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:
[table id=137 /]
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.
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.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.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.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.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.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.
RM Sotheby’s Pinnacle Portfolio Collection – Auction Report Page Two
Lot # 107 1998 McLaren F1 LM Coupe; S/N SA9AB5AC4W1048073; Kandy Orange/Magnolia leather, Alcantara; Estimate -; Unrestored original, 2+ condition; Hammered Sold at $12,500,000 plus commission of 10.00%; Final Price $13,750,000. With Reserve. 691hp LM engine installed after delivery. High downforce package, upgraded radiators and exhaust, O.Z. wheels, custom color and interior, uprated A/C, Phillips satellite nav system, in-car communication system, gas discharge headlights, Facom tools, luggage, manuals, new tires. Signed by Gordon Murray. – Like new and continuously maintained by McLaren at the factory and with subsequent owners. – Bidding opened at $9 million, a startling result for a car sold by Christie’s in London in 2003 for GBP 731,250, $1,246,263 at the time and $1,142,578 today. McLaren has carefully curated the F1 market, of which this in one of two road-equipped LM-spec models, but even Ron Dennis couldn’t have predicted the cumulative effect. This is a mind-bending price.Lot # 108 1956 Porsche 356A Speedster, Body by Reutter; S/N 82298; Engine # 61765; Ivory/Red leather; Black cloth top; Estimate $270,000 – $320,000; Older restoration, 2+ condition; Hammered Sold at $300,000 plus commission of 10.00%; Final Price $330,000. No Reserve. Body color steel wheels, blackwall tires, coupe seats, headlight stoneguards, bumper overriders, tool roll, Porsche Certificate of Authenticity. – Original engine. Way better than new. Nearly impossibly tight body gaps. Restored in 2005 and reportedly driven subsequently, this Porsche shows absolutely no evidence of having been used. – Only 24 more miles are on the 99,750 mile odometer of this Speedster since it sold at Gooding’s Amelia Island auction in 2011 for $180,000 and none of them are apparent on the car, which is still better than new. A blue-chip collectible car, but an expensive one.Lot # 109 1955 Mercedes-Benz 300SL Gullwing Alloy; S/N 1980435500786; Engine # 1989805500728; Silver/Red leather; Estimate $5,500,000 – $6,500,000; Older restoration, 1 condition; Not sold at Hammer bid of $4,500,000. With Reserve. Rudge centerlock wheels with polished rims and painted centers, Michelin XWX tires, fitted luggage, hinged steering wheel, multiband radio. – Excellent paint, chrome and interior. Underbody is like new with neat, tidy undercoat. – Opened at $3 million but didn’t close even at the reported high bid. It’s been a regular, selling post-block at RM’s Amelia Island auction in 2003 for $750,000, then crossing the block here in 2004 at a reported high bid of $770,000 and at RM London in 2012 with a reported high bid of $3,866,640. It could have found a new home at the high bid here, and now will wander through the market searching for an elusive better offer.Lot # 110 1995 Porsche 911 Carrera RS Coupe; S/N WP0ZZZ99ZTS390503; Guards Red/Black leather; Estimate $350,000 – $450,000; Unrestored original, 2- condition; Hammered Sold at $500,000 plus commission of 10.00%; Final Price $550,000. No Reserve. Braced rollbar, Alpine cassette stereo, power windows, air conditioning, Club Sport wing and splitter, manuals, Porsche CofA. – Clean, orderly, lightly used grey market car. Good repaint and little evidence of wear or use despite having 42,013 miles from new. California smog tested. – A rare, high performance, naturally aspirated homologation special built in limited quantity but apart from the Club Sport gewgaws an otherwise ordinary-looking 993. Its extraordinary price here is indicative of the current interest in 911s, but even taking that into account this is a rich result.Lot # 111 2006 Bugatti Veyron 16.4 Coupe; S/N VF9SA15B36M795001; Black, Red/Beige leather; Estimate $1,800,000 – $2,400,000; Unrestored original, 2+ condition; Hammered Sold at $1,650,000 plus commission of 10.00%; Final Price $1,815,000. With Reserve. 7993cc W-16, 1,001hp, four turbochargers, 7-speed dual clutch sequential gearbox. The first production Bugatti Veyron. – 764 miles from new, freshly serviced, new tires, two-year warranty and free service from Bugatti. – A milestone automobile that will occupy a proud place in any collection, even at this magnanimous price.Lot # 112 2012 Bugatti Veyron Super Sport Coupe; S/N VF9SG2C27DM795300; White/Black leather; Estimate $2,500,000 – $3,000,000; Unrestored original, 2+ condition; Hammered Sold at $2,100,000 plus commission of 10.00%; Final Price $2,310,000. With Reserve. 7993cc 4 turbocharger 1,200hp W-12, 7-speed sequential gearbox. The last Veyron built. – One of 48 Veyron Super Sports, and eight U.S.-delivered. 308 miles and a single owner from new. Fun fact: the tires are good for only 15 miles at the Veyron Super Sport’s 258mph top speed, which is OK because the 26.4 gallon fuel cell will run dry in only 10 minutes. Comes with a two-year warranty and free service from Bugatti. – This Veyron is likely doomed to being displayed in some motoring mausoleum where its performance is irrelevant. It is an object, not an automobile, bought for bragging rights.
