Hagerty Insider Issue 7

EXPERT NEWS & ANALYSIS FROM THE COLLECTOR CAR AUTHORITY
ISSUE 7 | FEBRUARY–MARCH 2020
JANUARY
AUCTIONS
50+ CARS RATED & EVALUATED

FEBRUARY/MARCH 2020 CONTENTS
4 | EDITOR’S LETTER
AUCTIONS MATTER | BY BRIAN RABOLD
12 | THE DATA SET
THE CORVETTE’S JANUARY REIGN CONTINUES
14 | THE WILEY REPORT
JANUARY’S BIG HITS AND MAJOR MISSES, ANALYZED | BY JOHN WILEY
24 | SALES THAT TEACH
BY COLIN COMER, DAVE KINNEY, AND ROB SASS
COVER: MATT TIERNEY; THIS PAGE: CAMERON NEVEU
38 | VIEW FROM ABROAD
THE MIDDLE EASTERN CAR SCENE IS MORE THAN HYPERBOLE
BY MOHAMMED LUQMAN ALI KHAN
45 | CALENDAR
CAN’T-MISS CLASSIC CAR EVENTS | BY MATTHEW DE PAULA
53 | AUCTION REPORTS
IN-DEPTH EVALUATIONS OF MORE THAN 50 SALES
106 | THE BACK ROOM
RUMORS AND GOSSIP
2

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EDITOR’S LETTER
BY BRIAN RABOLD
W
hy do we care so much about auctions? On the
face of it, that’s an absurd question. We saw, in
January alone, more than 8500 enthusiast cars,
trucks, SUVs, and motorcycles appear at auctions
in Arizona, Florida, and Las Vegas. Thousands
attended these auctions and millions more watched them on TV. They’re a
big deal. Yet these types of sales are just a tiny fraction of the overall market—less
than five percent based on surveys Hagerty has conducted over
the years. So, again, the question: Why do we care so much about them?
There seem to be two schools of thought when it comes to enthusiast car
auctions. For some, they are the perfect expression of a car’s value, testing
what a specific car, promoted to a specific audience, and available in a specific
location, is worth. Or, as is oft stated in internet forums, they are little
more than ego battles between two people with fierce competitive streaks
and too much money. This latter camp occasionally expresses to me directly
that the values reported in Hagerty Price Guide are completely unreliable if
we even dare to consider auction sales during our update process.
4

EDITOR’S LETTER
Auctions are a unique part of the market, and it is true that some
venues have evolved into broadcast theater where cameras, cocktails, and
cars inspire certain gearheads to grab three minutes of fame through
a bidder’s number. Alongside these record-breaking sales, there are
bargains and “market-correct” sales as well.
Of course, save for the cameras and the cocktails, the same can be said
about cars that sell privately. Has a friend ever told you about the great
deal they got on a convertible they found on Craigslist? Have you ever sold
a car for more than you were willing to accept, surprised the buyer didn’t
haggle harder?
Regardless of any opinion about whether someone paid too much or too
little for a car at auction, these sales don’t exist outside the market—they
are part of it. Approximately 30,000 collector vehicles cross the block at
traditional auctions in the United States alone each year, with easily twice
that many transacting through online auction platforms. Even at just 5
percent of the estimated volume, this is still a sizable segment.
More important, public auctions exert influence beyond what their
proportions might suggest. They are the only sales channel that is visible
to all who care to put in the work. And because they are visible to all, they
provide an important reference point for buyers and sellers alike to draw
from when setting their expectations, for better or worse. They are, in this
sense, the great equalizer for our market.
Yes, that means Barrett-Jackson selling a Jeep Grand Wagoneer for
$110,000 will put stars in your neighbor’s eyes as he starts fantasizing
about how much his own dilapidated Jeep is now worth. But it also means
buyers can see how different the condition of the two Jeeps is and point to
dozens of other public sales that have happened at lower prices. Discounting
auction sales as irrelevant creates an asymmetry of information—a
reliance upon hearsay, speculation, and opinion of what is selling.
Auctions are only one of many sources Hagerty consults when determining
a car’s value, but they certainly matter. So, take the sales we report
in this issue with a grain of salt, but dismiss them at your own expense.
Is there a market-related subject you’d like to hear more about?
Drop me a line at brabold@hagerty.com.
5

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THE HAGERTY VALUATION TEAM
THE MOST EXPERIENCED AND KNOWLEDGEABLE EXPERTS
IN THE COLLECTOR CAR BUSINESS.
GLENN ARLT
Historian
Traverse City, MI
Glenn’s passion for cars
inspired him to leave a
career at a research lab
to join Hagerty more than
20 years ago. He provides
historical expertise to
the Valuation Team and
manages the “Ask Hagerty”
Concierge Service.
ROB BENNETT
Vehicle Data Specialist
Traverse City, MI
Rob grew up in a sports
car household and is both
a Mustang enthusiast and
a photographer. After
graduating from Central
Michigan University, he
joined Hagerty in 2001 and
was a trainer in the sales
department for 8 years.
RICK CAREY
Auction Analyst
Thompson, CT
Rick was one of the first people
to report on the collector car
market in detail almost 30
years ago and has unparalleled
market knowledge. Primarily
focused on auctions, he created
and maintains one of the
largest databases of auction
transactions at rickcarey.com.
COLIN COMER
Marketplace Expert
Milwaukee, WI
Colin is a sought-after expert
for top collectors worldwide,
a panelist at our Valuation
seminars, and an advisor for
the Hagerty Price Guide. He
is also the author of several
books on the muscle car era
and Shelby-American and a
noted car collector himself.
JAMES HEWITT
Information Analyst
Boulder, CO
James is a classic motorcycle
collector who has owned
over 100 vintage bikes from
the 1960s and ‘70s. He has
an industrial engineering
degree from the University
of Michigan and previous
experience in software
startups and the tech industry.
REGGIE HORNING
Information Analyst
Traverse City, MI
Reggie has been buying and
selling fun cars since before
he could legally drive. His
automotive passion mostly
spans performance cars of
the ’50s, ’60s, and ’70s; but
honestly, if it has wheels, a
motor, and the price is right,
you have his attention.
GREG INGOLD
Assistant Editor,
Hagerty Price Guide
Traverse City, MI
Greg grew up tinkering
on old cars and trucks
and developed a
particular obsession with
Pontiacs. A longtime
Hagerty employee, he
currently owns a 1969
Pontiac Grand Prix.
DAVE KINNEY
Publisher, Hagerty Price Guide
Great Falls, VA
Dave is a renowned market
expert who has written
regular columns for a host
of magazines. He judges at
events and attends dozens of
auctions each year. Dave is an
automotive appraiser and a
senior member of The American
Society of Appraisers.
7
JOHN MAYHEAD
Editor,
UK Hagerty Price Guide
Chichester, England
John, a longtime auto
journalist, is Hagerty’s head
of UK content. He rebuilt
his first car (a Beetle) at 17
with help from his father. He
moved on to rusting Alfa
Romeos and is currently
restoring a Porsche 912.

THE VALUATION TEAM
ERIK NELSON
Vehicle Data Specialist
Traverse City, MI
Erik comes from a long
line of car nuts and has
bought and sold many
cars, particularly AMCs,
over the years. A 20-
year Hagerty veteran, he
currently works on our
Valuation databases and
VIN decoder.
MATT NELSON
Vehicle Data Specialist
Wilkes-Barre, PA
Matt interned at Hagerty
while earning a finance
degree from Michigan State
University. He is a Japanese
import enthusiast and
gained broad automotive
expertise while working on
the insurance side of the
business for Hagerty.
ANDREW NEWTON
Auction Editor
Houston, TX
Andrew served as both associate
editor at Sports Car Digest and
education manager at the Larz
Anderson Auto Museum before
joining Hagerty in 2014. He has a
masters in history focused on the
British Empire, which partially
explains why he dreams of
owning a Jaguar XKSS.
BRIAN RABOLD
VP of Valuation Services,
Editor, Hagerty Insider
Portland, OR
Brian worked at Sports Car
Market before moving to
an automotive data and
software firm. In his spare
time, he helped start Cars
That Matter, which became
the Hagerty Price Guide.
TIM WEADOCK
Senior Manager of Vehicle
Database Operations
Traverse City, MI
Tim, a veteran of the collector
car industry, has been
collecting Valuation and
market data for Hagerty for
two decades. He is one of the
inventors of Hagerty’s
pre-17-digit VIN decoder.
ADAM WILCOX
Information Analyst
Denver, CO
Adam majored in physics
in college but always
dreamed of the open
road. He once drove from
Michigan to Alaska, and
spent more than a year
touring the country in a
camper van.
JOHN WILEY
Senior Data Analyst
Seattle, WA
John joined Hagerty
from Zillow, where he
was a data scientist, and
has a masters in applied
mathematics from the
University of Chicago. His
non-car passions include
running and photography.
FRANK WILKE
Managing Director,
Classic Analytics
Bochum, Germany
Frank studied law at
Bochum University and
runs Classic Analytics,
Germany’s biggest appraisal
organization for classic
cars and a wholly owned
subsidiary of Hagerty.
8

THE VALUATION TEAM
$248,021,855
IN CARS INDIVIDUALLY INSPECTED BY
HAGERTY TO ASSESS CONDITION AT THE
2019 MONTEREY CAR WEEK AUCTIONS
CLASSIFIED LISTINGS ANALYZED BY HAGERTY
378 Years
OF TEAM EXPERIENCE
OF ALL VEHICLES SOLD AT U.S. COLLECTOR
CAR AUCTIONS IN 2019 (OVER 16,000 VEHICLES)
WERE PERSONALLY INSPECTED BY HAGERTY
TO ASSESS CONDITION.
Over 1.25 Million
DECODABLE VINS IN HAGERTY’S VIN DECODER
Over 415,000
AUCTION AND PRIVATE
TRANSACTIONS ANALYZED
Over 1 million
HISTORIC COLLECTOR CAR VALUES
IN THE HAGERTY PRICE GUIDE
9

GLOSSARY OF TERMS
CONDITION: A numerical rating of the physical presentation of a car, on a
scale of 1 to 6, as it is observed in a walk-around. Condition is not a synonym for
the points awarded by Bloomington, JCNA, or other specialist organizations
for the accuracy of casting dates, radiator caps, and brake hoses. It doesn’t
attempt to differentiate between correct totally original cars, street rods, and
race-modified cars.
#1 CONDITION Beyond-perfect restorations. While logic would equate
this with a factory-fresh car, the collector car world hasn’t adopted that
way of thinking, creating Pebble Beach, Louis Vuitton, and other restorations
that are better-than-showroom presentations.
#2 CONDITION Meticulous, showroom-quality restorations. In other
words, virtually new. By many collectors’ standards, a 2 or 2+ is preferable
to a condition 1, as it means factory presentation hasn’t been destroyed
in the course of creating jewelry.
#3 CONDITION Normally used, low-mile cars that have been kept original,
or restorations that have seen some miles but been well maintained.
You would put a 3 in your garage and drive it on weekends without feeling
embarrassed or endangered in doing so. Most collector cars are 3s.
#4 CONDITION Serious defects, and/or hard use not ameliorated by good
and consistent maintenance. You wouldn’t take a 4 to a local marque rally
without being a bit self-conscious. Nevertheless, many daily drivers are 4s.
#5 CONDITION Running, but battered, incomplete, and perhaps rusty.
#6 CONDITION Parts car.
CHARACTER: In our reports you’ll also see repetitive qualitative descriptions
of cars’ overall character, such as “Older restoration.” They attempt to characterize,
in a limited number of phrases, the larger qualitative impressions of
the kind of treatment the car has received. In the context of potential owners’
evaluations and aspirations, there’s a vast difference between cars described
as an “Unrestored original, 3 condition” and an “Older restored 3 condition,” a
qualitative mental picture we hope the combination of the two ratings conveys.
These are largely subjective qualifications, yet there also is remarkable consistency
among experienced observers.
CORRECTION
In Hagerty Insider Issue 6, on page 21, we reported that 12 percent of our insurance
quotes in 2019 were for 1940s vehicles. It’s actually 1 percent. (The former
number includes quotes without an identifiable vehicle, which were erroneously
categorized as being from the 1940s.)
10

REGISTER TO BID
1930 Cadillac V-16
Sport Phaeton by Fleetwood
2009 Mercedes-Benz
SLR McLaren Roadster
2005 Ford GT
1934 Packard Twelve Convertible Victoria
1939 Bugatti Type 57C Stelvio by Gangloff
1932 Duesenberg Model J Convertible Coupe by Murphy
THE COLLECTION OF KEITH CRAIN
OFFERED ENTIRELY WITHOUT RESERVE
6–7 MARCH
AMELIA ISLAND
VIEW ADDITIONAL LOTS ONLINE
HEADQUARTERS +1 519 352 4575
NEW YORK +1 212 894 1981
CALIFORNIA +1 310 559 4575
FLORIDA +1 954 566 2209
RM Sotheby’s Lic. No. VI/1004739/2; Licensed Auctioneer Alain Squindo #AU4865

THE DATASET
KING OF JANUARY
JANUARY 2020 AUCTIONS, TOTAL SALES
$0 $5M $10M $15M $20M SALES
COUNT
CHEVROLET CORVETTE
FORD MUSTANG
CHEVROLET CAMARO
CHEVROLET CHEVELLE
CHEVROLET C/K SERIES PICKUP
CHEVROLET BEL AIR
FERRARI 330 GTC, 330 GTS
DODGE CHARGER
DODGE CHALLENGER
MERCEDES-BENZ 300SL
LAMBORGHINI MIURA
FERRARI 365 GTB/GTS DAYTONA
FORD BRONCO
PORSCHE 911 CARRERA (TURBO 930)
FORD GT
FORD THUNDERBIRD
DODGE VIPER
FERRARI DINO 246 GT/GTS
MERCEDES-BENZ SL R230
CHEVROLET SERIES 3100
FERRARI 250 GT
PORSCHE 918 SPYDER
JAGUAR E-TYPE (XKE)
PORSCHE 911
CHEVROLET 210
CHEVROLET IMPALA
324
191
148
132
118
58
3
35
48
3
2
2
26
13
6
42
13
5
79
29
1
1
9
6
22
25
We know some models sell often. We know others sell for a lot. Which ones
have the magic combination of high volume and high value? Counting the
dollars from sales of each model during January 2020’s North American
auctions, we found the Corvette is in a league of its own. The Mustang is within
striking distance in numbers sold, but the returns are nowhere close. The Ferrari
330 GTC/GTS is near the other extreme, with few sales but a big dollar total.
12

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Wheel Logo, HAGERTY FOR PEOPLE WHO LOVE CARS, THE SHOP ASSEMBLED BY HAGERTY, and DRIVESHARE BY HAGERTY are registered
or common law trademarks of The Hagerty Group, LLC ©2020.

THE WILEY REPORT
POWER
SHIFT
January auctions boasted strong sales numbers,
but it’s clear buyers gained the upper hand.
BY JOHN WILEY
14

THE WILEY REPORT
Like all of us, John Wiley loves cars. Unlike most of us, he also loves
math, which is why he’s senior data analyst for the Hagerty Valuation
Team. Each issue of Insider, he takes a statistics-minded look at the
collector car world. Warning: Charts ahead.
W
e’re on record here at Hagerty
Insider for saying people put too
much weight on the results of the
January auctions, but, well, they do
matter. How could they not? Over
the course of three weeks, nine auction companies offer more than 6000
vehicles. January is also one of the few times during the course of the year
when all eyes are on the collector car market. Of course, there’s much
more to the auctions than the flashy numbers—and our eyes are on the
market every day. That in mind, here’s what caught our attention.
EXPENSIVE CARS STILL SELL AT AUCTION, BUT
BUYERS ARE PICKY, AND SELLERS ARE SKITTISH.
If the last time you checked on the health of the classic car market was the
Monterey auctions, where we saw big declines, January’s results should
come as reassurance. Overall sales were down from a year ago, but only
slightly, 3.8 percent, to $331.9 million.
JANUARY AUCTION RESULTS: ALL LOTS
$400M
$350M
$300M
PREVIOUS PAGE: MATT TIERNEY
$250M
$200M
$150M
$100M
$50M
$M
‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20
15

THE WILEY REPORT
THINNER AT THE TOP
Fewer million-dollar cars came to auction in January
2020. A higher percentage of them sold, but they did
so at relatively inexpensive prices.
80
80%
70
60
70%
50
40
60%
30
20
50%
10
0
‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20
40%
TOTAL LOTS OFFERED (LEFT Y-AXIS)
SELL-THROUGH RATE (RIGHT Y-AXIS)
$300M
JANUARY AUCTION RESULTS $1 MILLION+
$250M
$200M
$150M
$100M
$50M
$M
‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20
The sell-through rate for cars priced at more than $1 million, which
hovered just above 50 percent at last year’s January auctions and slid
below that mark at Pebble, was 67 percent at Scottsdale and Kissimmee
this year. New records—$3.2 million for a Ferrari F50 and $3.74 million
for a certain Highland Green Mustang GT—make clear there remains a
strong, functioning market for top-end cars.
But there are plenty of devils in the details. Much of the improvement
in the sell-through rate has to do with sellers’ and auction companies’
newfound willingness to sell at discount prices: Most of the million-dollar
cars on offer sold below Hagerty Price Guide (HPG) values. Owners of
16

THE WILEY REPORT
top-dollar cars who aren’t prepared to take such a haircut seem inclined
to stay home—or had their consignments politely turned down by the
auction companies. Back in 2016, 72 cars valued at $1 million-plus were
offered at the January sales; this year, there were only 33.
As we discussed in detail after Monterey (see Hagerty Insider 5), the
challenging environment for the most expensive cars partly has to do with
what’s going on in the larger economy—the tide of investment dollars
Unless a million-dollar car was perfectly
presented, fresh to market, or exceptional in its
history, there were very few takers in January.
that flowed into this segment following the Great Recession has clearly
slowed, and a tax advantage that allowed collectors to roll gains from car
sales into other cars has been eliminated.
As speculators have left for greener opportunities, the paddlewavers
remaining at this level are knowledgeable, demanding, and
patient, which is putting pressure on sellers. Unless a car was perfectly
presented, fresh to market, or exceptional in its history, there were very
few takers in January. Expensive cars with stories or needs were summarily
dismissed as there is little upside and less motivation in the current
climate for such examples. To wit: Bonhams’ Alfa Romeo 8C 2300, the
most expensive unsold car at Scottsdale, had a replacement engine, but
a Hispano-Suiza J12 at Gooding that hadn’t been sold publicly in recent
memory had no trouble beating its high estimate to bring $2.4M.
AFFORDABLE, ENTHUSIAST-ORIENTED CARS
ARE BOOMING—BUT CONDITION MATTERS.
For all the talk about the champagne and caviar cars, January auctions
have always been more about hot dogs and beer. That was more apparent
than ever this year. Even as auction houses pared back their million-plus
offerings, the number of total cars increased by 4.3 percent, to more than
6700 cars. Of those, some 6000 hammered below $100,000. It’s easy to
see why the auction companies bet big on lower-priced cars. Bidders are
more likely to take fliers on them—a $20,000 car losing 10 percent of its
17

