Mecum Auctions, Osceola Heritage Park, Kissimmee, Florida, January 24-29, 2012
Report and photos by Rick Carey, Auction Editor
This was the largest collector car auction in history.
Its 2,158 cars and boats across the auction block were within a shout of the total cars that had crossed the block in Arizona the week before in seven separate auctions taking up sixteen separate auction sessions.
In addition to the permanent exhibit halls there were ten acres of tents and more acres of open-air displays.
Mecum Auctions’ team put on a masterful display of organization and efficiency, moving cars across the block steadily and without delay. The sale rate shows conclusively that they were more than effective at motivating bidders and consignors quickly and efficiently.
All that is significant, even important, but without good cars it’s pointless, and there were good cars, sound cars and even many great cars in every row of every tent and field. These numbers are representative:
There were 313 Corvettes – Mecum had 346 at its Bloomington Gold all-Corvette auction in June;
There were 138 Mustangs, both Fords and Shelbys;
129 Pontiac Trans Ams – that’s like two an hour crossing the block;
36 Oldsmobile 4-4-2s;
47 Pontiac GTOs.
In order to report some semblance of a cross-section of the cars at a consignment auction like this I walk down a row of cars in the preview until something catches my eye. Then I walk around the area selecting nearby cars that add to the information in my report; generally cars in stock or near stock configuration so their results inform the values of similar cars. In Kissimmee there were so many consignments with those characteristics that I could select six, eight, ten, even twelve at a whack, often including cars that are rarely seen, particularly at auctions.
It was car guy nirvana.
And while many cars in Scottsdale were customs, in Kissimmee the modified cars were few and far between.
Mecum says their May sale in Indianapolis which last year had 1,951 cars is shaping up to outdo Kissimmee.
It’s amazing. It’s overwhelming.
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A note on lot numbers: Mecum uses daily lot numbers as follows: G is Tuesday, W is Wednesday, T is Thursday, F is Friday, S is Saturday and U is Sunday. They had to extend the hours in Kissimmee so added more groups: H, I, J and K were respectively early lots on Wednesday through Saturday. As I said, it’s overwhelming.
Lot # F093 1967 Chevrolet Corvette Coupe; S/N 194377S103181; Engine # T0923IR 7103181; Sunfire Yellow, Black stinger/Black vinyl; Recent restoration, 2 condition; Hammered Sold at $83,000 plus commission of 6.00%; Final Price $87,980 -- 427/390hp, Powerglide, P/W, AM-FM, P/S, P/B, California emissions, speed minder, A/C, Rally wheels, trim rings, 7.75-15 bias ply narrow whitewall tires. Represented as matching numbers engine, documented with tank sticker. Freshly restored to showroom condition with better than new clear coat paint. Sharp and fresh. The colors make this car particularly appealing, as does its surviving California emissions package, an item usually sacrificed to better performance (and reliability) during a Corvette's life. It's a strange instance where a (correct) performance-robbing feature enhances value. With Powerglide, however, this is a generous price.Lot # F231.1 1955 Chevrolet Corvette Roadster; S/N VE55S001272; Harvest Gold/Yellow vinyl; Green vinyl top; Older restoration, 2 condition; Hammered Sold at $98,000 plus commission of 6.00%; Final Price $103,880 -- 265/195hp, Powerglide, WonderBar radio, spinner wheel covers, whitewalls. An older restoration to showroom condition maintained that way for twenty years. 1985 NCRS Top Flight, 1986 Bloomington Gold Special Collection. No Reserve. '55 Corvettes occupy a special place in Corvette history: the last year of the original roadster body and the first year with V-8 power. Plus, they didn't build many, just 700 for the year in total. 