Leake Auction Company, Oklahoma State Fairgrounds, Oklahoma City, Oklahoma, February 20-12, 2015
Oklahoma City is one of the centers of the hydrocarbon energy business in America. Downtown is dominated by towers erected by the likes of Devon Energy and Continental Resources.
The city’s periphery is marked by fields full of pipe and heavy equipment, sharp contrast to Oklahoma City’s historic position as a livestock center.
Money has flowed profusely in Oklahoma City in recent years, but it may have been a bit more restricted in February 2015 with oil building up a few miles away in the Cushing pipeline hub at $50 a barrel and the gas that built those big downtown towers struggling find an outlet with prices depressed into the $3/MM BTU range.
That goes a long way to explain the slack performance of Leake’s “Platinum” cars in Oklahoma City this year; if bonuses are down and pink slips are being handed out as exploration and drilling contract fancy car money should be in short supply.
On the other hand the roughnecks were out in force buying middle market cars.
So, while the cars reported here are heavily “Platinum” the auction itself was a rousing success and the disproportionate number of no-sales seen in the individual transaction reports is more a regional aberration than a trend.
“All markets are local” is more than a truism
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Leake Oklahoma City 2015 – Auction Report
Lot # 0413 1968 Ford Torino Fastback; S/N 8A42F253298; Red/Black vinyl; Cosmetic restoration, 3- condition; Hammered Sold at $16,750 plus commission of 10.00%; Final Price $18,425. With Reserve – 302/210hp, automatic – Thick repaint over old paint, good interior, ugly underbody with peeling paint and undercoat. Vinyl side stripes. Weak, pitted trim chrome and sand pitted aluminum trim. A superficial cosmetic redo of a sound car. – Sold at Mecum’s Kissimmee auction a month ago for $15,120 and nothing special but the price here is not unreasonable even with the increase.Lot # 0436 1976 MG Midget Convertible; S/N GAN6UG181333G; White/Black vinyl; Black vinyl top; Visually maintained, largely original, 2- condition; Hammered Sold at $8,700 plus commission of 10.00%; Final Price $9,570. With Reserve – Rubber bumpers, alloy wheels, headlight stoneguards, factory AM-FM. – Excellent repaint, good interior, top and brightwork. Clean, dry underbody. An exceptionally good example cosmetically restored to unusually high standards and represented to have 47,880 miles from new. – This is an unusually good rubber bumper Midget. It couldn’t be brought to this condition even starting with a good, sound, well maintained original Midget for the price it brought here. In effect the new owner paid for the cosmetic work and got the car for free.Lot # 0438 1986 Ferrari Mondial 3.2 Cabriolet, Body by Pininfarina; S/N ZFFXC26A3G0060531; Red/Tan leather; Black cloth top; Visually maintained, largely original, 3+ condition; Hammered Sold at $25,000 plus commission of 10.00%; Final Price $27,500. With Reserve – A/C, factory alloy wheels, TRX tires, Momo leather rim steering. wheel. – Good paint with a few nose chips. Good top and lightly worn interior. A clean and well maintained used Mondial. Good tires with lots of tread and represented as just 12,485 miles, which is not inappropriate to its condition. – This may be the most frequently traded Mondial in the world. Sold for $39,960 at Barrett-Jackson Scottsdale in 2004 and 2005 (yes, the same price), then $43,200 in 2006 and $28,600 in Las Vegas in 2008 and $26,400 back in WestWorld in 2012, then a no-sale at Mecum Indy in 2013. It had 11,859 miles in 2004. The vast majority of the 626 miles added to the odometer since then must have been put on while driving on and off transporters.Lot # 0439 1970 Chevrolet Corvette 454 Coupe; S/N 194370S404580; Engine # T0206CZU; Red/Tan vinyl; Cosmetic restoration, 3+ condition; Hammered Sold at $33,000 plus commission of 10.00%; Final Price $36,300. With Reserve – 454/390hp, 4-speed, P/S, A/C, cassette stereo, Rallye wheels with trim rings and spinner hubcaps, Cooper Cobra tires. – Good fresh paint, newly chromed bumpers, good lightly creased upholstery. Engine has been done but put back in a superficially freshened engine compartment without putting the A/C back into working order. Orderly, clean underbody. Represented as numbers matching engine. A sound, usable Big Block LS5. – A chrome bumper, 4-speed, 454 Corvette is a lot of automobile and this is an encouragingly presented but far from show quality example that has potential without needing a full restoration. It is a solid value for the money at this