Gooding Pebble Beach 2013 – Auction Report

Gooding and Company Pebble Beach 2013 – Auction Report Page Five

1968 Lamborghini Espada 400 GT SI Coupe
Lot # 66 1968 Lamborghini Espada 400 GT SI Coupe, Body by Bertone; S/N 7293; Engine # 40090; Metallic Blue/Black; Estimate $175,000 – $275,000; Unrestored original, 3- condition; Hammered Sold at $195,000 plus commission of 10.00%; Final Price $214,500. – Campagnolo alloy wheels, blackwall tires, Plexiglas roof panel, factory metal flake paint – Owned by founder of Wynn’s Car Care Products who displayed it at car shows, matching numbers. Reportedly driven by Prince Rainier and Princess Grace in 1969 Monaco Grand Prix parade. Paint now fogged, chipped, cracked and bubbled. Hood badge is crazed, but the leather interior still quite good. – Where to start? These cars are expensive to maintain and this one may be a bottomless pit. $70,400 was all the money at Auctions America’s Burbank sale for an Espada in comparable condition (though less original and without the Wynn’s sunroof), so how should the fabulous price this tired Espada brought be characterized? Really, really expensive seems appropriate.
1960 Mercedes-Benz 220SE Cabriolet
Lot # 68 1960 Mercedes-Benz 220SE Cabriolet; S/N 12803010003236; Engine # 1279831000677; Light Blue Metallic/Navy Blue leather; Navy Blue cloth top; Estimate $190,000 – $240,000; Recent restoration, 2+ condition; Hammered Sold at $185,000 plus commission of 10.00%; Final Price $203,500. – Column shift 4-speed, Becker Mexico AM/FM upgrade, leather interior, Wilton wool carpets, tool kit, driving lights, original owner’s manual, workshop manual – Fresh restoration with excellent paint and plating, variable body fit, erratic interior condition. – Somebody fell in love with the DB353 silver blue color and made the consignor’s dreams come true. This is grade inflation applied to collector cars: if 190SLs are bringing $200,000 why isn’t a fastidiously restored 220SE worth as much? Maybe because comparable 280SE 3.5 Cabs are bringing little more? It may work that way for a while, but eventual reality will worm its way into buyers’ consciousness. That doesn’t bode well for the new owner of this 220SE.
1967 Alfa Romeo Giulia Spider Duetto
Lot # 69 1967 Alfa Romeo Giulia Spider Duetto, Body by Pininfarina; S/N AR664842; White/Red; Estimate $35,000 – $50,000; Enthusiast restoration, 2 condition; Hammered Sold at $36,000 plus commission of 10.00%; Final Price $39,600. No Reserve – Boattail Spider, Haartz cloth top, European taillights, steel wheels, Hellebore woodrim steering wheel, records, manuals, tool kit, upgraded exhaust, headers, and brakes, driving records – Painstakingly restored to original color after years with red Graduate paint job, fair panel fit and paint, nice interior, good plating, yellowing headlight covers. Appears to be a California black plate car never exposed to the vicious elements of some other regions. – Honestly described as a well-sorted driver and sold at an appropriate price as the last lot on Saturday.
1973 Alfa Romeo Montreal
Lot # 103 1973 Alfa Romeo Montreal; S/N AR1426330; White/Black vinyl; Estimate $55,000 – $75,000; Recent restoration, 2 condition; Hammered Sold at $90,000 plus commission of 10.00%; Final Price $99,000. No Reserve – Alloy wheels, Pirelli P4 tires, A/C, no radio – Very good paint, chrome and interior. Chassis and engine done like new. Sold new in Italy and imported to California in 1980, full restoration completed in 2013, condition is now better than expected. One of the best Montreals in the world. – ‘One of the best Montreals in the world’ isn’t, it should be noted, saying a lot. The Montreal now polarizes collectors and the build quality was not even close to high. Some see it as fussy and rust prone; others like its eccentric touches and the glorious 4-cam V-8 engine. The market has been generally cool until recently. Whether this transaction results in an agonizing reappraisal of underlying value or is an unrepeatable outlier remains to be seen (although at half the prices of 190SLs recently it represents a huge intrinsic bargain), but the seller should be happy indeed, and should have sprung for an evening of over-priced Pebble Beach Lodge champagne.
1964 Shelby Cobra 289 Roadster
Lot # 104 1964 Shelby Cobra 289 Roadster; S/N CSX 2393; Black/Red leather; Estimate $800,000 – $1,000,000; Recent restoration, 2- condition; Hammered Sold at $745,000 plus commission of 10.00%; Final Price $819,500. – Grey painted wire wheels, wind wings, grey translucent sunvisors, grille and trunk guards, 205/70R15 Dunlop SP50 tires, original invoices from AC Cars and Shelby American, owner’s handbook, parts catalog, the original seats, top bows, top and tonneau and radiator – Owned since 1974 by Tom Warth, the go-to guy for aged automobile books, now with 119,825 miles on the odometer. Once driven from Minnesota to Monterey and back with Logan Gray, the other resource for old car books. Repainted in 2004, but never restored, which is belied by its exceptionally clean and orderly condition. Very good cosmetic and mechanical condition with minimal miles evident on the undercarriage. – This Cobra never raced at Sebring or Road America. It never set drag racing records. But that doesn’t diminish the effect of this car, a rare Cobra that has actually been driven like a real car for maybe a hundred thousand miles by a single owner who just enjoyed it and gave it anything and everything it needed without making it some kind of shrine to Carroll Shelby. It’s in exceptional condition for its history and deserves every dollar of the price it brought. Maybe next time we see it at auction it’ll have 200,000 miles on its odometer. That would be something special and the digit is there waiting to be turned over.