195hp and Powerglide won't light up the tires, but it will always have a place on a show field and has survived a quarter century with little effect showing. It is a good value at this price.Lot # F232.1 1957 Chevrolet Corvette FI Convertible; S/N E57S100803; White, Silver coves/Red vinyl; Black vinyl roof; Cosmetic restoration, 3+ condition; Hammered Sold at $90,500 plus commission of 6.00%; Final Price $95,930 -- 283/283hp fuel injection, 3-speed, WonderBar radio, spinner wheel covers, whitewalls. Good paint, weak trim chrome, scuffed window frames, wrinkled top, stone chipped fender wells, erratic panel fits. No Reserve. Sold at Mecum's Bloomington auction in 2004 for $53,380 and today showing just 18 more miles on the odometer, the passage of time will shortly drop this Corvette's condition a notch but hasn't yet. It's refreshing to see an early '57 restored with its 3-speed, too, an indication of the restorer's concern for correctness and not fashion. Both the buyer and the seller should be satisfied with this result, but the ROI over the last 7 1/2 years doesn't put the DJIA's performance in jeopardy.Lot # F233 1958 Chevrolet Corvette FI Convertible; S/N J58S107175; Regal Turquoise, White coves/Black vinyl; White vinyl top; Older restoration, 2- condition; Hammered Sold at $92,000 plus commission of 6.00%; Final Price $97,520 -- 283/290hp, 4-speed, P205/75R15 Firestone radial blackwalls on 5 1/2" wheels. Good older paint, chrome and interior. Wiper scratched windshield, discolored top. Good cosmetics. NCRS judged 92.5 in 2004. No Reserve. A good older restoration and highly desirable equipment list. The wide wheels, dog dish hubcaps and blackwall tires give it a particularly appealing, and slightly sinister, look. Its restoration isn't fresh, but it is sound and won't embarrass its new owner. Neither will the price paid.Lot # F233.1 1960 Chevrolet Corvette FI Convertible; S/N 00867S103703; Black, Silver coves/Red vinyl; Black vinyl top; Older restoration, 3 condition; Hammered Sold at $82,000 plus commission of 6.00%; Final Price $86,920 -- 283 fuel injected engine, power not specified but probably 250hp. 4-speed. Good older paint, chrome and interior. Wrinkled top. Cassette stereo and missing center stack panel. Clean chassis. Unimpressive, neglected and incomplete, this "purchased from a museum" Corvette needs a caring home. No Reserve. The market for Corvettes was in Kissimmee this week, with over 300 of them on the Mecum auction's docket. Buyers were here, too, and showed restraint and intelligence, including picking up this '60 at a price that will allow it to have its needs addressed without being seriously dinged.Lot # F238 1965 Shelby Replica Daytona Coupe Replica; S/N AZ275079; Grey, Silver stripes/Black, Oxblood leather; Facsimile restoration, 2 condition; Hammered Sold at $52,000 plus commission of 6.00%; Final Price $55,120 -- 351/525hp, Tremec 5-speed, Webers, Halibrand-style alloy pin drive wheels, Wilwood brakes, A/C. Odometer shows 4,489 miles which are hardly apparent on the car. This is the Factory Five replica, titled as a '65 Ford but more appropriately called a Shelby Replica, with fiberglass body and no connection with Peter Brock. It's cool, but something in its proportions isn't right. Factory Five now sells this package as the '65 Coupe', carefully avoiding 'Daytona' or 'Cobra'. This one was sold by Russo and Steele in Arizona in 2006 for $61,600 and in 2007 for $66,000. It's still essentially like new and would be some fun, for a while.Lot # F263 1965 Sunbeam Tiger Convertible; S/N 9472600; BRGreen/Black vinyl; Recent restoration, 2 condition; Hammered Sold at $70,000 plus commission of 6.00%; Final Price $74,200 -- 289/300hp, 4-speed, 8-spoke Panasport wheels, P185/70R13 Dunlop blackwall tires, Moto-Lita woodrim steering wheel. Edelbrock Performer intake and 4-barrel, chromed oil filter housing and alternator. Freshly restored to showroom condition. Excellent paint and chrome, good upholstery. Even though the restoration isn't fully "correct", its engine modifications and details add some appeal to a car that relies on blistering performance to establish its profile. It brought a superior price attributable not only to its enhanced performance but also to its consistently high quality and fresh restoration. It's expensive, but its expensiveness is understandable.Lot # F281.1 1970 Plymouth Road Runner Superbird 2-Dr. Hardtop; S/N RM23U0A175555; Tor-Red, Black vinyl roof/White vinyl; Recent restoration, 2 condition; Hammered Sold at $108,000 plus commission of 6.00%; Final Price $114,480 -- 440/375hp, automatic, 2.76 Sure Grip, P/S, P/B, transistor ignition, buckets and console, pushbutton radio, Rally wheels, trim rings, Radial T/A tires. Restored like new. Really good, solid, competently restored cars are easy to describe and the very best buys. The new owner of this Superbird can be secure and satisfied with the car and with the value for this price.Lot # F304 1987 Buick Regal Grand National; S/N 1G4GJ1172HP455315; Black/Black, Grey velour; Unrestored original, 2 condition; Hammered Sold at $38,000 plus commission of 6.00%; Final Price $40,280 -- Sunroof. 