Leake Oklahoma City 2012 – Auction Report

Leake Auction Company, Oklahoma City, Oklahoma, February 17-18, 2012

Report and photos by Rick Carey, Auction Editor

Oklahoma City kicked off the Leake Auction Company’s 40th Anniversary season. They appropriately announce, though, that patriarch Jimmy Leake held his first auction in conjunction with Sotheby’s in Muskogee, Oklahoma in 1962. Further sales followed intermittently until the present string started in 1972.

Those were days when everyone in car collecting knew pretty much everyone else. Over the years Jimmy Leake handled just about every great Classic that originated in or found its way to North America. His name on the provenance of a Duesenberg, Packard, Rolls-Royce or Mercedes-Benz is both and important indicator of the car’s quality and also pretty much expected. He touched them all, and his family – daughter Nancy, son-in-law Richard Sevenoaks and son Jim – have continued the family tradition.

With that kind of history it’s not surprising that Thursday set-up day seemed like a family reunion. Consignors and buyers were old acquaintances and had time to catch up following the whirlwind of January in Arizona and Kissimmee when there’s barely time to eat and sleep.

In the two-day sale one ring ran on Friday with two adjacent rings on Saturday to keep bidders hopping back and forth. Friday’s cars were modest, a $11,725 average and $8,250 median, but the sell-through of 80.1% was exceptional. On Saturday the cars got better but the sale rate dropped accordingly.

The top sale was a triple black 427-powered ’68 Shelby Mustang GT500 at $165,000 hammer, $181,500 with commission. A total of 297 cars crossed the block of which 197 sold (14 in post-block transactions) for an overall sell-through of 66.3% and bringing a total of $4,101,845 including commissions.

Richard Sevenoaks is the ringmaster for a fast paced auction with even Saturday selling at close to 20 cars per hour in each ring. The pace rarely slackened, which kept bidders’ interest right to the end. The end, by the way, came in plenty of time to take in one of Oklahoma City’s landmarks, Cattlemen’s Steakhouse in Stockyard City, with big, quality steaks for replenishing auction participants’ energy.

Arrive early because a two-hour wait is the rule rather than the exception … at Cattlemen’s, not the Leake Auction.

Leake Oklahoma City 2012 – Auction Report

(See Reference – Auctions Explained, A Note on Conditions and Character).

