Leake Auction Company, Oklahoma City, Oklahoma, February 19-20, 2013
Report and photos by Rick Carey, Auction Editor
Anyone who spends much time looking back of the histories of collector cars and the collector car auction market knows the Leake name.
The dynasty’s founder, James C. Leake, was a successful owner of radio stations but his real love was old cars and his name appears in the ownership histories of many of the greatest classics. He was a pioneer in collector car auctions, starting out with Parke Bernet in the Sixties and continuing with Sotheby’s after it acquired Parke Bernet.
His family – daughter Nancy and her husband Richard Sevenoaks and their daughter and son-in-law – continue the tradition holding three auctions annually in Oklahoma and Texas.
The atmosphere at a Leake auction is steeped in tradition, as well as changing with the times as the definition of collector cars has evolved. The cars that bidders drove to the early Leake sales are now highly sought trophies crossing the Leake Auction block for record prices.
This year’s Oklahoma City sale featured several cars consigned by the team featured on CNBC’s ‘Car Chasers’. They brought with them an influx of television cameras that injected an element of excitement not quite to the level of ‘media frenzy’, but definitely several notches up on the frenzy scale from even the usual rapid Leake Auction pace.
The Leake Auction team always finds unusual cars, from rare classics to promising restoration projects, that make their auctions good hunting for collectors from the individual seeking his or her first collector car to seasoned professionals seeking specific trophies.
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Leake Oklahoma City 2013 – Auction Report
Lot # 2483 1957 Ford Thunderbird Convertible; S/N D7FH135665; Red/Red, White; White vinyl top; Cosmetic restoration, 3+ condition; Hammered Sold at $34,500 plus commission of 10.00%; Final Price $37,950 – 312/245hp, automatic, P/S, P/B, aftermarket A/C, cassette stereo, wheel covers, whitewalls, skirts, engine dressup – A good, sound, clean and detailed older cosmetic restoration with very good cosmetics and little evidence of use. A good, usable car with three original wire wheels and a Thunderbird Monopoly game [sic] included. – Reported sold at Leake’s Tulsa sale last June for $41,580 and turned over here at a modest loss, a price today that is consistent with its specifications and condition. Lot # 2484 1955 Ford Thunderbird Convertible; S/N P5FH171466; Red/Red, White; Cosmetic restoration, 3+ condition; Hammered Sold at $22,000 plus commission of 10.00%; Final Price $24,200 – 292/193hp, 3-speed, Vintage A/C, power seat, 12 volt electric system, cassette stereo, wheel covers, porthole hardtop only, skirts, narrow whitewalls – Cosmetically restored to good driver standards with good paint, chrome and interior. Chassis and engine show wear and use but are orderly. A sound and presentable driver. – This highly presentable although only cosmetically restored T-bird brought a modest price for its 3-speed transmission and several upgrades that significantly enhance its utility and enjoyability as a weekend driver. It is a good value at this price. Lot # 2492 1969 Chevrolet Chevelle 2-Dr. Hardtop; S/N 13177A110942; Grey/Black vinyl; Modified restoration, 3- condition; Hammered Sold at $26,500 plus commission of 10.00%; Final Price $29,150 – Badged 396 but has a 454 under the hood. 4-speed, buckets and console, 17 inch Torque Thrust style wheels, blackwall tires, P/S, Positraction, front disc brakes, Sun tach, temperature and oil pressure gauges on steering column, also badged SS, but isn’t – Fair repaint, good major chrome but thin trim. Radio missing. Underbody superficially squirted with chassis black. Not a very pretty car. – This promises to be a fun weekend cruiser, but it isn’t what it appears to be – despite great efforts to make it into something it isn’t – and the workmanship is less than reassuring. The seller should be extremely happy to get this much for it. The buyer, not so much. Lot # 2494 1969 Ford Mustang Mach 1 Fastback; S/N 9R02M148884; Wimbledon White,, Gold accent, Matte Black hood/White vinyl; Cosmetic restoration, 3+ condition; Not sold at Hammer bid of $44,000 – 351/290hp, 4-speed, P/S, P/B, hood tach, 8-track stereo, chrome wheels with trim rings, F70-14 Polyglas tires, Sport Deck rear seat – Sound repaint over old paint, good chrome and new interior. Engine and chassis are clean and orderly but not restored or overly detailed. Described as a two-owner California car documented with the original build sheet and a Marti Report, this is an attractive but only driver quality Mustang. – This Mach 1 should have been loose and selling well before reaching the reported high bid, which is more than enough to see it on its way to a new owner. It’s a