Report and photos (unless noted) by Rick Carey, Auction Editor
This year marked RM’s “Lucky Thirteenth” Arizona auction, held January 19-20, 2012 at the posh Arizona Biltmore Resort and Spa. Growing from $6.3 million in 2000 to consistent totals in medium eight figures, RM’s $25,660,400 sale in 2012 marked the Arizona auction’s fifth year with greater than $20 million in sales.
RM got shuffled around some this year, moving into a ballroom in the main Biltmore hotel from the convention center which was booked to an oil company’s North and South American sales meeting. The new room was inconvenient for bringing cars onto the block, and cramped for bidders and onlookers. A return to the Convention Center next year would be a positive development.
Even with that disruption the auction moved smoothly and efficiently, dispatching 126 of the 140 lots offered in the two-day sale for a sale rate of 90%, a sell-through performance which RM has made almost monotonously habitual and a testament to the RM team’s effectiveness, contacts and diligence.
From Ferraris to Shelbys, RM put away eighteen of its top twenty cars. The top sale was only(?) $1,815,000 for the Ferrari 410 Superamerica coupe s/n 0671SA with unique Scaglietti coachwork re-created for Greg Garrison on the original chassis. There were seventy-eight lots hammered at $100,000 or more. Sixty-six of them sold, an 85% sell-through. The predominance of six-figure cars speaks amply for the consistent quality across the board at the Biltmore, and for the strength of the collector car market.
Ed Lenahan contributed significantly to this report.
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RM Auctions Arizona 2012 – Auction Report
Lot # 104 1913 Pathfinder Series XIII 5-Passenger Touring; S/N 1331; Dark Blue, Black fenders/Black leather; Black leatherette top; Estimate $125,000 - $175,000; Older restoration, 3+ condition; Not sold at Hammer bid of $90,000 -- RHD. 37x4 1/2 black tires on Grey wood spoke wheels, electric starter, folding windshield, Stewart speedometer, rear-mounted spare. Sound old paint cracking at some joints. Sound interior and good chassis that is nearly like new. A sound and unusual old car that will be great on tours. Reported a post-block sale for $87,000 by RM at Amelia Island in 2007 from the original family ownership and sold again by RM at St. Johns in July 2011 for $115,500. It's no surprise the St. Johns buyer wasn't a seller six months later at the reported high bid here at the Biltmore. It might bring a little more somewhere else, but is getting shopworn (while adding zero miles to its Stewart odometer since 2006 in Hershey.)Lot # 107 2002 Ferrari 575 F-1 Maranello Coupe, Body by Pininfarina; S/N ZFFBV55A220129323; Ruby Red/Tan leather; Estimate $95,000 - $130,000; Unrestored original, 2 condition; Hammered Sold at $110,000 plus commission of 10.00%; Final Price $121,000 -- F-1 transmission, SF shields, carbon fiber interior trim, Alpine stereo and navigation. Very clean and barely used. Driver 's seat shows no wear, not even on the bolster. Serviced in 2007 at 10,045 miles and now with some 12,300 miles. No Reserve. Sold new for some $260,000, while the depreciation curve of this 575 parallels that of a Corvette, the financial consequences in absolute dollars are more breathtaking. Its more recent service while only 2,000 miles old is edging up on another calendar anniversary that will see it back in the shop for renewal (and a payment on the dealer's yacht.)Lot # 111 1972 Porsche 911T 2.4 Coupe; S/N 2500482; Yellow/Black leather; Estimate $65,000 - $85,000; Cosmetic restoration, 3 condition; Hammered Sold at $40,000 plus commission of 10.00%; Final Price $44,000 -- 2.4/140hp, 5-speed, Fuchs 15 inch alloy wheels. Very nice respray in yellow over a straight, relatively low-mile long-hood 911. Catalog says complete restoration but cracked chassis undercoat and musty interior suggest otherwise. A little Febreeze away from being a decent 911. No Reserve. Among the many variations of 911s made, the long-hood models made before the US government mandated 5mph bumpers in 1974 continue to outpace all but the rarest 911s in terms of value. This was a solid, but by no means great, car with solid, but not great, options. Despite being well below the $65,000 - $80,000 estimate, this was a fair price for both buyer and seller.Lot # 112 1983 Ferrari 512 BBi; S/N 48165; Red, Red sills/Tan leather; Estimate $95,000 - $135,000; Visually maintained, largely original, 3+ condition; Hammered Sold at $87,500 plus commission of 10.00%; Final Price $96,250 -- TRX wheels and tires, A/C, Pioneer cassette stereo. Sound repaint could have been masked better. Good upholstery. Orderly, clean and tidy engine. A well maintained and presented Boxer. No Reserve. Sold by Christie's in Los Angeles in June 2000 for $82,250, and subsequently given a less than sterling repaint which hasn't helped its value at all. Its value history at auction is a point against 'cars as an investment' without being careful (and fortunate) in the choice of the cars.Lot # 113 1955 Austin-Healey 100/M Le Mans Roadster; S/N BN2L/228363; Engine # 1B/228363; OEWhite/Dark Grey leather, White piping; Estimate $115,000 - $145,000; Recent restoration, 2+ condition; Hammered Sold at $147,500 plus commission of 10.00%; Final Price $162,250 -- Silver painted wire wheels, overdrive. 