price.Lot # 0443 1959 DeSoto Firesweep 2-Dr. Hardtop; S/N M414100541; White/Red vinyl, Gold cloth; Unrestored original, 4+ condition; Hammered Sold at $15,500 plus commission of 10.00%; Final Price $17,050. With Reserve – 361/290hp 2-barrel, automatic, P/S, no P/B, pushbutton radio, wheel covers, whitewalls, dual rear antennas. – Dull, crazing original faint is starting to chip off. Upholstery is sun burned and crispy. Chrome is fair and all there. Underbody is dry and original with some peeling old paint and undercoat. Engine compartment is orderly, clean and largely untouched. A remarkably sound and original DeSoto hardtop. – Unfortunately this DeSoto is afflicted with paint and an interior that are past preservation and equipped with a boring 2-barrel engine. It was sold at Mecum’s Kissimmee auction a month ago for just $11,340, a price more in line with its specifications and quality than the generous price it brought here.Lot # 0459 1970 Pontiac GTO Judge 2-Dr. Hardtop; S/N 242370Z110855; Engine # 0071811 WS; Pepper Green, Black vinyl roof/Black vinyl; Older restoration, 2- condition; Hammered Sold at $53,000 plus commission of 10.00%; Final Price $58,300. With Reserve – 400/366hp Ram Air III, 4-speed, Hurst tee-handle shifter, Rallye II wheels, G70-14 Polyglas tires, hood tach, pushbutton radio, wing, tilt steering column, sport steering wheel, P/S, P/B, factory A/C. – 1999 restoration to like new condition and represented as 11,627 miles from new. PHS documented including factory A/C. Excellent paint, chrome, interior. Engine compartment and underbody were like new and could be again with a thorough detailing. – For a car restored 16 years ago this GTO is holding up very well, although it is unlikely it has had any significant use since the restoration if the representation of 11,627 original miles is to be believed. It is a highly desirable car with a strong restoration, good subsequent care and at $6,360 more than it brought at Mecum’s Kissimmee auction three years ago is an excellent value.Lot # 0460 1967 Chevrolet Corvette Roadster; S/N 194677S102280; Engine # F0326RB; White/Red vinyl; Black vinyl top; Cosmetic restoration, 3- condition; Not sold at Hammer bid of $49,000. With Reserve – 327/350hp, 4-speed, aftermarket AM-FM, Rally wheels with trim rings, red line bias ply tires, factory A/C. – Very good paint, chrome and interior. Engine compartment superficially redone and showing age. Frame even more superficially done by painting it assembled but it obviously has new springs that haven’t settled yet. A strange and unsatisfying combination. The RB engine suffix belongs to no known ’67 Corvette but does correspond to a ’62-’64 327/300. – The condition of this Corvette creates too many questions for it to be worth much, if any, more than the reported high bid. It has had a lot of work, but is inconsistently rendered.Lot # 0478 1958 Dodge Coronet 2-Dr. Hardtop; S/N LD2N5172; Black/Red simple, Black cloth; Visually maintained, largely original, 3+ condition; Not sold at Hammer bid of $40,000. With Reserve – D-500 361/320hp dual quads, automatic, P/S, P/B, spinner wheel covers, 8.00-14 bias ply whitewalls, pushbutton radio, 60-40 bench seat. – ‘Believed to be’ 44,977 miles and looks like it. Sound older repaint with touched up stone chips on the hood, left rear fender poorly repaired. Uneven left door fit, good on the right. Underbody has been painted. Good original interior under clear plastic covers. Clean, orderly engine compartment. Good chrome and stainless except one. piece of cast fender side trim. Not as original as the car card claims but very impressive and rare. – This is a highly desirable finned Dodge with the D-500 engine and a sinister all-black look but the consignor has vaunted expectations for it that the car and its condition just don’t support. The reported high bid is unreasonably low, but not nearly as low as the consignor’s 6-figure reserve is high. $50-60,000 would be more than enough for it if the mileage really is 44,977.Lot # 1182 1963 Ford Econoline Pickup; S/N E10SH483897; Red, White ‘Texaco’/White vinyl; Truck restoration, 3- condition; Hammered Sold at $10,000 plus commission of 10.00%; Final Price $11,000. With Reserve – 3-speed, chrome wheels, radial blackwall tires, varnished pine wood bed sideboards. – Shiny fresh repaint, elaborate vinyl Texaco graphics, sound interior. Paint job is superficially done with little attention to details and the paint inside is worse and sloppily masked. Underbody is filthy and oversprayed. Done to look good on the block. – Cute, but superficial. The seller should be oh, so very happy to get this much for it.