RM Sotheby’s Pinnacle Portfolio Collection – Auction Report Page Three
Lot # 113 1964 Ferrari 250 LM Coupe, Body by Scaglietti; S/N 6105; Engine # 6105; Red/Blue leather, Light, Blue cloth; Estimate $15,000,000 -; Competition car, original as-raced, 3+ condition; Hammered Sold at $16,000,000 plus commission of 10.00%; Final Price $17,600,000. With Reserve. Silver painted wire wheels, Dunlop Racing blackwalls, fire system, dual fuel fillers, covered Marchal headlights, sliding Plexiglas side windows with round air vents, comes with a spare 128F engine, spare crankshaft and set of wheels and tires. – Good older repaint with minor stars and edge chips. Scuffed side windows but good windshield with beginning edge delamination. Sound but aged and faded original upholstery. An honest old race car. Ambitiously and frequently raced by Ron Fry in England when new, then by subsequent owners David Skailes and Jack Maurice. Restored in the mid-80’s for Richard Colton with an original style nose replacing the Drogo nose fitted by Skailes. Later in the Hayashi and Matsuda collections in Japan. Ferrari Classiche certified. One of the best, least used, LMs. – The star of the Pinnacle Portfolio and the most expensive automobile sold in this year’s Monterey auctions, a deserved distinction and an appropriate price.Lot # 114 2005 Mercedes-Benz SLR McLaren Coupe; S/N WDDAJ76F05M000530; Crystal Laurite Silver/Red leather; Estimate $300,000 – $400,000; Unrestored original, 2 condition; Hammered Sold at $450,000 plus commission of 10.00%; Final Price $495,000. No Reserve. – First owned by Petersen Publishing owner Robert Petersen, now with its second owner and only 134 miles from new. – Sold by Gooding & Company at Amelia in 2013 for $225,500 with 123 miles and now sold for its new cost of $455,000. Depreciation has ended and appreciation has begun even if appreciation will probably subordinate experiencing its triple digit performance in favor of preservation of the triple digit odometer.Lot # 115 2008 Lamborghini Murcielago Reventon Coupe; S/N ZHWBU77S08LA03269; Matte Dark Grey/Black leather, Olive Green Alcantara; Estimate $1,400,000 – $1,800,000; Unrestored original, 2 condition; Hammered Sold at $1,250,000 plus commission of 10.00%; Final Price $1,375,000. With Reserve. 6496cc/640hp, 6-speed sequential gearbox, Kenwood stereo, manuals. – An automobile with a deliberately stealthy attitude, one of 20 built, with two owners and 866 miles from new. – ‘Menacing’ barely comes close to describing the visual effect of this Reventon, the ideal and idol of every kid on the street who wraps their Civic or WRX in matte vinyl over wedgy fiberglass doo-dahs. At a Saturday night cruise-in it is the equivalent of taking a Glock to a knife fight. Up the road in Silicon Valley is where it belongs, shaming the ubiquitous Teslas.Lot # 116 1994 Ferrari F40 LM Competition Berlinetta; S/N ZFFGX34X000097904; Engine # 019; Red/Red cloth; Estimate $2,000,000 – $2,500,000; Competition car, original as-raced, 2 condition; Hammered Sold at $3,000,000 plus commission of 10.00%; Final Price $3,300,000. With Reserve. 2936/720hp, twin turbochargers, fuel injection, O.Z. 5-spoke wheels, sliding Lexan side windows, real wing and splitter, pushrod suspension – The last F40 LM built by Michelotto in the original production run for Ferrari. No visible seat wear. Very good paint. Shows a little age but is nearly spotless. Never raced. July 2013 timing belt service. A remarkably well-preserved and original automobile. – Capable of blistering performance the lack of use of this F40 LM is almost tragic, especially as at this price it seems destined to be ‘preserved’ and remain on display rather than showing its stuff at track days. F40 LM values have taken off in the last few years and this over-top-estimate result continues the trajectory into new territory.Lot # 117 2005 Maserati MC12 Coupe; S/N ZAMDF44B000016975; Engine # 000066; Pearl White, Blue/Dark Blue leather; Estimate $1,500,000 – $1,900,000; Unrestored original, 2 condition; Hammered Sold at $1,900,000 plus commission of 10.00%; Final Price $2,090,000. With Reserve. Assembly #017560. – Delivered new to Benny Caiola and essentially unused, with only 757km and two owners from new. One of 50 MC12s built, based on the Ferrari Enzo. – Offered by Gooding & Company at Scottsdale in 2011 from Caiola’s collection and later acquired privately by the present owner. The main difference between an Enzo and an MC12, aside from the nameplate, is the MC12’s extended nose. Love it or hate it, there is no in-between. This is all the money, even for this barely used and consistently maintained MC12 and the most expensive of the three that were offered at the Monterey auctions.Lot # 118 1959 Ferrari 250 GT LWB California Spider (open headlight), Body by Scaglietti; S/N 1307GT; Engine # 1307GT; Dark Blue, Silver hardtop/Black leather; Black cloth top; Estimate $9,000,000 – $11,000,000; Older restoration, 2- condition; Post-block sale at $7,727,273 plus commission of 10.00%; Final Price $8,500,000. With Reserve. Cold air box, chrome spoke Borranis, Blaupunkt multiband radio, electric fan, Marchal fog lights in grille, mesh-backed front fender vents, ignition switch moved to driveshaft tunnel-mounted box, modified BMW 507 hardtop long associated with this chassis. Ferrari Classiche certified. – Thankfully not yet modified to covered headlights. Represented to have its original engine. Restored in 2001, repainted in 2005 and 2013 in the original color and still has excellent paint, chrome and interior. It isn’t as fresh underhood as the paint, but still very nice. Better than a “driver” but not a concours queen, either. – Bid to $8 million on the block and reported sold post-block for $8,500,000 all-in. It has a long auction history but this is far and away its most exceptional result. It crossed RM’s auction block in New York in 2002 and at Amelia in 2003 and 2009, each time without selling, then sold at Villa d’Este in 2011 for Euros 2,520,000, $3,571,344 at the time and $2,799,720 at today’s exchange rate. It seemed unduly optimistic when it left the block trailing an unaccepted $8 million bid, but didn’t take long for RM to put this deal together; the seller should be very grateful to RM for its presentation of the car and for the effort it made to close the transaction, which is ample for the car’s configuration, history and presentation.
RM Sotheby’s Pinnacle Portfolio Collection – Auction Report Page Four
Lot # 120 1972 Ferrari 365 GTB/4 Daytona Spider, Body by Scaglietti; S/N 16223; Engine # B2136; Red/Black leather; Black cloth top; Estimate $3,000,000 – $3,500,000; Cosmetic restoration, 2- condition; Hammered Sold at $2,500,000 plus commission of 10.00%; Final Price $2,750,000. With Reserve. Chrome spoke Borrani RW 4075 wire wheels, Michelin XWX blackwall tires, Veglia A/C, Becker Mexico cassette stereo, painted nose panel, headrest seats. – Very good paint and chrome, good lightly creased and stretched upholstery. Underbody slathered with sealer. Multiple award winner for several owners. An unusually well-used but also well-maintained Daytona Spider – Sold by Gooding & Company at Pebble Beach in 2006 for $748,000, then again in 2011 for $1,025,000 in a post-block transaction, the result here is realistic for a factory Daytona Spider in its condition with no adverse history, even if it is double and then some the price it brought just four years ago.Lot # 121 1967 Ferrari 275 GTB/4 Coupe, Body by Scaglietti; S/N 10051; Engine # 10051; Dark Blue/Blue leather; Estimate $3,500,000 – $4,000,000; Recent restoration, 2+ condition; Hammered Sold at $3,000,000 plus commission of 10.00%; Final Price $3,300,000. With Reserve. Chrome spoke Borrani RW 1039 wire wheels, Michelin XWX blackwall tires, Carello headlights. – Excellent paint, chrome and interior. Restored like new. Ferrari Classiche certified. – Offered by Gooding & Company at Pebble Beach in 2010 in Fly Yellow before returning the present