100M Registry authenticated as a factory 100/M, BMIHT Certificate. Freshly restored, better than new and impossible to fault. The penultimate in 4-cylinder Healeys, the 100/Ms have pulled ahead of the Healey pack in recent years as interest in the 6-cylinder Big Healeys has waned. They have power, torque (like a farm tractor), light, responsive handling and deserve their recent popularity. This transaction re-sets the bar high, even for one of the 640 factory 100/Ms and runs the risk of reaching 'buy it now, before it's more' territory.Lot # 118 1957 Jaguar XKSS Replica, Body by Tempero; S/N 7E69649; Silver/Dark Red; Black cloth top; Estimate $115,000 - $145,000; Facsimile restoration, 2- condition; Hammered Sold at $132,500 plus commission of 10.00%; Final Price $145,750 -- E-type based with 4.2 liter engine, triple Webers, 5-speed, 2-piece 5-bolt wheels, luggage rack, side exhaust. Good paint, chrome and interior. Aluminum body replica by Tempero built to high standards. Shows a little age but not much use. To assess the value of a real one just add two zeros at the end of the price and take off the 1 at the front. Yes, this is a fake, but it's recognized as one of the best fakes out there, a quality that is recognized in the price it brought here as well as the $123,750 price the same car with 449 fewer miles on its odometer brought here two years ago.Lot # 121 1933 Ford Deluxe Phaeton; S/N B5255245; Blue-Grey/Brown leatherette; Beige cloth top; Estimate $40,000 - $60,000; Older restoration, 3- condition; Hammered Sold at $35,000 plus commission of 10.00%; Final Price $38,500 -- Enclosed rear spare, radio, wide whitewalls. Built as a 4-cylinder Model B in righthand drive in Australia and re-engined with a '34-style flathead V-8 and converted to lefthand drive. A tired but sound old car with aged paint, chrome, interior and top. Windwings on the back seat floor; no sign of side curtains. Grimy chassis. Paint checking on right front fender. No Reserve It would probably have been worth more as a very rare 4-cylinder, but it wouldn't have the sound and performance of the 85hp flathead. Despite its mixed origins and fading condition it's a rare phaeton and is a sound value at this price.Lot # 126 1937 Cord 812 Supercharged Convertible Coupe Sportsman; S/N 32405; Light Yellow/Red leather; Estimate $325,000 - $425,000; Older restoration, 2 condition; Hammered Sold at $350,000 plus commission of 10.00%; Final Price $385,000 -- Cord fog lights, wide whitewalls. Excellent paint, chrome, interior and glass. Restored like new with better cosmetics and now with a little age but almost no use. CCCA Premier #843 but the presentation of this Cord is much more fresh than that number indicates. Known history for years, an originally supercharged Sportsman formerly in the Marvin Tamaroff collection. Sold by RM at Meadow Brook in 2007 from the Tamaroff collection, the odometer today shows just 444 miles, up from 27 when seen in Michigan where it brought $352,000. The restoration's age is beginning to show just a little but the price still reflects the appeal of the rare Sportsman body style and the quality of a restoration that must be pushing if not well into its third decade.Lot # 128 1959 BMW 507 Roadster; S/N 70203; Engine # 40190; Black/Grey-Green leather; Estimate $900,000 - $1,200,000; Recent restoration, 2+ condition; Hammered Sold at $900,000 plus commission of 10.00%; Final Price $990,000 -- Rudge wheels, blackwall tires. Freshly restored to like new condition with better paint and upholstery. Replacement engine of correct 507 type (confirmed by BMW Classic) and fitted with reproduction Rudge wheels. Sharp, crisp and beyond perfect in its appearance and presentation. Credit the quality of RM's restoration and the attractive color choice with this price, which largely ignores the replacement engine and fully values the repro wheels. It is a gorgeous automobile, one to be enjoyed for its style, rarity and design and to hell with the nit-pickers who whine about its engine. Although that judgment may not stand the test of time.Lot # 129 1909 Buick Model F 5-Passenger Touring; Engine # 18759; Maroon, Black accent/Black leather; Black cloth top; Estimate $60,000 - $80,000; Older restoration, 3+ condition; Hammered Sold at $50,000 plus commission of 10.00%; Final Price $55,000 -- RHD. Stewart speedometer, Luna clock, acetylene headlights, kerosene side lights, bulb horn, Atwood acetylene generator, Red frame, running gear and wood spoke wheels with black tires. Restored a while ago and toured since but well maintained and still more than just presentable. No Reserve. Brass is bringing important prices recently and this Buick, the foundation on which Billy Durant built General Motors (and Dan Akerson based the rebuild of today's General Motors), is a prime example of both the appeal and the values. A sharp and well-maintained car for tours, its value is not only in its condition and age but also is the many events where it can be used. It is a good value for both the buyer and the seller.Lot # 133 1937 