Keno Brothers New York City 2015 – Auction Report Page Five
Lot # 132 1953 Ferrari 212 Inter Coupe, Body by Pinin Farina; S/N 0269EU~0387GT; Black/Grey leather; Estimate $1,300,000 – $1,900,000; Visually maintained, largely original, 4+ condition; Not sold at Hammer bid of $1,050,000. With Reserve. Silver painted wire wheels, Michelin XVS tires. – Built for Prince Bernhard of the Netherlands, with a changed chassis number to the Prince’s earlier Ferrari to avoid taxes [even royals are concerned by taxes.] Cracked, chipped old scruffy repaint, Sound surface cracked upholstery, pitted chrome and dull aluminum. Road grimy underbody and chassis. A neat car, but pretty far gone. – This is all about potential because as it is this car is unusable even by the most fervent proponents of preservation. The opinion of value is, as this result indicates, open to interpretation and a bidder with the desired attitude wasn’t in evidence in New York today.
Lot # 133 1929 Bugatti Type 40 Roadster; S/N 40810; Black/Brown leather; Estimate $400,000 – $750,000; Visually maintained, largely original, 3- condition; Hammered Sold at $415,000 plus commission of 12.00%; Final Price $464,800. With Reserve. RHD. Yellow wire wheels, Blockley tires, single rear spare, folding windshield, Michelin headlights and projector driving lights. – Built by Bugatti with a truck bed to accompany an expedition across the Sahara, and on the Rallye d’Algers by Pierre de Brou and his wife. Rebodied subsequently with this blocky roadster. Loaded with event participation badges and stickers. Sound old paint and upholstery. Road grimy chassis and underbody Dull brightwork trim. Sound and usable, but used. – Well used, but also well maintained, this is a presentable and eminently usable Bugatti with a history of competition and participation in desirable historic events that should continue to give good service – and spin a tale of unusual history – for its new owner at a respectable price. It would be fantastic to see the new owner re-create the truck body as the current roadster looks like nothing more than a Model A from the cowl back.
Lot # 134 1962 Ferrari 250 GTE Coupe; S/N 3547; Rosso Corsa/Tan leather; Estimate $495,000 – $600,000; Cosmetic restoration, 2- condition; Not sold at Hammer bid of $445,000. With Reserve. Chrome spoke, Borrani wire wheels, Vredestein blackwall tires, no radio, Marchal head and fog lights. – Excellent paint, chrome and interior. Clean, restored underbody. A competently restored car in better than driver condition and represented as numbers matching. – If there was money at the reported high bid the consignor could have reasonably considered letting this GTE go.
Lot # 135 2005 Ford GT Coupe; S/N 1FAFP90S75Y401331; Silver/; Estimate $240,000 – $320,000; Unrestored original, 2 condition; Hammered Sold at $255,000 plus commission of 12.00%; Final Price $285,600. With Reserve. Stripe delete, McIntosh CD stereo, BBS wheels, silver calipers. – A new car with 3,178 miles. Enthusiastically cataloged as differentiated by the stripe delete. – In seeking a description of some kind it is amusing what lengths auction catalogers go, as here with the emphasis on ‘stripe delete’. It falls apart, however, with the notation that another 51 (or so) Silver GTs also were ‘stripe delete’ making it something of a distinction without a difference. This is an appropriate price in today’s market for a GT.
Lot # 136 1990 Ferrari F40 Berlinetta; S/N ZFFMN34A9L0085336; Red/Red cloth; Estimate $1,100,000 – $1,600,000; Original, modified for competition or performance, 2 condition; Not sold at Hammer bid of $1,075,000. With Reserve. 18 inch modular wheels, Michelin Pilot Sport tires, built in K-40 radar detector, Momo steering wheel, upgraded to 1992 specs. – Barely used. Unworn driver’s seat bolsters and belts. Extensively modified, particularly the interior, upgraded ECU PROM, aftermarket wheels. Factory paint has a few small flaws. Clean, orderly engine compartment showing only a little age in some of the unfinished alloy surfaces. Belt service in July 2014. – This F40 raises an important issue: the effect of modifications that enhance performance, comfort or appearance but detract from originality. It would seem that both the auction company in its pre-sale estimate range and the New York bidders both evaluated the [expensive] modifications as detrimental to value. Under the circumstances the reported high bid is reasonable.
Lot # 138 1973 Porsche 911S 2.4 Coupe; S/N 9113300017; Engine # 6330029; Silver/Black; Estimate $195,000 – $295,000; Recent restoration, 2 condition; Hammered Sold at $180,000 plus commission of 12.00%; Final Price $201,600. With Reserve. 2.4/181hp, fuel injection, 5-speed, Fuchs wheels, tinted glass, engine compartment light. – Very good paint, chrome and interior. Right quarter window frame gouged by a careless sander, but overall a quality example of a desirable model. – Offered by RM|Sotheby’s in Arizona last January with a reported high bid of $220,000 and now presented in better condition. The price it brought here is modest for its condition, but better money in hand than giving it another trip to yet another auction.