42 miles and all original, even the tires, oil and battery. Paint is thick and orange peely but there is no visible evidence of a repaint. Everything must be stiff as a board, but even taking that into account this is a find. Don't even think of starting it up ("original oil", how about the quarter-century old gas?) but it is extraordinary and brought an exceptional price.Lot # F317 1934 American Austin 2-Dr. Sedan; S/N B5954087; Blue, Black fenders, Grey accent/Blue vinyl, velour; Cosmetic restoration, 3 condition; Hammered Sold at $15,000 plus commission of 6.00%; Final Price $15,900 -- 747cc, 3-Speed, disc wheels, rear mounted spare, fighting cock radiator cap. Superficially restored with flawed paint, weak chrome and little attention to details. This American Austin would have been a better car it it'd been left alone, and it would have been a better buy under $10,000.Lot # G043 1960 Nash Metropolitan Convertible; S/N E78203; Black, White/Black, White vinyl; White vinyl top; Enthusiast restoration, 3+ condition; Hammered Sold at $21,000 plus commission of 6.00%; Final Price $22,260 -- Red steel wheels, hubcaps, whitewalls, radio, heater, exposed rear spare. Fair older repaint with water spots. Good older interior and top, dull trim chrome but good major chrome. Done chassis and engine but not very well. A cute but not impressive amateur restored driver. Nicknamed 'Oreo' on account of its black and white colors, this Metropolitan brought $17,050 at the Barrett-Jackson sale in Las Vegas last September, a tidy profit for the seller in only four months time.Lot # K41 1968 Shelby Mustang GT350 Convertible; S/N 8T03J205206-03029; Red/Black; White vinyl top; Visually maintained, largely original, 3+ condition; Hammered Sold at $67,000 plus commission of 6.00%; Final Price $71,020 -- 302/250hp, 4-speed, A/C, P/S, P/B, 10-spoke alloy wheels, Firehawk tires, pushbutton radio. Old repaint over original paint, chipped and scuffed. Good new top and original interior. Clean repainted chassis. Recently serviced. Not quite a barn find but an unusual car in unusually original condition. Generously discounted for it condition and many needs, the new owner of this GT350 Convertible has the financial headroom to make the car right, or just make it run and drive well and enjoy the heck out of it. It is a good value at this price.
Lot # S053 1953 Nash-Healey Le Mans Coupe; S/N 3008; Black /; Cosmetic restoration, 3+ condition; Hammered Sold at $80,000 plus commission of 6.00%; Final Price $84,800 -- Overdrive, radio, heater, wire wheel covers, whitewalls. Fair older repaint. Very good upholstery. Good but loose and floppy carpets. Pitted chrome trim and horn ring. Good major chrome. Underbody done over old undercoat and showing age and use. Engine compartment superficially painted over the wiring and who knows what else. 1991 AACA National First Prize W1482. Represented as single family (ex-Nash dealer) from new. Offered here a year ago with a high bid of $65,000 and showing 43 miles more since then. It was worth the wait for the sellers; not so much for the buyer, who paid a princely price for a tatty, tired car.Lot # S069 1934 Packard Super 8 1104 Tourer; S/N 750-11; Engine # 752026; Maroon, Black fenders/Maroon leather; Beige cloth top; Older restoration, 3+ condition; Not sold at Hammer bid of $150,000 -- 384/145hp, 3-Speed, body color wire wheels, whitewalls, dual enclosed sidemounts, spotlight, wind wings, luggage rack, jump seats, footrest, Solar vee lens headlights. Good paint, chrome and interior. Chassis is an older restoration with years and a few miles. Owned for many years by Michael Salvato in Philadelphia who used it for many parades. Photographed with Generals Eisenhower, Wainwright, Marshall, Bradley and Spaatz, Admirals Nimitz, Halsey and Blandy, Thomas Dewey, Wendell Wilkie and the King of Greece. Sold by Christie's in Greenwich in 2006 for $129,250, then by Gooding in Scottsdale in 2008 for $231,000, then by Mecum in Monterey in 2011 for $140,450, it ain't getting any better with age, nor more valuable, and needs a good home.Lot # S080 1957 Chevrolet Bel Air Convertible; S/N VC57N190596; Matador Red/Red, White vinyl; White vinyl top; Recent restoration, 2+ condition; Hammered Sold at $89,000 plus commission of 6.00%; Final Price $94,340 -- 283/240hp, dual quads, Powerglide, P/B, P/S, windshield