Cord 812 Phaeton; S/N 31918H; White/Red leather; Black cloth top; Estimate $140,000 - $180,000; Older restoration, 3+ condition; Hammered Sold at $135,000 plus commission of 10.00%; Final Price $148,500 -- Supercharged during restoration. Outside exhaust head pipes, Cord fog lights, wide hubcaps, wide whitewalls, radio, heater. Sound but aged older restoration. Dirty chassis. Sketchy history. If any open Cord could be said to be 'just a car' this is it. It could be better if someone spent a lot of time and money on it, but at this price that's a losing proposition. It's a great tour car, and this is great tour car money for a semi-supercharged 812 Phaeton.Lot # 135 1930 Duesenberg Model J LWB Dual Cowl Phaeton, Body by LeBaron; S/N 2336; Engine # J-487; Red, Black/Black leather; Black cloth top; Estimate $900,000 - $1,200,000; Older restoration, 2- condition; Hammered Sold at $800,000 plus commission of 10.00%; Final Price $880,000 -- Long wheelbase. Chrome wire wheels, dual chrome-wrapped sidemounts, wide whitewalls, dual windshields, luggage trunk, dual remote spotlights, radiator stoneguard. Original engine was J320; no factory record of the present engine's installation exists but ACD Category 1 certified. The only LWB Dual Cowl Phaeton built by LeBaron on the J chassis. An older show quality restoration with good but aged paint, interior and chrome. Chassis is lightly oiled from use and dusty from storage but otherwise in sharp condition. John M. O'Quinn Collection. Sold by RM here in 2006 for $1,001,000 and none the better for six years in John O'Quinn's warehouses and the seven additional miles on its odometer. On the other hand, it's the only LWB dual cowl phaeton by LeBaron and has a long history with this engine in collections as diverse as John Troka, Tony Pascucci, William Coverdale and Bill Lassiter. Its style and uniqueness more than make up for the age of its restoration. It should be considered a good value at this price.
RM Auctions Arizona 2012 – Auction Report Page Two
Lot # 136 1958 Porsche 356A 1600 Speedster; S/N 84607; Aquamarine Blue/Red vinyl; Black cloth top; Estimate $300,000 - $375,000; Recent restoration, 1 condition; Hammered Sold at $305,000 plus commission of 10.00%; Final Price $335,500 -- Meticulously restored in mint, as-built condition. Painted by Junior Conway at a cost (reportedly $80,000) sufficient to buy most Porsche 356As. Best in show at the 2000 Porsche Parade and still good enough ('good enough' is an almost laughable concept considering its condition) to win Best in Show at the 2009 Dana Point 356 Porsche Concours. Matching numbers. Highly impressive is barely sufficient to describe it. Restored by Tim Goodrich, who retained and replaced the original carpet tacks among other nearly meaningless details of its restoration (restitching the original tool roll through the original holes in the re-dyed original fabric is another.) Only show field miles since, with 14 showing on its odometer. This is nearly GS money for a 1600 Normal Speedster, but it will amaze Porsche fanatics with its detail. It is not a rational acquisition, but is understandably irrational. (Photo courtesy RM Auctions (c) 2011 Hugh Hamilton)Lot # 138 1903 Stearns Suburban Rear-Entry Tonneau; S/N 114; Black, Maroon/Black leather; Estimate $80,000 - $100,000; Recent restoration, 1- condition; Hammered Sold at $75,000 plus commission of 10.00%; Final Price $82,500 -- RHD. Leather rear mudguards, steel up front, white tires, single self-generating carbide headlight. Restored for David Uihlein in 1994, believed to be the oldest Stearns extant, better than new and lightly and carefully used. John M. O'Quinn Collection. History anecdotally known since 1913 on Washington Island in Lake Michigan and found in largely complete condition which gives it a leg up on an eventual London-Brighton Run entry and accounts for its appeal and value.Lot # 139 1915 Pierce-Arrow Model 48 7-Passenger Touring; S/N 12472; Maroon/Black leather; Black leatherette top; Estimate $250,000 - $300,000; Older restoration, 2- condition; Hammered Sold at $187,500 plus commission of 10.00%; Final Price $206,250 -- RHD. Maroon wood spoke wheels, 37x5 blackwall tires, Dawley headlights, nickel brightwork, bulb horn and Klaxon electric horn, dual right side spares, Westinghouse front spring shackle dampers, luggage trunk, jump seats. A quality older restoration holding up very well and still an excellent tour car that will be shown with pride. Offered at Barrett-Jackson in 1995 reportedly restored in 1993 and unsold at a high bid of $97,500. This result is modest money for a thoroughly equipped 48hp Pierce in quality touring condition.Lot # 141 1967 Chevrolet Camaro Z/28 2-Dr. Hardtop; S/N 124377N216877; Black, White stripes/Black vinyl; Estimate $95,000 - $125,000; Recent restoration, 2- condition; Hammered Sold at $85,000 plus commission of 10.00%; Final Price $93,500 -- 302/290hp, 4-speed, Hurst shifter, P/S, red line tires, cowl induction hood. Thoroughly but erratically restored with bad trim chrome, worn pedal pads and broken window seals. Good paint, interior and chrome. '(C)onsidered to be' matching numbers, whatever that is. Z/28 Registry, with a copy of its original