Lot # 139 1999 Lamborghini Diablo GT Coupe; S/N ZA9DE21AOXLA12381; Orange, Black sills/Black leather, Alcantara; Estimate $550,000 – $750,000; Unrestored original, 2- condition; Hammered Sold at $550,000 plus commission of 12.00%; Final Price $616,000. With Reserve. Clarion CD stereo, OZ black center modular wheels, Pirelli PZero tires, dark tinted windows, intentionally obscured VIN, carbon fiber splitter and wing. – Good paint and interior, clean underbody. Small edge chips of little consequence. – An unusual high performance variant of the Diablo, with even more extravagant bodywork, ducting, fins, wings and aerodynamic devices, this is a show-off car with performance to back up its appearance. Its combination appealed to the bidders in New York and brought a realistic result for both the buyer and the seller.
Lot # 140 1978 Ferrari 512 BB Berlinetta; S/N 24445; Red/Black leather; Estimate $275,000 – $375,000; Unrestored original, 2 condition; Not sold at Hammer bid of $240,000. With Reserve. Air conditioning, CD stereo. – Very good repaint and 1980’s interior. Fresh engine out service and new clutch. Underbody is original and clean, appropriate to the 24,728 kilometers on the odometer. – The estimate range is realistic and the failure of the reported high bid to reach it, or even get very close, is reason enough to take it home from where it will probably go on a truck to the Arizona auctions in January.
[Source: Rick Carey]
Another pleasantly tart, gimlet-eyed report. Thank you.
Excellent write up. One point though is the Bizzarrini GT 5300, although the high sale for this auction at $1,010,800, is not a world record for the model. That belongs to chassis No. 0301 sold at the Artcurial auction in Paris this past February for $1.3 million. At the same auction an Iso A3/C sold for $1,172,643.
Mike,
Good point.
I have never been able to get a comprehensive list of results from Artcurial in any form that facilitates data entry. Matthieu gripes when their results aren’t reflected, but has never done anything to help include them, so they get passed over.
The American auction houses are, with the exception of Motostalgia, gracious, prompt and inclusive in providing results; the Brits are less so, the French are clueless about publicity, but judging from the way they conduct their auctions they seem to think all their bidders are French and the rest of the world doesn’t matter.
Rebecca Ruff has tried on behalf of SCD to get consistent, timely, complete information but without success. I’ve given up trying.
But, thank you for the clarification.
Rick
Thank you for the cogent write-up. I was amused at your comment about the restoration of the BMW 327 as being straightforward, however. That may be so for the likes of Andreas Freudenberger, but for the mere mortal these old ladies are tougher than one might think at first glance. I am the owner of one of these, it is currently undergoing restoration from having been a basket case, and it’s not a walk in the park. While it’s true that these may be quarter million dollar cars when in fine shape, I am aware of at least one that’s had more than twice that amount lavished upon it in restoration costs alone. I don’t know if paying $100k to start the restoration process makes any financial sense, but I suppose that doesn’t matter. Anyone spending that quantity will surely bring the car back to life and that truly is what matters for any real enthusiast
Apparently Peter Kumar believes there is still some meat on the bone.
http://www.hemmings.com/classifieds/dealer/bmw/327/1795269.html
I was there too, along with a friend in the collector car business. Excellent and comprehensive report, except for……. no mention at all of the automobilia portion of the auction.
I generally don’t cover automobilia, or even motorcycles. There’s more than enough to keep me busy [and my feeble brain engaged] trying to keep track of the cars.
Too many cars, not enough time.
Rick
Thoroughly entertaining. Seems the higher-end market continues to gravitate towards the fashion/art world, which leaves many of us scratching our heads.
So, to summarize, people bidding on cars of this level do not require (or want) educational seminars, videos, sales pitches, and “spread-out” displays. (Some don’t even personally attend.) They would rather rely upon their own trusted advisors and/or their own knowledge and research. The 50% sell-through could happen in any small auction, but drastically scaling back the “event” could have ensured a nice profit nonetheless.
John,
It’s true that low key live sales and online sales, e.g., Motostalgia or BringaTrailer, can be successful and put more on the bottom line but that’s not the kind of exposure that brings recognition within the collecting community.
This was the Keno brothers’ debut with car collectors. They staged it carefully in a New York Fashion Week style, true to the ethos and environment of The City.
It wasn’t about maximizing the profit of this event, it was about building the Keno Brothers’
The computer swallowed the last word in the comment. Final sentence should end “brand.”
Too glitzy for my taste. The cars were not exceptional and been seen many times at many venues.