THE WILEY REPORT
15%
SALE PRICE TO HAGERTY PRICE GUIDE CONDITION
APPROPRIATE VALUE - JANUARY AUCTIONS
2020 2019
10%
5%
0%
-5%
-10%
-15%
-20%
All Sub $100k $100k
-$250k
$250k
-$500k
$500k
- $1M
$1M+
value over some window of time is much less noticeable than a $200,000
car experiencing a similar decline. Additionally, the general economy
remains strong, with high employment and low interest rates.
The risk in bringing more cheap vehicles to auction is that they’ll be
of poorer quality and won’t sell as well. Indeed, the cars at auction this
January were, by and large, in worse shape than we’ve observed in years
past. The share of vehicles with “excellent” or better condition ratings fell
from 54 percent in 2019 to just under 49 percent this year.
In the heat of auction battle, bidders more than occasionally overpaid for
average cars. That was particularly noticeable in the $100,000–$500,000
bracket, where results for Condition #3 cars exceeded Hagerty Price Guide
values by 36.3 percent. (One thing that stands out in both Florida and
Arizona: Condition #3 Shelby GT350s and GT500s sold for an average
of 33 percent above Price Guide Value. Ford GTs and even the occasional
Ferrari in this price and condition range did well, too. Call it the
Ford v Ferrari premium.)
There were some diamonds in the rough, and they brought exceptional
prices. A clear example of this was seen at Barrett-Jackson, when a world
record for the Mk III Toyota Supra was broken on two consecutive days.
The first record fell when a 1987 model with 117 miles sold for $71,500. It
was topped a day later when a 91-mile 1990 Mk III Supra, still in the wrapper,
sold for $88,000. The other two Mk IIIs offered by Barrett-Jackson
were in average condition and sold for $16,500 and $14,300, illustrating
the delta between “exceptional” and “something less than.”
18

THE WILEY REPORT
Vintage trucks and SUVs continue to benefit from the obsession with
affordability and quality: A frame-off rebuilt 1983 Toyota SR5 pickup sold
for $31,350, or more than $13,000 above the top “concours” Condition
#1 Hagerty Price Guide value. Instant gratification is a big part of this, as
well as wide recognition that collectors are seeking out the best examples
with the lowest miles in the most desirable spec. When those chances
arise, a bidding war ensues.
By and large, though, there were many more good and average cars in
the tents than there were great ones. Buyers knew what they were looking
at and bid accordingly. Sell-through rates fell, and total sales slipped
MORE GOOD CARS, FEWER GREAT ONES
By and large, the quality of cars at January auctions
slipped this year; however, there were some standouts,
and buyers were willing to pay for them.
7,000
6,000
5,000
4,000
3,000
2,000
JANUARY AUCTION RESULTS: TOTAL LOTS OFFERED
1,000
0
‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20
AVERAGE CONDITION - JANUARY AUCTIONS
HIGHER IS WORSE CONDITION
2020 2019
2.50
2.00
1942
1716
1653
1441
208 56
204
43
14
18
11
10
1.50
1.00
0.50
0.00
All Sub $100k $100k
-$250k
$250k
-$500k
$500k
- $1M
$1M+
19

THE WILEY REPORT
slightly. Throwing volume against sliding prices to maintain ground is
a time-honored auction strategy, but it met with only limited success
in January.
JANUARY IS WHEN FLIPPING STILL PAYS.
One of our takeaways from Monterey was that those auctions were
not friendly to flippers: On average, cars that had crossed the auction
block fewer than six years earlier lose money there. At Scottsdale and
Kissimmee, it’s a different story—flippers at the January auctions can
reap returns quickly.
What’s behind the difference? January auctions focus on the sub-
$100K bracket. It is easier to find a deal in that price range at a minor
auction, then bring it to the big-time auctions in January for a rewarding
flip. The only trick might be getting it consigned at the right venue.
Caveat: If you don’t flip a car in Scottsdale within two years, plan to
keep it for more than a decade. The returns fall off in year three and don’t
improve significantly until year fourteen.
12%
AUCTION FLIPS IN SCOTTSDALE 2020
10%
8%
6%
AVG. ANNUALIZED RETURN
4%
2%
0%
-2%
-4%
-6%
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
YEARS BETWEEN AUCTION SALES
20

THE WILEY REPORT
CUSTOMS ARE KOOL.
Conventional wisdom holds that modified vehicles tend to bring less than
well-preserved (or sensitively restored) originals, but that goes out the
window every January. Customs, restomods, and hot rods have become
ever more popular in Scottsdale and Kissimmee over the past several
years. As the share of customs has increased, the average price of these
vehicles has, too.
Build quality may be improving or, more likely, collectors are increasingly
comfortable spending more—especially as the market liquidity for
customs improves. For some types of vehicles, modified examples sell for
more than stock examples, but how big will this get? The January auctions
will be the place to find out.
CUSTOMS AT JANUARY AUCTIONS
$80,000
40%
$70,000
$60,000
30%
$50,000
$40,000
20%
$30,000
$20,000
10%
$10,000
0
2017 2018 2019 2020
0%
AVERAGE PRICE
SHARE OF LOTS
21

THE WILEY REPORT
JANUARY 2020: TOP 10 SALES
January auctions lacked the high-end horsepower we’ve seen in recent years,
but that doesn’t mean there weren’t eye-popping sales. Leading the pack was
the Bullitt Mustang, sold at Mecum Kissimmee in a rock-concert atmosphere,
and a 1995 Ferrari F50, which set a new auction record for the model.
1.
1968 Ford Mustang
Bullitt Fastback
$3,740,000
ESTIMATE: N/A
CONDITION: #5
MECUM | LOT F150
2.
1995 Ferrari
F50 Coupe
$3,222,500
ESTIMATE: $3.2M–$3.6M
CONDITION: #2
GOODING & COMPANY | LOT 44
3.
2020 Chevrolet
Corvette Stingray Coupe
$3,000,000*
ESTIMATE: N/A
CONDITION: N/A
BARRETT-JACKSON | LOT 3007
4.
1932 Hispano-Suiza
J12 Phaeton
$2,425,000
ESTIMATE $1.5M–$2.0M
CONDITION: #1-
GOODING & COMPANY | LOT 143
5.
2018 Pagani Huayra
Roadster
$2,370,000
ESTIMATE $2.5M–$2.7M
CONDITION: #1
RM SOTHEBY’S | LOT 147
22

THE WILEY REPORT
6.
1948 Tucker 48 Sedan
$2,040,000
ESTIMATE: $1.75M–$2.25M
CONDITION: #2-
GOODING & COMPANY | LOT 121
7.
2021 Lexus LC 500
Convertible
$2,000,000*
ESTIMATE: N/A
CONDITION: N/A
BARRETT-JACKSON | LOT 3003
8.
1967 Ferrari
330 GTS Spider
$1,985,000
ESTIMATE: $1.8M–$2.2M
CONDITION: #2
GOODING & COMPANY | LOT 154
9.
1972 Ferrari 365
GTS/4 Daytona Spider
$1,930,000
ESTIMATE: $2.0M–$2.4M
CONDITION: #2
GOODING & COMPANY | LOT 42
10.
1951 Ferrari
212 Inter Cabriolet
$1,930,000
ESTIMATE: $2.0M–$2.4M
CONDITION: #2
BONHAMS | LOT 54
23

SALES THAT TEACH
LESSONS
LEARNED
How to make sense of the market in 2020?
Start with these nine cars.
BY COLIN COMER, DAVE KINNEY, AND ROB SASS
24

SALES THAT TEACH
More than 6500 cars crossed the block in
Kissimmee and Scottsdale. They ranged
from multimillion-dollar Ferraris to a
$330 Chrysler 300M. Each, no doubt,
had a story. Some sales, however, tell us
more than others. Insider contributors Colin Comer, Dave Kinney, and
Rob Sass pick their favorites from the January auctions.
COLIN COMER
1969 Lamborghini Miura P400 S
NOT SOLD AT AN $800,000 HIGH BID
BONHAMS LOT 44 | #4 CONDITION
Chassis No. 4356. 350-hp, 3,929-cc V-12, 5-speed manual. Bright red over
black interior. Campagnolo alloy wheels. One of 140 S models.
PREVIOUS: COURTESY RM SOTHEBY’S
THE LESSON: There are actually two key lessons from this sale. The first: It pays
to read between the lines of auction catalogs. See below Bonhams’ description
of its Lamborghini Miura S, with key sections highlighted and (comments)
added by yours truly:
• Matching numbers example, retaining its original body panels
• One of the desirable and rare Miura S models built
• A running and driving Miura, ready for partial or full restoration
• Single-family, long-term California ownership
This particular Miura S is one of the few remaining unrestored examples in
existence. Under single family California ownership for nearly 45 years, the car is
representative of largely original construction, and retains the factory matching numbers
engine and Bertone bodywork. According to the Lamborghini Miura register,
chassis no. 4356 is the 437th Miura built, and one of just 140 ‘S’ models. The car was
painted in the rare Bianco Miura (white) and trimmed with a Nero (black) interior.
25

SALES THAT TEACH
COURTESY BONHAMS
(I think we all get the picture now? But just in case … ) Having been repainted
in bright red at some point in the ownership history, the paint work appears to
have been professionally executed with good coverage in all areas. (Whew—I hate it
when my cars are experiencing wardrobe failures) The beautiful Campagnolo
cast alloy wheels appear very nice overall with very good finish, though show some
finish patina on the knockoffs. The glass appears to be original, surrounded by trim
that remains very good overall but with some dryness to the rubber. The headlights
and taillights also remain in very good condition and are found with the original
Carello markings. Overall, the car has a very complete and satisfying unrestored
visual presence.
The interior remains original, showing several surfaces that appear quite good
and serviceable including the door panels and a remarkably preserved dashboard.
The headrests appear to be original and in good condition, indicating that the car
may have been fitted with black leather and ecru fabric inserts, remnants of which
can be seen in the center of the driver’s seat. (Translation: There is no seat upholstery.)
The dashboard, instruments, and steering wheel are all original equipment
displaying patina to the threaded stitching along the dashboard edge. Door panels,
headliner, and other minor interior trim all are complete and can serve as patterns
for accurate restoration or thoughtfully repaired and reconditioned to boast of the
26

SALES THAT TEACH
original materials and long-term ownership. (Summary: Exterior: “Check out my
patina!” Interior: “Hold my beer.”)
Under the hood, the beautifully designed Lamborghini DOHC V12 engine
displays the hallmark castings and detailed finishes that distinguish the mechanical
mastery of these fine cars. (Yes, please look at the castings and design! Not the
dirt, please!) The engine compartment is clean and largely undisturbed with care
having been given to retain as many of the original components as possible. The
Weber carburetors are in place with beautiful velocity stacks and clean body castings.
(It’s a mess under the hood, and the valuable factory air boxes are missing.)
Suspension, engine castings, and various mechanical components visible from the
underside are all sound, with some areas also cosmetically freshened. (“Cosmetically
Freshened” < “Restored.”)
The car starts and runs with quite well, and there is virtually no smoke when
warm or cold. (There’s smoke.) The overall driving experience remains quite good,
including an excellent engine note, progressive acceleration (as opposed to?), a
smooth operating gearbox, compliant (worn?) suspension, and functional brakes
(Yes, that is how I like my brakes, too.) Best of all, when driving a Lamborghini
Miura S, there is little that can compete with the revelation that you are driving an
icon of modern sports car history (and possibly on fire).
This matching numbers Lamborghini Miura S is ready for the next chapter in
its remarkable ownership history. Ready for sensitive refurbishment (if you have a
sensitive wallet, that is), enjoyable driving, restoration, or a combination of all of
the above, either way, all roads lead to the inescapable joy (expense) of owning one
of the most stunning and historically important cars ever designed.
THE SECOND LESSON: The second thing to learn here is when to say no to
a project. I explained in issue 4 of Insider why restoration often doesn’t pay.
Artfully crafted catalog copy couldn’t obscure the fact that this is exactly the
kind of car I had in mind. Don’t get me wrong: I love Miuras and found this one
charming; its long-term ownership and “good bones” make it deserving of a
new lease on life. Many restored Miuras don’t start out nearly as honest, solid,
and complete as this car appeared. However, speaking with the people who
knew the car and had driven it confirmed that it was indeed very tired. The line
between “preserved original” and “unrestored basket case” is often blurred,
but this one clearly crossed it some time ago. The color isn’t original, the interior
is beyond saving, and the greasy bits need full refurbishment.
I was also told that for this Miura to find a new home, the top bid would have
to be very near $1,000,000. For reference, our Hagerty #1 value is $1,450,000.
27

SALES THAT TEACH
Gooding & Company, meanwhile, brought a similar Miura P400 S to Scottsdale
that sported an older restoration and was reported to be ready to use. It sold
for $1,242,500 all-in.
Now let’s do some math: To get Bonhams’ Miura to a true #1 Condition
would cost every bit of the $450,000 discount. One could possibly do it for less
by carefully managing the project themselves with help from a competent, but
less-known restoration shop. Either way, there’s another expense that’s nonrefundable:
time. Bringing this car back will take three years, minimum. If you’re
going to shell out more than a million dollars on a car, wouldn’t you rather spend
three years driving and enjoying it than looking at it in pieces? Bidders took all
these costs into account and stopped waving their paddles past $800,000.
COURTESY MECUM AUCTIONS
1967 Shelby GT350
SOLD FOR $440,000 | MECUM LOT F178 | #3 CONDITION
Chassis No. 2148. Nightmist Blue with white rocker panel stripes and a Black
Décor interior. 289-ci, 390-hp supercharged V-8, 4-speed manual. Power
steering, front disc brakes, wood-rimmed steering wheel. Center-mounted
inboard driving lights, Goodyear Speedway tires. One of 35 GT350s fitted at
the factory with a Paxton supercharger. Owned by several Shelby aficionados,
including Shelby expert Tony Branda, and Shelby expert and historian
Colin Comer.
THE LESSON: Sometimes a car is a lot more than the sum of its parts. And in
certain instances, one rare part can be worth more than the sum of entire cars.
In this case, the part in question is a Paxton supercharger. “F Code” 1957
Thunderbirds, R2 and R3 Studebaker Avantis, and yes, 1966 and 1967 Shelby
28

SALES THAT TEACH
Mustangs all could be optioned with them from the factory.
It explains why this particular 1967 GT350 sold for over three times its
condition-appropriate Hagerty Price Guide value. I’ve owned two of these 1967
factory Paxton cars, including this one, which I sold to Mecum’s consignor in
2016. They are among the rarest Shelby Mustangs.
But don’t think any Shelby with a Paxton on it is a factory Paxton car. Oh no.
The whole setup was also available as an over-the-counter kit that many Mustang
owners bolted on in-period and later. You can still buy the whole period-correct
setup today from a fellow in San Marcos, California, for about $3500 and bolt it
on in a weekend. But you can’t spend any amount of money to make the factory
records turn your normally aspirated Shelby into a true factory Paxton car.
I can’t think of ten instances in my thirty years of watching these cars that one
has actually shown up at auction, which is why it doesn’t matter that the restoration
is now 24 years old and no longer concours fresh. What matters is that under
the hood is something that will huff and puff and blow your fuel down. And
to serious Shelby collectors, it’s that difference that makes all the difference.
1989 Jeep Grand Wagoneer
SOLD FOR $110,000 | BARRETT-JACKSON LOT 1000.1 | #2 CONDITION
Chassis No. 1J4GS5871KP112527. 360-ci, 144-hp V-8, 3-speed automatic.
White with woodgrain trim over burgundy interior. 8,000 original miles. Roof
rack, air conditioning, and tool kit.
MATT TIERNEY
THE LESSON: Sometimes, impulse buys can be smart buys.
Okay, I’ll admit it: I was tempted to bid $50,000, which would have been
an incredible amount of money for this Jeep. Yet at least two people at West-
29

SALES THAT TEACH
World thought $50,000 was incredibly low, because the car sold for twice that
amount. So, rather than say I was wrong on what it might be worth, let’s just
say somebody else wanted it more. That will often happen at Barrett-Jackson,
where well-heeled bidders often engage in impulse shopping, and in this case I
see absolutely nothing wrong with doing so.
Compared to buying a restomod that is guaranteed to fall out of fashion
sooner or later, these Grand Wagoneers are timeless vehicles with a wellestablished
cult following. So much so that even a crappy example with more
than 100,000 miles and a superficial cosmetic refresh will often bring $25,000 or
more. An entire cottage industry has sprung up to recondition these old-money
off-roaders and sell them for high five figures.
But even with the nicest used Waggy you really don’t know what you’re getting.
Which is why I think this 8000-mile example might have actually been a
smart buy at $110,000, or twice our #1 Condition price guide value. No amount
of money could restore one to look like this in the wrapper unicorn example.
No restored interior would ever fit, look, or smell exactly as it did the day some
disgruntled assembly-line worker in Toledo, Ohio, installed it. Same for every
other finish on the truck, inside and out, not to mention the mechanicals.
At the end of the day, one of the key appeals of a classic car is the way
it transports you back in time, and no classic car does that as well as a lowmileage,
unrestored original vehicle. And for that, dear sir or madam who
showed up and bought this Wagoneer: I shake my fists in the air wishing you
and those other bidders would have just taken a spa day in Scottsdale instead.
Well, okay, I also congratulate you on buying a really cool time machine. May it
grace your family’s holiday cards for years to come.
DAVE KINNEY
1949 Studebaker 2R Series Pickup
SOLD FOR $29,700 | BARRETT-JACKSON LOT 1619 | #4- CONDITION
Chassis No. AZ375000. Multicolored paint over brown interior. Formerly
used by legendary counterculture jam band the Grateful Dead.
THE LESSON: Stardust can’t always cover rust. In the previous issue of Insider,
I ran through the considerations in properly valuing a celebrity-owned vehicle.
One of the key factors I cited is proximity to the celebrity in question.
30

SALES THAT TEACH
The value of this extremely rusted, rattle-can-painted old pickup rests
almost entirely on its being the Grateful Dead truck. But that leads to
a question: Is this the Grateful Dead truck? Or is it merely Grateful Dead adjacent?
The pickup was owned by the Dead’s sound man (and more than occasional
recreational chemist) Owsley Stanley, who himself was a character in Tom Wolfe’s
book, The Electric Kool-Aid Acid Test. Is the sound man a member of the band?
In this case, Stanley was not only responsible for part of the band’s image; he is
also regarded as a Dead hero, as he recorded hundreds, if not thousands, of their
live performances. Yet his truck doesn’t quite figure into that legend. If it had, for
COURTESY BARRETT-JACKSON
instance, appeared on an album cover, especially an album that contained the
Dead’s well-known song “Truckin’,” we would likely be talking about a sales price
many, many times this amount.
Another problem was audience. True, this was a touted feature vehicle for
Barrett-Jackson, appearing on the live TV broadcast. But it was a Sunday broadcast,
and a Sunday sale at Scottsdale doesn’t inspire the same type of bidding as
a Saturday or even a Friday sale.
All bad news for the seller, but likely good news for the buyer, a Florida
dealer who has bid on and brokered a number of celebrity vehicles and just so
happens to be a boomer. Knowing and targeting buyers with a touch of gray will
likely net this new owner a profit down the road.
1958 Mercedes-Benz 300SL Roadster
SOLD FOR $940,000 | GOODING & CO. LOT 15 | #2 CONDITION
Chassis no. 198.042.7500669. Red over black leather. 2,996-cc, 250-hp I-6,
4-speed manual. Fitted luggage, hardtop, tools, manuals, jack, and records.
31