window sticker. No Reserve. The sketchy history of this Z/28 is endorsed by its sketchy restoration, but not by its premium price, a third more than the restoration and documentation support.Lot # 143 1955 Mercedes-Benz 300SL Gullwing; S/N 5500712; Red/Beige leather; Estimate $600,000 - $700,000; Visually maintained, largely original, 3+ condition; Hammered Sold at $575,000 plus commission of 10.00%; Final Price $632,500 -- Polished Rudge wheels, fitted luggage, hinged steering wheel, Becker multi-band radio, dual Talbot mirrors. Good paint, surface cracked possibly original upholstery and similarly possibly original matching luggage. Clean chassis doesn't look like it has been restored. Scratched windshield trim. A sound car that has had attention as needed but without history before the consignor. By any measure 300SL Gullwings have taken off in recent years, but nowhere more so than in this year's Arizona auctions. This tidy largely original car brought money that would have bought the best restored Gullwing just a few years ago and while it may need nothing it also burdens its new owner all the uncertainty that goes with an old car. The price is right in the current market, it only remains to be seen if the market is rational.Lot # 146 1915 Brewster-Knight Model 41 Round-Cornered Falling Front Landaulet, Body by Brewster; S/N 41042; Maroon, Black leather mudguards/Black leather, Beige cloth; Estimate $60,000 - $80,000; Older restoration, 3+ condition; Hammered Sold at $80,000 plus commission of 10.00%; Final Price $88,000 -- Blue frame and running gear, French style tonneau striping, Black wicker trunk. Good older restoration that has been freshened and is still presentable if not concours. The coachwork is oh, so Brewster, blending coach-style tonneau with automobile elements and the quiet if effulgent Knight sleeve valve engine in the style preferred by 1910s commercial aristocracy. John M. O'Quinn Estate. Offered at the New York Auto Salon Auction in 1999 where it was a $55,000 no sale and sold shortly thereafter to John O'Quinn, high style didn't get much higher, at least in automobiles, in 1916 than this Brewster-Knight. It is more important than its formal and dated coachwork suggests to modern collectors and is a sound value at this price.Lot # 147 1950 Jaguar XK 120 Roadster; S/N 670288; Pastel Blue/Blue, Grey leather; Blue cloth top; Estimate $175,000 - $200,000; Recent restoration, 2+ condition; Not sold at Hammer bid of $125,000 -- Steel wheels, blackwall tires, skirts. Freshly restored with excellent cosmetics. Everything fits perfectly and is better than new. 99.99 points JCNA judged more than once and an outstanding example of an early steel-bodied XK 120. Offered by RM at Monterey in August at a high bid of $170,000, the seller might have learned that 'your first offer is often your best offer.' This car is essentially flawless but the consignor is pursuing an unattainable goal of recovering the restoration costs. It needs to be cut loose. Arizona would have been a good place.Lot # 210 1953 Nash-Healey 161 Roadster, Body by Pinin Farina; S/N 11867; Red/Tan leather; Estimate $90,000 - $110,000; Recent restoration, 3+ condition; Hammered Sold at $65,000 plus commission of 10.00%; Final Price $71,500 -- 252.6ci, 140bhp straight six, 3-speed transmission with overdrive, wide whitewall tires, wire wheel covers, radio. Good paint and chrome. Leather shows some wear on driver's seat. Underside is well restored with some mileage. No Reserve. Nash-Healey's have had a tough go of it since the heady prices of 2007 and 2008 when an example in just about any condition would trade in the six figures and the best examples could stretch towards $250,000. They're still good looking cars, in a mid-fifties American sports car sort of way, but their international origins make them a little too foreign for the collectors of American cars and the Nash name seems to damper the enthusiasm of the European sports car set. Although this car was sold in 2007 at Barrett-Jackson for $101,200, $71,500 was a fair price in today's market.Lot # 217 1966 Shelby Cobra 427 Roadster; S/N CSX 3228; Red/Black leather; Estimate $750,000 - $850,000; Visually maintained, largely original, 3+ condition; Hammered Sold at $800,000 plus commission of 10.00%; Final Price $880,000 -- 10-spoke centerlock alloy wheels, Goodyear Eagle GT tires, wind wings, 427 side oiler, dual quads, grille and trunk guards. Good repaint and older interior. Clean engine compartment showing some age and seepage. Reassembled by the second owner with a 427 side oiler instead of the original 428, a change that has only positive effect on its value. Never fully restored, just attended to as needed with 10,683 miles from new. The only stories about this Cobra are good ones and it was treated accordingly by the Biltmore bidders who accorded it a premium price in line with its premium presentation. It's expensive, but not unreasonably. (Photo courtesy RM Auctions (c) 2011 Tim Scott)Lot # 218 1973 Ferrari 246 GTS Dino; S/N 4404; Red/Black; Estimate $175,000 - $225,000; Cosmetic restoration, 3+ condition; Hammered Sold at $185,000 plus commission of 10.00%; Final Price $203,500 -- Dayton-style seats, Black