Blue Sera, a hue close to the original Bleu Ferrari, with a high bid of $850,000 and sold a year later by RM at Monterey for $1,485,000. Today’s odometer reading of 34,387 miles is 85 and 37 miles respectively more than it had in 2010 and 2011. An impeccable 4-cam in unusual colors that brought a realistic price.Lot # 122 2008 Koenigsegg CCXR Targa; S/N YT9XD33B28A007041; Black/Black; Estimate $900,000 – $1,300,000; Not evaluated, condition; Hammered Sold at $750,000 plus commission of 10.00%; Final Price $825,000. With Reserve. – Driven onto block by Christian von Koenigsegg, A multi-fuel vehicle with 806hp on gasoline and 1,018hp on E-85 ethanol blend. 441 miles from new. –Lot # 123 1974 Ferrari 246 GTS Dino Spider; S/N 07794; Engine # 11856; Silver/Red leather, Black bars; Estimate $350,000 – $400,000; Visually maintained, largely original, 2- condition; Hammered Sold at $335,000 plus commission of 10.00%; Final Price $368,500. No Reserve. Matte black roof panel, Borletti A/C, Cromodora alloy wheels, Michelin XWX tires, Becker Europa AM-FM, power windows. – A very good mostly original car with a quality repaint. Clean, orderly underbody and engine compartment. A later E-series Dino with Daytona-style seats in sound but unremarkable condition. – A while ago this Dino GTS, amidst the promotion, presentation and positioning of the Pinnacle Portfolio collection, would not have been at all a surprise to bring over half a million dollars, but the Dino market has, finally, cooled and this below low estimate result is appropriate for its history and presentation. The new owner can expect more depreciation before the curve turns upward again.Lot # 124 1985 Ferrari 288 GTO Coupe; S/N ZFFPA16B000055181; Red/Black leather; Estimate $2,400,000 – $2,800,000; Unrestored original, 2 condition; Hammered Sold at $2,200,000 plus commission of 10.00%; Final Price $2,420,000. With Reserve. Air conditioning, power windows, Speedline 5-spoke modular wheels, Audioline cassette stereo, BFG g-Force tires. – Very good paint and interior. Impeccable engine and underbody. Fresh timing belt service. – Interest in Dinos may be curtailed, but interest in 288 GTOs is strong and this is what it takes to own one these days. There were two at the Monterey auctions, sold on bids only $50,000 apart, the rounding error of a single bid increment.Lot # 125 1960 Ferrari 250 GT SWB Competizione Coupe Alloy, Body by Scaglietti; S/N 1773GT; Engine # 1773GT; Yellow/Green leather; Estimate -; Competition restoration, 2 condition; Not sold at Hammer bid of $13,250,000. With Reserve. Chrome braced rollbar, chrome spoke Borrani wire wheels, Michelin X tires, Marchal headlights and fog lights. – First owned by George Arents, driven by Arents and Bill Kimberly at Sebring, finishing 7th overall and 5th in class. Then sold to Bob Grossman. First overall at the SCCA Nationals at Bridgehampton and 2nd (to Stirling Moss in another SWB) at Nassau’s Tourist Trophy and winner of the GT class in the Nassau Trophy, then SCCA raced through 1961 by Bob Hathaway. New front end body panels in the early 90’s, then restored in 1994 by DK Engineering. Freshly restored by Motion Products reportedly at a cost of nearly $700,000. It shows in the excellent paint, brightwork and interior and an engine compartment that is better than new but not overdone. Aluminum bumpers are bright but lightly burnished. Vinyl number roundels. Represented as the original engine, chassis, body (except for the nose), gearbox and diff. – Sold by Brooks at Gstaad in 1999 after its first restoration for $1,118,901, a transaction that is all but irrelevant by now and after 1773GT’s most recent and meticulous restoration. The U.S. race history might not have the same cachet as one from the Continent peppered with circuits like Le Mans, Spa and Nürburgring, but it still adds credibility and a touch of star power. It is, even conservatively, worth more than the reported high bid.
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