SALES THAT TEACH
COURTESY GOODING & COMPANY (BOTTOM); CAMERON NEVEU (TOP)
THE LESSON Buying a 300SL roadster is not a game you should try to
play unassisted.
There were three 300SL roadsters available for sale at the Arizona auctions
this year. Each was a shade of red, each a worthy car, and each sold for a wildly
different price.
The most expensive was a U.S.-delivery, two-owner car with a reported
25,600 original miles. It was titled as a 1958 but is a ’57—the first year of roadster
production. Some collectors aren’t into red SLs, but this shade, Strawberry Red
Metallic, is distinctive and representative of the period. Anyone would appreciate
its original engine and its documented ownership history. It sold at RM
Sotheby’s auction for an appropriate $973,000.
The least expensive of the Scottsdale SL trio sold at Gooding & Company.
This one, in medium red, was a 1961 example but still had, like all early cars, a
cast-iron (as opposed to aluminum) block and drum brakes. Unfortunately, that
cast-iron block was a replacement, keeping the ultimate value lower than an
all-original car. This 300SL brought $775,000. Also appropriate.
Which brings us to our feature car, a 1958 300SL. Gooding sold it for $940,000.
Like RM’s SL, it had a matching-numbers motor and solid ownership history,
having spent 20 years with the seller. It also had an older but still quite crisp
32

SALES THAT TEACH
body-off restoration performed by marque specialists Hjeltness Restoration.
The downsides: the fire engine red paint and 1958, rather than 1957, model year.
You might not think such “issues” explain a near $200,000 price range. In that
case, you’re probably not in the market for an SL roadster. The very late build
cars, with disc brakes and an aluminum block, tend to be the most expensive.
Other buyers love the disc brakes but look for an iron block. Some would prefer
an early car, because late cars are not eligible for many events with a specific
cutoff year, notably 1957 for the Mille Miglia.
Restoration quality in 300SLs tends to run the gamut, and, more so than
some other cars, can look good yet need hundreds of thousands of dollars
re-restoration. You can thank not only the structure of the 300SL for that; you
can also look to the excellent build quality of the originals. Quality cost money
sixty-plus years ago—it costs even more to restore now.
1956 Plymouth Plainsman
“Chrysler Ghia Concept”
SOLD FOR $742,000 | WORLDWIDE LOT 51 | #2+ CONDITION
Gold over cowhide interior with white top. 440-ci V-8, 2-speed automatic.
THE LESSON Sometimes, restoration pays.
The well-traveled Plymouth Plainsman (“upgraded” to a Chrysler in Worldwide’s
catalog) has lived around the globe. Built for the 1956 auto show circuit,
it later spent time in Cuba and Australia, where it was converted to right-hand
drive (it was eventually converted back). More recently, it has been offered for
sale at auction not once, not twice, but at least four times.
MATT TIERNEY
33

SALES THAT TEACH
It was first seen at RM’s Arizona sale in January 2010. The Plainsman’s
condition there was less than stellar—run-down with weak chrome, a well-worn
interior, and plenty of paint flaws to the exterior. Listed as a no sale at a reported
high bid of $160,000, it next appeared at Mecum Monterey in August 2011.
California was less kind to the Plymouth Custom, and only $90,000 was reported
bid in that no sale.
The Plainsman then went on
eBay and managed a high bid
of $128,299—another no sale.
Auctions America took a crack
in 2014 for its Burbank sale,
and, at long last, the car was
reported sold at $176,000.
Between 2014 and 2020, the car was restored to its present very good to
excellent condition. The sale price, including fees, was $742,000.
A happy ending? It would appear so, as the difference between the 2014
reported sale price of $176,000 was a full $566,000 difference. Restoring
for profit is risky business, and show cars and coachbuilt cars such as the
Plainsman are particularly daunting. Yet my bet is the seller made more than a
little money here.
ROB SASS
1997 Land Rover Defender 90 NAS
SOLD FOR $165,200 | GOODING & CO. LOT 118 | #2- CONDITION
Willow Green over gray cloth with a white roof. 3950-cc, 182-hp V-8, 4-speed
automatic. Four-wheel disc brakes. Represented as the last Defender 90 built
for the North American market.
MATT TIERNEY
THE LESSON Rare and desirable SUVs have truly arrived as six-figure collectibles.
Demand for Land Rover Defenders in the United States seems to be
insatiable, and supply is limited. Unlike the visually similar, 4-cylinder Series
I-II Land Rovers, which were sporadically available in the States from the 1950s
through the early 1970s, the Defender was only available here for three model
years—1994, 1995, and 1997. Also unlike the earlier Series I and II trucks, the D90,
thanks to its aluminum V-8, can keep up with modern traffic.
34

SALES THAT TEACH
As numerous videos of the feds crushing fraudulently imported examples
attest, people will literally go to criminal lengths to acquire a Defender. The
recent introduction of the new, reimagined Land Rover Defender (which looks
more like a Honda Element than the car you see here) only seems to have
poured gasoline on the fire.
This example did not make its lofty presale estimate of $200,000 to
$250,000, but it still garnered a considerable amount of money for a Landie
with a less-desirable color, an automatic transmission rather than the more
sought-after 5-speed, and 36,000 miles. Its status as the last North Americanspec
Defender was, at best, an interesting curiosity (after all, production
for the rest of the world continued for more than a decade). Gooding sold
a slate (Arles) blue D90 with just 8000 miles two years ago for some six
grand less.
1971 Ferrari 365 GTB/4 “Daytona”
SOLD FOR $467,000 | RM SOTHEBY’S LOT 146 | #3 CONDITION
Chassis No. 14239. Engine No. 14239. Black over black leather. 4,390-cc,
352-hp V-12. 5-speed manual. Chrome-spoke wire wheels, air conditioning.
MATT TIERNEY
THE LESSON The collector car market is punishing less-than-perfect examples
of even the most desirable cars.
In period, the Daytona was seen as an example of bringing a bowie knife
to a Gatling gun fight. Lamborghini had just introduced the Miura, the template
for the modern mid-engine supercar, so the heavy, and not terribly nimble,
35

SALES THAT TEACH
COURTESY RM SOTHEBY’S
front-engine Daytona was seen as more than a bit out of step with the times.
Today, collectors love them as Enzo’s last expression of a classic formula.
But with close to 1300 Daytona coupes built (a crap ton of cars in Ferrariland),
they have always been among the most volatile collectible Ferraris, going
from nearly half a million dollars before the 2008 correction to $200,000 at their
2009–10 low. Seeing one sell for less than a half-million was uncommon until
fairly recently. This car was born in the very uncommon and attractive shade of
Oro Chiaro (metallic gold) but at some point received a respray in black. The
incorrect paint on this car has noticeably aged. Now, even a “meh” Daytona
is, well, a Daytona, and it would have brought big money a few years ago. But
as this magazine has often noted, high-end collectors have become incredibly
picky of late. It’ll take a good quality repaint in the original color for this car to
see high six-figures again.
36

SALES THAT TEACH
1979 Porsche 911SC Targa
SOLD FOR $123,000 | GOODING & CO. LOT 22 | #2 CONDITION
Black over black leather. 2,994-cc, 180-hp H-6. 5-speed manual. Factory
Sport seats, books, tools, and window sticker. One owner from new to 2019.
COURTESY GOODING & CO.
THE LESSON Air-cooled fever is still running high for the best Porsche 911s.
Prices for 911SCs, among the best and most usable air-cooled 911s, had a great
run from about 2012 through 2016 or so. Attributable in part to the popularity of
Luftgekuhlt, the air-cooled Porsche show, nice cars soared from about $25,000 to
$45,000 or so, with coupes being the most valuable. Other than their durability and
popularity, however, there’s little inherently remarkable about a 3.0-liter 911SC.
Porsche made almost 65,000 of them from 1978-83. They were so well-made that
most of them survived. By around 2017 or so, everyone who wanted an air-cooled
911 seemed to have bought one. Competition for cars decreased, and prices
cooled for all but the best cars or the ones in the rarest, most desirable colors.
This car belongs in the latter category. As many surviving 911SCs as there are,
few survive in such good condition. A one-owner car from new, its fragile, singlestage
black paint is free of even the most minor scratch, ding, or swirl mark. There
was no hint of patina anywhere; even the “unleaded fuel only” decal was still on
the filler cap. The car showed less than 9300 miles and looked for all intents and
purposes like a brand-new, forty-year-old 911. The car’s Grave Digger-like
U.S.-spec ride height even remained as-delivered—the OCD original owner apparently
resisted the temptation to crank the torsion bars down to a saner and more
aesthetically pleasing level. A normal, driver-quality SC Targa with close to 100,000
miles in a common color like black might bring around $30,000 today. The almost
$100,000 premium is a perfect illustration that even in this market, buyers are
willing to pay for common cars in uncommonly good condition.
37

THE VIEW ABROAD
FAILURE TO
LAUNCH?
New auctions in the Middle East faced challenges,
but the market potential there remains.
BY MOHAMMED LUQMAN ALI KHAN,
WITH REPORTING BY GAURAV DHAR AND MÁTÉ PETRANY
38

THE VIEW ABROAD
Describing Arabian affluence, one tends
to run out of superlatives. Grandest, largest,
biggest, tallest. And, of course, most
expensive. Dreams of tapping into this
wealth drew three auction companies to
the Middle East in late 2019. Silverstone
and Worldwide pitched tents in Riyadh, Saudi Arabia, in November; one
week later, RM Sotheby’s brought its show to Abu Dhabi, United Arab
Emirates. These auction companies discovered rather quickly that there’s
more to selling cars in the Middle East than superlatives.
All three events are the result of grand strategic visions for
modernization by the Saudi Crown Prince Mohammed Bin Salman and the
Abu Dhabi Crown Prince Mohammed Bin Zayed. Modernization apparently
includes the global auction scene, from which the region has until
Imagine the SEMA Show on the edge of
the Arabian Desert. The sheer size of the
Riyahd Auto Salon was stunning, given that
this was the nation’s first try at such an event.
PREVIOUS: MÁTÉ PETRANY
now been insulated. Local players such as Emirates Auction in the UAE
dominate the sector. The local auction house is a proud holder of several
world records, including that of the most expensive car license plate, sold
in Abu Dhabi for $14.2 million (it reads “1”).
The Saudi auctions took place on the sidelines of the inaugural
Riyadh Auto Salon. Imagine the SEMA Show on the edge of the Arabian
Desert. The who’s who of automotive-themed television shows were
invited along with other motorrati. Pretty much the entire crew of Ferrari’s
39

THE VIEW ABROAD
MÁTÉ PETRANY
customer racing program seemed to be in attendance, and there was constant
drifting. A massive off-road arena was built for a Monster Jam, and
the evening brought fireworks. We spotted at least nine Bugatti Veyrons
within a 300-foot radius. The sheer size of the salon was stunning, given
that this was the nation’s first try at such an event. Clearly, when Saudi
Arabia enters a scene, the budget is sufficient to back the government’s
ambitions. The rumor flying around was that the country spent at least
$200 million to make the Riyadh Auto Salon happen, but of course the
actual figure remains a Saudi secret.
We also hear event organizers paid sellers handsomely to ship cars to
the sale, and sure enough, the offerings at the auctions were diverse, with
cars representing all eras. That lack of focus, though, along with the fact
that the cars didn’t have estimates, was a drawback to potential buyers.
There were a few big hits—Silverstone sold a Pagani Zonda Riviera for
$5,885,000 and a Bugatti Chiron Sport 110 Ans for $3,638,000; Worldwide
found someone to bid $13.2 million for a customized monster truck
called Thor. But the results, by and large, were dismal. Silverstone had
a 29 percent sell-through rate; Worldwide, 3 percent (yes, you read that
correctly—3 percent).
40

The RM Sotheby’s auction was better positioned for success. First
and foremost, it was held in the UAE, which is in many ways the model
of modernization that Saudi Arabia is trying to fashion itself after. If you
needed a reminder of the country’s global status, you need only smell the
burnt rubber hanging in the air at the auction venue—the Yas Marina
Circuit—from the recently concluded Abu Dhabi Grand Prix. RM’s lineup
was also more focused than the hodgepodge in Riyadh, with lots of racing
cars and high-end sports cars to play to the Formula 1 crowd. As in
Saudi Arabia, there were big sales—a one-off Pagani Zonda Aether for $6.8
RM reported a sell-through rate of
55 percent—more respectable than the
Saudi auctions, but hardly glowing.
COURTESY RM SOTHEBY’S
million, Michael Schumacher’s championship-winning Ferrari F2002 for
$6.6 million—and more than a few misses. RM reported a sell-through rate
of 55 percent—more respectable than the Saudi auctions but hardly glowing.
The lackluster results at the three auctions can be attributed to a number
of factors, some of them having nothing to do with cars. The auctions
visited at a time of prevailing geopolitical regional tensions, particularly in
Saudi Arabia, and of stagnating crude oil prices. Wealthy buyers here are
also affected by the global economy and real-estate market, both of which
have been softening of late. The uncertainty made the atmosphere less than
conducive for big spending.
41

THE VIEW ABROAD
However, there were also issues with the auctions themselves. For one,
they took place too close to each other, diminishing their individual impact.
The mix of cars likely didn’t help either. Whereas auction companies have
spent decades curating their dockets in Scottsdale, Monterey, and other
established venues, in Saudi Arabia and Abu Dhabi, they were largely flying
by the seat of their pants. Representatives from RM, in particular, spent
No matter the causes, the auction results
should not be read as an accurate barometer
of interest and demand for collector cars
in the region. Motoring is a much relished
pastime in the Middle East.
COURTESY RM SOTHEBY’S
plenty of time after the last car had rolled off stage quizzing local collectors
and enthusiasts about how they might do things differently next time.
(Some constructive criticism: There should have been a makeshift stage or
dais for the cars to be placed on to enhance the viewing pleasure. Leaning
over others’ shoulders to view the obscured cars detracted from what was
largely an enjoyable experience.)
No matter the causes, the auction results should not be read as an
accurate barometer of interest and demand for collector cars in the region.
Motoring is a much relished pastime in the Middle East. From hotrodding
and off-roading to dune bashing, drag racing, and desert safaris,
42

THE VIEW ABROAD
the thrill-seeking adrenaline junkies are always out and about having fun in
the year-round sun. The UAE’s roads, ranked among the world’s best, make
it a great place to put fast cars through their paces.
Judging by the exotic showrooms mushrooming all over the place,
including the main Sheikh Zayed Road in Dubai, you’d assume the Middle
East collector scene is mainly modern supercars and hypercars. Those are
indeed popular, and no wonder: In addition to their blistering performance,
they run reliably and their air conditioning blows cold. That said, demand
exists for all sorts of automobiles—4x4s, American muscle, concepts, SUVs,
Demand exists for all sorts of automobiles—
4x4s, American muscle, concepts, SUVs,
futuristic cars, monster trucks, modern
bespoke vehicles, customs, and hot rods.
futuristic cars, monster trucks, modern bespoke vehicles, customs, and hot
rods. The most popular classics are those from the 1950s and ’60s, the era
of oil discoveries here. Historically, the Middle East hasn’t been hospitable
to classic Ferraris—imagine trying to service a 250 GT Lusso thousands of
miles from the nearest Italian exotic specialist. These days, however, our
world is connected enough that it’s not far-fetched to fly in a mechanic from
Europe or a spark plug from New Zealand, so demand is picking up.
There are not many prewar or immediate postwar cars in the region,
either, yet there are a few that command top dollar. A case in point is the
COURTESY RM SOTHEBY’S
43

THE VIEW ABROAD
ex-ruler Sheikh Zayed’s Rolls-Royce Phantom V (Chassis No. 5VE15)
for which, reportedly, record sums are being offered. Delivered new to
the ruler of Abu Dhabi in 1966 after it was exhibited at the 1965 Earls
Court Motor Show in London, it was the first official state motor car
of the Emirate of Abu Dhabi, now the capital of UAE. I discovered this
historic car in Austria in 2018. Also attracting record bids is a 1904 veteran
Napier (Chassis No. 823), reportedly the oldest known 6-cylinder car in
the world, made for the Nizam of Hyderabad, at the time the richest man
in the world. In the recent past, there’s been a marked increase in interest
for veteran, Edwardian, prewar, and postwar cars.
In the Middle East, as anywhere else, there are also wealthy individuals
who see cars as investments. While the Gulf countries generally
benefit from able and stable leadership, the political instability in the
wider Middle East encourages some to move funds to safer havens
abroad—such as high-value art and high-end cars. There’s more than one
fine collection in Europe and the United States backed by an anonymous
Middle Eastern investor.
Indeed, contrary to perception, the biggest car collectors in the Middle
East, excepting the occasional car-obsessed vlogger, are very private about
their prized possessions. This is particularly true of older individuals. Some
of these collectors enjoy the patronage of the legendary marques and are
visited often by car designers and top executives, yet their extraordinary
cars remain tucked away in private garages.
What this all means for global collectors and auction companies is that
doing business here will take time—time to engage with local collectors,
who are as well-informed, astute, and fastidious as anywhere in the world.
Time to settle in, learn the nuances of the market, and perhaps partner
with local players to get a foothold. Time to let the ecosystem for classic
cars, from mechanics to special events, continue to mature and grow. For
the right car, there is always a right buyer willing to pay the right price, be
it in affluent Abu Dhabi, dazzling Dubai, or royal Riyadh.
Mohammed Luqman Ali Khan is a UAE-based motoring historian and
author. He has been the curator of the UAE Concours d’Elegance. He also
curated Bentley’s “Centenary Extraordinary Drive” in Dubai. His last book,
Automobiles of the Nizams, was previewed at the 2018 Pebble Beach Concours
d’Elegance to complement the special class Motor Cars of the Raj.
44

SAVE THE DATE
MAKING
MEMORIES
The essential car events calendar for 2020.
BY MATTHEW DE PAULA
45

SAVE THE DATE
PREVIOUS PAGE: AMY SHORE; MATHIEU BONNEVIE, COURTESY LE MANS CLASSIC
T
he moment was surreal: I was standing among the broad
yellow and blue lines of the famous Dunlop Chicane at
Circuit de la Sarthe.
How many racing icons have driven legendary cars
over this bright tarmac in the 24 Hours of Le Mans
endurance race? There’s a photo of me somewhere, standing dumbstruck
and pondering this very question.
Being able to walk the famous French circuit was a personal bucket
list item. More important, the trip that led to this memorable moment
encompassed far more than just spectating a race: There was an overnight
in Paris, a trip to historic Reims Cathedral, a stay at a gorgeous old
chateau near Le Mans.
With so many great automotive events the world over, this kind of
dream trip can be strung together most months of the year. And it need
not be an eye-roller for friends and family who want to join, but who don’t
necessarily share your passion for cars or motorsport.
There’s plenty else to see, year-round, wherever and whenever cars and
car culture are happening. Keeping that in mind, any one of these notable
events on the 2020 automotive calendar can serve as a platform for building
the trip of a lifetime.
46