roof panel, A/C, P/W, Kenwood CD stereo. Owned by the family of the first purchaser, Louis Jolton, until recently and complete with factory books, jack bag and service records including engine rebuild at 54,709 miles and now showing 66,011 miles from new. A sound and orderly old Dino with good new paint and interior. Gussied up a bit with Daytona-style seats and with a commendable history, this was a $155,000 Dino GTS. How it got to $185,000 hammer and just over $200K with commission is left to the value concepts of the Biltmore bidders. It's at the curl of some wave at this price, ready to engulf the gullible.Lot # 220 1952 Allard K2 Roadster Factory Special; S/N 91K3019; Maroon/Black leather; Estimate $175,000 - $215,000; Competition restoration, 3+ condition; Hammered Sold at $107,500 plus commission of 10.00%; Final Price $118,250 -- RHD. 392 Chrysler Hemi optimistically reported to put out 600hp with dual Holley 4-barrels, Buick drum brakes, black Halibrand kidney bean 5-bolt wheels, driver's roll hoop, bucket driver's seat, full width Plexiglas windshield, 4-spoke woodrim steering wheel. Historic race prepared and used. New York Auto Show display car in 1952, aggressively modified for historic racing and strengthened throughout. No Reserve. This car was sold at Barrett-Jackson in 2007 for $198,000 when it showed just 32 fewer miles on its odometer. It is an historic racer's dream Allard, thoroughly and professionally prepared by the best professionals in the UK. It isn't even close to 'correct', but it is the stuff of big cojones, a thrilling, endorphin-exuding radical ride that will make itself known at any historic racing venue where its FIA papers make it eligible. It's a big thrill for today's modest price.Lot # 224 1982 Ferrari 308 GTB Racing Car; S/N ZFFAA02A3C0037931; Red/Grey cloth; Estimate $70,000 - $90,000; Original, modified for competition or performance, 3- condition; Hammered Sold at $30,000 plus commission of 10.00%; Final Price $33,000 -- 308 QV engine, modular wheels, roll cage, fire system, Wilwood brakes, Koni Blue shocks, 344 rack and pinion steering. SCCA logbook. Runs well. Weak recent repaint, dirty (even grungy) inside. A 288 look-alike done to modest standards. No Reserve. Few folks at the Biltmore were attuned to this racer with its Dzus fasteners painted over and many other indicia of erratic if not outright indifferent materials and workmanship. Even at that, however, it was bought right at this price.
RM Auctions Arizona 2012 – Auction Report Page Three
Lot # 226 1958 Ferrari 250 GT Berlinetta, Body by Ellena; S/N 0861GT; Engine # 0861GT; Black/Black leather; Estimate $450,000 - $525,000; Older restoration, 3+ condition; Not sold at Hammer bid of $400,000 -- Chrome spoke Borranis, 6.00-16 Excelsior tires, Simpson belts. Clean and orderly older restoration completed in 2002 that has been used. Big paint crack at right front hood corner. Wiper scratched windshield. Lightly used and eligible for many events including the MM Retro. RM has established something of a monopoly on Ellenas in recent years but the best prices they've brought has been in Europe (0819GT at Maranello in 2008) with Ferrari Classiche certification, which this one hasn't bought. The bloom is off the rose and this car could have been sold without regret if there was money at this bid. It's the Ferrari insider's secret, a real MM-eligible 250 GT Berlinetta for medium six-figures, and has upside in today's market.Lot # 232 1957 Ferrari 410 Superamerica Coupe, Body by Scaglietti; S/N 0671SA; Engine # 0671SA; Dark Red/Tan leather, Dark Red piping; Estimate $1,750,000 - $2,250,000; Recent restoration, 2+ condition; Hammered Sold at $1,650,000 plus commission of 10.00%; Final Price $1,815,000 -- Chrome spoke Borranis, engine turned stainless steel roof and fins, chrome sills, chrome fender vents, Jaeger clock, Marchal fog lights, Carello headlights. black wrinkle dashboard, foglights in grille, 5- or 5.1-liter engine with three 4-barrel Weber carbs. A singular design by Sergio Scaglietti for Dottore Enrico Wax, Genoa importer of Johnnie Walker whisky and Connolly leather. Extravagantly embellished with stainless steel roof, angular engine-turned rear fender fins and polished sill molding. Chassis and drivetrain were discovered on a farm in Oregon having been stripped of the original body by a thief. Restored with new coachwork for Greg Garrison in Italy by the same Scaglietti craftsmen who had built the original body. Pebble Beach class winner in 1990. Still in Pebble Beach condition. It's hard not to see this 410 Superamerica as a caricature of Fifties' design, with its engine turned fins, bulbous nose and faux California lakes pipes vented sills. That aside, it's the precursor to Sergio Scaglietti's coming Testa Rossas and all the subsequent designs this intuitive master created. This car, with its re-created body and salvaged chassis, is a bit of a stretch, yet its history of construction by the original craftsmen authenticates its extravagant appearance. It was sold from Greg Garrison's collection by Gooding at Pebble Beach in 2007 for $1,320,000 and is no less valuable here five years later. Its close to 400 hp is nothing less than