Gooding and Company Pebble Beach 2016 – Auction Report

Gooding and Company, Pebble Beach, California, August 20-21, 2016

The collector car market as a whole is getting pretty rich with consignments, and sales, skewing toward more and more toward the rich end of the continuum.

That is nowhere more clear than at The Pebble Beach Auction.

29 lots had pre-sale low estimates of $1 million or more. 26 of them sold of which 23 were on selling bids of $1 million or more. One ‘Estimate on Request’ lot also sold over $1 million. That’s 24 of the 114 sold lots (21.1% of all the cars sold by Gooding & Company at The Pebble Beach Auction) hitting hammer bids of $1 million or more. No wonder the average sale was firmly above a million dollars (including the 10% commission.)

The contribution of less expensive [a relative term in this case] cars was the lowest since 2012.

At the same time — as was common across the catalog auctions in Monterey — the performance against the pre-sale estimates was the worst it’s ever been, a sign that even in a tent full of super-rich collectors the tide of constant increases in value has turned.

Under the circumstances 2016 was the excellent, quality, performance that Gooding & Company has become known for at Pebble Beach. The cars were diverse, their prices were frequently extraordinary and while an 83.2% sell-through (the lowest since 2010) isn’t exceptional it is understandable as both Gooding’s specialists and their consignors become acclimated to values that don’t reliably increase every month. The other side of that coin is that Gooding proved to be highly successful in closing the deals on cars that were unsold on the block, a strong argument that consignors (and bidders) were recognizing the realities and making adjustments on the spot.

Even in the face of these difficulties 2016 was by the slimmest of margins (1.3%) the highest total ever at Pebble Beach.

And the cars were gorgeous even though most of them were inaccessible to collectors of ordinary (or even extra-ordinary) means.

Andrew Newton provided many of the on-site observations for this auction.

Gooding & Company
Cars Offered / Sold
Sale %
Sold < Low Est
Sold > High Est
Avg Sale
Total Sales
Change
2016
137 / 114
83.2%
73.5%
8.0%
$1,138,429
$129,780,950
1.3%
2015
129 / 115
89.1%
67.0%
11.6%
$1,113,896
$128,098,000
20.8%
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

