters have been escalating rapidly; this result is just the latest step.