prodigious and it deserves to travel more than the 173km its odometer has recorded since 2007. Its value as determined by the Biltmore bidders is at the lower end of 410 Superamerica values, giving little effect to its importance in Ferrari coachwork history.Lot # 242 1963 Maserati 3500 GT Spider, Body by Vignale; S/N AM1011457; Black/Black leather; Black top; Estimate $300,000 - $375,000; Cosmetic restoration, 3+ condition; Hammered Sold at $270,000 plus commission of 10.00%; Final Price $297,000 -- Weber carbs, chrome spoke Borrani wire wheels, BFG Silvertown radial blackwall tires, Blaupunkt multi-band radio. Good older paint, chrome and interior. Clean, orderly engine. Chassis and underbody redone with black underseal over little prep. No Reserve. Sold by Worldwide at Hilton Head in 2008 for $211,200 and treated to some badly needed attention to some of its most egregious shortcomings, an effort which brought a better price. Maserati prices haven't kept pace with its counterparts from Ferrari and this is a sound innate value in performance, style and rarity even though the price is appropriate to the marque and model.Lot # 244 1954 Allard K3 Roadster; S/N K33261; Powder Blue/Red; Black cloth top; Estimate $85,000 - $125,000; Older restoration, 3+ condition; Post-block sale at $52,273 plus commission of 10.00%; Final Price $57,500 -- 331ci Cadillac V8, automatic transmission, louvered hood, flip-up fuel caps in left and right rear fenders, side exhaust, chrome wire wheels, narrow whitewall all season tires. An older restoration that looks to have been driven little. Neat car. No Reserve. Sydney Allard's creations may not possess the sophistication or beauty of other English sportscars, but ask anyone who's driven one and they'll likely tell you they don't care. The K3's envelope body possessed neither style nor the gruff aggression of the cycle fendered J2 and J2X. The good news is that the new owner isn't likely to come across another on the road any time soon, almost all parts are easy to come by and cheap, and an early build date will likely allow this K3 to participate in most rally and touring events. The automatic transmission probably hurt this K3's value but will make it a comfortable companion on tours. Lot # 246 1932 Auburn V-12 Speedster; S/N 1973E; Black, silver/Red; Estimate $325,000 - $400,000; Concours restoration, 2+ condition; Hammered Sold at $390,000 plus commission of 10.00%; Final Price $429,000 -- 391/160hp L-head V-12, three speed manual transmission, two-speed electric overdrive, chrome wires, wide whitewall tires, twin sidemount spare tires, dual spotlights, dual cowl lights, dual driving lights. Excellent paint, chrome, and interior. A barely-aged restoration. There's a lot to like about Auburn V-12 Speedsters. Built by American legend E. L. Cord, advanced for their time, and beautiful, they are included in any discussion of American cars of the classic age. This one had been a no-sale at Bonhams' 2011 Quail offering when the bidding stalled at a fair $400,000. It brought $10,000 less on the hammer here at a much reduced and more reasonable pre-sale estimate, pointing out once again that the first offer is frequently the best offer. It is a lot of car for the money.Lot # 248 1931 Marmon Sixteen Convertible Coupe; S/N 16144722; Grey/Teal leather, Grey cloth top; Estimate $475,000 - $650,000; Concours restoration, 1- condition; Not sold at Hammer bid of $450,000 -- Dual enclosed sidemounts with chrome bands, Blue wire wheels with full chrome wheel discs, golf bag door, rumble seat. Concours restoration. CCCA Premier # 2259. AACA 2000 National First Prize and Senior, Best in Class at Amelia in 2011. Chassis and engine show a little fluid leaking but nothing that can't be cleaned up easily to return the car to nearly concours condition. One owner 1931 until the 80's. Number 16 of 22 believed built. Sold by RM at Hershey in 2009 for $517,000 and offered here at a reasonably reduced estimate, but one the bidders couldn't bring themselves to reach. The Marmon Sixteen is a fabulous automobile both in its mechanical specification and in its clean, distinctive design by Walter Dorwin Teague, Jr. It might have been a good idea to take the money.Lot # 249 1952 Ferrari 342 America Coupe Speciale, Body by Pinin Farina; S/N 0246AL; Engine # 0246AL; Black/Light Green leather; Estimate $800,000 - $1,000,000; Cosmetic restoration, 3+ condition; Hammered Sold at $575,000 plus commission of 10.00%; Final Price $632,500 -- Chrome spoke outside laced wire wheels, 185R15 Michelin X tires. Displayed at the 1953 Geneva Motor Show and rallied in period in the Rallye Soleil-Cannes. Later modified by Pinin Farina with the present one-piece rear window. Sound older paint, chrome and interior (in a wonderful period color.) Chassis and underbody not done to the same standard and showing use and road dirt probably left over from its 2011 participation in the Colorado Grand. Offered by Bonhams at Gstaad in 2003 at a high bid of $350,458, then by Gooding at Palm Beach in 2006 at a high bid of $560,000 and at Scottsdale in 2008 with an even higher reported bid of $650,000, the estimate is going up faster than the market's appetite for this car with its