Gooding and Company Pebble Beach 2014 – Auction Report

Gooding & Company concluded its 2014 Pebble Beach auction with $106,004,800 in sales, concluding 107 of 121 lots, an 88.4% sell-through, in its two-day sale.

The total continued Gooding’s string of $100 million plus sales at Pebble Beach over the past three years. The sell-through was down 2.9 points, 3.2%, from last year’s extraordinary 91.3% sale rate. The average sale of $990,699 was up 2.6%, the median transaction of $319,000 was down 13.4% from 2013.

The numbers reflect Gooding’s failure rate at the high end, unusual for a Gooding auction. Twenty-three lots sold on hammer bids of a million dollars or more, but nine lots in excess of $1 million hammer were unsold. They totaled $56,350,000 in hammer bids that would have added $61,985,000 to Gooding’s total had they been concluded.

The shortfalls included the Ferrari 365 P Tre Posti Pininfarina show car, inexplicably no-saled at a high bid of $22.5 million, McLaren F1 similarly inexplicably failing to sell at a bid of $10,750,00 and Ferrari 250 GT SWB [steel] Berlinetta at $10 million. Others like the Competition Daytona unsold for $4.4 million are more understandable.

But, even taking into account the shortfall at the high end, Gooding’s 2014 Pebble Beach auction brought in hammer bids of $91,522,545 on estimates of $86,745,000 (including one Estimate on Request lot included at the successful bid), so they weren’t excessively ambitious in estimating.

Attendance on Saturday was reportedly sparse. Sunday, a time when Gooding has a lock on auction attendance, was well populated, but not the madhouse it’s been in the past.

Here are the numbers:

Gooding & Company
Cars Offered / Sold
Sale %
Sold < Low Est
Sold > High Est
Avg Sale
Total Sales
Change
2014
121 / 107
88.4%
40.8%
18.5%
$990,699
$106,004,800
(5.4%)
2013
127 / 116
91.3%
38.9%
21.2%
$965,675
$112,018,350
(1.5%)
2012
123 / 110
89.4%
45.0%
15.6%
$1,033,969
$113,736,600
45.48%
2011
127 / 107
84.25%
44.9%
12.2%
$730,672
$78,181,900
21.03%
2010
135 / 106
78.5%
59.4%
8.9%
$609,361
$64,592,300
27.3%
2009
159 / 128
80.5%
71.9%
7.8%
$396,514
$50,753,850
-20.98%
2008
140 / 112
80.0%
61.1%
14.8%
$573,467
$64,228,300

[Andrew Newton contributed many of the on-site observations and photographs. As always, the Comments are the Editor’s responsibility.]

