RM Sotheby’s Pinnacle Portfolio Collection – Auction Report

RM Sotheby’s Pinnacle Portfolio, Monterey, California, Thursday, August 13, 2015

RM Sotheby’s expanded its Monterey time horizon, as it does occasional when there’s an added consignment of note and cohesion.

This year it was the Pinnacle Portfolio, a Florida-based 25-car collection composed largely of relatively recent high end limited production cars, even though the bulk of the value was in a few Sixties-era Ferraris.

To say that RM Sotheby’s put on the dog with the Pinnacle Portfolio would understate, by perhaps an order of magnitude, the effort that went into the production, presentation and catalog. And it was not wasted effort.

The catalog was imaginative, creative and visually stunning. Its ‘color-on-gray-and-white’ visual theme was replicated in the pre-sale preview, which was staged in the auction room at the Convention Center, entailing a major effort to break down the display and set up the auction on Wednesday night and during the day on Thursday. The effect was, as with other RM (pre-Sotheby’s) Monterey single owner sales, to create a focused event.

It is reported here separately, not only on account of its structure but also to reflect some of the idiosyncrasies of the Pinnacle Portfolio itself.

Let’s do the overall numbers first:

RM Pinnacle Portfolio
Cars Offered / Sold
Sale %
Sold < Low Est.
Sold > High Est.
Avg. Sale
Median Sale
Total Sales
2015
25 / 23
92.0%
43.5%
21.7%
$3,269,240
$1,980,000 [60.6%]
$75,192,522

That is one impressive result from a single owner sale, with fifteen of 23 lots (65.2%) sold in hammer bids of $1,000,000 or more. The two lots that were unsold (Alloy Gullwing s/n 1989805500728 and the beautiful 250 SWB Competitizione Berlinetta s/n1773GT) would have added almost $18 million to the sale total even at their unacceptable high bids.

Even more interesting, eleven of the 23 sold lots had been bought at recent auctions, giving some insight into the performance of the high-value subset represented by the Pinnacle Portfolio.

That record is subject to a bit of qualification as two of the lots had been bought in the early 2000’s, the Enzo at Maranello in 2005 and the McLaren F1 LM at London in 2003. The rest of the Pinnacle Portfolio with prior auction results dated from a spree in 2011 plus one each in 2012, 2013 and 2014.

On these eleven lots the spread between the price (with commission) at acquisition and the hammer price in 2015 totaled $24,946,179 [the odd amount resulting from the 10% buyer’s premium calculation on the 250 GT LWB Cal Spider (s/n 1307GT) which actually closed post-block at an all-in price of $8,500,000.]

The earlier transactions had a total value (including BP) of $15,287,734 [an odd amount resulting from some being in UK£ and € converted at the then-prevailing exchange rates], a gain of $24,946,179 or 163.2%. Even chopping the full 10% seller’s fee out of the $75 million total leaves the seller with a home run gain of just under $18 million on a $15 1/4 million investment with a holding period of slightly over four years.

Of this, however, the bulk of the gains came in just three lots, two of them last sold at auction a decade or more ago:

• The McLaren F1 LM last sold in 2003 with a gain of $11,235,737 (888.7% more than the purchase price);
• The Ferrari Enzo last sold in 2005 with a gain of $4,217,013 (328.7%); and
• The Ferrari 250 GT LWB Cal Spider sold in 2011 with a gain of $4,155,929 (116.37%) [a spread that assumes the seller took the 10% fee on the post-block transaction, an unlikely event.]

The Pinnacle Portfolio’s auction is primarily a window into collectors’ appetite for late model limited production high performance cars, which is substantial, not only in RM Sotheby’s Pinnacle Portfolio collection but also elsewhere in the Monterey auctions.

Why? Good question, but possibly because kids in the Nineties and 00’s had pictures of F50s, Reventons, Veyrons and Saleen S7s on the walls of their dorm rooms. Now that they’re reaping the rewards of the Internet economy they’re able to realize their fantasies.

It would be telling to know how many went just up the road to Silicon Valley, but only RM Sotheby’s knows the answer to that question.