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Amelia Island
Concours d’Elegance
MARCH 5–8
AMELIA ISLAND, FLORIDA
Amelia Island is hardly the sleepy,
grassroots event it used to be,
but it’s still a nice change of pace
from the Pebble Beach Concours.
The annual concours weekend at
the Golf Club of Amelia Island and
adjoining oceanfront Ritz-Carlton is
Porsche heavy, with a road rally and
associated auctions that feature the
marque prominently. But there’s lots
to do beyond car-focused programming,
including a “Wine Maker’s
Dinner” on opening night and plenty
of access to surf and sand. It’s also a
cinch to combine Amelia with a few
days in Savannah, Georgia, just a
couple hours drive north.
Luftgekühlt
SPRING | LOCATION TBD
Luftgekühlt means “air cooled” in
German, which pretty much says it
all. This car gathering is all about celebrating
air-cooled Porsches—from
the 356 through the 993-chassis 911
model line—in offbeat locales. As of
publication time, the date and location
of the next Luft gathering had
not been announced, but one thing
is for sure: it won’t be the typical golf
green or parking lot. For 2019, the
venue was a Hollywood set; the year
before that, the event was held at a
lumber yard. Tickets usually go on
sale around April. Check out www.
luftgekuhlt.com for more info.
Techno Classica
MARCH 25–29 | ESSEN, GERMANY
Less than an hour north of Düsseldorf,
Essen is home to a vintage-car
smorgasbord with something for
everyone, from rare old-timers to
trendy new-timers and swap-meet
tables galore. “Essen,” as it’s known,
is much more Germany-focused than
the more international Retromobile.
It’s a giant flea market, literally everything
is for sale, probably the building,
too. Hit the Autobahn to nearby
Cologne and see the cathedral while
you’re at it.
Luftgekühlt
LARRY CHEN, COURTESY LUFTGEKÜHLT
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TOM LEIGH, COURTESY COPPERSTATE 1000; RICHARD PAEDON
Copperstate 1000
& Roadrunner
MARCH 28–APRIL 1
TEMPE, ARIZONA
Those planning a Grand Canyon
visit can fly into Phoenix and get a
classic-car fix at this vintage rally and
car show. While participation in the
Copperstate 1000 is limited to 85
entrants, the Roadrunner car show
draws 200 models from various eras
and is the ultimate send-off to the
four-day, 1000-mile rally.
Enduro Rally:
The Flying Scotsman
APRIL 3–5
ENGLAND & SCOTLAND
The Endurance Rally Association’s
Mille Miglia
Copperstate 1000
SAVE THE DATE
annual event in Northern England is
limited to about 100 entrants, and
the youngest participating vehicles
in last year’s event, which snaked
through Lake District National Park,
hailed from 1948. However, anyone
who can make it to Scotland can
spectate at one of the many scenic
byways along the route. Better yet,
create your own rally to get there,
snaking along some of the best roads
in the British Isles.
Mille Miglia
MAY 13–16 | BRESCIA, ITALY
A must for any globe-trotting auto
enthusiast, this four-day classic-car
road rally takes a 1000-mile lap of
Italy, starting and ending among the
foothills of the Alps, in the northern
town of Brescia. Waypoints in various
famous cities, including Rome and
Sienna, allow ample opportunity for
la vita italiana beyond the sights and
sounds of rare vintage cars in procession.
Rent a classic of your own from a
local company and follow the famous
route at your leisure.
Mille Miglia
celebrating air-cooled Porsches—
48
from the 356 through the 993-chasusually
go on sale around April.
Check out www.luftgekuhlt.com for
in the Copperstate 1000 is limited
to 85 entrants, the Roadrunner car

SAVE THE DATE
Concorso d’Eleganza
COURTESY BMW
Concorso d’Eleganza
Villa d’Este
MAY 22–24 | VILLA D’ESTE, ITALY
Beautiful cars, beautiful scenery,
beautiful people beautifully attired:
Villa d’Este, an hour north of Milan, is
a feast for the senses. Admire 50 or so
vintage vehicles judged in different
classes each year and take in shimmering
Lake Como. The concours
event at Villa d’Este tends to sell out
early, but public tickets for the Sunday
viewing and procession at nearby
Villa Erba can be purchased online or
in person.
Greenwich Concours
MAY 29–31
GREENWICH, CONNECTICUT
With two concours held back-to-back,
Greenwich offers many opportunities
to mix and mingle among notable
classics. A limited number of VIP tickets
allow early access to the concours
plus breakfast and lunch with car
owners and judges. There’s plenty to
enjoy other than the metal, including
highly rated accommodations such
as the waterfront Delamar Greenwich
49
Harbor Hotel. Time permitting, you
could plan a jaunt to New York City,
since it’s only an hour’s drive south.
The North American
International Auto Show
JUNE 7–20 | DETROIT, MICHIGAN
After more than 110 years of being
held in January, the Detroit auto
show is moving to summertime. Auto
show attendance may be waning
nationwide, but they remain one
of the few places to kick tires on
all the latest models without sales
pressure. What’s more, the timing
change opens up far more possibilities
to enjoy what Detroit has to offer
beyond the carpeted halls of the TCF
Center (formerly Cobo Hall), including
a revitalized downtown, a riverwalk
with views of Canada, and a vibrant
food scene.
The Great Race
JUNE 20–28
TEXAS TO SOUTH CAROLINA
This nine-day endurance rally for
cars produced prior to 1975 starts
in San Antonio, Texas, and finishes

SAVE THE DATE
in Greenville, South Carolina, with
plenty of places for spectating along
the route. Out of 150 entries in 2019,
a 1909 Buick Model 6 was the oldest.
The rally is not just about speed, but
rather precisely following directions
and hitting checkpoints on time.
A rather steep entry fee of $6000
guarantees nearly $160,000 in prize
money, with the overall winner pulling
in $50,000. You can get on a waiting
list (this year’s already sold out) at the
organizer’s website (greatrace.com),
which also increases odds of participation
in the 2021 rally.
Porsche Parade
JUNE 21–27
PALM SPRINGS, CALIFORNIA
The Porsche Club of America’s annual
event heads to Palm Springs for 2020.
The hub will be the La Quinta Resort
and Club in nearby La Quinta, but the
weeklong event, encompassing an
autocross competition, concours, and
road rallies, will reach far beyond. The
Coachella Valley has much to explore,
from midcentury modern architecture
and world-class shopping to hiking
and horseback riding.
Le Mans Classic
JULY 2–5 | LE MANS, FRANCE
This retrospective of the most famous
endurance race of all time, the 24
Hours of Le Mans, pits classic cars
by era in six grids, spanning 1923 to
1981. Rather than a single 24-hour
race at Circuit de la Sarthe, there are
three heats. The picturesque town
of Le Mans is two and a half hours
southwest of Paris.
Goodwood
Festival of Speed
JULY 9–12
WEST SUSSEX, UNITED KINGDOM
Billed as the “largest motoring garden
party in the world,” this family-friendly
annual hill-climb deep in the British
countryside offers a varied spectacle,
with everything from prewar racers to
the latest Formula One and hyper cars
charging up the hay-bale-lined road
MATHIEU BONNEVIE, COURTESY LE MANS CLASSIC
Le Mans Classic
50

SAVE THE DATE
on the grounds of the Goodwood
House. Two hours south of London,
it’s a great jumping-off point to
explore England’s southern coast.
Concours d’Elegance
of America
JULY 24−26
PLYMOUTH, MICHIGAN
Though sometimes overshadowed by
the following month’s more famous
Pebble Concours d’Elegance, this
Detroit-based event, in its 42nd year,
is steeped in history. It was originally
held at Oakland University’s
Meadow Brook Hall, the historic
home of Matilda Dodge Wilson,
widow of automotive pioneer John
Dodge. In 2011, the event moved to
the grounds of the boutique hotel Inn
at St. John’s in Plymouth. In addition
to the Sunday concours, the lineup
of events includes a motoring tour,
sponsored by Hagerty, of the area’s
rich automotive historical landmarks.
There are also free ride-and-drives,
along with informal gatherings and
art exhibitions.
Monterey Car Week
AUGUST 7−16
MONTEREY, CALIFORNIA
The events surrounding the Pebble
Beach Concours d’Elegance on the
Monterey Peninsula have grown
so much that they now span two
weekends. They range from exclusive
tickets like The Quail, A Motorsports
Gathering, to the Concours d’Lemons,
a joyfully irreverent showcase
of jalopies. The historic races of the
Rolex Monterey Motorsports Reunion
at WeatherTech Raceway are alone
worth making the trek, as is the concours
itself, of course, which brings
the best of the best. Be forewarned:
Finding accommodations can be
tricky and traffic in the area is notoriously
difficult.
Goodwood Revival
SEPTEMBER 11−13
CHICHESTER, UNITED KINGDOM
The historic races held over three
days at Goodwood Circuit in southern
England are a cosplayer’s paradise.
Natty attendees dress in period garb
MATT TIERNEY
Concours d’Elegance of America
51

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Goodwood Revival
AMY SHORE
to witness a wide array of classic cars
and motorcycles racing fender to
fender, and there’s plenty of military
history on display, including vintage
aircraft thundering overhead. A
number of hospitality packages offer
varying views with food and drink.
The Colorado Grand
SEPTEMBER 14−19 | COLORADO
This relaxed, non-competitive charity
tour sees about 85 classics dating
from 1960 and earlier. As the name
suggests, it covers 1000 miles over
five days through the majestic Rocky
Mountains. Participation is obviously
exclusive, but various lunch stops
along the route create impromptu
car shows, where spectators can see
the vehicles and mingle with owners.
Past pit stops have included Lake
City, Walden, Paonia, Salida, Ridgway,
Hotchkiss, and Meeker.
Bonhams London to
Brighton Veteran Car Run
NOVEMBER 1 | UNITED KINGDOM
Reportedly the longest-running
motoring event of its kind, this
non-competitive road rally dates
back to 1896, when it was dubbed
“The Emancipation Run” in celebration
of a new law that increased the
speed limit to 14 mph. Only vehicles
made prior to 1905 can participate,
and they’re not allowed to exceed
an average 20 mph. The run sets off
from London’s Hyde Park and travels
60 miles south to the coastal city of
Brighton, with a coffee stop in Crawley.
Of the 425 cars and motorcycles
entered in 2019, 316 finished.
52

AUCTION REPORT
WINTER
HARVEST
We scrutinized 5,929 cars at the January
auctions. Here are the 56 that stood out to us.
BY RICK CAREY, ANDREW NEWTON,
GREG INGOLD, AND JOSE MARTINEZ
53

AUCTION REPORT
Barrett-Jackson
Bolstered by high-dollar charity auctions,
it was a huge year at WestWorld.
If you’re Rick Hendrick and you race, sell, and collect Corvettes, what could
be better than owning the first production mid-engined C8 Corvette, serial
number 0001?
Apparently having $3 million in the bank isn’t better, because that’s what
Mr. Hendrick paid—for charity, of course—for that yet-to-be-delivered car (the
Corvette on hand was a preproduction model). GM might consider waiving the
$995 up-charge if he wants Long Beach Red or Sebring Orange.
The sale of the first production C8 may have been the high point of
Barrett-Jackson this year, but the WestWorld team did something no one else
in the Valley of the Sun managed: More money changed hands than last year.
And not by a little, either. The $137,153,570 total was up 9.5 percent from 2019,
accounting for more than half of all the sales in Scottsdale this year.
WestWorld was as packed as it has ever been: Record numbers of attendees
milled around 1,909 auction vehicles, which competed for attention with acres
of vendors (everything from airplanes and model cars to massaging chairs),
exhibitors, and a press of celebrities.
It’s an expensive show, but it moves metal and keeps people coming back
year after year. —Rick Carey
PREVIOUS: CAMERON NEVEU; THIS PAGE: BRANDAN GILLOGLY
The charity auction of the first production C8 Corvette was the top sale at WestWorld.
54

AUCTION REPORT | BARRETT-JACKSON
2020 BARRETT-JACKSON | BY THE NUMBERS
$137,100,000
TOTAL SALES AT AUCTION
1908/1909
LOTS
99% SOLD
SELL-THROUGH
RATE
$71,833
AVERAGE SALE PRICE
2019 RESULTS
$126.4M TOTAL SALES
1,818/1,819 LOTS SOLD
99% SELL-THROUGH RATE:
$69,538 AVERAGE SALE PRICE
MATT TIERNEY
OVERALL TOP 10 SALES:
1. 2020 Chevrolet Corvette Stingray Coupe sold for $3,000,000*
2. 2021 Lexus LC 500 Convertible sold for $2,000,000*
3. 2017 Ford GT Coupe sold for $1,485,000
4. 2017 Ford GT Coupe sold for $1,182,500
5. 1969 Chevrolet Camaro COPO Sport Coupe sold for $1,094,500
6. 2019 McLaren Senna Coupe sold for $946,000
7. 1963 Aston Martin DB5 Saloon sold for $660,000
8. 1974 Ford Bronco Custom SUV sold for $650,000*
9. 2020 Chevrolet Camaro COPO John Force Drag Car sold for $600,000*
10. 2003 Saleen S7 Coupe sold for $467,500
*Charity car
Represents raw results witnessed by Hagerty during live auctions and may not factor in any
post-sale deals that have occurred. Numbers include the appropriate buyer’s premiums.
55

BARRETT-JACKSON
COURTESY OF BARRETT-JACKSON UNLESS OTHERWISE NOTED
1969 Chevrolet Camaro COPO ZL1
SOLD FOR $1,094,500 | LOT 1409 | #2+ CONDITION
Chassis No. 124379N642876. Hugger Orange over black vinyl. 427-ci, 425-hp
ZL1 V-8, M22 4-speed manual. Power brakes, 4.10 Positraction, Z21 cosmetic
option, dog-dish hubcaps, bucket seats with headrests, AM radio.
EVALUATION Recent restoration | Represented as the 59th of the 69
aluminum-engine COPO Camaros built in 1969. Excellent paint with a
mirror-like finish. Excellent brightwork. Detailed engine compartment. Essentially
concours condition.
BOTTOM LINE Sold here in 2018 for $770,000. The high-dollar muscle car
market hasn’t done anything drastic since then and neither has this car, so this
is an over-the-top price even though it bought a great Camaro.
1995 BMW M3 Lightweight
SOLD FOR $385,000 | LOT 1371 | #2 CONDITION
Chassis No. WBSBF9322SEH08048. Alpine White with M graphics over
black cloth. 3.0-L, 240-hp S50 I-6, 5-speed manual.
EVALUATION Original | From the Paul Walker collection and represented with
just 4,600 miles. There is no noticeable wear anywhere. Phenomenal car with
phenomenal ownership.
BOTTOM LINE The M3 Lightweight, which has less weight and more performance
than other E36 M3s, is already a very collectible car, with only some
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AUCTION REPORT | BARRETT-JACKSON
120 having been built.
Paul Walker owned five
of them, and Barrett-
Jackson ran them across
the block in a series,
along with two white
E30 M3s. They sold very
well, as did everything in
the Paul Walker collection.
This was the cleanest of the bunch and earned the most extreme price.
Other perfectly good examples have sold for well under half this amount.
1969 Chevrolet Corvette L88 Coupe
SOLD FOR $330,000 | LOT 1408 | #2- CONDITION
Chassis No. 194379S720677. Cortez Silver over black leather. 427-ci,
430-hp L88 V-8, M22 4-speed manual, side exhaust. Rally wheels, redline
tires, factory leather, 3.36 Positraction. Factory tank sticker, Protect-O-Plate,
Bloomington Gold certification.
EVALUATION Older restoration | Paint is very good and so is the brightwork,
save for a few light scratches. Tidy engine compartment with warped and torn air
cleaner foam. Very good interior.
BOTTOM LINE A real-deal L88 is hard to come by—1969 is the most common
year, yet just 116 were sold. This one sold for $624,800 at Barrett-Jackson’s
Northeast sale in 2016, then hammered not sold at a $520,000 high bid at
Mecum Dallas in 2017 and at a $400,000 high bid at Leake Dallas the same year.
In other words, this was a bargain.
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AUCTION REPORT | BARRETT-JACKSON
1970 Plymouth Road Runner Superbird
SOLD FOR $313,500 | LOT 1370.1 | #2- CONDITION
Chassis No. RM23V0A180656. Limelight Green with black vinyl roof
over black vinyl. 440-ci, 390-hp V-8, 4-speed manual. Three two-barrel
carburetors. Power steering, brakes, Tic-Toc-Tach, Rallye wheels, AM radio.
EVALUATION Older restoration | Very good but imperfect paint with small
blemishes and blisters and a chip at the edge of the hood. Good exterior brightwork
save some scratches and faint pitting on the side mirror. Very good interior
and vinyl roof cover. A few paint chips in the engine compartment. Despite the
minor imperfections, it’s in near-excellent overall condition and is represented
with a matching-numbers drivetrain.
BOTTOM LINE There were seven Superbirds and a Dodge Charger Daytona in
Scottsdale this year at Barrett-Jackson alone, although none of them had Hemis.
Most sold reasonably well, but the serious money waited for this car—more than
100 grand above than the next most expensive one here. Desirable colors and a
4-speed explain a lot of the money, but not all of it.
1934 Pierce-Arrow 840-A
Silver Arrow Coupe
SOLD FOR $176,000 | LOT 1359.1 | #2- CONDITION
Chassis No. 2580180. Cream with light gray accents over gray broadcloth.
385-ci, 140-hp I-8, 3-speed manual. Red steel-spoke wheels, hubcaps, trim
rings, wide whitewalls, skirts, and heater.
EVALUATION Older restoration | Excellent paint, chrome, upholstery, and
interior wood trim. The engine, chassis, and frame were restored to like-new
condition but use since then has left them covered in oily residue. Good panel
fits and seals—except neither door closes flush or evenly.
BOTTOM LINE This design milestone from near the end of Pierce-Arrow’s reign
as one of America’s premiere luxury marques stands out amid the muscle and
restomods at WestWorld. But it’s been here before: Barrett-Jackson sold this car
in 2005 for $108,000; it was bid to $120,000 at RM Meadow Brook seven months
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AUCTION REPORT | BARRETT-JACKSON
later; passed at Gooding’s Palm Beach auction in January 2006 on a reported bid
of $90,000, then sold at RM’s Boca Raton auction a month later for $98,975; and
sold at Barrett-Jackson WestWorld in 2013 for $258,500 with 44,514 miles. It has
been driven but little since, and the quality of its ’90s restoration is manifest in its
condition and presentation. The variability in its auction results over the years is
notable. Fortunately, it’s still worth enough that it runs little risk of having its 140-hp
straight-eight pulled and replaced by an LS drivetrain. It deserves to find a good
home where it’ll be driven and shown.
1990 Toyota Supra Mk III Turbo Coupe
SOLD FOR $88,000 | LOT 1036 | #2+ CONDITION
Chassis No. JT2MA71J5L0149046. Red over black interior. 3.0-L, 230-hp I-6,
5-speed manual. Air conditioning, CD and cassette player. Includes books,
tools and original ownership documents.
EVALUATION Original | Canadian-market car showing 146 kilometers (91 miles).
As delivered to the dealer decades ago, down to bags on the seats and sun visors.
MATT TIERNEY
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AUCTION REPORT | BARRETT-JACKSON
BOTTOM LINE The rage these days is
all about the new Supra and its immediate
predecessor, the twin-turbo Mk IV,
but the Mk III is also having a moment, as
evidenced by the record price here. Of
course, condition also played into the bidding—another
Mk III with just 26 miles but
no plastic on the seats sold a day before at
$71,500. Meanwhile, an average Supra with light mods and use brought $14,300.
1995 Ford Bronco Eddie Bauer Edition
SOLD FOR $73,700 | LOT 731 | #2 CONDITION
Chassis No. 1FMEU15H8SLA75749. Black and bronze over tan leather.
351-ci, 210-hp, automatic transmission. BFGoodrich All-Terrain T/A tires,
car phone, CD player.
EVALUATION Original | From the Paul Walker collection. Good paint. The
brightwork and plastic trim are all like new, the engine compartment shows
minor use, and the interior has almost no wear. A very good example of a late
Bronco showing 32,808
miles, although it looks
less used than that.
BOTTOM LINE Eddie
Bauer may be stitched into
the seats, but Paul Walker
is the important name
here. While the premium
added by his ownership
wasn’t as massive as it was for some of the other cars in his collection, the result
is still two to three times what such a Bronco would normally bring.
1972 Triumph TR6
SOLD FOR $55,000 | LOT 428.1 | #2 CONDITION
Chassis No. CC81193U. Blue over black. 2498-cc, 106-hp I-6, 5-speed
manual. Redline tires, luggage rack, aftermarket radio, leather-wrapped
steering wheel, wood shift knob.
EVALUATION Recent restoration | From the RPM collection. Very good, if not
show quality paint and chrome. Excellent interior. Very clean, fully restored
engine bay. A fresh and attractive slim bumper TR6. Not the world’s best, but it
needs nothing.
BOTTOM LINE TR6 owners out there might see this result—a record for the
model—and think they suddenly have a $50,000 car in the garage. They don’t.
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AUCTION REPORT | BARRETT-JACKSON
Even a concours-quality TR6 doesn’t sell north of 40 grand. This one is neither
the world’s best restoration nor a mint-condition, never-driven original. Call it a
home run for the seller.
2007 Lotus Elise
SOLD FOR $33,000 | LOT 553.1 | #2- CONDITION
Chassis No. SCCPC111X7HL32685. Orange over black. 1796-cc, 190-hp I-4.
Clear bra on the nose, air conditioning, power windows, CD stereo.
EVALUATION Original | A few small chips on the nose and a small but deep curb
scrape on the right rear rim of the wheel. The bare-bones interior is in very good
condition. A lovely Elise, finished in appropriately eye-catching orange, equipped
with some good options, and represented with 19,327 believable miles.
BOTTOM LINE The Elise’s defiantly analog driving experience has only become
rarer in the years since Lotus stopped selling it in the United States, so it’s likely
to be collectible in the future. But it’s not quite there yet. The current going rate
for a good one is somewhere between the high 20s and the high 30s. This one
sold for $38,500 at Palm Beach last year, which seems on the high side, while this
price is about right.
61