fast, fun, good looking Mustang, but it is worth no more than the reported bid. Lot # 2496 1963 Chevrolet Impala SS 2-Dr. Hardtop; S/N 31847S119899; Black/Saddle vinyl; Older restoration, 3+ condition; Hammered Sold at $25,500 plus commission of 10.00%; Final Price $28,050 – 327/250hp, Powerglide, P/S, P/B, aftermarket A/C, spinner wheel covers, narrow whitewalls, dual outside mirrors and dual rear antennas, buckets and console, cassette stereo – Decent repaint, good chrome and interior. Nicely done underhood and underbody. This would be a very good Impala but far the erratic repaint. – Chevy dealers ordered Impala SS sport coupes like this by the truckload to line their front rows. With its 327/250hp engine and Powerglide it is vanilla, but vanilla is better than no flavor at all and the added A/C vastly enhances its 4-season appeal. The price is reasonable for what it is. Lot # 447 1967 Chevrolet Chevelle SS 2-Dr. Hardtop; S/N 138177G111468; Engine # T0103ED; Maroon,, Black vinyl roof/Black vinyl; Older restoration, 2+ condition; Hammered Sold at $36,500 plus commission of 10.00%; Final Price $40,150 – 396/325hp, 4-speed, 3.31 Positraction, P/S, P/B, buckets and console, pushbutton radio, Rally wheels with trim rings, red line tires – AACA National First Prize in 2006 and other awards. Represented as matching numbers engine. Excellent paint, chrome and interior. Sharp, clean restoration that looks newer than its show history. – Offered at Mecum’s Indy auction last May with a high bid of $41,000, then at Mecum’s Dallas auction in September where it was bid to a reported $43,000, the seller finally got the message and let it go here. The new owner got a very attractive, powerful Chevelle SS for modest money. Lot # 449 1963 Ford Falcon Convertible; S/N 3H15U194460; White/Black leatherette; White vinyl top; Visually maintained, largely original, 3- condition; Hammered Sold at $9,500 plus commission of 10.00%; Final Price $10,450 – 170/101hp six, automatic, pushbutton radio, wire wheel covers, narrow whitewalls, power top – Auction repaint looks good on the block. Good chrome. Cracked, sunrotted dash top, pulled driver’s seat seam. Heavy old undercoat in wheel wells. This car needs a caring home willing and able to give it the attention it desperately needs. – This is the ‘high performance’ six in lieu of the standard 144 cubic inch 85 horsepower boat anchor. A car of limited appeal, the seller should be very happy to be rid of it, and even happier to get this much for it.
Leake Oklahoma City 2013 – Auction Report Page Two
Lot # 466 1936 Lincoln Model K All Weather Cabriolet, Body by Brunn; S/N K5686; Beige/Brown leather, cloth; Brown leather top; Cosmetic restoration, 3- condition; Hammered Sold at $130,000 plus commission of 10.00%; Final Price $143,000 – Rollup divider, jump seats, dual enclosed sidemounts with mirrors, sliding tendelet over driver’s compartment, smoker’s kit and vanity, luggage rack. – Tired old cosmetic restoration with flawed, touched up paint, good older interior and dirty underbody and chassis. Sound, but not very attractive. Reportedly owned when new by Richard Ringling of the circus family, one of ten of this style built by Brunn in 1936. – This is a car that will get attention in Montana in the Thirties, although not necessarily positive attention. It was sold by RM at Meadow Brook in 2005 for $50,600, then reported sold at Auburn Fall a few months later for $46,440. It is still in essentially the same condition it was in eight years ago and shows only 32 more miles on its odometer. It is a stately and imposing, if not particularly attractive, automobile and a CCCA Full Classic ™ but has serious and extensive needs that make this a generous price. Lot # 468 1968 Chevrolet Corvette Coupe; S/N 194378S413329; Silverstone Silver/Black leather; Visually maintained, largely original, 3+ condition; Hammered Sold at $62,000 plus commission of 10.00%; Final Price $68,200 – 427/390hp, 4-speed, P/S, P/B, A/C, P/W, Rally wheels with trim rings, red line tires, AM-FM, T-tops, removable rear window, 3.08 Positraction – Documented back to 1968 including the original window sticker. Good clearcoat repaint, interior and chrome. Underbody looks original. – Sold for $40,700 at Barrett-Jackson’s Orange County sale in 2011, then for $49,500 at WestWorld this January, this result is nothing less than tremendous for a moderately powerful ’68 Big Block with a long equipment list. Lot # 477 1967 Chevrolet Corvette 427/435 Roadster; S/N 194677S103862; Black,, Red stinger/Black; Older restoration, 3+ condition; Hammered Sold at $77,000 plus commission of 10.00%; Final Price $84,700 – 427/435hp, 4-speed, side exhausts, J56 brakes, side exhausts, heater and radio delete, Rally wheels with trim rings, redline tires, hardtop only – Mediocre repaint, good chrome and interior. Done a while ago to mediocre