Gooding and Company Pebble Beach 2016 – Auction Report

1989 Ferrari 328 GTB Coupe
Lot # 1 1989 Ferrari 328 GTB Coupe, Body by Pininfarina; S/N ZFFXA19A5K0082566; Red/Tan leather; Estimate $125,000 – $150,000; Unrestored original, 2- condition; Hammered Sold at $105,000 plus commission of 10.00%; Final Price $115,500. No Reserve. – Air conditioning, power windows, CD stereo, factory alloy wheels, Michelin Pilote SX tires. – 22,331 miles, all original and nearly like new with only the slightest evidence of use or age. – Based on results here in Monterey this is at the top of the value range for a sound 328 GTB with some miles on it.
1968 Lamborghini 400 GT 2 + 2, Body by Touring
Lot # 2 1968 Lamborghini 400 GT 2 + 2, Body by Touring; S/N 01294; Engine # 1508; Burgundy/Tan leather; Estimate $300,000 – $400,000; Unrestored original, 4+ condition; Hammered Sold at $355,000 plus commission of 10.00%; Final Price $390,500. No Reserve. – Borrani wire wheels, Pirelli narrow whitewalls, Blaupunkt multiband radio between the seats, power windows. – Stored from 1976 to present, two owners. Sound but dull original paint with a smattering of chips, scrapes and scratches. Sound but stiff and soiled original upholstery. Dirty engine and underbody. Sound body with no evidence of rust. Not running, with a partially disassembled engine. A California Black Plate barn find. – This Lamborghini is largely complete and should be relatively easily sortable and cleaned up to be a decent driver. ‘Relatively easily’ does not, however, mean ‘inexpensive’ and the new owner will do well to complete the work without going underwater in a frenzy of ‘while we’re at it’ additions to the work order.
1954 Alfa Romeo 1900C Sprint Coupe, Body by Pinin Farina
Lot # 3 1954 Alfa Romeo 1900C Sprint Coupe, Body by Pinin Farina; S/N 01647; Dark Blue/Grey cloth, Dark Blue piping; Estimate $450,000 – $550,000; Recent restoration, 2- condition; Hammered Sold at $375,000 plus commission of 10.00%; Final Price $412,500. With Reserve. – Chrome spoke wire wheels, Michelin X blackwall tires, column shift, pushbutton radio. – In an Italian Alfa dealer’s collection from 1966 until 2015, 29,468 km from new. Very good recent paint, chrome and upholstery. Underbody is undercoated like a new car. The aluminum trim has been polished but is still scratched. Engine compartment and suspension are nearly like new. – This might be the definition of a ‘sympathetic restoration’ of a low miles, well kept car with attractive coachwork. It needs nothing and is a sound value at this price.
1984 Ferrari 512 BBi Berlinetta
Lot # 5 1984 Ferrari 512 BBi Berlinetta, Body by Pininfarina; S/N ZFFJA09B000049257; Silver/Black leather; Estimate $375,000 – $450,000; Older restoration, 2- condition; Hammered Sold at $285,000 plus commission of 10.00%; Final Price $313,500. With Reserve. – TRX tires, Pioneer cassette stereo, Borletti air conditioning, power windows, dual outside mirrors, original tools, owner’s manual, sales invoice. – Not California emission compliant. Very good paint and upholstery. Good original interior trim. Underbody is nearly like new. A quality, thoughtfully restored Boxer with three owners from new. FCA Southwest Region Platinum award in 2006 and still in very good, well maintained condition. – Sold for 76% of its low estimate, a price that is in line with the other 512 BBs and BBis in Monterey. At the rate these berlinettas’ values are falling someone almost ordinary might be able to buy one soon. When that happens values will stabilize at levels that match the rarity, design and performance of these cars.
1967 Toyota 2000GT Coupe
Lot # 9 1967 Toyota 2000GT Coupe; S/N MF1010128; Engine # 10189; Solar Red/Black vinyl; Estimate $600,000 – $700,000; Recent restoration, 2 condition; Post-block sale at $485,000 plus commission of 10.00%; Final Price $533,500. With Reserve. – RHD. Fender mirrors, grey alloy wheels, Vredestein tires, pushbutton radio. – Excellent paint, chrome and interior. Underbody is nearly like new. Restored in Costa Rica for the Toyota importer there in 2014 to showroom condition. – Bid to $485,000 on the block and closed later at the same amount. The million-dollar Toyota 2000GT is a thing of the past, at least for now. This exact same car sold at RM’s Monterey sale two years ago for the monumental price of $1,045,000. This and the 7-figure sale of a white example from the Don Davis collection in 2013 prompted other 2000GTs to come to market, but most have been in the mid to high six-figure range and the demand for these cars has settled down. This car hammered not sold at Gooding Scottsdale this year at a high bid of $620,000 and finally sold here for barely half of what it brought just two years ago. Those are two very expensive years of ownership.
1989 Porsche 911 Carrera Club Sport Coupe
Lot # 10 1989 Porsche 911 Carrera Club Sport Coupe; S/N WP0AB0915KS120507; Irish Green/Black leather with cloth inserts; Estimate $350,000 – $425,000; Unrestored original, 2 condition; Hammered Sold at $300,000 plus commission of 10.00%; Final Price $330,000. With Reserve. – Black Fuchs wheels, whale tail, roll-up windows, no back seats. – Two owners from new. One of only 28 sold in the US and reportedly the only one in its gorgeous Irish Green. Excellent original paint. Exterior plastic looks new. Clean underneath. Like-new presentation and showing 9,130 miles from new.. – In a Monterey auction week flooded with 911s (Porsche was the most prevalent make in Monterey this year for the first time), special models like this can stand out. The old Porsche formula of 911 minus lots of weight equals more money also rang true here, even if the result was a bit under the low estimate.
1966 Jaguar E-Type SI 4.2 Roadster
Lot # 12 1966 Jaguar XKE SI 4.2 Roadster; S/N 1E13101; Engine # 7E9162-9; Dark Blue/Biscuit leather; Tan top; Estimate $200,000 – $250,000; Older restoration, 2+ condition; Hammered Sold at $230,000 plus commission of 10.00%; Final Price $253,000. With Reserve. – Chrome centerlock wire wheels, Dunlop SP Sport tires, woodrim steering wheel, Blaupunkt pushbutton radio. – Very good paint, chrome and interior. Gorgeous, detailed and restored underneath. Looks like a new car. Really nothing to pick on, even though it was restored over 10 years ago. – Sold at RM Monterey in 2003 just after restoration for $101,200 when its odometer (now at 2,995) showed only 327 miles. The quality of this car’s restoration trumps its age, and it won’t need anything for some time. The result here was right on the money in today’s E-Type market and the seller got a handsome return for 13 years of ownership and even enjoyed it to the tune of 2,600 miles..
1955 Mercedes-Benz 300SL Gullwing
Lot # 14 1955 Mercedes-Benz 300SL Gullwing; S/N 1980405500654; Engine # 1989805500701; Midnight Blue/Gray leather; Estimate $1,400,000 – $1,600,000; Older restoration, 2 condition; Hammered Sold at $1,300,000 plus commission of 10.00%; Final Price $1,430,000. With Reserve. – Hubcaps, chrome wheels, Avon tires, fitted luggage, VDO dash clock, belly pans, tools. – Very good interior. Very good older paint. Very good restored underneath. Excellent chrome. Done to high standards by Hjeltness Restoration in California in the early 1990s. The car was seized by the Justice Department in the middle of restoration when the owner was arrested, but the restoration was finished and it passed through several sympathetic collectors and is still in like new condition. – Sold here in 2012 for $1,025,000, a car so good at the time that its nearly two decade old restoration was described as ‘Recent’. It’s still that good with the odometer showing only 130 more miles now than it did then. An outstanding automobile bought for an appropriate price.
1988 Porsche 959 Komfort Coupe
Lot # 19 1988 Porsche 959 Komfort Coupe; S/N WP0ZZZ95ZHS900108; Silver Metallic/Dark Grey leather; Estimate $1,300,000 – $1,500,000; Unrestored original, 2- condition; Hammered Sold at $1,200,000 plus commission of 10.00%; Final Price $1,320,000. With Reserve. – Blaupunkt cassette stereo, power windows, air conditioning, factory alarm, sport seats, tools, books. – Crack in the right marker lens on the fender. Handful of tiny chips and small scratch on the right front fender. Handful of dings on the left rear wheel and a bubble in the left front. Lightly but visibly worn seats. Showing 8,174 km, and with that few digits it could be better cosmetically, but it has a full record of maintenance. – Last year, even the less desirable Komfort version of the 959 became a million-dollar car. The Pebble Beach bidders focused on this example’s low mileage and bid it to a price that’s slightly expensive but still a number that both buyer and seller can be satisfied with.