AUCTION REPORT
RM Sotheby’s
Plenty of excitement on the block,
even if the total sales were down.
It’s not common these days for the excitement at a collector car auction to
concern a classic-era car, but that was the case at RM Sotheby’s at the Arizona
Biltmore January 16-17, 2020.
A largely original 1937 Mercedes-Benz 540K, one of the legendary cars
of the prewar era, was the undisputed star leading up to the sale. The pride
of a Nebraska family that acquired it in 1968, it boasted unique Sindelfingen
Cabriolet A coachwork on a late set-back radiator chassis, with a beautifully
integrated coupe roof crafted by Hebmüller. Stored since about 1980, its whereabouts
had been unknown even to the most dedicated classic car sleuths until
its consignment to RM Sotheby’s Arizona auction. “Patina” and “originality,”
overused descriptors in auction catalogs, are fitting for this exceptional car.
In a venue where multimillion-dollar sales are the rule, not the exception,
the 540K had the room buzzing even though it sold for (only?) $995,000, less
than six other lots and well under the top sale at the Biltmore, a Pagani Huayra
Roadster that brought $2,370,000.
RM Sotheby’s, like most of the other auctions this week, recorded a smaller
total sale than last year, down 17.7 percent to $30,346,210, less than half its
peak Arizona sales of $63 million in 2015 and 2016.
But the 540K Sindelfingen/Hebmüller Cabriolet A/Coupe made up much of
the difference, if only in enthusiasm, interest, and intrigue. —RC
MATT TIERNEY
As dusk falls on the Biltmore, the 540K gets ready to roll onto the auction block.
62

AUCTION REPORT | RM SOTHEBY’S
2020 RM SOTHEBY’S | BY THE NUMBERS
$30,346,210
TOTAL SALES AT AUCTION
128/143
LOTS
90% SOLD
SELL-THROUGH
RATE
$237,080
AVERAGE SALE PRICE
2019 RESULTS
$36.8M TOTAL SALES
129/154 LOTS SOLD
84% SELL-THROUGH RATE
$285,448 AVG SALE PRICE
DARIN SCHNABEL, COURTESY OF RM SOTHEBY’S
OVERALL TOP 10 SALES:
1. 2018 Pagani Huayra Roadster sold for $2,370,000
2. 1967 Ferrari 330 GTS Spider sold for $1,710,000
3. 1971 Lamborghini Miura P400 SV Coupe sold for $1,391,000
4. 1955 Mercedes-Benz 300SL Gullwing Coupe sold for $1,270,000
5. 1930 Cadillac Series 452 Fleetwood Sport Phaeton sold for $1,105,000
6. 2008 Bugatti Veyron 16.4 Coupe sold for $1,105,000
7. 1937 Mercedes-Benz 540K Hebmüller Coupe sold for $995,000
8. 1957 Mercedes-Benz 300SL Roadster sold for $973,000
9. 2017 Ford GT Coupe sold for $923,500
10. 2005 Porsche Carrera GT Coupe sold for $786,000
Represents raw results witnessed by Hagerty during live auctions and may not factor in any
post-sale deals that have occurred. Numbers include the appropriate buyer’s premiums.
63

RM SOTHEBY’S
1967 Ferrari 330 GTS Spider
by Pininfarina
SOLD FOR $1,710,000 | LOT 242 | #2+ CONDITION
Chassis No. 9781; Engine No. 9781. Grigio Ferro over gray leather with
a black cloth top. 3967-cc, 300-hp V-12. 5-speed manual. Chrome-spoke
polished-rim Borrani wire wheels, Michelin X blackwalls. Power windows,
halogen headlights, owner’s manual, full tool roll, and Ferrari Classiche Red
Book certification.
EVALUATION Recent restoration | Cavallino Platinum award 2017–19. One of 99
built as a droptop. Known history from new, original chassis, engine, and body.
Restored in 2016 in the present colors and materials with beautiful clearcoat
paint, bright chrome, and inviting interior. The underside is as clean and fresh as
the top. The engine compartment is beautiful, fresh, dry, and clean. Impeccable
restoration and preservation of one of the prettiest of all open Ferraris.
BOTTOM LINE Sold by RM at Monterey in 2015 for an undisclosed amount
(reported to be just over $2 million) and offered by RM at Monaco in 2016,
where it was reportedly bid to €1.8 million (about $2.03 million at the time). The
result here is indicative of a general softening in top-end Ferrari V-12s in the
past five years, a result that will not please the other 98 330 GTS owners, but is
realistic in the present environment and comparable with the 330 GTS s/n 10111
sold by Gooding & Company a day later for $1,985,000 (its bright-yellow color
earning a “Giallo premium” over the subtle gray of this car).
MATT TIERNEY
64

AUCTION REPORT | RM SOTHEBY’S
CAMERON NEVEU
1937 Mercedes-Benz 540K Coupe
by Sindelfingen/Hebmüller
SOLD FOR $995,000 | LOT 234 | #3- CONDITION
Chassis No. 154143; Engine No. 154143. Ivory and light gray over red
leather. 5401-cc, 180-hp supercharged I-8. 3-speed manual with overdrive.
Crank-out vee windshield, silver painted wire wheels, bias-ply wide whitewalls,
enclosed rear-mounted spare. Folding Golde sunroof, auxiliary gauges
with old aircraft instruments, Marchal spotlight, Bosch headlights and fog
light, heater, and outside head pipes.
EVALUATION Unrestored original | Originally a Sindelfingen (Body No. 200451)
Cabriolet A with 540K second series set-back engine and radiator. Rebodied from
the beltline up with this coupe roof by Hebmüller in 1951, whose modifications
also include the vee windshield, skirted front fenders, and alterations to the tail.
Brought to the U.S. not long after and owned by Henry A. Rudkin, Jr., scion of
the family that started the Pepperidge Farm bakery. Sold by John P. Quirk to the
present owning family at a Rippey’s/Park Bernet auction in Denver in 1968 and
preserved since then in as-acquired condition. Hasn’t been registered for road
use since 1980. Cracked and scratched old repaint. Sound original upholstery
turning brown with age. Surface rust on wheel rims. Chrome bumpers and trim are
peeling, but the radiator, headlight shells, and parking lights look sound. Engine
compartment shows age. Runs, drives, and stops after recent recommissioning
65

AUCTION REPORT | RM SOTHEBY’S
by RM Auto Restorations, although it probably shouldn’t venture far on its old
whitewalls. Rusting right door bottom. 1937 undercoat in the wheel wells. A
long-rumored but unknown classic, aged but generally sound and complete.
BOTTOM LINE The most anticipated and admired car in the Scottsdale
auctions, a gem of ’30s performance and design. It should be displayed for at
least a year in preservation-class exhibits before being restored. There will be
arguments about retaining the sunroof and the seriously funky, leg-scraping
panel of auxiliary aircraft gauges that post-date the Hebmüller modifications;
our opinion is that they’re part of its intriguing history and should remain. The
set-back radiator and coupe coachwork are visually arresting, even in the present
muted colors, and it is numbers-matching and original save for its most
distinctive feature, the coupe roof. The fact that it sold for a bit less than RM’s
million-dollar estimate reflects not a lack of interest but rather the value judgment
of informed classic car collectors. The selling family should return to
Nebraska satisfied, if not ebullient, with this result.
2009 Mercedes-Benz SLR
McLaren Convertible
SOLD FOR $324,000 | LOT 258 | #2 CONDITION
Chassis No. WDDAK76F09M001924. 5439-cc, 617-hp supercharged
V-8. 5-speed automatic. Arctic White with a brown cloth top over tobacco
brown leather.
EVALUATION Original | 8866
miles and still like new.
BOTTOM
LINE Uncommon
yet lovely colors, low mileage,
and a droptop explain this
SLR’s relatively strong price.
For reference, though, it would
have cost more than half a million
dollars when new.
COURTESY OF RM SOTHEBY’S
1983 Lamborghini Countach LP500S
SOLD FOR $268,800 | LOT 127 | #3+ CONDITION
Chassis No. ZA9C00500CLA12548. 4754-cc, 375-hp V-12. 5-speed manual.
White over black leather. Six Weber carburetors, Ruote OZ wheels, Pirelli P
Zero tires. Ansa exhaust, reproduction manual, tool roll, jack.
EVALUATION Visually maintained, largely original | Single ownership for
30 years. Significant cracks and crazing in the paint, but only visible up close.
The windshield is delaminating a little at the bottom. Clean wheels. Good
interior with light wear on the driver’s seat. Rebuilt engine and new clutch 4,000
66

AUCTION REPORT | RM SOTHEBY’S
kilometers ago, done to European specs by a specialist, so it’s presumably
worry-free. At least as worry-free as an old Lambo can be.
BOTTOM LINE Charming originality and the right amount of patina, or just
tired? We’d say the former, but paddle-wavers seemed to think it was the
latter. This was a low price even for a 1982–85 LP500S, which generally tend to
be among the less expensive Countach variants.
1961 Sunbeam Alpine
Harrington Coupe
SOLD FOR $196,000 | LOT 135 | #2- CONDITION
Chassis No. B9106097; Engine No. B9106090. 1494-cc I-4. 4-speed manual.
Red over blue. Hartwell Stage III tuned engine, dual Webers, black wire
wheels, Dunlop Racing tires. Driving lights, muffler, roll bar, wood-rim
steering wheel, wooden shift knob, stripped interior with fire system.
MATT TIERNEY
67

AUCTION REPORT | RM SOTHEBY’S
EVALUATION Competition restoration | Neat racing history, once as a worksbacked
entry at Sebring 1962 and with Luigi Chinetti’s North American Racing
Team (NART) at Sebring the following year, where it finished fourth in class. Currently
presented in its NART colors. Good older repaint with no huge chips or
scrapes from its time on the track. Tidy and lightly run underneath. Slightly uneven
door fit. Needs nothing, but not so shiny that you wouldn’t want to take it racing.
BOTTOM LINE Though it didn’t have any major wins, this is a significant
Alpine racing car with elegant Harrington fiberglass roof and instantly recognizable
NART livery. Much of its value is tied to those Sebring appearances. RM
Sotheby’s sold it in London in 2016 for £109,200 (about $145,700 at the time), and
it surpassed expectations here, selling for well over its $160,000 high estimate.
COURTESY OF RM SOTHEBY’S
2005 Ferrari 612 Scaglietti
SOLD FOR $92,400 | LOT 267 | #2- CONDITION
Chassis No. ZFFAA54A250138987. 5748-cc, 532-hp V-12. 6-speed automatic.
Grigio Ingrid over tan leather. Modular wheels, red calipers, Pirelli P Zero
tires. Daytona-style seats, Scuderia shields, books and toolkit.
EVALUATION Original | A few small but deep chips on the nose. Otherwise,
the car looks fantastic and nearly new, as it should given the 7126 miles and
single owner represented. Also comes with full service history. Unusual colors.
BOTTOM LINE Four-seat Ferraris take longer to garner appreciation among
collectors than do their sportier cousins, meaning the 612 Scaglietti, which cost
about a quarter-million dollars when new, is still just a used car (albeit a helluva
nice one). High five figures is spot-on for today’s market.
1999 Panoz AIV Roadster
SOLD FOR $70,000 | LOT 215 | #2 CONDITION
Chassis No. 1P9PA1829XB213024. Blue over tan leather. 281-ci, 305-hp
SVT Mustang Cobra V-8. 5-speed manual. BBS wheels, Alpine CD stereo,
woodgrain dash, Nardi steering wheel, air conditioning.
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AUCTION REPORT | RM SOTHEBY’S
EVALUATION Original | Just
287 miles and like new. Has
to be one of the best Panoz
roadsters out there.
BOTTOM LINE Make that
one of the only Panoz roadsters—only
176 were ever
built. Despite that exclusivity,
the crude, hand-built American roadsters don’t carry a ton of weight among
collectors. This top-of-market result is barely more than what the car cost new
two decades ago. Still, with a curb weight around 2650 pounds (AIV stands for
aluminum-intensive vehicle) and Ford V-8 power, it’s modern-car quick and sure
to grab attention.
COURTESY OF RM SOTHEBY’S
1991 Alfa Romeo SZ Coupe
SOLD FOR $58,800 | LOT 173 | #3+ CONDITION
Chassis No. ZAR16200003000440. Red with gray roof over tan leather.
2959-cc, 210-hp V-6. 5-speed manual. Bridgestone Potenza tires, aftermarket
coilovers, Wilwood brakes, 17-inch wheels. Momo steering wheel
( original included), aftermarket stereo head unit, Sparco seats with harnesses,
aftermarket exhaust, Sparco aluminum pedals.
69

AUCTION REPORT | RM SOTHEBY’S
EVALUATION Modified original | Just 13,166 kilometers from new. The finish
on the rear spoiler is a little tired. Paint is starting to show its age but has no
huge blemishes. There’s negligible wear on the driver’s seat, but otherwise
the interior looks great. In typical Zagato fashion, it’s so ugly it’s beautiful. A
shoo-in for Radwood.
BOTTOM LINE Alfa sold barely 1000 SZs, none in the United States. Since turning
25 years old, though, they have started to trickle into the country. Another
1991 was bid to $65,699 on Bring a Trailer late last year. The modifications to
this one, albeit tasteful, tamped down interest here.
1996 Chevrolet Corvette
Grand Sport Coupe
SOLD FOR $53,760 | LOT 212 | #2 CONDITION
Chassis No. 1G1YY2251T5600364. Admiral Blue with white stripe over black
leather. 350-ci, 330-hp LT4 V-8. 6-speed manual. F45 suspension. Comes with
window sticker and 1996 Corvette VHS tape.
EVALUATION Original | One of 1000 (810 coupes and 190 convertibles) 1996
Grand Sports. Like-new condition
represented with just 96
miles and will probably never
see 100—it’s destined for a life
of static display.
BOTTOM
LINE A massive
price for a Grand Sport that
stands out for its condition
and mileage. As with many
limited-edition C4s that were
mothballed in anticipation of big appreciation, the numbers haven’t quite
worked out: According to RM Sotheby’s, this Vette carried a sticker price of
$46,239 in 1996, which is nearly 76 grand adjusted for inflation. Someone could
have made more money—and had more fun—parking money in a savings
account and driving the car.
MATT TIERNEY
1991 Lotus Elan SE
SOLD FOR $32,480 | LOT 208 | #2 CONDITION
Chassis No. SCCGA36B1MHF28127. 1588-cc, 162-hp I-4. 5-speed manual.
Metallic Blue over black. Ruote OZ wheels, Goodyear Eagle tires, power
windows, cassette stereo.
EVALUATION Original | Just 260 miles on a one-owner car. As close to a brandnew
M100 Elan as you’ll find anywhere. Very impressive.
70

AUCTION REPORT | RM SOTHEBY’S
BOTTOM LINE As Mazda
was perfecting its modern interpretation
of the 1960s Elan
with the MX-5 Miata, Lotus
was getting it wrong with a
front-drive, Isuzu-powered
wedge. The M100 Elan didn’t
sell very well and isn’t particularly collectible, and for years it has presented a
cheap way into Lotus ownership. Most examples still out there are on the rough
side. This is the nicest one we’ve seen at auction, and it’s the most expensive.
MATT TIERNEY (BOTTOM); COURTESY OF RM SOTHEBY’S (TOP)
1986 Zimmer Quicksilver Coupe
SOLD FOR $21,280 | LOT 206 | #2+ CONDITION
Chassis No. 1G2PF3790GP242215. 2.8-L V-6. 3-speed automatic. White over
red leather. Wire wheels, narrow whitewalls, hood ornament, power windows.
EVALUATION Unrestored original | Very good original paint and brightwork.
Nearly new interior. Represented
with fewer than 500 miles, a believable
claim. Quite possibly the best
Zimmer Quicksilver in existence.
BOTTOM LINE The rare Zimmer
Quicksilver (about 170 built) looks
like a big V-8 luxury car in photos, but
it’s actually a Pontiac Fiero underneath,
mid-mounted engine and all. It’s less garish than Zimmer’s better-known
neoclassics and, again, is probably the best in the world. Few at the Biltmore
seemed eager to pay for that distinction, with bidding concluding at half the
presale estimate.
71