washer, spinner wheel covers, whitewalls, electric wipers, WonderBar radio, skirts, Continental kit. Restored to better than new with excellent paint, chrome, interior, glass and top. Like new underhood without being overdone. Sold here last year or $87,450 and still worth the somewhat greater price it brought today.Lot # S081 1961 Chevrolet Corvette FI Convertible; S/N 10867S101329; Engine # F0921CS; Sateen Silver, White coves/Blue vinyl; White vinyl top; Cosmetic restoration, 3 condition; Not sold at Hammer bid of $205,000 -- 283/315hp Fuel injection, 4-Speed, Big Brakes, WonderBar radio, spinner wheelcovers, whitewalls. Represented as "low documented miles" and showing 76,497 on the odometer. Dirty center stack panel, pitted chrome trim, scuffed stainless. Good paint, loosely fit upholstery and top. Tidy engine but the compartment it sits in was restored with a rattle can. The chassis looks like it was, too. The seller's preparation of this Big Brake Fuelie can only be described as befitting the bidders' reception of it. It's not a barn find, it's just a neglected old Corvette with desirable options that deserves better attention. It should have been sold with gratitude and satisfaction at the amount reported bid for it and will need extensive and expensive attention to be worth any more, or even this much.Lot # S083 1930 Packard 745 Convertible Victoria, Body by Waterhouse; S/N 185625; Black, Red accent/Black leather; Black cloth top; Older restoration, 2- condition; Hammered Sold at $225,000 plus commission of 6.00%; Final Price $238,500 -- Chrome disc wheels, blackwall tires, windshield visor, dual enclosed sidemounts with mirrors, tube bumpers with foglight ends, radiator stoneguard, sliding boy. An older concours restoration maintained with good cosmetics but less attention to the chassis which is grubby and surface rusting in places. Reported sold by Mecum in Monterey in August for $249,100, this is attractive coachwork but a fading restoration that will soon need some serious attention unless it is being used as a tour car. Its turnaround in only four months suggests its Monterey purchaser was less than satisfied.Lot # S091 1957 Chevrolet Bel Air Convertible; S/N VC57N126149; Engine # F1017EB; Colonial Creme/Yellow, Silver vinyl; White vinyl top; Older restoration, 2+ condition; Hammered Sold at $112,000 plus commission of 6.00%; Final Price $118,720 -- 283/270hp, dual quads, 3-Speed, P/W, WonderBar radio, power rear antenna. 1996 AACA Grand National winner looks like it was done last year. A sound, safe buy in a steady, reliable, mainstream collector car that needs nothing except to be used and enjoyed. There are always going to be buyers for '57 Bel Air convertibles, particularly with the dual quads, high lift cam and 3-speed, and this is a quality example.Lot # S095 1961 Chevrolet Corvette FI Gulf Race Car; S/N 10867S105391; White, Blue stripes and coves/Black vinyl; Older restoration, 2+ condition; Not sold at Hammer bid of $850,000 -- Wide wheels, Dunlop Racing tires, big brakes, 283/315hp engine. No engine number on block. Nice details like T-3 headlights, PIAA driving lights, two stock seats. Excellent paint, chrome and interior. Like new, with better cosmetics. Built for Gulf Oil VP Grady Davis, driven by Dr. Dick Thompson. 1961 Sebring 12 Hours, 1961 SCCA B Production National Champion, NCRS American Heritage Award and Bloomington Gold Special Collection. Restored in its 1961 Sebring configuration. This is a fabled Corvette. It was offered by RM in Monterey in 2002 fresh from restoration but didn't sell at a reported high bid of only $260,000. It's still looking for financial recognition to match its racing history but the seller's expectations seem to be outpacing those of other collectors.Lot # S113 1930 Duesenberg Model J Limousine, Body by Willoughby; S/N 2402; Engine # J-306; Dark Green/Beige leather; Older restoration, 3+ condition; Not sold at Hammer bid of $350,000 -- Chrome wire wheels, dual sidemounts with strap on mirrors, whitewalls, driving light, luggage rack, dual taillights, rollup division, jump seats, flower pattern carpets. Firewall #2402, no visible frame number, engine # J-306 (originally J-383.) ACD Category 1 certified. Good repaint looks newer than the restoration. Good chrome with minor weak trim items. Oily residue and road grime on chassis. Old interior is sound but aged and discolored. Sound but aged interior wood. Interior trim chrome is aged and worn off on some