1971 Mercedes-Benz 280SE 3.5 Cabriolet
Lot # 105 1971 Mercedes-Benz 280SE 3.5 Cabriolet; S/N 11102712002320; Engine # 11698012001991; Dark Red/Parchment leather; Estimate $250,000 – $300,000; Older restoration, 2- condition; Hammered Sold at $215,000 plus commission of 10.00%; Final Price $236,500. – Floor-shift automatic transmission, Behr A/C, P/W, fog lights, wheel covers, narrow whitewalls, fully documented – A well-preserved older restoration that cost $75,000 25 years ago. Excellent paint and plating, attractive color, interior changed to a pallid parchment but an effective contrast to the rich dark red exterior. Badly fitting boot. Best in Class winner in Dallas in 2011. – Sold at Gooding’s Amelia Island sale in 2012 for $209,000, a bit less than today, but nowhere near the exceptionally restored and presented lot #60 sold for $341,000 with commission yesterday. This is not a hundred Large less car.
1971 Maserati Ghibli SS Coupe
Lot # 106 1971 Maserati Ghibli SS Coupe, Body by Ghia; S/N AM115492248; Engine # AM115492248; Celeste Blue/Black leather; Estimate $145,000 – $185,000; Cosmetic restoration, 2- condition; Hammered Sold at $185,000 plus commission of 10.00%; Final Price $203,500. No Reserve – 5-speed, A/C, alloy wheels, matching numbers, leather interior, fully documented, Maserati Classiche certified – Cosmetically restored in 2013 then an Amelia Award winner, successful 2013 New England 1000 participant. Excellent repaint in the original color, perfect chrome and stainless. Interior without fault save for a dull, but very attractive, modern look to the leather. – Sold by Poulain in Paris in 2002 for $45,605, then by Christie’s here at Pebble Beach in 2005 for $51,700 before its most recent cosmetic re-do. A sound car, now back to original colors. At half the price of a Daytona, a Ghibli SS is more car, and more beautiful. On that basis and contrast this is a reasonable result. Don’t expect to get rich from owning it, just exult in the Ghibli’s performance and chalk it up to the ownership experience.
1964 Ferrari 250 GT/L Lusso
Lot # 108 1964 Ferrari 250 GT/L Lusso, Body by Pininfarina/Scaglietti; S/N 5683GT; Engine # 5683; Blue/Cognac leather; Estimate $1,250,000 – $1,500,000; Recent restoration, 2 condition; Hammered Sold at $1,150,000 plus commission of 10.00%; Final Price $1,265,000. – Blaupunkt multiband radio, chrome spoke Borrani wheels, Michelin XWX tires, original engine (internal # 2108/62E) restamped by Ferrari with the original engine number and Classiche logo – This is a highly satisfying, thoroughly restored Lusso in attractive, unusual, original colors. The original lightly surface cracked interior has been retained but everything else has been done and done right. The person who buys this car will not be disappointed, even at the egregiously exalted estimate. Classiche certification has not yet been issued. – Ferrari Classiche restamped the original block – no matter how ‘somewhat faint’ the original stamp was – and added its own logo so it now looks like a Classiche replacement block, an alteration of an important original component that is unconscionable, no matter what explanation they put in its folio. The Pebble Beach bidders accorded it a price that is realistic in the present environment but Ferrari Classiche’s presumptive re-stamping is shameful.
1974 BMW 2002 Turbo Coupe
Lot # 110 1974 BMW 2002 Turbo Coupe; S/N 4290499; Chamonix White, Blue/Black; Estimate $60,000 – $80,000; Recent restoration, 2 condition; Hammered Sold at $60,000 plus commission of 10.00%; Final Price $66,000. No Reserve – Riveted fender flares, front air dam, alloy wheels – Sold new in Holland followed by single ownership for 30 years. Ended up in Arizona by 2009 where it was overhauled and found to be sound. Original interior shows little wear, signs of a partial repaint, new engine block installed in 1979. – Only about 100 BMW 2002 Turbos are believed to be in the US and this low-mile example must be one of the nicest. As the Holy Grail of 2002 owners, they seldom come to market. A rare and highly specific BMW collectible that is, if anything, a good value at this price, barely 2x the value of a 2002Tii in comparable excellent condition.
1974 Porsche 911 Carrera 3.0 RSR Coupe
Lot # 112 1974 Porsche 911 Carrera 3.0 RSR Coupe; S/N 9114609056; Blue, Yellow ‘Penthouse’, Red accent/Black; Estimate $650,000 – $800,000; Competition car, original as-raced, 2 condition; Hammered Sold at $675,000 plus commission of 10.00%; Final Price $742,500. – Too many features to list, a real Brumos Porsche race car – Ex-Brumos, Peter Gregg, Al Holbert, Hurley Haywood and others. Frequent podium places at Daytona, Riverside, Talladega and the 1976 Sebring overall winner. Driven by Hurley Haywood, Peter Gregg, Claude Ballot-Lena and Michael Keyser. One of the most successful Porsche 911 RSRs. Cosmetically restored in 1976 Sebring-winning livery, mechanically and cosmetically well-maintained and nicely repainted in 1976 livery. An important Porsche, but one that will need serious preparation before being driven to its potential. – About as good as a racecar can be, both in provenance and general condition, but will have to be refreshed to race again. Scrutinized very carefully by serious buyers. A real car with real history and real value, this is real money even at this price.

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Show Comments (2)

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  1. “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.

  2. David,
    [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.