Gooding & Company
Quality over quantity helped Gooding defy
the trends with seven-figure cars.
Gooding & Company’s Scottsdale Auction moved this year to a slightly
different location, about a hundred yards closer to Scottsdale Road, to make
way for an incipient construction project. Those who didn’t realize this in
advance snared formerly primo parking places … which turned out to be half a
block from where the action was.
Gooding, however, snared the week’s top sale. Its like-new Ferrari F50
brought a generous $3,222,500 at a time when serious collector car drivers are
increasingly focused on the more-analog F40 and 288 GTO. By the close of the
auction, eight of nine lots bid to $1 million or more had sold, an unmatched 88.9
percent sell-through rate for premium cars during Scottsdale auction week.
That strong performance didn’t offset a more modest consignment than
seen in prior years. The total sale was $35,807,080, down a whopping 25
percent from both 2019 and 2018. Quality matters, particularly when it comes to
high-dollar cars, but for an auction house, quantity matters, too. Note, this issue
goes well beyond Gooding. Really great, high-value cars are coming to market
in ever-smaller numbers.
Collectors with deep pockets have little incentive to sell in a soft market,
particularly in public venues where bids become part of a car’s history and
where watchers (like Hagerty Insider) keep track by chassis number.
Still, the fact that Gooding did so well with seven-figure cars is an endorsement
of the depth, quality, and resources of its bidder base. —RC
MATT TIERNEY
This $1.24M Lamborghini Miura was one of the high-dollar highlights at Gooding.
72

AUCTION REPORT | GOODING & COMPANY
2020 GOODING & CO. | BY THE NUMBERS
$35,807,080
TOTAL SALES AT AUCTION
122/137
LOTS
89% SOLD
SELL-THROUGH
RATE
$293,501
AVERAGE SALE PRICE
2019 RESULTS
$48.1M TOTAL SALES
104/123 LOTS SOLD
85% SELL-THROUGH RATE
$462,360 AVG SALE PRICE
MATT TIERNEY
OVERALL TOP 10 SALES:
1. 1995 Ferrari F50 Coupe sold for $3,222,500
2. 1932 Hispano-Suiza J12 Dual Cowl Phaeton sold for $2,425,000
3. 1948 Tucker 48 Sedan sold for $2,040,000
4. 1967 Ferrari 330 GTS Spider sold for $1,985,000
5. 1972 Ferrari 365 GTS/4 Daytona Spider sold for $1,930,000
6. 1960 Ferrari 250 GT Cabriolet SII sold for $1,462,500
7. 1968 Lamborghini Miura P400 S Coupe sold for $1,242,500
8. 2014 McLaren P1 Coupe sold for $1,160,000
9. 1970 Porsche 914/6 GT Targa sold for $995,000
10. 1958 Mercedes-Benz 300SL Roadster sold for $940,000
Represents raw results witnessed by Hagerty during live auctions and may not factor in any
post-sale deals that have occurred. Numbers include the appropriate buyer’s premiums.
73

GOODING & COMPANY
MATHIEU HEURTAULT, COURTESY GOODING & COMPANY
1995 Ferrari F50 Coupe
SOLD FOR $3,222,500 | LOT 44 | #2 CONDITION
Chassis No. ZFFTG46A5S0103922. Rosso Corsa over black and red cloth.
4699-cc, 513-hp V-12, 6-speed manual. Pirelli P Zero Corsa tires, books, tools,
and suitcase.
EVALUATION Original | One of 349 F50s built and 55 sold in the States.
Represented with two owners and 5200 miles from new. No significant wear or
age to speak of. Serviced in 2018.
BOTTOM LINE Some perspective on the recent “slump” in Ferrari values: Nine
years ago, this F50 sold in Scottsdale for $814,000. Ferrari prices started surging
not long after that transaction. Worldwide had a production prototype F50 in
Scottsdale this year, and it didn’t sell at a $2,500,000 high bid. That seemed like
adequate money until we saw this result, the highest of Arizona auction week.
1960 Ferrari 250 GT Cabriolet SII
by Pinin Farina
SOLD FOR $1,462,500 | LOT 46 | #2- CONDITION
Chassis No. 2075GT; Engine No. 2075GT. Red over tan leather with a black
cloth top. 2953-cc, 240-hp V-12, 4-speed manual with overdrive. Dunlop disc
brakes, chrome-spoke Borrani wire wheels, Michelin X tires. Pianola AM/FM
radio, Marchal headlights, unrestored hardtop.
EVALUATION Older restoration | Represented as the matching-numbers engine
(internal No. 498F) and documented with a copy of the Ferrari build sheet (but
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AUCTION REPORT | GOODING & COMPANY
not Ferrari Classiche certified). Restored in the early 2000s and retains very good
paint and chrome. Interior shows only slight stretching and moderate creasing.
There are some paint flaws, particularly over the left headlight. The underbody is
nearly like new. From the featured Ferrari Spider Collection.
BOTTOM LINE Unlike the first series of 250 GT Pinin Farina cabriolets, which
were competitive on track and at a variation on the Tour de France, the later
Series II Pinin Farina cabriolets were relatively sedate road cars based on the
series-production 250 GT Pinin Farina coupe. They’re valued at a quarter or so
of the Series I cabriolets, which is borne out by this good but not outstanding
example’s result. The rare (but unrestored) hardtop earned it a modest bump.
MATHIEU HEURTAULT, COURTESY GOODING & COMPANY
1970 Porsche 914/6 GT
SOLD FOR $995,000 | LOT 33 | #3 CONDITION
Chassis No. 9140431017. Yellow over black. 1991-cc, 210-hp “Carrera 6-spec”
H-6, 5-speed manual. GT-spec (steel fender flares; fiberglass decklids; rocker
panels and bumpers; ventilated brakes from 911S; front and rear antiroll bars;
Plexiglas rear and side windows; extra front oil cooler; and a long-range fuel
tank). Fuchs wheels in front, alloys in back, Toyo Proxes tires, and Racemark
steering wheel.
EVALUATION Competition restoration | Rare 914/6 converted to GT specs
before leaving the factory. Sold new to Canadian journalist and racer Jacques
Duval, who drove it to a class win at Daytona, and fourth in class at Sebring. It
also won the 6 Hours of Saint Croix and took its class at the Carnival at Three
Rivers. In the 1980s, with a different owner, it enjoyed success in SCCA Pro
Solo autocross. Has since been put back to the Sunoco of Canada livery it wore
at Daytona. It has plenty of nicks, scratches, and scrapes, plus the tires don’t
have a ton of life left in them. No matter. It’s one of the most desirable 914s in
75

AUCTION REPORT | GOODING & COMPANY
existence, and its history grants it access to many of the best vintage racing
events in the world. Its condition isn’t particularly relevant as long as it’s ready
to race, and it looks like it is.
BOTTOM LINE If you have a dusty 914/4 in the garage, don’t get your hopes
up. The value here lies almost entirely in racing provenance and event eligibility.
Though bidding didn’t crest the million-dollar mark, this is still a world-record
price for a 914, by a factor of three, and just shy of the €928,000 (about $1,051,100
at the time) brought by an ultra-rare 916 in Paris last year.
MATT TIERNEY, CAMERON NEVEU
1937 BMW 328 Roadster
SOLD FOR $830,000 | LOT 35 | #4- CONDITION
Chassis No. 85059; Engine No. 85059. Light green over green leather with a
black cloth top. 1971-cc, 80-hp I-6, 4-speed manual. Three Solex downdraft
carbs, green center-lock disc wheels, Semperit tires, cowl-mounted trafficators,
rear-mount spare, and folding windshield.
EVALUATION Unrestored original | Acquired by Army Air Corps Squadron Commander
Edward Giller in Germany in 1945, who kept it through various important
assignments in the States, which eventually resulted in a promotion to major general.
It has remained with the Giller family until today, regularly driven until this
decade, and was recently recommissioned by White Post Restorations (although
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AUCTION REPORT | GOODING & COMPANY
it’ll need much more attention before driving distances greater than the length
of an auction podium). Components represented as original, matching numbers,
verified by BMW Group Classic. Scratched and chipped paint is not original
but is old and cheap. Upholstery is old and worn. Dull brightwork. Unrestored,
dirty, and tired. The engine
smokes badly. Sound, solid, and
complete but needs everything.
BOTTOM LINE A breathtaking
result for any BMW 328 without
racing history, let alone one
that has such extensive needs.
Certainly, there’s value in the
single family ownership for
three-quarters of a century, in
its completeness and its level of preservation. But it will have to make the most
of preservation-class concours appearances to earn back some of its massive
premium, and even that will require extensive mechanical work. Once restoration
starts, the added costs will sink it further underwater. This is a car bought for the
passion of owning it, not a rationally considered value decision.
1990 Mercedes-Benz 190E 2.5-16
Evolution II Sedan
SOLD FOR $434,000 | LOT 29 | #2 CONDITION
Chassis No. WDB2010361F738417. Blue-black over black leather. 2463-cc,
235-hp Cosworth I-4, 5-speed manual. AMG Power Pack, SP Sport tires.
Becker Grand Prix radio, books, tools, and service records.
EVALUATION Original | One of 500 Evo IIs built for homologation in DTM
(German Touring Car) racing. Compared to the earlier Evo I, the Evo II had more
MATT TIERNEY, CAMERON NEVEU
77

AUCTION REPORT | GOODING & COMPANY
power as well as a body kit for
better aerodynamics. Showing
7618 kilometers, it looks as
fresh and wicked as it did the
day it rolled out of the factory.
BOTTOM LINE The Evo II is
the fastest, most developed,
and best-looking of the 190
Cosworths. Most important,
it was the only one of the
series to clinch the DTM Championship, winning it all in 1992. Among modern
Mercedes, it’s also one of the most valuable. This car sold extremely well and for
significantly more than its 380 grand high estimate, but it was deserved. Only a
1723-mile car sold at a Silverstone auction in 2016 for more at £321,750 (about
$446,000 at the time).
1960 Maserati 3500GT Coupe
NOT SOLD AT A $220,000 HIGH BID | LOT 50 | #4+ CONDITION
Chassis No. AM101708; Engine No. AM101708. Grigio Nembo over white
leather. Triple Webers, 4-speed, Vredestein tires, hubcaps and trim rings.
EVALUATION Unrestored original | Represented with 41,457 miles. Shown in
2013 in the preservation class at Pebble Beach. Sound original paint with no major
bare spots, but it’s certainly aged and tired. Small dent in the roof, another
on the passenger’s door, and another on the right rear fender. Straight body
otherwise. Pitted chrome. Rough wheels but new tires. Oxidation underneath
but nothing bad. The leather is heavily worn and cracked but it isn’t quite coming
MATT TIERNEY
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AUCTION REPORT | GOODING & COMPANY
apart. Sound interior otherwise. Still a solid preservation-class type of car with
the right amount of patina.
BOTTOM LINE All-original but usable cars tend to command a premium, and
this is certainly true of classic Maseratis. The reported high bid here would ordinarily
buy an average 3500GT with an older restoration, but given this car’s level
of preservation, it was understandable for the seller to hold out for more.
1965 Porsche 356 SC Coupe
SOLD FOR $190,400 | LOT 24 | #2+ CONDITION
Chassis No. 219006; Engine No. 812499. Dolphin Gray over blue. 1582-cc,
95-hp H-4, 4-speed manual. Chromed steel wheels, Michelin XZX tires. Gold
brightwork, Blaupunkt push-button radio, tools, jack, spare, and books.
EVALUATION Recent restoration | Gorgeous matching-numbers car with very
good paint, brightwork, and interior. Restoration finished in 2017. Clean underneath
with only superficial age from a little bit of driving.
BOTTOM LINE Another deservedly strong result at Gooding. The SC isn’t the
most valuable of 356s, but it is the last, the quickest, and the most developed of
the pushrod cars. Plus, the Cs are quite attractive, with their twin rear grilles and
larger glass. Even by Porsche standards, this one is very well-done.
MATT TIERNEY
2004 Porsche 911 GT3 Coupe
SOLD FOR $140,000 | LOT 120 | #2 CONDITION
Chassis No. WP0AC29954S692372. Speed Yellow over black leather. 3.6-L,
380-hp H-6, 6-speed manual. Yellow calipers, Michelin Pilot Sport tires, and
factory radio.
EVALUATION Original | One of 1018 cars built for North America. Good colors
and just 750 miles (and they weren’t track miles). A like-new 996 GT3.
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AUCTION REPORT | GOODING & COMPANY
BOTTOM LINE The GT3, now an established member of Porsche’s tried-andtrue
portfolio of extra-cost 911s, debuted with the 996 generation. The formula
is now familiar: upgraded
suspension and brakes,
lower weight, and a stout,
high-revving flat-six. In
this case, the engine
was a normally aspirated
version of the one used in
the 911 Turbo, which didn’t suffer from the infamous IMS bearing issue. Early
GT3s make very good, track-capable cars yet are somewhat underappreciated
relative to other modern 911s. Not this one, however: Its colors and like-new
condition brought a like-new price, adjusted for inflation.
MATT TIERNEY (BOTTOM); MATHIEU HEURTAULT, COURTESY GOODING & COMPANY (TOP)
1973 Toyota FJ40 Land Cruiser
SOLD FOR $109,200 | LOT 169 | #2+ CONDITION
Chassis No. FJ40148180; Engine No. 2F 040657. Cadet Blue with beige vinyl
top over tan. 4.2-L, 135-hp I-6, 4-speed manual. Weber carburetor, Old Man
Emu suspension, electric power steering, and custom exhaust.
EVALUATION Recent restoration | Professionally restored in 2019 with tasteful,
minimal upgrades. Excellent paint. Spotless underbody. New interior. Way too
shiny to take anywhere near mud and dirt.
BOTTOM LINE After FJ40 prices started skyrocketing in 2014 and ’15, it seemed
like every catalog auction in the country had a shiny, over-restored Land Cruiser.
Some crossed the six-figure mark. Values have slipped since then, such that even
this phenomenal example carried an $80,000 high estimate. This price was therefore
a surprise, and gave us flashbacks to FJ-mania.
80

AUCTION REPORT | GOODING & COMPANY
1974 Volkswagen Karmann Ghia Coupe
SOLD FOR $86,800 | LOT 66 | #2+ CONDITION
Chassis No. 1442726974. Orange over brown vinyl. 1585-cc, 46-hp H-4, 4-speed
manual. Hubcaps, Michelin XZX tires, and Blaupunkt push-button radio.
EVALUATION Unrestored original | A time-warp final-year Karmann Ghia represented
with 411 miles. Still has the original window sticker attached. The driver’s
seat looks a little flat considering the miles but otherwise the car is showroom
fresh. As close to a new,
off-the-lot Karmann Ghia
as we’re ever likely to see.
BOTTOM LINE The
world-record result here
will likely encourage other
well-preserved
Karmann
Ghias to come to market.
But it’s hard to imagine
any of them being as pristine as this car, so don’t expect to see this kind of
result again anytime soon.
JOSH HWAY (BOTTOM), MIKE MAEZ (TOP), COURTESY OF GOODING & COMPANY
1978 Mercedes-Benz 280SE Sedan
SOLD FOR $78,400 | LOT 6 | #2 CONDITION
Chassis No. 11602410120426. Mimosa Yellow over avocado plaid cloth.
2746-cc, 142-hp I-6, 4-speed manual. Wheel covers, Vredestein tires, sunroof,
air conditioning, and Becker Europa radio.
EVALUATION Largely original | A German-market car imported here in 2017
and showing 52,810 kilometers (32,815 miles), which is low but not so low that
you’d feel pangs of guilt for driving it. Excellent original brightwork with little
age and no scratches. Good but not exquisite recent repaint. Mostly excellent
interior with very cool plaid seats, but there are some cracks in the console trim.
Pampered its whole life, finished in very loud (and very 1970s) colors. The
4-speed is rare, although an automatic is arguably more fitting in an old luxury
sedan like a W116 Mercedes.
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AUCTION REPORT | GOODING & COMPANY
BOTTOM LINE Condition is important for any classic car’s value; it’s especially
important for old Benzes. Plenty of Mercedes with needs sold relatively cheaply
in Scottsdale this year, but the best of the best examples, like this one, attracted
a lot of attention and a lot of money.
1973 Alfa Romeo Montreal Coupe
SOLD FOR $51,250 | LOT 64 | #3+ CONDITION
Chassis No. AR1425633. Orange over black leather. 2593-cc, 227-hp V-8,
5-speed manual. Campagnolo wheels, Michelin X tires, wood-rim steering
wheel, and power windows.
EVALUATION Enthusiast restoration | Represented with a refurbishment in
2017–18 and claimed to have had the engine rebuilt sometime before. The
paint—which is impossible
to ignore, given the
color—is fresh and mostly
good, but there are a few
masking errors near the
windows and some runs on
the headlight doors. Lightly
scratched rear glass.
Lightly pitted brightwork
and door handles. Newer
seat covers and the carpets look new, but the rest of the interior is original and
showing its age. Unrestored but maintained underneath. A Montreal is a sweet
car with a great soundtrack, and this one will get the job done, especially given
its recent sorting, but it’s a little disappointing up close.
BOTTOM LINE Imperfect car attracts mediocre money—a common headline at
Scottsdale 2020.
MATT TIERNEY
1962 Volkswagen Beetle Convertible
SOLD FOR $50,400 | LOT 4 | #2 CONDITION
Chassis No. 4466215; Engine No. 6488747. Pacific Blue with teal vinyl top
over white vinyl. 1192-cc, 45-hp supercharged H-4, 4-speed manual. Abarth
exhaust, hubcaps and trim rings, dual mirrors. Hella spotlight, halogen driving
lights, wood-rim steering wheel, Akkord picnic radio, and Hazet tool kit.
EVALUATION Older restoration | Represented as numbers-matching and
with four owners from new. Good older paint and chrome, but there are some
micro-blisters on the body sides and two scratches on the nose. Good top.
Good, lightly worn interior. Tidy underneath. It has just about everything one
could want from an old Beetle other than a show-quality presentation, but it still
oozes charm and would be a highlight of any VW gathering.
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AUCTION REPORT | GOODING & COMPANY
BOTTOM LINE This Beetle
has just about every period
accessory a VW fan would
want, including a Judson
supercharger that raises output
to a whopping 45 horses.
The colors look great, and its
restoration was high quality.
It could have sold for more
without being expensive.
CAMERON NEVEU (BOTTOM); BRIAN HENNIKER (TOP), COURTESY OF GOODING & COMPANY
1967 Chevrolet Corvette 327/350
Convertible
SOLD FOR $42,560 | LOT 32 | #5+ CONDITION
Chassis No. 194677S118069; Engine No. 7118069 V0322HT. Rally Red
over red vinyl. 327-cid, 350-hp L79 V-8, 4-speed. Rally wheels, Redline tires,
hardtop, Protect-O-Plate.
EVALUATION Unrestored original | A barn-find ‘67 convertible used until the
mid-1990s then stored until 2015. Cracked, crazed, rubbed throughout and faded
original paint with some barn dust sprinkled on for effect. The chrome is decent
for original. Some surface rust on the wheels. Faded dash and gauges, and there
are scratches on a lot of the trim, but the seats look remarkably good and may be
replacements. A seemingly complete and reasonably solid project car.
BOTTOM LINE While a dusty barn find certainly makes a statement in an
otherwise glossy high-dollar auction environment like Gooding & Company, L79
Corvettes aren’t exactly rare. It isn’t a unique buying opportunity, and this car
didn’t make the same kind of statement as something like a similar-condition
Ferrari would have. It’s for someone explicitly interested in a C2 project, and the
new owner didn’t get carried away with bidding. Project car, project-car money.
83