1951 Studebaker Champion Business Coupe
Lot # 418 1951 Studebaker Champion Business Coupe; S/N G895671; Light Grey/Grey cloth; Cosmetic restoration, 2- condition; Not sold at Hammer bid of $9,000 -- Steel wheels, hubcaps, blackwall tires, no radio or heater. Very good paint, chrome and interior. Sharp dashboard and instruments. Chassis quickly redone assembled. Highly presentable and unusual. There isn't a very big audience for Studebakers, which is unfortunate when they're as cool as this one. It is very nicely presented and should have brought more money. The consignor agreed, too.
1948 Ford Super Deluxe Coupe
Lot # 423 1948 Ford Super Deluxe Coupe; S/N 899A2275873; Red/Dark Grey cloth; Cosmetic restoration, 3+ condition; Hammered Sold at $19,500 plus commission of 10.00%; Final Price $21,450 -- VDO custom gauges, turn signals, blue dot taillights, hubcaps, trim rings, wide whitewalls. 59A-B flathead, oil filter, aluminum radiator, chrome alternator, bumper overriders. Makes a great first impression but doesn't hold up. Paint is erratically masked and wet sanded. Chrome and interior are good. Engine compartment is clean but far from done to the standards the paint's first impression suggests. At this price, even with the shortcomings, this will be an enjoyable driver. And it runs little risk of being misplaced in a parking lot.
1969 Chevrolet Camaro
Lot # 430 1969 Chevrolet Camaro 2-Dr. Hardtop; S/N 123379L528051; Black/Red vinyl; Modified restoration, 2- condition; Hammered Sold at $38,500 plus commission of 10.00%; Final Price $42,350 -- 468 cubic inch, 4-barrel, Edelbrock intake, 4-speed, P/S, P/B, Rally II wheels with trim ring, red line F70-14 tires, disc front brakes, factory indash AM-FM-8-track, console gauges, SS trim added. Good paint, chrome and interior. Engine compartment is like new but chassis isn't. Looks good, but don't look too close. Sold for $32,450 at Russo & Steele in Scottsdale a month ago and turned over at a modest profit here, it is a sound and attractive car the will make a statement on Cruise Night. The price is fair to both the seller and the new owner.
1931 Ford Model A Victoria
Lot # 440 1931 Ford Model A Victoria; S/N A2817732; Olive Green, Dark Green roof, Black fenders/Light Olive cloth; Older restoration, 3+ condition; Hammered Sold at $18,500 plus commission of 10.00%; Final Price $20,350 -- Radiator stoneguard, quail radiator mascot, Cream wire wheels, blackwall tires, etched windwings, turn signals, leatherette covered luggage trunk, pulldown rear shades. Good but aged paint. Chrome and interior are good but instrument panel could use attention. A sound and usable older restoration now in decent touring condition. An unusual body style for a Model A and not without its own charms, which the OK City bidders acknowledged with this price, a sound one for both parties.
1963 Pontiac Grand Prix
Lot # 449 1963 Pontiac Grand Prix 2-Dr. Hardtop; S/N 963K25592; Engine # 491800 28P; Red-Orange/Parchment vinyl; Cosmetic restoration, 3- condition; Not sold at Hammer bid of $9,500 -- Automatic, P/S, P/B, 8-lug wheels, narrow whitewalls, buckets and console, pushbutton radio. A superficial old cosmetic restoration recently freshened under hood with a rattle can explosion. Not despicable, but close. There were plenty of good cars without issues at the Leake Oklahoma City sale, so why bother with one that had plenty of obvious issues? The answer is that they didn't.
1968 Pontiac GTO Convertible
Lot # 457 1968 Pontiac GTO Convertible; S/N 242678B129431; Engine # XP; Red-Orange/Parchment vinyl; Visually maintained, largely original, 3- condition; Hammered Sold at $27,500 plus commission of 10.00%; Final Price $30,250 -- 400/360hp, automatic, buckets and console, CD stereo, woodrim steering wheel, hood mounted tach, Rally II wheels with turn rings, Tiger Paw GTS tires, Judge trim, wing, P/S, P/B, A/C. Quick, poorly masked repaint, dented windshield trim, good interior. Ugly underbody slathered in some shiny coating over old undercoat. A decent car with shoddy treatment. This could be a desirable GTO but its added treatment -- particularly the GTO trim -- and erratic condition make it fully valued at this price.
1968 Ford Mustang Convertible
Lot # 464 1968 Ford Mustang Convertible; S/N 8F03J185169; Highland Green/Tan vinyl; White vinyl top; Modified restoration, 3+ condition; Hammered Sold at $23,300 plus commission of 10.00%; Final Price $25,630 -- 302/230hp, 4-speed, tube headers, GT wheels with trim rings, "Landouest" tires, P/S, Hurst shifter, AM-FM, GT hood with scoop. Good paint, chrome and interior on a Mustang competently restored to be enjoyed. There is little stock about this Mustang, but it is competently built and presented. It apparently appealed to more than one person in Oklahoma City for it to bring this much.
1956 Ford Thunderbird Convertible
Lot # 465 1956 Ford Thunderbird Convertible; S/N P6FH187188; Black; White hardtop/Black, White vinyl; Black cloth top; Visually maintained, largely original, 3 condition; Hammered Sold at $31,500 plus commission of 10.00%; Final Price $34,650 -- 312/225hp, automatic, P/B, cassette stereo, P/W, power seat, chrome continental kit band, wire wheel covers, wide whitewalls, two tops. 61,081 miles. Flawed, dirty old repaint, discolored upholstery. Engine compartment is cleaned but neither restored nor detailed. It is refreshing to see a T-bird without engine dressup. A good, sound old car that can be driven and toured proudly. This is a plain, old T-bird. It has no pretentions, no glitz, no glittering chrome and paint. It's just a car and it never needs to be any more than what it is, right now, today. It's honest, and so is its price, a fair result for a better than fair car.
1968 Shelby Mustang GT500 Convertible