disappointing condition. It will be a wonderful driver and would be more attractive with the three-piece wraparound window as it was displayed at Geneva. It is a great value at this price.Lot # 254 1962 Lotus 23B Sports Racer; S/N 23S80; BRGreen/Red; Estimate $175,000 - $225,000; Competition restoration, 2+ condition; Not sold at Hammer bid of $130,000 -- RHD. Lotus-Ford engine, Hewland Mark IV transaxle, yellow wobbly wheels, Avon race tires, grey driver's rollbar, two seats. Freshly restored and far better than new, at least in appearance. Sold by Gooding at Amelia Island in 2011 for $203,500 and still in nearly comparable condition, so it's not surprising the consignor didn't jump at the chance to eat $70,000.Lot # 256 1956 Aston Martin DB 2/4 Mk I Coupe; S/N LML/951; Engine # VB6J477; Peony Red/Black; Estimate $135,000 - $175,000; Cosmetic restoration, 3- condition; Hammered Sold at $135,000 plus commission of 10.00%; Final Price $148,500 -- Three liter, 140bhp DOHC straight six cylinder, four speed manual transmission, LHD, chrome wire wheels, wood rim steering wheel. Glossy paint, newer tires. fresh looking black overspray in wheelwells. Scuffed chrome on driver's side window surround, scratches in quarter window glass, bare metal visible around rear quarter windows, black sealant squirted in drip rails. Part of the collection of Gene Young in Pasadena, California for many years and recently mechanically gone through and recommissioned as needed. While DB4s, 5s and 6s have witnessed skyrocketing prices in recent years, DB 2/4s haven't had the same luck. Call it the James Bond effect. Whatever the case, no one seemed to tell the bidders of this DB 2/4, who bid this car to $135,000 before commission, according its California history and originality great value. This is concours money for a car that shined quite well, but only in places. There was more than enough visible on this car for a buyer to wonder what else lay beneath, and at this price there's no way to fix the issues without heading underwater in a manner much worse than Mr. Bond's Lotus Elite submarine car.Lot # 258 1991 Ferrari F40 Berlinetta; S/N ZFFMN34A7M0087345; Red/Red cloth; Estimate $650,000 - $750,000; Unrestored original, 2 condition; Hammered Sold at $710,000 plus commission of 10.00%; Final Price $781,000 -- Like new, aside from a lightly stretched driver's seat cushion covering. Assembly number taped over. U.S. spec version first owned by Lido Anthony Iacocca with 284 miles from new and freshly serviced. This is healthy money for an F40, even one so carefully preserved as this with a significant ownership history. The F40 is one of the first Ferraris built to be collected rather than driven, a technique that Ferrari has now turned into a business plan.Lot # 259 1955 Chevrolet Corvette Roadster; S/N VE55S001009; Gypsy Red/Beige; Beige cloth top; Estimate $150,000 - $250,000; Recent restoration, 2+ condition; Hammered Sold at $160,000 plus commission of 10.00%; Final Price $176,000 -- 265/195hp, Powerglide, WonderBar radio, wheel covers, wide whitewalls. The ninth '55 Corvette built. Restored two decades ago and still better than new with excellent cosmetics. Bloomington Gold and Special Collection, NCRS Top Flight and Triple Crown, Gold Spinner. Needs nothing. '55 Corvettes occupy a special place in Corvette history: the first with V-8 power and the last with roadster bodies. This one has stood up amazingly well and two decades after its restoration was completed is still show-ready. As such, it fully deserves the premium price it achieved here at the Biltmore.Lot # 260 1957 Maserati 3500 GT Berlinetta, Body by Touring; S/N AM101058; White/Burgundy leather; Estimate $170,000 - $200,000; Visually maintained, largely original, 3 condition; Hammered Sold at $150,000 plus commission of 10.00%; Final Price $165,000 -- Borrani alloy disc wheels, Denon modern stereo. 1958 Paris Show car, one of the first 3500 GTs built. Fair repaint, good major chrome but thin trim, sound interior. Clean unrestored chassis and underbody. Erratic panel fits. Usable and presentable but unimpressive although recently its early history has been extensively documented and a large file of documents comes with it. Provenance includes Alfredo Brener and Kasumoto Sasaki. No Reserve. This is a really interesting and attractive Maserati with an intriguing history. It won't win show trophies, but it will win the admiration of most onlookers, a wonderful opportunity at a modest price.
Rick:
Once again you have submitted a great report on the prevailing auction landscape and the beasts that roam within it. Thanks for doing that.
Many of us in the Porsche 356 world were blown away by the price of the Speedster as you reported. It will be interesting to see where their prices go if the Asian market (the people with all of our money) ever discovers that any Porsche collection of worth needs to have at least one 356 Speedster, even an example with only the ‘Normal’ engine. There are several great collections across that pond. Hmmm…
Thanks for the compliment, which should also be extended to Ed Lenahan. Even as a newbie to this arcane field Ed did a marvelous job of helping me cover all the Arizona auctions.