AUCTION REPORT
Bonhams
There’s always next year.
Bonhams pulled its headline 1932 Alfa Romeo 8C 2300 Figoni Cabriolet out
of the tent on Monday for a ride through the streets of Scottsdale with Jakob
Greisen, head of the auction house’s U.S. Motoring Department, at the wheel.
To an Alfa enthusiast, a ride in an 8C 2300 is second only to a ride in an 8C 2900,
and this one memorably set the tone for the Scottsdale auction week.
The Thursday afternoon auction was less memorable: The Alfa didn’t sell at
a reported $8.7 million high bid. Bonhams was left with only one million-dollar
sale, the Ferrari 212 Inter Vignale Cabriolet (s/n 0159E) for $1,930,000.
Within its limited consignment of 108 cars, Bonhams had the most diverse
offering of any of the Scottsdale auctions. A 1926 Model T Roadster went for
$5600; $24,640 bought a 1942 Willys GPW “Jeep;” $123,200 won a largely
original 1967 Sprite Le Mans Coupe; and, for $140,000, someone went home
with a marvelous, older restored 1912 Winton Six 48 HP Tourer.
They were all “car guys” cars—it was impossible to look at them without
feeling sympathy for their performance, style and history.
However, as football broadcaster Don Meredith liked to say, “If ifs and buts
were candy and nuts, we’d all have a Merry Christmas.” Bonhams missed on the
big car that would have made its $8,436,720 total sale (down 47.6 percent from
2019 and 66.3 percent from 2018) into $18 million.
Even in a down year, though, Bonhams Scottsdale is the place to go to find
sympathetic vehicles. —RC
MATT TIERNEY
Bonhams’s catalog cover car, the 1932 Alfa, failed to sell at a reported $8.7M high bid.
84

AUCTION REPORT | BONHAMS
2020 BONHAMS | BY THE NUMBERS
$8,436,720
TOTAL SALES AT AUCTION
88/108
LOTS
81% SOLD
SELL-THROUGH
RATE
$95,872
AVERAGE SALE PRICE
2019 RESULTS
$16.1M TOTAL SALES
108/120 LOTS SOLD
90% SELL-THROUGH RATE
$149,070 AVG SALE PRICE
CAMERON NEVEU
OVERALL TOP 10 SALES:
1. 1951 Ferrari 212 Inter Cabriolet sold for $1,930,000
2. 1955 Lancia Aurelia B24 Spider America sold for $810,000
3. 1924 Rolls-Royce Silver Ghost Piccadilly Special Roadster
sold for $368,000
4. 1995 Ferrari F512 M Coupe sold for $313,000
5. 2005 Ford GT Coupe sold for $285,500
6. 1992 Dodge Viper RT/10 Roadster sold for $285,500
7. 1972 Ferrari Dino 246 GTS Spider sold for $280,000
8. 1960 Alfa Romeo 2000 Spider Convertible sold for $154,000
9. 1901 Winton 8 HP Runabout sold for $142,800
10. 1912 Winton Six 48 HP Touring sold for $140,000
Represents raw results witnessed by Hagerty during live auctions and may not factor in any
post-sale deals that have occurred. Numbers include the appropriate buyer’s premiums.
85

BONHAMS
MATT TIERNEY
1951 Ferrari 212 Inter Cabriolet
by Vignale
SOLD FOR $1,930,000 | LOT 54 | #1- CONDITION
Chassis No. 0159E; Engine No. 0159E; Rosso Bordeaux over beige leather with
a beige cloth top. RHD. 2562-cc, 170-hp V-12. 5-speed manual. Three Weber
carburetors (factory upgraded in 1953), chrome Borrani wire wheels, Dunlop
tires, wood-rim steering wheel with finger buttons, tinted glass visors, and Marchal
headlights. Engine internal No. 72. Ferrari Classiche Red Book certified.
EVALUATION Older restoration | 2014 Pebble Beach second in class (runner-up
to the ex–Roberto Rossellini 375MM that was eventually best of show). Excellent
paint shows minor polishing scuffs. Upholstery and soft interior trim look unused.
Bright chrome. A quality older restoration, sensitively used and maintained.
BOTTOM LINE Vignale, established in 1948, was only beginning to develop a
signature style when it turned out this Ferrari. The chrome crossbar grille floating
in the radiator air intake, integrated Ferrari logo, taillights recessed in chrome
nacelles matched by lighted front fender chrome strakes, and glamorous tinted
glass sun visors highlight the coachbuilder’s attention to detail. It is gorgeous,
but its result here is more than 10 percent below what it brought nearly five years
ago, when Bonhams sold it at Quail Lodge (cataloged chassis number 0159EL) for
$2.2 million. Still, a reasonable result for both the seller and the buyer.
86

AUCTION REPORT | BONHAMS
1955 Lancia Aurelia B24S
Spider America
SOLD FOR $810,000 | LOT 28 | #2- CONDITION
Chassis No. B24S1156; Engine No. B241210. Verde Ascot Metallic over
Biscuit leather with a black cloth top. 2451-cc, 130-hp V-6. 4-speed manual.
Dual two-barrel Weber carburetors, Nardi intake, wood-rim steering wheel,
chrome Borrani wire wheels, Michelin tires, under-dash temperature gauge,
and Carello headlights.
EVALUATION Older restoration. | Represented as the original engine and bodywork.
Scratched windshield, decent but not exceptional chrome. Flat panels and
even gaps. Good upholstery and soft interior trim inside. Restored well in the
late ’80s in Italy, but driven since, including on many long-distance tours and the
Mille Miglia Storica. Mechanically overhauled in the U.S. in the last decade and
repainted in 2018, when the chrome was replated. Since run in the Colorado
Grand and twice in the Copperstate 1000 without issue.
BOTTOM LINE Sold by Bonhams at Monaco in 2005 for €236,000 ($297,905 at the
time) then by Gooding at Pebble Beach in 2010 in rather tired (3+) condition. In
2018, after its recent repaint, RM Sotheby’s tried and failed to find it a new home
at the Monterey auctions, where it hammered at $875,000. The Spider America is
a typical Lancia: idiosyncratic, innovative, and forward-thinking. It is lightweight
and balanced. The Pinin Farina coachwork is … well … Lancia-appropriate with
its large, shield-shaped grille, mustache bumpers, wraparound windshield, and
haunched rear fenders. Even the placement of the Pinin Farina badge—behind
the doors—is idiosyncratic. This car has proven its mettle on many long-distance
events, and although its value is consistent over several auction appearances,
it could have ventured into seven figures without raising eyebrows. This result,
agreed to in a post-block sale, represents a sound value.
MATT TIERNEY
87

AUCTION REPORT | BONHAMS
1992 Dodge Viper RT/10 Roadster
SOLD FOR $285,500 | LOT 65 | #2 CONDITION
Chassis No. 1B3BR65E5NV100001. Red over gray leather. 488-cid, 400-hp
V-10. 6-speed manual.
EVALUATION Original | 6500 miles. From the collection of Lee Iacocca, who
owned it from new. Even more important, it’s the first production Viper. It could
use detailing but otherwise is like new.
BOTTOM LINE This sale generated tons of buzz in mainstream media. And no
wonder: It brought more than twice Bonhams’s presale estimate and set a record
for RT/10s. But it wasn’t
the only Viper to do well
in Scottsdale. Early RT/10s
in excellent condition, excluding
this one, brought
nearly 40 percent above
expected results based on
Hagerty Price Guide values;
RM sold a 101-mile 2002
ACR for six figures. For anybody who doesn’t think of these wild, bare-bones
two-seaters as collector cars, Scottsdale 2020 should convince them otherwise.
MATT TIERNEY (BOTTOM); COURTESY BONHAMS (TOP)
1967 Austin-Healey Sprite
Le Mans Coupe
SOLD FOR $123,200 | LOT 49 | #3 CONDITION
Chassis No. HAN8R202; Engine No. XSP 26041. Green over black. 1293-cc,
110-hp A-series I-4. Weber 45DCOE carburetor, wooden shift knob, factory
magnesium wheels.
EVALUATION Visually maintained, largely original | One of these streamlined
Sprite coupes, of which only 10 or so were ever made, took its class at Le Mans
in 1965. Not this one, though. It reportedly spent its days luring people into a
Philadelphia BMC showroom.
Nevertheless, it’s
pretty worn out, with lots
of cracks and chips in the
paint. The interior, though,
is lightly worn, the engine
bay looks sorted, and the
underbody is clean.
BOTTOM LINE Looks like
a tired old race car but
doesn’t have any cool stories to explain all that wear and tear. That doesn’t take
88

AUCTION REPORT | BONHAMS
away from the fact that it’s a rare and undoubtedly fun car that is eligible for
great vintage racing events all over the world. Its Le Mans-winning brother
would, of course, command more, and the current auction record for a Sprite
is £109,250 (about $141,000 at the time) for an ex-works Bugeye rally car sold in
2018. Yet this is a prodigious price, and the car deserves it.
1961 Morgan Plus 4
Super Sports Roadster
SOLD FOR $103,600 | LOT 83 | #2 CONDITION
Chassis No. 4828; Engine No. TS82104. Black over red vinyl. 2138-cc,
130-hp Triumph engine. 4-speed manual. Dual Weber carburetors, chrome
centerlock wire wheels, rear-mounted spare. Michelin XZX tires, roll bar,
single Lucas driving light, wood dash, and Smiths gauges.
EVALUATION Older restoration | One of the first of 101 Super Sports competition
cars. Raced extensively in the
States, including in two regional
SCCA championships in 1962
and ’63 and a DNF at Sebring.
Restored and vintage-raced in
the 1980s, then restored more
thoroughly in the early ’90s.
Shown at Pebble Beach in 1999.
It still wears good paint and
chrome, is clean underneath,
and has a very good interior
with negligible wear.
BOTTOM LINE Plus 4 Super Sports are cherished by the Morgan community for
their extra performance, competition success, and rarity. They hardly ever come
up for sale. This one sold at RM Amelia Island way back in 2003 for $50,600. It was
a strong but realistic result at the time. Seventeen years later, its condition hasn’t
changed much, but the market has, so this price is also reasonable.
MATT TIERNEY
1971 Dinalpin A110 Coupe
SOLD FOR $62,720 | LOT 45 | #3+ CONDITION
Chassis No. 434. White over black. 1298-cc, 95-hp I-4. 4-speed manual. Weber
carburetor, centerlock wheels with hub caps, leather-wrapped steering wheel.
EVALUATION Older restoration | Dull bumpers. Decent older paint with a handful
of scratches and cracks. Tidy but used engine bay. Significant but livable wear
to the seats. Appropriate condition for someone who wants to bomb around in
vintage rally races.
BOTTOM LINE As demand for the A110 grew along with its list of rally wins,
89

AUCTION REPORT | BONHAMS
Alpine contracted out construction to factories in Spain, Brazil, even Bulgaria.
The Mexican version, built by Diesel Nacional, goes by the name Dinalpin but is
otherwise the same car. It is quite rare, with fewer than 1000 built, but will never
be worth as much as the homegrown version. A French Alpine in this condition
could have brought another 20 grand or more.
COURTESY OF BONHAMS (BOTTOM); CAMERON NEVEU (TOP)
1972 Lotus Elan Sprint Coupe
SOLD FOR $56,000 | LOT 10 | #2- CONDITION
Chassis No. 0028J. Cirrus White with gold bumpers over black vinyl. 1558-cc,
126-hp “Big Valve” Twin Cam I-4. 4-speed manual. Dual Zenith-Stromberg
carburetors, centerlock wheels. Dunlop tires, sunroof, power windows. Wooden
shift knob, radio, original books. Tools, spare, MSO, and window sticker.
EVALUATION Unrestored original | Represented as a two-owner car with 6051
miles from new. Special-ordered in solid colors (most Sprints were two-tone).
Used as a dealer demonstrator,
then put into careful
storage until the consignor
bought it in 2014
and freshened it mechanically.
There are touchups
on the front bumper,
some stress cracks on the
hood and below the rear
bumper, and a few other
chips throughout, but the
original paint otherwise impresses. Good, lightly worn interior. There are some
cracks on the dash, but for an old Lotus, it isn’t bad at all. Remarkably clean
underneath. Too good to restore.
90

AUCTION REPORT | BONHAMS
BOTTOM LINE Six years ago, Gooding & Company sold this car here for
$88,000, an eye-popping price that even surpassed its ambitious presale estimate.
The price it brought in 2020 is strong, too, just not excessive. The car’s
preservation and originality are impossible to replicate, not to mention impossible
to find elsewhere, since most Elans deteriorated quickly. Many even have a
replacement chassis by now, so this is probably one of the best original Elans in
the world. Its top-spec Sprint equipment is icing on the cake.
1969 Lancia Fulvia Coupe
SOLD FOR $15,680 | LOT 43 | #3+ CONDITION
Chassis No. 818360006406. Silver over black vinyl. 1298-cc, 91-hp V-4.
4-speed manual. Hub caps and trim rings, wood-rim steering wheel,
wood dash, and clock.
EVALUATION Enthusiast restoration | Sold new in Italy and imported last year.
Represented with a recent service. Good older paint. Front bumper has been
rechromed, but the rear is original and dull. Marker lenses are also dull. There are
signs of wear on the seats, switchgear, and especially the steering wheel, which
has a cracked center cap, but the dash is clean. Looks to have been restored at
some point underneath, and the engine bay is sorted and tidy. An attractive,
charming little Italian car that would be fun to drive in events.
BOTTOM LINE It may be front-drive and have only four cylinders, but this
gorgeous and quick little coupe helped make Lancia’s reputation in international
rallying. At this price, it’s a heck of a lot of fun and style per dollar.
CAMERON NEVEU
91

AUCTION REPORT
Leake Auctions
An impressive Scottsdale debut.
There was a wild card at the Scottsdale auction week this year.
Leake Auctions, established in 1968 by James C. Leake in Muskogee and
Tulsa, Oklahoma, was acquired in 2018 by Ritchie Bros. Auctions, a publicly traded
behemoth that sells billions annually in construction, transportation, and oil
field equipment from locations across the globe. This year, the venture decided
to try its luck in Scottsdale.
Led by Muffy and Gary Bennett (last associated with Barrett-Jackson), Leake
took over the Russo and Steele location at Salt River Fields (not without controversy).
It brought some significant attributes to Scottsdale. Not least was a
tent full of cars from serial collector John Staluppi. Tom “Spanky” Assiter, his
wife, Amy, and their crew—fixtures at Barrett-Jackson for years—returned to
the auction block here. The site preparation and layout were exceptional.
Leake Auctions brought 684 cars to Scottsdale and sold 384 of them, a
credible 56.1 percent sell-through rate for a first-time sale in a new location.
One of the Staluppi Chrysler 300 Letter cars brought a world record price of
$357,600, showing that Leake/Ritchie Bros. has a deep-pocketed bidder base
(if not discerning: The same car sold at Mecum’s Indy auction two years ago
for $214,500.)
Scottsdale has seen auction companies come and go —it’s tough to compete
head-to-head with Barrett-Jackson on its home turf. Yet Ritchie Bros. just
might have the resources and experience to make a serious go of it. Watch
this space. —RC
MATT TIERNEY
American classics starred at Leake’s sale. This 1940 Mercury 99A Custom went unsold.
92

AUCTION REPORT | LEAKE AUCTIONS
2020 LEAKE AUCTIONS | BY THE NUMBERS
$16,626,865
TOTAL SALES AT AUCTION
357/674
LOTS
53% SOLD
SELL-THROUGH
RATE
$46,574
AVERAGE SALE PRICE
2019
RESULTS
N/A 2020 DEBUT
MATT TIERNEY
OVERALL TOP 10 SALES:
1. 2012 Lexus LFA Coupe sold for $429,000
2. 1957 Chrysler 300C Convertible sold for $357,500
3. 1958 Dual-Ghia Hemi Convertible sold for $330,000
4. 1960 Chrysler 300F Convertible sold for $319,000
5. 1968 Chevrolet Corvette Coupe sold for $275,000
6. 1959 Chrysler 300E Convertible sold for $242,000
7. 1958 Cadillac Eldorado Biarritz Convertible sold for $222,200
8. 1962 Chevrolet Corvette Custom Convertible sold for $220,000
9. 1958 Pontiac Bonneville Convertible sold for $220,000
10. 1958 Cadillac Eldorado Biarritz Convertible sold for $216,700
Represents raw results witnessed by Hagerty during live auctions and may not factor in any
post-sale deals that have occurred. Numbers include the appropriate buyer’s premiums.
93

LEAKE AUCTIONS
1957 Chrysler 300C Convertible
SOLD FOR $357,500 | LOT 638.1 | #2- CONDITION
Chassis No. 3N571001. White over tan leather with a black vinyl top. 392-
ci, 390-hp Hemi V-8. Push-button automatic, dual four-barrel carburetors.
Wheel covers, whitewalls. Push-button radio, bucket seats, power windows,
steering, and brakes. John Staluppi Cars of Dreams Collection.
EVALUATION Older restoration | Serial no. 001. One of 484 built. Awards from
about 10 years ago, including AACA Grand National Senior, but it’s no longer
the show car it once was. The front bumper wears a few light scratches.
The headlight bezels don’t fit evenly, and there’s a paint chip behind the right
one. Paint chips around the left taillight as well. Good older paint otherwise.
Excellent, tight-fitting top. Very good interior, and a nearly showroom-
condition engine compartment and chassis. An eye-catching and rare opentop
banker’s hot rod, but one whose restoration is starting to show its age.
BOTTOM LINE The 300C is the most famous of Chrysler’s letter cars, and
being the first convertible built adds some distinction—but not nearly enough
to explain the price here. The same car sold at Mecum’s Indianapolis auction in
2018 for $214,500, which was already an auction record for 300C convertibles.
This is a meaningful result only in the annals of paying too much.
COURTESY LEAKE AUCTIONS
1958 Dual-Ghia Convertible
SOLD FOR $330,000 | LOT 642.1 | #2- CONDITION
Chassis No. 191. Metallic Eggplant and dark red over beige leather with
a beige cloth top. 315-ci, 230-hp Hemi V-8. PowerFlite automatic, dual
antennas. Wire wheels with spinner wheel covers, Goodyear whitewalls.
94