Gooding and Company Pebble Beach 2014 – Auction Report

1964 Ferrari 330 GT 2+2 Coupe, Body by Pininfarina
Lot # 004 1964 Ferrari 330 GT 2+2 Coupe, Body by Pininfarina; S/N 6113; Oro Chiaro metallic/Tan leather; Estimate $250,000 – $350,000; Recent restoration, 2- condition; Hammered Sold at $220,000 plus commission of 10.00%; Final Price $242,000 – 3967/300hp, triple Weber carbs, overdrive 4-speed, Borrani wire wheels, Pirelli tires, wood-rimmed steering wheel, Autovox push button radio, dash clock. – Very good paint, chrome and interior. Restoration finished in 2013. One of 625 Series I examples built. The quad headlight 330 GT 2+2s are less pretty and less desirable than the later Series II cars with the more conventional two headlights, but this one is a straight, honest car in a rare and attractive color combination with a competent recent restoration. – Appropriately priced in the current market on the basis of its sound presentation and attractive livery.
1920 Mercer Series 5 Raceabout
Lot # 012 1920 Mercer Series 5 Raceabout; S/N 5111; Yellow/Tan leather; Estimate $300,000 – $400,000; Visually maintained, largely original, 3 condition; Hammered Sold at $280,000 plus commission of 10.00%; Final Price $308,000. – 298/72hp, 6-cylinder, side valve, 4-speed, black painted wire wheels, Lester tires, Depress Beam headlamps, RH Allen Motometer, tool box in the frame rail, two rear-mounted spares, wood-rimmed steering wheel. – Dull older repaint by Earl Scheib with scratches and big cracks around the bottom of the radiator and most edges. Tired paint on wheels. In the same family since 1945, and a regular participant in classic car events like the Glidden Tour during the 1940s and 1950s. Mostly original and with a well-documented history, this is a desirable sporting automobile from the Brass and Nickel eras. – A charming old Mercer from the post-Roebling era that should be a fine ride on yours and appreciated for its originality. 72hp is a lot for 1920, especially from 298 cubic inches. Bought close to the low estimate and a sound value.
1961 Ferrari 250 GT SWB California Spider, Body by Pininfarina
Lot # 018 1961 Ferrari 250 GT SWB California Spider, Body by Pininfarina; S/N 2903GT; Red/Yellow-Beige leather; Estimate $13,000,000 – $15,000,000; Cosmetic restoration, 2- condition; Hammered Sold at $13,800,000 plus commission of 10.00%; Final Price $15,180,000 – Covered headlights, chrome spoke Borranis, Michelin X tires, Wagner sealed beam headlights, Marchal fog lights in grille, disc brakes, bright fender side vents, unrestored factory steel hardtop. – Once owned by actress Barbara Hershey. Good paint and sound interior in a sickly yellowish leather. Underbody and chassis have been superficially redone and quickly repainted for the auction. Makes a good first impression. Ferrari Classiche certified but the Red Book is still in process. – Sold by RM at Amelia in 2000 for $1,182,500, it will be wonderful when returned to its original black over natural leather, but at this price it really should have an aluminum body.
1925 Rolls-Royce Silver Ghost 40/50hp Piccadilly Roadster, Body by Merrimac
Lot # 021 1925 Rolls-Royce Silver Ghost 40/50hp Piccadilly Roadster, Body by Merrimac; S/N S77LK; Green, Turquoise Blue above coachline, Black fenders/Black leather; Black cloth top; Estimate $400,000 – $500,000; Recent restoration, 2 condition; Hammered Sold at $500,000 plus commission of 10.00%; Final Price $550,000. No Reserve – RHD. 7428/85hp, single two-jet carb, 4-speed, black painted wire wheels, Universal tires, dual leather-covered sidemounted spares, Bausch & Lomb headlamps, Spirit of Ecstasy radiator mascot, rear luggage rack, rumble seat, wood top frame, Waltham dash clock. – Excellent paint other than some light scratches on right rear and left front fenders. Very good chrome and interior. Original instruments. Not restored to be jewelry or over the top. Just right. One of 79 Springfield Silver Ghosts with the Piccadilly Roadster body. Owned by Fred Buess and his family for 50 years. Restored starting in 2009. Shown at Pebble Beach in 2013, where it finished the Tour d’Elegance without issue and received a class award. A very fresh, rare Springfield Rolls that’s both drivable and showable. – It is particularly good to see it in its original color scheme and done so sympathetically to its original appearance. A desirable car, it is impossible to take issue with the price it brought, from either the buyer’s or the seller’s side.
1932 Lancia Dilambda Torpedo Sport, Body by Viotti