As to China, it’s a puzzle. Some prescient figures like Don Williams have been present in China since just after the doors started to crack open and I think they’ll lead the Chinese wealthy into the collecting world. If their view is influential it will be classics first. Classics are the safest sell to newcomers, and safety is still an important factor in Chinese investment. As an adviser you don’t want to raise your clients’ expectations early, and good early experiences are core to building a lasting car collecting culture.
It’s an evolving story that has intriguing implications but, as we’ve seen again and again, the tides of international collecting ebb and flow. Remember all those cars that got vacuumed up into Japan in the early 90’s? Many if not most have come back to the U.S. and Europe. Russia was sopping up cars like bread soaking up gravy a few years ago; that trade has slackened dramatically. And Greeks bought cars, too. No more.
Don’t put much faith in bubbles. It’s OK to take advantage of them, but be ready to cut and run at the first sign of unsustainable surface tension. At 1/3 of a million dollars the Speedster bubble is stretched very thin.
Rick – Once again many thanks for your auction coverage. I look forward to all of them and enjoy them very much. Great work!!
“The penultimate in 4-cylinder Healeys…” = the next to last, so my question is which one do you consider the best, or ultimate? I had a ’60 3000 I bought used and a ’62 ditto I bought new. Should have kept that one, of course..
Of the 59 Griffith 400’s built for the entire world has one ever been sold at an auction? It’s the only car that could beat Shelby AC Cobras! See the light blue one on 2011 Silverstone, Gentlemen Drivers, race on U-tube. Those 400’s were really race cars built for the streets. About 400 to 500 lbs. lighter than a Cobra and running the same 289 Cu. inch Ford Hi-Po engine. Also, it had unequal wishbone suspension all around with four shocks and springs in the rear.
Jack A. Griffith is up in age, however, he did built a car that Shelby AC Cobras hate to see on the track. Take a look at the 2013 Old Timer Grand Prix and you’ll see the McInerney Griffith 400 catch and pass the fastest of the Cobras. It’s on U-tube.
Hi, Charles.
There are two Griffiths in my auction data as follows:
s/n 6000006A, the 273 Plymouth-powered prototype with automatic transmission reported sold at RM Amelia in 2004 for $28,600, offered at the Kruse Auburn Fall auction later that year with a high bid reported of $32,500 and sold by RM at Boca Raton in February 2005 for $27,820.
s/n 2004000 with 289 Ford, dual quads and 4-speed which no-saled at the Rupp auction in Ft. Lauderdale in January 2008 with a reported high bid of $37,000, then at Mecum’s Monterey auction in 2009, cosmetically freshened and painted Re-sale Red, with a $60,000 reported high bid.
I haven’t seen or heard of one at auction since, which is unfortunate but not surprising since Griffith owners have a high opinion of the cars’ significance and value that is canceled by the Griffiths’ obscurity and the lamentable fact that the car is to all outward appearances a re-engined TVR.
Rick: Sources from England including the London Financial Times had an article to hold on to your Griffith if you owned one because they were highly sought after, especially the Series 400. One British car authority stated that an original Griftith 400 could be worth 200,000 pounds and that’s a lot of American dollars.
So, why the price difference in the US? I believe my wife and I saw that Griffith 600 at Amelia Island in 2011. It had a heavy steel body with the Chrysler 273 cubic inch engine and was a poor handeling car. In Europe we haven’t seen that many Griffith 200’s in races. Jack Griffith announced in 1962/3 that with the Hi-po 289 a Griffith 200, and they made about 200 of them, could do 0 to 60 in 3.8 seconds! And that started the Griffith craze in the US.
Did you have the opportunity to see the videos I recommended re. the McInerney Griffith 400 against some of the fastest Shelby AC Cobras in the continent. Maybe more Americans should view those videos. Those who do are astonished that an obscure mark of an automobile could beat Cobras, Corvettes, Porsche 904, 911’s, lightweight Jaguars as well as regular E Jaguars, Aston Martins, Ferrari’s, and swift Lotus Elans. Of course this is in the historical racing events for cars of the sixties (2011 Silverstone, Gentlemen Drivers, race and 2013 Old Timers Grand Prix; U-tube).
Where are the 59 Griffith 400’s? One writer states that the sheiks have most of them in their collection. For after the London Financial Times wrote about the future value of the Griffith 400’s it seem, and as you stated, that one cannot find an original Griffith 400.
My best,
Charles
Charles,
There’s a difference between hype and reality.
The Financial Times, reputable resource though it may be for financial news, has bupkus credibility in the collector car market. “One writer states that the sheiks have most of them” is hardly credible.
Let’s be clear. Griffiths are fast. They’re rare. They’re also obscure.
They’re re-engined TVRs. “[P]rice difference in the US?” They are US cars, built for the US market. If American collectors and vintage racers don’t appreciate them, who does?
Are you trying to create a legend for Griffiths with your persistence?
Good luck.
It isn’t going to happen.
Does a Griffith represent good performance value compared with a 289 Cobra? Yes, but it isn’t ever, in my opinion, going to close the gap in value. Like Italias (which are actually pleasing to look at), Panteras and Isos, they’re blips on the graph of automotive history.
Thanks for your observations.
Rick