AUCTION REPORT | LEAKE AUCTIONS
Power steering, brakes, and windows. Red leather boot cover, specialdelivery
plaque on the
dash, and Benrus clock
in the steering wheel hub.
From the John Staluppi
Cars of Dreams Collection.
EVALUATION Older restoration
| 107 of 117 built.
Restored engine bay shows
some use but remains tidy. Passenger’s-side door doesn’t quite fit flush. Very
good interior and paint. Restored a while ago, but the work was quality and the
car has been babied since.
BOTTOM LINE Sold by Auctions America at Fort Lauderdale in 2015 for
$225,500, by Bonhams at Quail Lodge in 2016 for a nearly breathtaking
$368,500, then by Barrett-Jackson at Mohegan Sun in 2017 for a more realistic
$269,500. Its restoration is holding up very well, which is not surprising given
that it has covered only about nine miles in the past five years (three miles for
each trip on and off a car transporter). Unusually for a Dual-Ghia, there is only
one reported celebrity owner, Rick Danko of The Band.
1957 DeSoto Adventurer Convertible
SOLD FOR $302,500 | LOT 647 | #2+ CONDITION
Chassis No. 50419195. Gold with white accents over gold vinyl and black
cloth with a beige vinyl top. 345-ci, 345-hp Hemi V-8. Automatic, dual fourbarrel
carburetors. Power windows, brakes, steering, and top. Gold, vented
wheel covers, whitewalls, and power bench seat.
EVALUATION Older restoration | One of 300 Adventurer convertibles built in
1957. Excellent paint, chrome, upholstery, top, and glass. Restored like new and
above reproach in all respects.
BOTTOM LINE Sold in November 2010 at RM’s auction of the Milt Robson
collection for $341,000. It has been driven since then, its odometer reading
COURTESY LEAKE AUCTIONS
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AUCTION REPORT | LEAKE AUCTIONS
more than 600 miles higher, but has been impressively maintained. More rare
than a Chrysler 300C convertible and visually striking in gold and white. This
price is expensive for today’s market, but in a good way on the strength of
the obvious quality of the old restoration, and a car that should be more than
satisfying to own and drive even at this generous price.
1960 Edsel Ranger Convertible
SOLD FOR $137,500 | LOT 620 | #2+ CONDITION
Chassis No. 0U15Y702534. Cloud Silver over red and silver. 352-ci, 300-hp
V-8, automatic. Wheel covers, Silvertown whitewalls. Dual antenna, dual spotlight
mirrors, boot cover. Factory radio, air conditioning, heat and defrost. Power
steering, brakes, and top. From the John Staluppi Cars of Dreams Collection.
EVALUATION Older restoration | One of 76 such cars built late in the run of
the Edsel brand—on the last day of Edsel production, in fact. Originally white.
Older but excellent paint and chrome. Even gaps. Very good interior. Very clean
underneath. Received a body-off, top-notch restoration in 2005, but you’d
think it was much more recent; there’s nothing serious to criticize. Probably the
best ’60 Ranger convertible in the world, and king at any Edsel gathering.
BOTTOM LINE Reported sold for $110,000 at Mecum Indy in 2018 and earned
even more here. A massive result for a car that was the butt of jokes when new
and still isn’t all that well respected, but collectors will pay a premium for the
best—even the best Edsel.
COURTESY LEAKE AUCTIONS
1991 Acura NSX
SOLD FOR $51,700 | LOT 590 | #3+ CONDITION
Chassis No. JH4NA1159MT003047. Berlina Black over cream leather. 2977-
cc, 270-hp V-6, 6-speed manual. Alloy wheels, and factory cassette stereo.
EVALUATION Original | Early NSX with 36,000 miles and unusual but clean
cream leather interior. Light scratches on the wheels and light scrapes on the
plastic lower lip, likely from navigating parking lots and driveways. Aside from
chips at the back of the driver’s door, the original paint is holding up well. So
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AUCTION REPORT | LEAKE AUCTIONS
is the interior. The tires don’t
have a ton of tread left. A
driver-quality early NSX with
reasonably low mileage.
BOTTOM LINE The cream
interior looks odd (not to
mention hard to keep clean)
compared to the more common
black. That didn’t hurt
the car on the auction block—both parties can be happy.
1968 Datsun 1600 Roadster
SOLD FOR $44,000 | LOT 616 | #2- CONDITION
Chassis No. SPL31117895. Silver over red vinyl. 1595-ci, 96-hp I-4, 5-speed
manual. Hubcaps, narrow whitewalls, cloth boot cover, and original radio.
From the John Staluppi Cars of Dreams Collection.
EVALUATION Older restoration | Good but older paint and chrome. Even gaps.
Good interior with newer upholstery and door handles but the original dash
and gauges.
BOTTOM LINE You seldom see early Datsun roadsters in any condition, let alone
one that’s so nice. The quality of this one’s restoration means it’s probably one
of the best out there. No surprise, it sold for massive money (in Datsun Roadster
terms). And not for the first time: It brought $50,600 at Gooding & Company’s
Amelia Island auction in 2014 and $55,000 at Barrett-Jackson Northeast in 2018.
MATT TIERNEY (BOTTOM); COURTESY LEAKE AUCTIONS (TOP)
97

AUCTION REPORT
Mecum Kissimmee
The Bullitt Mustang was the star of
the highest-totaling Kissimmee auction ever.
All eyes were on the car in the glass box, the 1968 Ford Mustang “Hero Car”
driven by Steve McQueen in the movie Bullitt.
When it was driven by Sean Kiernan, the son of longtime owner Robert
Kiernan, to the auction block it was surrounded by a sea of onlookers and
cameras. The crush of spectators was so large that the car itself was almost
invisible on the block.
Then it sold for $3.4 million hammer ($3,740,000 with the buyer’s premium),
generating headlines everywhere.
The hype and attention lavished on the Bullitt Mustang obscured the
fact that there were 2,871 other vehicles on the field at Osceola Heritage Park,
the largest collector car auction in the world. 1,983 of them sold, bringing a
total of $94.1 million, Mecum’s highest total in the eleven-year history of the
Kissimmee auction.
But for all the attention on the Bullitt Mustang and million-dollar hypercars,
the average transaction was just $47,450 and the median was even more modest,
$26,400, making this much more than a glamorous auction for high-rollers
looking for million-dollar cars. In fact, there were only seven lots bid to $1 million
or more, and only three of them sold.
There were 39 lots bid to the median transaction value. They were as
varied as a 2000 Bentley Arnage, a 1969 Ford Torino GT (with the same
big-block S-code 390 engine as the Bullitt Mustang) and a ’74 Volkswagen
Campmobile. 30 of those 39 sold, a 77 percent sell-through that was better
than the auction’s overall 69 percent sale rate.
That’s really the story from Kissimmee. —Rick Carey
ALL PHOTOS COURTESY MECUM AUCTIONS
A glass case and movie paraphernalia tipped sellers off to the Mustang’s provenance.
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AUCTION REPORT | MECUM KISSIMMEE
2020 MECUM KISSIMMEE | BY THE NUMBERS
$94,093,350
TOTAL SALES AT AUCTION
1,983/2,872
LOTS
69% SOLD
SELL-THROUGH
RATE
$47,450
AVERAGE SALE PRICE
2019 RESULTS
$93.2M TOTAL SALES
2151/3164 LOTS SOLD
68% SELL-THROUGH RATE
$43,332 AVG SALE PRICE
OVERALL TOP 10 SALES:
1. 1968 Ford Mustang Bullitt Fastback sold for $3,740,000
2. 2015 Porsche 918 Spyder Roadster sold for $1,430,000
3. 2019 McLaren Senna Coupe sold for $1,430,000
4. 2015 McLaren P1 Coupe sold for $1,089,000
5. 1967 Ford Mustang Eleanor Fastback sold for $852,500
6. 1968 Challenger 2 Streamliner sold for $561,000
7. 1932 Duesenberg Model J Derham Tourster sold for $522,500
8. 1966 Superformance GT40 Coupe sold for $484,000
9. 1935 Auburn 851 Supercharged Speedster sold for $440,000
10. 1967 Shelby GT350 Fastback sold for $440,000
Represents raw results witnessed by Hagerty during live auctions and may not factor in any
post-sale deals that have occurred. Numbers include the appropriate buyer’s premiums.
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MECUM KISSIMMEE
1968 Ford Mustang GT Fastback
SOLD FOR $3,740,000 | LOT F150 | #3 CONDITION
Chassis No. 8R02S125559. Highland Green over black vinyl. 390-ci,
325-hp V-8. 4-speed manual, 4-barrel carburetor. Torque Thrust wheels,
Traction-Masters, and movie camera mount. Appeared in the movie Bullitt,
starring Steve McQueen.
EVALUATION Original, modified for competition or performance | Dull, buffed
through, and scratched original paint. Both rear fenders are rusted through.
Pitted chrome, rusted rear bumper. Dull 5-spoke Torque Thrust wheels with new
valve stems. Old Firestone tires. Good front bumper, new headlights. Pulled
driver’s seat seams. Prepared for movie stunts by Max Balchowsky, builder of
Old Yeller race cars; now mechanically rebuilt and runs and drives well.
BOTTOM LINE It’s a challenge to put this car in perspective. Anyone who likes
cars has seen Bullitt , which created the template for movie chase scenes (right
down to the impossibly frequent upshifts). Since the car’s carefully managed
reveal at the 2018 Detroit auto show [and on the cover of Hagerty magazine],
the legend has only grown, with tales of its everyday use with the Kiernan family,
of McQueen’s attempt to reclaim it, and its ultimate seclusion in unrestored
condition. When it arrived on the Kissimmee auction block, it was completely
surrounded by admirers, cameras, and a few carefully vetted bidders speaking
through cellphones to straw people. The price and attention it brought is a
singular event, rarely if ever to be repeated. Those who know where it went
are mum on the subject. It’s too great a story to hide—unless, that is, some
Philistine decides to restore it, in which case its history will be shrouded in new
panels and Bondo, its McQueen-shaped seats reupholstered to their 1968
appearance, and its remarkable story forever subsumed by glitz and glimmer.
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AUCTION REPORT | MECUM KISSIMMEE
1968 Thompson Challenger 2
Streamliner
SOLD FOR $561,000 | LOT S130 | #3+ CONDITION
Chassis No. N/A. Metallic blue over black. Two dry-block, 500-ci, aluminum
Hemi-style Brad Anderson engines; estimated 2,500 hp per engine. Runs on
87 percent nitro-methane fuel. 3-speed air shift transmissions, 4-wheel drive.
EVALUATION Competition car, original as-raced | The fastest piston-powered,
wheel-driven automobile in the world: August 12, 2018 SCTA AA/Fuel Streamliner
two-way record speed of 448.757 mph. (That’s 658.177 feet per second and
half the muzzle velocity of a high-velocity, 0.22-caliber long-rifle bullet, in case
you were wondering.) Started by Mickey Thompson in 1968, tested at 400-plus
mph but rained out, then shelved. Rebuilt, updated, and completed by his son
Danny. Comes with a custom fifth-wheel trailer for its 32-foot length but just
3 feet wide and 37 inches high.
BOTTOM LINE Not a vehicle so much as an artifact and a pure expression
of single-minded design and construction. It was conceived for a single goal,
which it achieved. It’s probably capable of going even faster with more power,
but Danny Thompson reached his and his late father’s goal. The price it brought
is a tribute to their legacy and vision. The video of the two record runs that was
played on a loop at Kissimmee is worth watching again and again. It’ll move on
to a museum somewhere, where one hopes it’ll be displayed with some of its
panels removed to display the remarkable engineering and execution.
101

AUCTION REPORT | MECUM KISSIMMEE
1969 Dodge Charger Daytona Hardtop
SOLD FOR $346,500 | LOT S184 | #2+ CONDITION
Chassis No. XX29L9B390018. White with red tail band over red vinyl. 440-ci,
375-hp Magnum V-8. Automatic transmission (console shifter). Redline tires,
Magnum wheels with trim rings. Power steering and Tic-Toc-Tach. Broadcast
sheet documented.
EVALUATION Recent restoration
| Represented as matching
numbers. Excellent paint,
chrome, and interior. Flat panels
and even gaps. The paint
has an inch-long scrape on the
left sail panel but is otherwise
pristine. Many concours and
specialist show awards and feature articles. Known history since 1972.
BOTTOM LINE A Road Runner Superbird in the same spec and condition is
a $200,000 car. The difference? Rarity. Plymouth produced nearly 2,000 of its
big-wing Birds, whereas Dodge made just 503 Daytonas.
1972 Ferrari 365 GTB/4 Daytona Coupe
SOLD FOR $544,500 | LOT S192 | #3+ CONDITION
Chassis No. 15717. Argento Metalizzato over black leather. 4390-cc, 347-hp
V-12. 5-speed manual. Becker Europa AM/FM radio; Veglia air conditioning;
power windows. Chrome-spoke Borrani wire wheels, Michelin XWX tires.
Mallory ignition modules; jack, books, and tools.
EVALUATION Cosmetic restoration | Good clearcoat paint save for cracks
at the front corners of the hood. Lightly wrinkled upholstery and good dash
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AUCTION REPORT | MECUM KISSIMMEE
top. Sound chrome. Old, frayed window runners. Clean and orderly but aged
engine compartment. A sound driver. Ferrari Classiche certified.
BOTTOM LINE It is odd to characterize any Ferrari Daytona as “a sound
driver,” but that fits this car, which was offered here last year and reportedly bid
to $575,000. There are many Daytonas available today, and their values are seeping
downward. This price may be the floor, but it is no less than the car deserved.
1966 Superformance GT40 Mk II
SOLD FOR $484,000 | LOT S203 | #2- CONDITION
Chassis No. GT40P2339. Light blue with red accents and white stripes over
black leather. 511-ci, Roush V-8. Quaife 5-speed transaxle. RHD. Inglese-style
K&N fuel injection, digital odometer. Halibrand-style centerlock wheels.
EVALUATION Competition car, original as-raced | The hero car in Ford
v Ferrari, driven on camera by Christian Bale as Ken Miles. Good paint and
interior. Scratched Plexiglas door windows. Otherwise reasonably clean and
fresh. Dash is signed by Ken Miles’s mechanic at Le Mans, Charlie Agapiou, and
Miles’s son, Peter Miles.
BOTTOM LINE Superbly positioned at Kissimmee, where the headline
consignment was another movie hero car. It was displayed in a group with an
Eleanor and the Christine movie car. The gambit worked, bringing a substantial
35 percent premium over its presale high estimate.
1924 Rolls-Royce Silver Ghost
40/50hp Pall Mall Tourer
SOLD FOR $181,500 | LOT S207 | #3- CONDITION
Chassis No. 341LF. Maroon over black leather with a beige cloth top. 7428-
cc, 50-hp I-6. 4-speed manual. RHD. Bausch & Lomb drum headlights and
cowl lights, drum taillight. Cloth-covered luggage trunk, Waltham clock and
speedometer. Black wire wheels, 33 x 5 tires, dual sidemounts.
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AUCTION REPORT | MECUM KISSIMMEE
EVALUATION Older restoration | Springfield Rolls-Royce, represented as the
original Pall Mall-style body.
Cracked, crazing paint. Sound
older rear seat upholstery,
newer front. Faded, soiled
top. Thin but sound old nickel
brightwork. Road grime on
chassis and sticker on windshield
attest to participation in
the 2011 Transcontinental Reliability
Tour. Orderly engine compartment that is cleaner than the chassis. The
paint may be on its last legs, but the Ghost has many more touring miles in it.
BOTTOM LINE This car turned up at the Premier Auction in Punta Gorda,
Florida, a little over a year ago, where it was no less out of place than here. Yet
the result shows that even at a Mecum auction with truckloads of muscle, there
are collectors who appreciate quality old cars with character. This one indeed
has character—the crazing old paint is less of an issue than an attribute that
enhances the patina of its old restoration.
1971 Plymouth GTX Hemi
SOLD FOR $374,000 | LOT F117 | #3 CONDITION
Chassis No. RS23R1G143389. Bahama Yellow with black vinyl roof over
white cloth. 426-ci, 425-hp Hemi V-8. 4-speed manual with pistol-grip shifter.
Power steering, brakes, windows, and sunroof. Hood pins, 4.10 Super Track
Pack, air-grabber hood, and rear window defogger. AM/FM radio with
8-track and Dictaphone. Cragar wheels; spoilers.
EVALUATION Unrestored original | Represented as the most expensive Hemi
car ever built in period and the most highly optioned GTX ever produced, with
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AUCTION REPORT | MECUM KISSIMMEE
an original price of $6,592.75 (compared to a base price of $3,707). Said to be
unrestored, with 49,419 miles. Good paint with a few light blemishes on the
hood and trunk, but the black paint on the air-grabber portion of the hood is
dull and tired. The vinyl maintains a deep black color and is free of any tears
or scratches. The interior is very good. Spectacular original condition with
exception of the Cragar wheels, one replacement door, and upgraded Mallory
distributor/rev limiter.
BOTTOM LINE Fantastic Hemi GTXs have sold for less than half this amount,
but such is the difference between fantastic and the very best. For Mopar
collectors, this GTX is indeed as good as it gets. Options are important in the
muscle car market, and it has them all. Originality is a big deal as well, and it
has that in spades, too.
1971 Mercury Cyclone Spoiler
SOLD FOR $104,500 | LOT F132 | #2+ CONDITION
Chassis No. 1H17J526202. Competition Yellow with a white vinyl roof over
white vinyl. 429-ci, 370-hp Cobra Jet V-8. 4-speed manual with Hurst T-
handle shifter. Power brakes and steering, Traction-Lok differential. AM/FM
push-button radio, bucket seats center console, body-color mirrors. Magnum
500 wheels and Firestone Wide Oval tires. Elite Marti Report.
EVALUATION Recent Restoration | Very good paint, chrome, and interior.
Detailed engine bay. Represented as one of 353 Cyclone Spoilers built in 1971
and recently restored with mostly NOS or restored original parts.
BOTTOM LINE A very rare, very fast piece of Mercury muscle history that got
the kind of high-quality restoration treatment it deserves. It also deserves this
massive price, although Cyclone Spoilers are generally undervalued relative to
contemporary muscle cars.
105

RUMORS AND HEARSAY
The Back Room
At Hagerty Insider, we analyze data to provide a clear forecast of the classic
car market. But we also hear stuff. There does not yet exist a vintage-car
version of the Index of Consumer Sentiment, but the hearsay we jotted
down as we milled about the tents in Arizona and Florida is worth passing
along. Nothing here is gospel, simply more information to help understand
the current market. Have more gossip for us? tips@hagerty.com
Barrett-Jackson had 5600 bidders
and many more spectators. Among
them: Cuba Gooding, Jr., (zero
bids, as far as we could see) and the
RM Sotheby’s team. Everyone loves
a good show. Parking Lot #1, for high
net worth bidders, filled by 10 a.m.
daily. That’s a lot of bidding power
for an auction with almost exclusively
under $100,000 cars.
for months about what you guys
wrote after Monterey.”
Spotted: Someone actually stamped
this on the engine of a Corvette
offered at Russo and Steele. That
person is our hero.
The condition of the cars in Arizona
was noticeably down this year. Sellers
sent the “B” team.
It was the year of the Miura in
Scottsdale, but none were great
examples. This is how one week and
three cars can devalue a model. It
was also the year of the 2004–2006
Ford GT. Record prices for many
non-record-level cars. This is how one
week and 14 cars can raise the value
of 4000-plus cars.
Constructive criticism from someone
in the business: “Do me one favor,
please: Stop talking about how bad
the market is for high-end cars.
I’ve been cleaning up [expletive]
Witnessed: Private side deals that
easily exceeded Bonhams’s total
sales. The landscape has changed:
Nobody wants to risk an auction
no sale—or pay 20–22 percent in
fees, plus shipping, plus tie up a car
for months. Land-based auctions face
challenges, particularly with top-tier
cars. One insider’s take: “Barrett and
Mecum have the right formula to
survive: quantity not quality. The
others will have to adapt.”
Unsolicited advice: “You guys are
going to have to change a lot of
prices in the price guide after this”
(We hear this every year.)
106

PUBLISHING MANAGEMENT
CHIEF EXECUTIVE OFFICER
McKeel Hagerty
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