The Gooding and Company Pebble Beach Auction 2013 was held August 17-18 at the Pebble Beach Equestrian Center in Pebble Beach, California, resulting in total sales of $112 million and a 91% sell-through rate. A total of 30 cars sold for over $1,000,000 and 28 new auction records were set at two-day sale.
“Our record breaking 10th Anniversary Pebble Beach Auctions boasted a stellar result. Strong results resonated across the board for market leaders such as Bugatti, Ferrari, McLaren and Porsche that clearly demonstrate a growing demand for rare, high level classic cars,” says David Gooding, President and founder of Gooding Company.
Gooding’s 9th annual Pebble Beach auction featured 127 cars, with the top result going to the 1957 Ferrari 250 GT 14-Louver Berlinetta that sold for $9,460,000, a world record for a Tour de France. One of eight remaining, its racing history includes 9th overall and 4th in Class at the 1957 Mille Miglia and 4th at 1957 Coppa Inter-Europa. This matching-numbers, original-bodied car with coachwork by Scaglietti later won a class award at 2010 Pebble Beach Concours.
A 1937 Bugatti Type 57SC Atalante at $8,745,000 set an auction record for a Bugatti. This example boasts its original chassis, engine and coachwork and features an unbroken provenance. It won first in class at Pebble Beach Concours d’Elegance in 2011. An original, two-owner 1997 McLaren F1 made $8,470,000, setting an auction record for the marque.
A 1948 Alfa Romeo 6C 2500 Competizione brought a final total of $4,840,000, a world record for a post-war Alfa Romeo at auction. One of only two built, this numbers-matching Alfa was entered in four consecutive editions of the Mille Miglia, a 2005 Pebble Beach Concours Class Award Winner and a fixture in the “Sleeping Beauties” Collection for 40 years.
Another notable result was the 1955 Ferrari 250 GT Berlinetta Competizione that sold for $7,150,000, a record-setting price for an early 250 GT. Purchased new by Scuderia Ferrari driver Alfonso de Portago, this example was finished in its original Bianca white with grey leather interior. It participated in more than 10 contemporary Mille Miglias and numerous other historic events, in addition to period races at the hands of de Portago.
The ex-Dan Gurney, Bob Bondurant and Bruce McLaren 1966 AAR Gurney-Weslake Eagle Mk 1 sold for a record $3,740,000. This California-built Grand Prix car won the 1967 Brands Hatch Race of Champions – the first win for an Eagle and the first American car to win a Formula One race in decades.
Overall, Ferraris did well throughout the sale with a 1957 Ferrari 500 TRC at $3,080,000, a 1967 Ferrari 365 California Spider that made $2,970,000, a 1985 Ferrari 288 GTO for a record $1,512,500 and a 1968 Ferrari 330 GTC that brought $946,000, yet another record price at auction.
The 1972 Porsche 911 “STR”, customized and offered by Porsche personality Magnus Walker, far exceeded its $125,000 to $150,000 pre-sale estimate, selling for $302,500. Further, the 1955 Mercedes-Benz 300 SL Gullwing surpassed its estimate of $1,200,000 to $1,500,000 with a sale total of $1,705,000.
Gooding & Company offered 127 automobiles for sale, with 116 finding a new owner, reflecting a 91% sales rate. Total sales volume was $112,018,350, inclusive of buyer’s premiums. The average price per car sold was $965,675. In 2012, Gooding & Company offered 123 automobiles for sale, with 110 finding a new owner, reflecting an 89% sales rate. Total sales volume was $113,736,300, inclusive of buyer’s premiums, and the average price per car sold was $1,033,966.
Gooding and Company Pebble Beach 2013 – Top 20 Auction Results
1. 1957 Ferrari 250 GT Tour de France Berlinetta – $9,460,000
2. 1937 Bugatti Type 57SC Atalante – $8,745,000
3. 1997 McLaren F1 – $8,470,000
4. 1955 Ferrari 250 GT Berlinetta Competizione – $7,150,000
5. 1948 Alfa Romeo 6C 2500 Competizione Coupe – $4,840,000
6. 1966 AAR Gurney-Weslake Eagle Mk 1 – $3,740,000
7. 1957 Ferrari 500 TRC – $3,080,000
8. 1967 Ferrari 365 California Spider – $2,970,000
9. 1929 Bentley Speed Six Grafton Coupe – $2,860,000
10. 1965 Ferrari 275 GTB Alloy Berlinetta – $2,585,000
11. 1929 Duesenberg Model J Disappearing-Top Convertible Coupe – $2,365,000
12. 2002 Ferrari F2002 Formula 1 – $2,255,000
13. 1990 Ferrari F40 LM Coupe – $2,090,000
14. 1965 Ferrari 500 Superfast Coupe – $1,980,000
14. 1954 Bentley R-Type Continental Fastback – $1,980,000
16. 1935 Avions Voisin C25 Aerodyne – $1,925,000
17. 1955 Mercedes-Benz 300 SL Gullwing – $1,705,000
18. 1963 Mercedes-Benz 300SL Roadster – $1,622,500
19. 1964 Porsche 904 Carrera GTS Coupe – $1,595,000
20. 1965 Ferrari 275 GTB Coupe – $1,540,000
20. 1952 Ferrari 212 Europa Cabriolet – $1,540,000
For complete auction results, visit www.goodingco.com.
[Source: Gooding & Company; photos: Mike Maez and Eric Fairchild]
“This result is beyond silly, it’s bizarre and out of contact with reality.”
The reality is that the wealthy expect runaway inflation, and are wisely getting green money out of their portfolio. The manner in which they’re doing it doesn’t seem wise, but it will down the road.
[David’s comment refers to the $126,500 VW Type 2 21-Window Microbus.]
There is a certain logic to your observation, although I should have reserved the comment for RM’s Alfa 1750 Spider, at $121,000 even further detached from reality than the bus.
My trouble with your rationale is that spending money foolishly is not a hedge against inflation. It is spending money without regard to how it might otherwise be employed. Either of these two vehicles could have been bought for much less than the high bid. A rational economic person does not throw $50 or $60 thousand away just in order to acquire a hard asset that could be acquired for much less. This is not ‘wisely getting green money out of their portfolio.’ It is replacing a asset that may depreciate by some unacceptable but as yet uncertain rate (‘green money’) with a hard asset that is already instantly depreciated by 30-60% by over-paying for it.
That isn’t a hedge against inflation.