door handles. Paint touched up on windshield post cracks. A sound but aged and toured old restoration. By modern collectors' standards this is pretty stodgy coachwork even coming from Willoughby's highly regarded coachworks. Condition is sound, but far from show-ready. As a good Duesenberg tour car this bid could have bought it without demeaning the quality and presentation of the car.Lot # S122 1941 Packard One Eighty Convertible Victoria, Body by Darrin; S/N 14292011; Sand Beige/Red leather; Beige cloth top; Older restoration, 3+ condition; Hammered Sold at $220,000 plus commission of 6.00%; Final Price $233,200 -- Hubcaps, trim rings, wide whitewalls, radio, skirts, fog lights, grille and trunk guards, heater. Long and colorful history in Mexico, then restored there, completed in 2002. Good panel fits, sound paint and upholstery, generally good chrome. Paint touched up along hood edges. Engine looks good on top but down deep and under the car it's covered in oil mist and road dirt. Needs a good and thorough detailing. Offered by RM at St. Johns in July of last year where it brought a reported high bid of $230,000 against an estimate range of $300-350,000, that it found a new home among the Kissimmee bidders at essentially the same price substantiates its value in its current condition.Lot # S137 1963 Ford Galaxie 500XL Convertible; S/N 3J69G109289; Turquoise Blue/Blue vinyl; White vinyl top; Recent restoration, 2+ condition; Hammered Sold at $63,000 plus commission of 6.00%; Final Price $66,780 -- 406/405hp, three 2-barrel carbs, 4-speed, buckets and console, spinner wheel covers, narrow whitewalls, pushbutton radio. Fully restored to showroom condition with excellent paint, chrome and interior. There can't have been many Ford convertible specified like this. It was a rare beast in 1963, and it is even more rare today, and it is beautifully restored on top of all that. It is a profound price for a '63 Ford, but it fully warranted by this one's configuration and condition.Lot # S142 1947 Ford Super Deluxe Sportsman Convertible Coupe; S/N 799A1691793; Pheasant Red/Red leather; Black cloth top; Cosmetic restoration, 3+ condition; Not sold at Hammer bid of $170,000 -- Radio, heater, P/W, P/top, fog lights, trim rings, hubcaps, wide whitewalls. Cosmetically restored to good driving condition with preserved original wood framing which has been stained to cover defects and water stains. Scuffed window frames. Chassis has been cleaned up but not restored. Engine compartment attractively presented but like the rest of the car is not done to a high standard.. Reported sold by Mecum in Monterey in August for $161,650 where it was up against stiff competition from one of the finest Sportsmans in the world (sold for $302,000). It's no better today than it was five months ago, in either condition or value.Lot # S209 1958 Plymouth Fury Golden Commando 2-Dr. Hardtop; S/N LP25484; Beige/White vinyl, Gold cloth; Recent restoration, 2 condition; Hammered Sold at $71,000 plus commission of 6.00%; Final Price $75,260 -- 350/305hp dual quad Golden Commando engine, pushbutton automatic, P/S, P/B, dual outside mirrors, bench seat, wheel covers, whitewall 8.00-14 bias ply tires, dual rear antennas. Clips for skirts; skirts on back seat floor. 2004 AACA National First Prize. Good paint, chrome and interior, aluminum trim is a little dusty. Door fits are off, i.e., factory correct. Engine is nearly like new but still dusty. Shiny underhood paint. Chassis is very clean. Rare in 1958, and even more rare today, this is something of a prize for those who care to consider it. It would have looked better with the skirts on, but it looks good without them. The price is healthy for a Plymouth but fully deserved by this Fury's condition and engine.Lot # S233 1937 Cord 812 Supercharged Phaeton; S/N 31892H; Engine # FC2521; Maroon/Tan leather; Tan cloth top; Older restoration, 2 condition; Not sold at Hammer bid of $200,000 -- Big hubcaps, wide whitewalls, Cord fog lights, radio. ACD Category 1. 1982 AACA Senior but looks like it was two years ago, not two decades. Excellent paint, bright, clear chrome, lightly creased leather and a clean, tight top. Chassis has some road grime, but it's hard to find. Sold by RM at Meadow Brook in 2004 for $156,200 with a fresh restoration, this Cord still presents exceptionally well, attesting both to the quality of its restoration and to the care it has received. For a Phaeton, however, the reported high bid is reasonable.