Leake Oklahoma City 2015 – Auction Report Page Two
Lot # 2439 1960 Dodge Dart Phoenix 2-Dr. Hardtop; S/N 5302173465; White/White vinyl, Blue cloth; Recent restoration, 2- condition; Not sold at Hammer bid of $37,000. With Reserve – 318/235hp, 4-barrel, automatic, P/S, no P/B, pushbutton radio, wheel covers, whitewall tires. – Restored nearly like new with excellent paint, chrome, interior and engine compartment. It’s not jewelry but probably is the best Dart Phoenix in the world. – Sold for $37,800 at Mecum’s Kansas City auction two months ago, so it is no surprise it didn’t sell for the reported high bid here even though the consignor’s expectation defies logic. There is a buyer for it out there somewhere, but it is unlikely there are at any given time two buyers which is going to make it hard to find the hungry fish at the right time in a very big pond.Lot # 2458 1968 Pontiac LeMans Sport Truck Prototype; S/N 233698P109210; Engine # 073999 YN ; Light Yellow; Older restoration, 2- condition; Not sold at Hammer bid of $38,000. With Reserve – 350/265hp, automatic, P/S, P/B, tilt steering column, AM-FM, Superlift rear shocks, Rally II wheels with trim rings and narrow whitewalls, bench seat. – Design concept with a LeMans nose and dashboard on an El Camino body done by a Pontiac dealer as a proposal to GM. At one point had a black vinyl roof. Cosmetically restored with very good paint, chrome and original interior. Underbody slathered in new sealer. – A unique and intriguing concept but little wonder it elicited little interest among the intensely competitive GM brass concentrating on defending their brands’ turf. It sold at Mecum Kissimmee last year for $41,040, the same $38,000 hammer bid it brought here. Even at a hefty premium over the value of a comparable El Camino its conversation-starting potential would be worth the reported high bid or even a little more.Lot # 2461 1977 Aston Martin V8 Coupe; S/N V811728LCA; Engine # V/540/11728/LFM; Silver-Grey/Dark Red leather; Visually maintained, largely original, 3+ condition; Not sold at Hammer bid of $100,000. With Reserve – 5.3/320hp, Weber carbs, ZF 5-speed, U.S. delivery, aftermarket A/C with modern rotary compressor, CD/satellite stereo, alloy wheels, Goodyear Eagle blackwall radials. – Very good clearcoat repaint, good chrome and original interior. Orderly and largely original underhood with a highly professional, neat A/C installation. Underbody has been shot with some older undercoat and is clean and dry but showing surface rust at some seams. A highly desirable Aston in good, well preserved condition. – Sold at Gooding’s Scottsdale auction a year ago for $118,250, with little discernible interest here.Lot # 2463 2009 Ferrari F430 F1 Coupe; S/N ZFFEW58A190167285; Grigio Titanio/Natural leather; Unrestored original, 2- condition; Not sold at Hammer bid of $140,000. With Reserve – Paddle shift F1 gearbox, A/C, AM/FM/CD stereo with navigation, carbon fiber Challenge grille and interior trim, Daytona seats, SF shields, cruise, P/S, P/B, power locks, power seats, books and records. – Some abrasion on the driver’s seat back bolster, otherwise as clean and sharp as expected for the 9,700 miles. – This is ‘just’ an F430, not one of Ferrari’s many variants and even though it is in one of the more attractive (and less ‘arrest me, I must be speeding’) colors and loaded with features it is hard to maintain it is worth any more than the reported high bid here.Lot # 2464 2013 McLaren MP4-12C Spider; S/N SBM11BAA2DW002363; Metallic Silver/Black leather, Alcantara inserts; Unrestored original, 2 condition; Not sold at Hammer bid of $210,000. With Reserve – 3.8 liter 592hp twin turbo V-8, 7-speed paddle shift dual clutch gearbox, carbon fiber trim, heated memory seats, navigation, Meridian sound system, parking sensors, sport exhaust. – 2,735 miles and like new. MSRP was $231,400 – Sold at Mecum’s Dallas auction last September for $323,200, bid to $195,000 at Mecum Austin two months ago. Expecting the MP4-12C to retain its value is a fool’s game and while Oklahoma City may have been a promising venue for buyers a few months ago the collapse of oil and gas prices has likely made it a much more conservative market today. Depreciation is writ large in the future of the MP4-12C.Lot # 2465 1970 Dodge Challenger R/T Hemi 2-Dr. Hardtop; S/N