Lot # 474 1968 Shelby Mustang GT500 Convertible; S/N 8T03S115990; Black/Black vinyl; Black vinyl top; Modified restoration, 2+ condition; Post-block sale at $165,000 plus commission of 10.00%; Final Price $181,500 -- 8D410C32A00132 Shelby number. 427 with dual quads, automatic, P/S, P/B, 10-spoke alloy wheels, 3.50 axle with limited slip added. Restored like new with very good paint, chrome and interior. One of three triple black GT500 convertibles. The trouble with this car is that it didn't begin its life with this engine. No GT500 left the factory with a 427. It's a wonderful car, with history in this configuration, but it's just-not-real. The seller should be very happy with this price, which is a few thousands more than most onlookers thought it would bring. The buyer? Hey, it's fast, it's rare and it's triple black.
1936 Cadillac V-8 Convertible Sedan
Lot # 477 1936 Cadillac V-8 Convertible Sedan; S/N 16292677; Black/Black leather; Black vinyl top; Visually maintained, largely original, 3- condition; Post-block sale at $37,000 plus commission of 10.00%; Final Price $40,700 -- Dual enclosed sidemounts, steel wheels with large hubcaps, wide whitewalls, fog lights, roll up division. Quick old paint, blistered chrome, usable upholstery, poorly fit top. Scruffy instruments. Scratched, chipped paint. A pretty sad car. But it is a CCCA Full Classic (tm) and that qualification's access to desirable events and tours gives it an inherent value to collectors. Restored it will be worth a lot more, but it will cost a lot to restore and it's probably better just to take it out and drive.
1965 Chevrolet Corvette Coupe
Lot # 479 1965 Chevrolet Corvette Coupe; S/N 194375S104486; Engine # 5104486 F12XXHH; Red/Black; Visually maintained, largely original, 3+ condition; Hammered Sold at $41,250 plus commission of 10.00%; Final Price $45,375 -- 327/365hp, 4-speed, AM-FM, alloy wheels, red line tires. Decent repaint, chrome and interior. Underhood and chassis are orderly but not restored. Represented as matching-numbers. Scuffed trim chrome. Erratic dash, instruments and interior trim. A disappointing car in condition, but helped by its high performance smallblock it is a good value at this price.
1993 Chevrolet Lumina NASCAR
Lot # 480 1993 Chevrolet Lumina NASCAR; S/N 4931012; Black "Goodwrench"/Black cloth; Competition car, original as-raced, 3- condition; Not sold at Hammer bid of $116,000 -- Dale Earnhardt Sr's car for Inaugural Brickyard 400 - Raced in 1993 & 1994 - Won the 1994 Food City 500. As-raced. Ridden hard and put away wet might be a better description of this Lumina's condition. Lumina? Talk about a nameplate that is (deservedly) forgotten. Dale Earnhardt Sr. isn't, though and the value of this race winner is in his legend, although the reported high bid would seem to be sufficient to buy the car.
1940 Cadillac Sixty Special 4-Dr. Sedan
Lot # 2434 1940 Cadillac Sixty Special 4-Dr. Sedan; S/N 6321500; Cavern Green/Beige, Grey cloth; Visually maintained, largely original, 3+ condition; Not sold at Hammer bid of $29,000 -- Remote spotlight, turn signals, pushbutton radio with Chicago stations, wide hubcaps, trim ring, wide whitewalls, fog lights. Good older restoration with sound paint and good interior. Engine compartment shows age but could detail like new. Grille, hood side and taillight trim rechromed over pits. An important milestone in Detroit design with a few shortcuts in its restoration that could be remedied without too much trouble or expense. It was sold at Barrett-Jackson Scottsdale in 2007 for $39,600 with 52,857 claimed original miles on the odometer. Today it shows 55,050 miles. It's a CCCA Full Classic (tm), too. The combination of design milestone, good restoration and Classic status make it worth more than the reported high bid.
1967 Chevrolet Corvette Coupe
Lot # 2456 1967 Chevrolet Corvette Coupe; S/N 194377S116043; Engine # 7116043 V0317HT; Yellow/Black leather; Visually maintained, largely original, 3- condition; Not sold at Hammer bid of $38,500 -- 327/350hp, 4-speed, Rally wheels, red line tires, AM-FM, side exhaust, big block hood. Represented as numbers matching. Poor old repaint over visible nose repairs. Sound but surface cracked original interior. Good chrome. Dirty underbody with old undercoat. Tidy but not restored underhood. A good car in less than good condition. It's hard to see how the owner more expected from this Corvette.
1974 Dodge Challenger RT
Lot # 2463 1974 Dodge Challenger R/T Cloke 2-Dr. Hardtop; S/N JH23G4B159526; Orange, Black hood/Black vinyl; Facsimile restoration, 3+ condition; Hammered Sold at $24,000 plus commission of 10.00%; Final Price $26,400 -- 360 4-barrel replacing the original 2-barrel 318, automatic, Audiovox cassette, 20" chrome wheels, Edelbrock intake, tube headers, P/S, P/B, R/T trim. Decent and very shiny paint, interior and major chrome. Chassis not very thoroughly done. Poor door handle chrome. A pretty car, but not what it wants to be, and that makes this an appropriate price for it.
1966 Pontiac GTO
Lot # 2464 1966 Pontiac GTO 2-Dr. Hardtop; S/N 242176P240444; Engine # YS; Red, Black vinyl roof/Black vinyl; Modified restoration, 3+ condition; Hammered Sold at $30,000 plus commission of 10.00%; Final Price $33,000 -- 389/335hp now with Tri-Power intake, original automatic replaced with 4-speed. P/S, P/B, cassette stereo, Rally wheels, Radial T/A tires. Represented as numbers-matching and PHS documented. A sound older restoration with desirable modifications to good driver condition. No Reserve. Another car that is trying to be something it isn't although it presentation is better than most and it appears to be competently restored and maintained. The seller may be a little disappointed at the price, given what's been put into it, but it reasonably reflects the car's configuration and condition.

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  1. Mr. Carey
    I was wondering if you remember anymore about lot #477 the 1936 caddy from the leake ok auction..The vehicle has popped up for sale on ebay and i made a deposit..I have an inspector going to see it on saturday…I read your description and my heart dropped..however..it does appear that the dealer (motoexotica) has put some money into cleaning it up and making it somewhat presentable..I can purchase for 55k..and I figure to spend 10k more to improve…nada for an avg 20 footer is 66k..doyou recall any major flaws other than cosmetic…Thanks in advance

    Steve amster