Lot # S235 1959 Chevrolet Corvette Convertible; S/N J59S103093; Engine # F1231CU; Snowcrest White, Silver Coves/Turquoise vinyl; White vinyl top; Older restoration, 2- condition; Hammered Sold at $83,000 plus commission of 6.00%; Final Price $87,980 -- 283/270hp, dual quads, 4-speed, Positraction, WonderBar radio, spinner wheel covers, wide whitewalls. Thorough but disappointing older restoration. Good paint with minor chips on the hood corners. Good chrome and interior. Engine is right but dusty and with minor fluid seepage. Represented as numbers-matching. This is a healthy price for the condition of this Corvette.Lot # S237 1966 Chevrolet Corvette Convertible; S/N 194676S105557; Engine # T1102IP 6105557; Blue/Blue leather; White vinyl top; Recent restoration, 2 condition; Hammered Sold at $117,500 plus commission of 6.00%; Final Price $124,550 -- 427/425hp, 4-speed, transistor ignition, P/B, P/S, Positraction, AM-FM, off road exhaust, centerlock alloy wheels. Fresh, clean restoration to like new condition, NCRS Top Flight judged. (Does that mean "winner"? Not exactly.) As good as it gets and bought for an appropriate price.Lot # S238 1992 Ferrari 512 TR; S/N ZFFLG40A7N0090023; Corsa Red/Tan leather; Unrestored original, 2 condition; Hammered Sold at $90,000 plus commission of 6.00%; Final Price $95,400 -- Assembly #7730. Engine out service four years and 1,500 miles ago. Ferrari luggage. Very clean for its age, with unblemished paint and virtually new interior. No Reserve. This Ferrari is, visually at least, virtually new. The engine-out service is growing some hair and will probably need to be repeated soon if the car is going to be driven, a potential expense that significantly increases the new owner's investment and makes this result all the money that the car could hope to bring.Lot # S272 1965 Pontiac LeMans GTO 2-Dr. Hardtop; S/N 237375Z130891; Engine # 633307 WT; Burgundy/Black vinyl; Cosmetic restoration, 2- condition; Hammered Sold at $33,000 plus commission of 6.00%; Final Price $34,980 -- 389/335hp, 4-speed, AM-FM, buckets and console, Hurst shifter, wood grain steering wheel, P/S, P/B, Rally wheels with trim rings, red line radial tires. PHS documented GTO with a good older cosmetic restoration. Originally a 3-speed with an AM radio, both of which come with the car. Good paint, chrome, interior and engine compartment. Shows a little age and use. This GTO, despite its PHS documentation, suffers from several issues, not least of which is the lack of any representation it is matching numbers. The 4-speed conversion doesn't exactly help, either, but along with the added power steering and power brakes makes it a much better driver. It was appropriately handicapped by the bidders in Kissimmee.Lot # S276 1959 Plymouth Sport Fury Convertible; S/N M293105311; Bronze Metallic/Bronze vinyl, Black cloth; White cloth top; Cosmetic restoration, 2- condition; Hammered Sold at $78,500 plus commission of 6.00%; Final Price $83,210 -- 361/305hp, Automatic, P/B, P/S, swivel bucket seats, armrest console, pushbutton radio, chrome wire wheels (original wheels and wheel covers included), pushbutton radio. Long displayed and recently freshened to near like new condition except for the old sound deadener. Good paint, fresh chrome, good new upholstery and dash. Engine compartment is like new, right down to the frame. The wire wheels are unnecessary, but with the original wheels and covers included the car can be put right. There aren't many Plymouths like this around, especially at auction, and this one stood out for its quality and presentation. The seller should be very satisfied with the price it brought.Lot # S290 1981 Ferrari 512 BB; S/N F102BB38385; Black/Cream leather, Black stripes; Visually maintained, largely original, 3- condition; Not sold at Hammer bid of $95,000 -- A/C, Alpine cassette, 215 front, 225 rear Michelin tires. Grey market car imported by Raymond Peloso. Bad old repaint over old paint, lightly worn, clean interior, soiled but not grungy chassis and engine. Exactly 18,002 miles showing and stated to be from new and engine out serviced in 2009. A good car looking for a home. Sold by RM at Monterey in 2000 with 10,013 miles and offered by Mecum in Kansas City in December, the paint job is awful and the car should have been loose and selling at $70,000.Lot # T030 1972 Honda N600 2-Dr. Sedan; S/N AN6001056309; Green/Black vinyl; Recent restoration, 2 condition; Hammered Sold at $16,500 plus commission of 6.00%; Final Price $17,490 -- 600CC, 4-speed. Very good paint, chrome and interior. Restored like new. With Isettas and Messerschmitts bringing mid-five figure prices it's about time someone caught up to the fact that the early, tiny, Hondas and Subarus are as cute, more reliable and just as rare. The restoration of this N600 sparkled and the new owner got every bit as much car as the money that changed hands for it. It's a star.Lot # T188 1967 Chevrolet Corvette Convertible; S/N 194677S107228; Marina Blue, Black vinyl hardtop/Blue vinyl; Black vinyl top; Unrestored original, 2- condition; Hammered Sold at $235,000 plus commission of 6.00%; Final Price $249,100 -- 427/435hp, 4-speed, alloy wheels, narrow whitewalls, F41 suspension, AM-FM. 2011 Bloomington Gold Benchmark and NCRS Top Flight. 