JS23R0B155925; Bright Red/Black vinyl; Recent restoration, 2- condition; Not sold at Hammer bid of $125,000. With Reserve – 426/425hp Hemi, dual quads, automaton, dog dish hubcaps on body color wheels, Polyglas GT tires, pushbutton radio, console, Rallye instruments. – Broadcast sheet documented and restored nearly like new. Excellent paint, chrome and interior. Very good paint, interior and major chrome. Engine compartment and underbody show some age and use. Windshield and side window trim is scratched. Door window pockets are full of exterior overspray. Restored on TV in 2007 and looks like it. – Offered at Mecum’s Indy sale in 2008 with a reported high bid of $130,000 just after the restoration was completed. Watching ‘Reality TV’ restorations with their bickering, haste and conflict is not reassuring and this car is an example of the shortcuts that come out of the scripted hostility and deadline pressure. The basic Challenger seems sound, though, and a caring owner could overcome much of the expediency by giving it to a competent restorer on a reasonable deadline. Bought at or close to the reported high bid it would be a reasonable risk to take although fraught with uncertainty over the things that can’t be seen in a few minutes at the auction.Lot # 2472 1962 Chevrolet Corvette FI Convertible; S/N 20867S101588; Engine # 2101588 F1010RF; Black, Black hardtop/Black vinyl; Black vinyl top; Visually maintained, largely original, 3+ condition; Not sold at Hammer bid of $65,000. With Reserve – 327/360hp, fuel injection, two tops, spinner wheel covers, bias ply narrow whitewalls, WonderBar radio. – Very good paint but represented as original which is not borne out by inspection. Underbody has been resprayed leaving some shadows. Good interior, chrome and stainless. Very sharp, crisp engine numbers and represented as ‘numbers-matching’ but not as ‘original’. A mixed bag but a sound and competently presented driver quality Corvette with no NCRS or Bloomington Gold credentials. – Sold at Mecum’s Austin auction two months ago for $72,900 so the vendor’s decision not to let it go away here at the high bid is understandable. It is hard to see any profit in it, however. It’s not that good or that well documented.Lot # 2499 1973 Jimmy Harkness Super Modified; S/N; Black/Black vinyl; Competition car, original as-raced, 3+ condition; Hammered Sold at $22,000 plus commission of 10.00%; Final Price $24,200. With Reserve – 302 DZ Z/28 engine, two dual choke downdraft Weber carbs on an Edelbrock cross-ram manifold, 2-speed gearbox, Halibrand quick change rear, 4-wheel disc brakes, torsion bar suspension. – Orderly and professional but shows some use and age. – Bought for far less than the sum of its parts and with some potential as a vintage oval track racer (for the truly brave with quick reactions.) The condition of this old Super Modified is encouraging and it should, after diligent safety checks and prep, be a proud weekend track car.Lot # 2501 1967 Plymouth GTX Hemi 2-Dr. Hardtop; S/N RS23J77131179; Midnight Blue/Black vinyl; Unrestored original, 3+ condition; Hammered Sold at $61,000 plus commission of 10.00%; Final Price $67,100. With Reserve – 426/425hp, automatic, buckets and console, pushbutton radio, remote outside mirror, heater, gauges, Magnum wheels, F70-14 red line tires. – Sound old warranty repaint, good interior and chrome, clean underbody. Represented as 10,889 miles but not as matching numbers or original engine. Clean and orderly engine compartment. Documented with two broadcast sheets. A sound, largely original GTX Hemi. – Cheap Hemi, a phenomenon aided by the fall from grace of Mopars over the past four years, but by any reasonable standard this is a serious value in a desirable Plymouth. Just watch the crowd coalesce when the hood is opened.
Thanks for the lecture about hydrocarbons, $ 50 oil, Cushing, etc. Unlike Houston, OKC was a wasteland before the oil boom and will be after the bust. So what’s next?
I don’t know if I’d write off the hydrocarbon business just yet. It has proven to be highly resilient and provides an efficient form of energy storage and delivery.
On the other hand if you’re looking to the future now is probably a good time to start a business recycling used up lithium batteries. There are going to be a lot of them in just a few years.
Rick