standards and now no more than an eye-catching driver. – This is a potentially disappointing but highly desirable Corvette. The equipment list is impressive, and the performance should be, too. Lack of a heater might make the driving season a little short, though. The trouble is the disappointing treatment, let alone any mention of ‘matching numbers’ or the original configuration. It was reportedly bid to $110,000 at Mecum’s St. Charles sale last October and crossed the block at Kansas City in December without selling. The price it brought here intelligently handicaps the competing considerations, i.e., 427/435hp and J56 brakes v. no documentation v. disappointing presentation. Lot # 479 1969 Ford Mustang Fastback; S/N 9R02S131030; Yellow,, Matte Black hood/Black vinyl; Cosmetic restoration, 3- condition; Hammered Sold at $34,500 plus commission of 10.00%; Final Price $37,950 – 390/320hp, automatic, P/S, P/B, 17 and 18 inch alloy wheels, cassette stereo – Freshly painted with trim installed. Floors replaced. Shifter doesn’t fit console which is trimmed with a piece of hardware store aluminum. Sound upholstery. Overspray in fender wells. Dirty windshield and rear window corners. A superficial auction car. – There is nothing particularly desirable or attractive about this kluged-up cafe racer Mustang but the new owner paid dearly for it. $15-18,000 would not have been cheap for this car. Lot # 485 1997 Ferrari 550 Maranello Coupe; S/N ZFFZR49A0V0109664; Black/Black leather; Unrestored original, 3+ condition; Not sold at Hammer bid of $43,000 – 6-speed, JVC CD stereo, matte black wheels, SF shields, power Daytona seats. Assembly #26765 – Clean, unblemished used car with belt service a year ago. Clean Carfax. Light driver’s seat bolster wear. Odometer shows 44,262 believable miles. Belt serviced 13 months ago. – The prices of 550 Maranellos are still coming down, but they haven’t come down this far. Lot # 487 1964 Chevrolet Corvette Coupe; S/N 40837S119096; Engine # 3782870 RE; Red/Black; Visually maintained, largely original, 3+ condition; Not sold at Hammer bid of $35,000 – 327/365hp, 4-speed, Rally wheels with trim rings, blackwall tires, cassette stereo, P/S, 4.11 Positraction – Rebuildable original block included but not installed. Also comes with original spinner wheel covers. Odometer broken. Good paint, chrome and interior. Seats and trim are original, carpets are new. Engine compartment is clean but not restored. A sound, attractive Corvette in good, reassuring sharp driver condition. – This Corvette, even with its original block in a crate, is a better car than the high bid. Lot # 511 1972 Oldsmobile Cutlass Convertible; S/N 3J67K2M253858; Fire Orange/Saddle vinyl; White vinyl top; Visually maintained, largely original, 3 condition; Hammered Sold at $16,000 plus commission of 10.00%; Final Price $17,600 – 350/180HP, automatic, P/S, P/B, A/C, Rally wheels with trim rungs, narrow whitewalls, AM-FM – Good older repaint, orderly and clean unrestored engine. Good interior, discolored top. Straight, sound body. A good car that needs nothing to be enjoyed and is described as having its original (if mundane) drivetrain. – While the power is lacking, the equipment is good and the paint color is HOT. An enjoyable weekend driver rendered even better down here in Oklahoma by the A/C and bought for a modest price. Lot # 512 1965 Ford Mustang Convertible; S/N 5F08C651576; Rangoon Red/Red Pony; Black cloth top; Visually maintained, largely original, 3 condition; Hammered Sold at $18,500 plus commission of 10.00%; Final Price $20,350 – 289/200hp with Shelley aluminum intake and a 4-barrel, automatic, P/S, cassette stereo, styled wheels, narrow whitewalls, Rally Pak gauges, console, woodgrain steering wheel, fog lights in grille – Very good older repaint now showing age and badly water spotted. Sound chrome and original interior. Faded old cloth top. Scuffed stainless. Oily and original underhood and chassis. Am intriguing, honest sound car. – First generation Mustang convertibles are excellent starter cars for collectors. There are a lot of them so the prices are modest, parts and service are easy to find, there are active clubs and activities and when the time comes to sell there is a steady market giving good liquidity. This is a realistic price for this car’s condition and specification (and the intake manifold really does say ‘Shelley’, not Shelby.)
[Source: Rick Carey]
Patina seems to be the “in” thing at auctions these days. However, I don’t see any owners of muscle cars bragging about patina. Any thoughts?
Jack,
This is a very perceptive observation. Fortunately the Mecum Kansas City auction gives us a couple of instances in which to examine it in more depth.
I should have the report ready for Jamie to post next week after I return from Worldwide Houston and the Concours d’Elegance of Texas.
Rick