53,516 miles. Represented as matching numbers. Good original paint, chrome and interior. Better than many of the "nut and bolt restored" cars in Kissimmee. It really is impossible to fault this big block Corvette and its exceptional condition and originality. While the bloom is off the big block Corvettes' rose, the opportunity to acquire such a pristine example with quality documented by the definitive experts is not to be missed, and the Kissimmee bidders were up to the challenge. This is a curve-setting transaction for a standard setting Corvette and full value for the money.Lot # T232 1965 Pontiac LeMans GTO Convertible; S/N 237675K142713; Engine # 713738 WT; Red/Parchment vinyl; White vinyl top; Unrestored original, 3 condition; Hammered Sold at $50,000 plus commission of 6.00%; Final Price $53,000 -- 389/335hp, 4-speed, 3.55 Saf-T-Track, Rally wheels, trim rings, red line bias ply Firestone non-DOT tires, buckets, no console, Hurst shifter, Rally gauges, pushbutton radio. Sound but chipped, checking and buffed through original paint. Good chrome and original interior. Torn original top, good boot cover. A very sharp and desirable original LeMans GTO, PHS documented. This GTO has loads of potential and really needs nothing more than some top repairs. The paint and interior are usable as is and redoing them would only detract from the car's value. It's a real find and deserves every penny of the premium price it brought.Lot # U129.1 1965 Pontiac LeMans Convertible; S/N 23567S243580; Engine # 289376 YD; Ice Blue/Black vinyl; Black vinyl top; Visually maintained, largely original, 3- condition; Not sold at Hammer bid of $22,500 -- 389/290hp block from a Catalina or Grand Prix, column shift automatic, cassette stereo, aftermarket wood trim steering wheel of the Pep Boys variety, Rally wheels, red line tires, P/S, no P/B, hot rod fuel block. No documentation. Fair repaint, decent chrome, rattle can engine compartment, old interior with squishy, squeaky springs, pitted chrome trim. A Le Mans Custom convertible with dubious GTO trim in appropriately dubious condition. Not surprisingly passed by the Kissimmee bidders.Lot # U150 1970 Ford Mustang Mach I SCJ Fastback; S/N 0T05R116145; Grabber Green/Black vinyl; Modified restoration, 2+ condition; Hammered Sold at $50,000 plus commission of 6.00%; Final Price $53,000 -- 428/452hp, 4-speed, Drag Pack, 3-point competition belts, powder coated engine, transmission and axle, Jet Hot coated exhaust and headers, MSD ignition, Magnum wheels, Radial T/A tires. Restored better than new, and not particularly authentically. This would be a better car without the modifications, and a more valuable one, too. Still, it looks great, the (correct original) color is in your face and it's going to turn some heads on the street when it is let loose. It's not for everyone, but is a thrilling performance package for someone who cares, and that someone was in Kissimmee.Lot # W269 1974 Chevrolet Vega; S/N 1V77B4U242508; White/Olive vinyl, cloth; Unrestored original, 2- condition; Hammered Sold at $6,000 plus commission of 8.33%; Final Price $6,500 -- Automatic, factory A/C, buckets, floor shift, hubcaps, trim rings, narrow whitewalls. Original paint except for a repaint on at least a portion of the rear hatch. Good original interior and chrome. One owner and 33,372 miles from new. Mecum categorized this Vega as a 'STAR' consignment. Its originality, low miles, one owner history and factory A/C warrant the description, but it's still peculiar to hear a Vega called a 'STAR'. It's hard to argue with the price it brought.Lot # S220 1963 Shelby Cobra Dragon Snake; S/N CSX 2093; Fuscia Metalflake/Black leather; Competition restoration, 2 condition; Hammered Sold at $850,000 plus commission of 6.00%; Final Price $901,000 -- Good but unimpressive paint. Sound chrome, good interior. An older restoration to nearly like new condition that appears to have been static displayed since. 