Leake Oklahoma City 2015 – Auction Report

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

Leake Oklahoma City
Cars Offered / Sold
Sale %
Average Sale
Median Sale
Total Sales
2015
426 / 301
70.7%
$22,555
$16,500 [73.2%]
$6,789,115
2014
383 / 298
77.8%
$21,408
$16,500 [77.1%]
$6,379,643
2013
347 / 255
73.5%
$22,134
$15,400 [69.6%]
$5,644,265
2012
297 / 197
66.3%
$20,822
$11,660 [56%]
$4,101,845
2011
342 / 221
64.6%
$17,511
$14,520 [82.9%]
$3,870,020

Leake Oklahoma City 2015 – Auction Report

1968 Ford Torino Fastback
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.
1976 MG Midget Convertible
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.
1986 Ferrari Mondial 3.2 Cabriolet, Body by Pininfarina
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.
1970 Chevrolet Corvette 454 Coupe
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.
1959 DeSoto Firesweep 2-Dr. Hardtop
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.
1970 Pontiac GTO Judge 2-Dr. Hardtop
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.
1967 Chevrolet Corvette Roadster
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.
1958 Dodge Coronet 2-Dr. Hardtop
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.
1963 Ford Econoline Pickup
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.

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  1. 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?

    1. 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