RM Sotheby’s Pinnacle Portfolio Collection – Auction Report

1993 Jaguar XJ220 Coupe
Lot # 101 1993 Jaguar XJ220 Coupe; S/N SAJJEAEX8AX220707; Silver/Grey Leather; Estimate $275,000 – $375,000; Unrestored original, 2 condition; Hammered Sold at $420,000 plus commission of 10.00%; Final Price $462,000. No Reserve. Factory-installed brake booster. – One of 37 XJ220s that Jaguar couldn’t sell, despite having taking deposits for the full production run of 281 and retained for some five years. Show & Display imported to the US in 2000, then California smogged in 2009. Fuel cells replaced the same year. Essentially brand new, with 2,818km at the time of cataloging. – Sold by RM here in 2011 for $231,000, this is the first car from the Pinnacle Portfolio 25-car single owner session on Thursday, offered without reserve. The result is extraordinary for a car that was so despised by collectors when it was introduced with twin turbo V-6 power instead of the expected V-12 that deposits were forfeited almost faster than Jaguar could keep up. A well-timed offering that set the tone for the rest of the Pinnacle Portfolio cars.
1988 Porsche 959 Komfort Coupe
Lot # 102 1988 Porsche 959 Komfort Coupe; S/N WP0ZZZ95ZJS900154; Engine # 65H00150; Silver/Grey, Burgundy leather; Estimate $1,000,000 – $1,300,000; Unrestored original, 2 condition; Hammered Sold at $1,100,000 plus commission of 10.00%; Final Price $1,210,000. With Reserve. Blaupunkt Bremen cassette stereo. – Carefully maintained all original 959 showing 21,135km and two owners from new – Porsche 959s were ubiquitous at the Monterey auctions this year with examples here, at Bonhams and at Gooding. This was the first to cross the block and was the least expensive of the trio. The seller, Pinnacle Portfolio, couldn’t have been very disappointed, however, since it was bought at RM’s Arizona auction eighteen months ago for $759,000.
2005 Ferrari Enzo Coupe
Lot # 103 2005 Ferrari Enzo Coupe; S/N ZFFCZ56B000141920; Engine # 91280; Rosso Scuderia/Tan leather; Estimate $4,000,000 – $6,000,000; Unrestored original, 2 condition; Hammered Sold at $5,500,000 plus commission of 10.00%; Final Price $6,050,000. With Reserve. Assembly #59050. Carbon fiber spoiler, Daytona seats – Federalized by J.K. Technologies to 2004 US EPA regulations. Spotless and brand new showing 179km on its odometer. The last Enzo built, given to Pope John Paul II by Ferrari, then sold with the proceeds to benefit the victims of the SE Asia tsunami. Serviced last December. – Two bidders, one in the room, one on the phone, from $ 3.7 million, in an extraordinary display of determination. Sold at Sotheby’s disappointing Maranello auction in 2005 for a similarly extraordinary price, Euros 1,055,000, $1,282,987 then and $1,172,105 at the current exchange rate. At least when it was sold for Caritas Charities the buyer could hope for indulgences, but they have been used up. It is a unique Enzo, with an even more unique history. Now its $6 million price makes it even more unique. In terms of ‘the market’ this transaction is irrelevant.
1967 Toyota 2000GT Coupe
Lot # 104 1967 Toyota 2000GT Coupe; S/N MF1010083; Engine # 3M10109; Dark Red/Black vinyl; Estimate $1,000,000 – $1,300,000; Visually maintained, largely original, 3 condition; Hammered Sold at $750,000 plus commission of 10.00%; Final Price $825,000. With Reserve. Pushbutton radio, power antenna, dark grey alloy centerlock wheels, Vredestein tires, fender mirrors. – The first production lefthand drive 2000GT, first US-delivery 2000GT. Good older repaint and original interior. Some masking flaws and aged, stiff rubber seals. Old undercoat in the wheelwells, a tired and used but reasonably well preserved car. – For sale at $675k. After RM’s score with the 2000GT at the Don Davis auction two years ago that instantly turned 2000GTs from half million dollar cars into million dollar cars they have come out of the woodwork to sop up the apparent demand. There were three in the Monterey auctions, all good, sound examples but none of them crossed into 7-figure territory. The market for 150hp ‘supercars’ built in Japan is nothing if not thin and the 2000GTs’ price performance in Monterey indicates it’s close to saturated.
1971 Lamborghini Miura P400 SV Coupe, Body by Bertone
Lot # 105 1971 Lamborghini Miura P400 SV Coupe, Body by Bertone; S/N 4906; Engine # 30651; Red, Gold sills/Tan leather; Estimate $2,200,000 – $2,600,000; Recent restoration, 2+ condition; Hammered Sold at $2,250,000 plus commission of 10.00%; Final Price $2,475,000. With Reserve. Gold alloy wheels, P/W, Pirelli Cinturato tires. – Production # 650. Excellent paint and interior. Chassis and underbody like new. A gorgeous, fresh, sharp car, except for the scratched side window glass. Better than new but not over the top. 2001 and 2007 Concorso Italiano class winner. – The odometer shows only 31 km more today than when it was sold at Gooding and Company’s Scottsdale auction in 2012 for $1,100,000. The car’s condition is as good today as it was then and the doubling of its price is representative of the value performance of Miuras in general, and SVs in particular, in the past three years.
1995 Ferrari F50 Coupe
Lot # 106 1995 Ferrari F50 Coupe; S/N ZFFTG46AXS0104063; Rosso Corsa/Black, Red cloth and leather; Estimate $1,600,000 – $2,000,000; Unrestored original, 2 condition; Hammered Sold at $1,800,000 plus commission of 10.00%; Final Price $1,980,000. With Reserve. Assembly # 21127. Hardtop, soft top, factory cases, driving shoes (size unspecified), roll bars, tool kit, manuals and photos of the build process. – Crazed fastener holes in the clear engine cover, otherwise like new and meticulously detailed showing 5,758 miles from new and recently serviced including a 2013 replacement of the fuel tank bladder. – When the speedometer goes up to 220mph the graduations get so small it’s nearly impossible to tell the difference between 65mph and 75mph; the speedo needle is 3mph wide. But Ferrari F50s aren’t meant to be driven on driver-challenged American roads. This is a healthy but not unreasonable price for an F50 with this many miles but also in impeccable and recently maintained condition.

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  1. The Pinnacle Portfolio collection owner was not the buyer of the McLaren F1 at auction in 2003, nor was he the buyer of the Ferrari Enzo at auction in 2005. The article seems to imply that, or at least it implies that those were the last sales of these specific cars, which is not the case.

    Both of these cars were obtained by the same person at those previous public sale events. He is a different Florida collector who would keep the two together until 2011 when they were sold in a package deal to the collector who consigned all these cars to RM.

    Additionally, it is confusing and inaccurate to refer to that McLaren F1 as an “F1 LM”. It is an F1 road car, chassis #073, with upgrades by the factory that occurred in the two years after it was first completed for its original owner. The LMs that were produced by McLaren are quite distinctive and there are still many elements on this car that do not match those featured on the F1 LM.

    -Erik