289 V-8, four Webers, hardtop, chrome paperclip rollbar, wire front wheels, wide centerlock alloy rear wheels with drag slicks, long tube headers ending in short side-mounted pipes. AACA Senior winner, restored to like new condition (and better than it ever was when making dragstrip passes in the mid-11's.) Dragged for years, a consistent winner driven by Bruce Larson when owned by Jim Costilow and later for Ed Hedrick. "The winningest competition Cobra in history." Sold by Mecum here a year ago for $875,000 hammer, $927,500 with commission, then offered at Monterey in August with a reported $825,000 high bid. A significant Cobra, but not on a par with the Shelby road racing team cars, this transaction is consistent with its other appearances, a remarkable consistency of opinion for a specialized Cobra.Lot # S239 1929 Gar Wood Miss America VIII; Incomplete restoration, 3+ condition; Not sold at Hammer bid of $700,000 -- This boat's appeal lies in the twin Harry Miller V-16 engines built for Gar Wood. They now run on a rank of Holley 4-barrels with their original pair of Schwitzer-Cummins Roots superchargers and primary manifolds on a pallet. Twice winner of the Harmsworth Trophy. Hull wood is good, decking is new. No blower drive, shafts or vee-drives. A semi-finished restoration project. There is an immense amount of engineering, design, casting and fabrication work left to be done to return this Gar Wood legend to its original configuration, let alone tuning and development. It could be running on the water with somewhat less effort, but would be pale shadow of its potential. It will be a brave and deep-pocketed buyer who steps up to take it on.
Rick: I just discovered you and of course, signed up with the Digest. Love your writing style and the information you give us. Question: 1. Why do you think new records are being set for the number of cars in the auctions? What is driving this increase? 2. Who is buying these cars? What percent do you think are dealers who only buy and sell at auctions and what percent are individuals who actually want to own and enjoy a classic car?
I thank you in advance for the answers and look forward to reading more of your observations.
1. I’m a little uncertain over the exact question, so let me answer both interpretations:
1a. If the question is why are there a record number of cars and auctions the answer is that car collecting, and therefore the market for collector cars, is growing rapidly. I think the auctions themselves are aiding in the hobby’s growth both by offering lots of cars and by highlighting the diversity and affordability of them.
1b. If the question is why are there so many records the answer is that there is immense liquidity in today’s economy both in North America and overseas. Individuals see collector cars, particularly the very best cars in exceptional condition with excellent histories, as fun ways to employ (or park) some of that liquidity while opening up a whole lifestyle of activities from weekend cruising to exclusive concours and tours for participation. This is a society, like it or not, that craves experiences and a week on the California Mille or weekend at the Amelia Island Concours is definitely an experience.
2. The presence of dealers is the life’s blood of any market, whether it’s real estate, financial instruments or corn. They provide the liquidity and the medium through which individuals can reliably count on turning an asset into cash. They are important factors in the collector car auctions both as buyers and as the under-bidders who make sure no car sells for an unreasonably cheap price. The dealer component, as both buyer and seller, varies widely with individual auctions and is impractical to quantify in generalities, but it’s probably somewhere between 10 and 30 percent.
Dealers also frequently acquire cars with unrealized potential, the neglected or poorly prepared cars in dated colors which they can transform with mechanical and cosmetic attention into something an individual will feel more confident buying. Keep in mind, too, that dealers who buy at auction and re-sell add statutory warranties to every car they trade, warranties an individual collector won’t get at the auction where the only warranty, as Jim Cox at Branson puts it is, “50-50: if it breaks in half leaving the block, you own both halves.”
The important factor to keep in mind, also, is that there is a distinct difference between dealers — who buy and sell on their own account — and speculators who buy in anticipation of market gains.
My observation in recent years is that most cars are being bought by individuals, or end up passing from the auction through a dealer’s hands to individuals. That is borne out by similar observations from others who are in a position to observe the flow of cars through the marketplace.
It gets a lot more complicated (and convoluted) than that, but that’s enough for now.
Rick Carey