Lot # 023 1932 Lancia Dilambda Torpedo Sport, Body by Viotti; S/N 232140; Red, Burgundy sweep panel/Brown leather; Estimate $450,000 – $550,000; Concours restoration, 2+ condition; Hammered Sold at $650,000 plus commission of 10.00%; Final Price $715,000 – RHD. 3960/100hp V-8, single Zenith carb, 4-speed, chrome wire wheels, Michelin tires, Carello driving lights, rear-mounted spare wheel, dual cowl, suicide doors, wood dash and door trim, Jaeger dash clock. – Very good paint overall but with one big scratch and another big crack on the right running board. Some chips on the edges around the doors. Very clean undercarriage and engine bay. Excellent interior. 2-door dual cowl phaeton with aero screens for the rear passengers and powered by a 4-liter 24 degree narrow angle V-8 derived from the Lambda’s V-4. A concours restoration that has seen some use since it was last sold at RM Arizona in ’05. Top is unfinished. – Sold by RM at Amelia Island in 2005 for $253,000 in nearly freshly restored and flawless condition. The ensuing years have been relatively good to this Lancia, a marvelously sophisticated and technically advanced chassis with unusual two-door dual cowl Torpedo coachwork. It still looks like a million bucks, just showing some use- and age-related flaws that are easily remedied and fewer than 500km on its odometer since 2005. The bidders got after it in a big way, showing that quality is not always what ‘the market’ decrees. It is a premier car, and it earned a premier price.
1990 Ferrari F40 Coupe, Body by Pininfarina
Lot # 024 1990 Ferrari F40 Coupe, Body by Pininfarina; S/N ZFFMN34A2L0085596; Red/Red cloth; Estimate $1,200,000 – $1,400,000; Unrestored original, 2 condition; Hammered Sold at $1,200,000 plus commission of 10.00%; Final Price $1,320,000 – 2936/478hp, 5-speed, Speedline wheels, Michelin Pilot Sport tires, tinted windows, luggage, Tubi exhaust. – Very good original paint, rubber and interior. Very clean engine bay. Comes with matching luggage. Bought new by Microsoft co-founder Paul Allen, and has covered just 2,590 miles since then. This car’s great overall condition is a testament to its light use. Like many F40s, it has been very well taken care of and recently had a belt service at a Ferrari dealer. – Showing a few more miles than RM’s F40 (although almost double in relative terms), this example is less original but probably more usable and hammered sold for only $100K less, endorsing the current value of F40s in the auction marketplace.
1956 Ferrari 250 Europa Coupe, Body by Pinin Farina
Lot # 026 1956 Ferrari 250 Europa Coupe, Body by Pinin Farina; S/N 0427GT; White, Black roof/Red leather with Grey cloth inserts; Estimate $2,500,000 – $3,000,000; Concours restoration, 1- condition; Hammered Sold at $2,100,000 plus commission of 10.00%; Final Price $2,310,000 – 2953/220hp, triple Weber carbs, 4-speed, Borrani wire wheels, Blockley tires, Marchal headlamps and driving lights, wood-rimmed steering wheel, Clayton heater. – Excellent paint, chrome and interior. Even gaps. Incredibly clean engine bay and undercarriage. The last 250 GT Europa produced, the 1956 Brussels Motor Show car and a competitor in the 1957 Grand Prix de Spa. Restored to a very high standard in 2010 and showing no discernible flaws, only a little age. Believed to be the original colors. Ferrari Classiche certified. – Not quite the eye-catching presentation of RM’s 250 Europa, and bought for a bit less, this is a thoroughbred Ferrari with a clear history and a first-rate restoration.
1954 Pegaso Z-102 Roadster, Body by Saoutchik
Lot # 028 1954 Pegaso Z-102 Roadster, Body by Saoutchik; S/N 1021530136; Light Blue/Dark Blue leather with Light Blue leather inserts and piping; Estimate $900,000 – $1,400,000; Recent restoration, 2+ condition; Hammered Sold at $900,000 plus commission of 10.00%; Final Price $990,000 – RHD. 2814/170hp, single 2-barrel Weber carb, 5-speed, chrome wire wheels, Lester whitewall tires, Becker Europa radio, wood-rimmed steering wheel. – Excellent paint, chrome and interior. Fantastic car. No real flaws but not overdone. Just restored to like new condition in 2013. Exhibited at the Paris Motor Show in 1954. Original owner had it re-bodied as a coupe in 1958, and it remained a coupe until the 1990s when it was restored for the first time. – The Pegaso was one of the most technically advanced cars in its day with a four-cam alloy V-8 and five-speed gearbox. Its 2.8 liter V-8 breathing through a 2-barrel carb never came close to the 240hp quoted in the Gooding catalog, an output attributed to the supercharged version while the naturally-aspirated 2.8 liter Pegaso produced a more modest 170hp. Tepid performance and vastly strange Saoutchik coachwork do not commend this car, even beautifully restored, and the seller should be extremely happy to see it bring this price.
1938 BMW 328 Roadster
Lot # 034 1938 BMW 328 Roadster; S/N 85215; Silver/Black leather; Black cloth top; Estimate $600,000 – $800,000; Recent restoration, 2- condition; Not sold at Hammer bid of $580,000 – 1971/80hp, triple Solex carbs, 4-speed, centerlock disc wheels, Blockley tires, rear-mounted spare wheel. – Really good paint with a couple of dings. Very good interior. Restored during 2009 and 2010 by TT Workshops in the UK for an Argentinean collector and still very fresh. One of 464 genuine 328s built by BMW. Confirmed by BMW Group Archiv as period correct but re-stamped engine and chassis. – This 328 started out as a 1.2-1.4 million estimate, then the BMW Archive weighed in and the estimate dropped. The determination of the Saturday bidders at the PB Equestrian Center lacked interest. This 328 is impressively restored if a little aged and the reported high bid should have seen it sold.