Auctions America Fort Lauderdale 2012 – Report

Auctions America by RM, Broward County Convention Center, Fort Lauderdale, Florida, March 16-18, 2012

Report and photos by Rick Carey, Auction Editor

This year marked RM’s tenth year in South Florida with a sale that has become one of the anchors of the annual auction calendar. After beginning on the polo field in Boca Raton (where the sand is like polishing compound) this sale took off when it moved to the Convention Center in Fort Lauderdale in 2007.

2012 had the most cars ever, an auctioneering test of 566 cars across the block on top of plentiful automobilia starting each day, held the weekend after RM’s Amelia Island catalog auction.

Florida’s emergence as a center for collector car auctions parallels the RM consignment sale (we’ll call it that to encompass the two locations and corporate names under which it has operated). Prior to that Dave Rupp’s early January auction, long held with the now-defunct Kruse Auburn operation (to distinguish it from Daniel Kruse’s Texas-based Kruse-of-a-Different-Color company), was pretty much the one-and-only consignment sale of consequence in the Sunshine State. Now Auctions America, Barrett-Jackson and Mecum flood the state in the year’s first quarter with thousands upon thousands of collector cars at auction while RM and Gooding skim the cream (and in many cases bring the cream from here, there and everywhere) at Amelia Island.

Auctions America’s Fort Lauderdale auction demonstrates what a collector car consignment sale should be: a largely unscripted assemblage of just about everything and a delightful, intriguing assortment of, “Wow, I’ve never seen one of those before.” Riley Nine Lincock Coupe. Three Chrysler Airflows. Citroen B2 Phaeton. Panhard X73 Panoramique Sedan. Berkeley Excelsior SE 492 Roadster. Barn-find Packard 443 Roadster. 1903 (i.e., London to Brighton eligible) Cadillac.

It was a feast, even for those jaded by hundreds of collector car auctions.

Here are the numbers, and below them are details on 99 of the 566 cars on-site, 17.5% of the consignment.

Auctions America Fort Lauderdale
Cars Offered / Cars Sold
Sale %
Average Sale
Median Sale
Total Sales
2012
566 / 387
68.4%
$43,571
$33,000 [75.7%]
$16,862,065
2011
488 / 340
69.7%
$50,544
$39,050 [77.2%]
$17,188,385
2010
466 / 368
79.0%
$44,337
$35,200 [79.4%]
$16,316,080

A quick note on an obscure statistic. In the Median Sale (half sold for more, half for less) column there’s a percentage in square brackets. That’s the ratio of the Median Sale to the Average, a reflection of the value composition of the cars in the auction. If there are a lot of Big Money Cars pushing up the sale total this ratio will decline. At RM’s Amelia Island catalog sale the prior weekend it was 43.7%, reflecting a number of seven-figure cars in the “Sold” column.

The Median/Average ratio rarely exceeds 100% (indicating that [relatively] inexpensive cars greatly overshadowed the more expensive consignments) or falls below 40% (indicating that expensive consignments overshadowed the bulk of the cars offered.) Read it in concert with the dollar amounts for Average and Median sales in the table to get a sense of the sale’s value distribution and the ebb and flow of the consignments that they attract.

The RM Florida consignment sale’s ratio of Median/Average sales has climbed steadily from a low of 54.6% in its second year to a high of 79.5% in 2009 indicating a consistently affordable consignment of cars, in its case, in the median sale range of $19,000 in 2004 to $41,040 in 2007.

Auctions America by RM Fort Lauderdale 2012 – Auction Report

1984 Ferrari 308 GTSi QV

Lot # 142 1984 Ferrari 308 GTSi QV, Body by Pininfarina; S/N ZFFUA13A0050947; Red/Tan leather; Visually maintained, largely original, 3- condition; Not sold at Hammer bid of $23,500 -- Black 18 inch alloy wheels, Panasonic CD changer stereo, Nitto tires, A/C. Decent repaint, worn original interior with badly scuffed driver's seat back bolster. Used but (barely) presentable. Represented as 37,424 original miles. Big wheels look odd. This isn't a Ferrari that commends itself to anyone but a poseur. It might be a real 37,424 mile car, but the interior wear, cheap tires and ugly wheels make it marginal at best. It is a car best avoided, and the Ft. Lauderdale bidders acted with restraint and intelligence in avoiding it.

2002 Alfa Romeo 166 Autodelta Sedan for sale

Lot # 143 2002 Alfa Romeo 166 Autodelta 4-Dr. Sedan; S/N 1A9DA12212C539011; Silver/Black leather; Unrestored original, 2- condition; Hammered Sold at $15,500 plus commission of 10.00%; Final Price $17,050 -- 6-speed, P/W, power sport seats, climate control (doesn't blow cold.) 18,908 miles look real. Car is clean and nearly like new. ID tag says ‘Autodelta USA Inc.’ Imported by an outfit in Nashville, the Autodelta 166 was a well-meaning attempt to get around DOT and EPA restrictions with a car that met the spirit, if not the rules, of US regulations. It is probably something better kept off the DOT's radar, lest it be turned into a scrap cube.

1967 Lancia Fulvia Sport Coupe Zagato

Lot # 188 1967 Lancia Fulvia Sport Coupe, Body by Zagato; S/N 818132001131; Red/Black vinyl, Red cloth; Unrestored original, 4+ condition; Hammered Sold at $8,000 plus commission of 10.00%; Final Price $8,800 -- Silver steel wheels, Pirelli P4 tires. Paint looks like it was applied with a roller over cracked old paint. Dead original interior, driver's seat seam torn, bad hood fit, grungy engine, rust bubbles in front fenders. Runs. A project car looking for a caring home, but a very cool, fast and sexy project. Pretty scrofulous, but also pretty and unusual. Bidding opened at $2K, reserve off at $5K with 3 or 4 bidders taking it to this reasonable price, even for a project car that needs everything. Someone is going to have a lot of fun bringing this neglected rat bad to life.

1965 Porsche 356C Coupe for sale

Lot # 200 1965 Porsche 356C Coupe; S/N 220814; Engine # 1282354; Silver/Black vinyl; Older restoration, 3 condition; Hammered Sold at $35,000 plus commission of 10.00%; Final Price $38,500 -- Chrome wheels, blackwalls, Blaupunkt multiband radio, leather rim Nardi steering wheel. Good older paint (6406 Irish Green originally), chrome and interior. Well used, with several event badges. Far from fresh but honest and presentable. Orderly but used 912 engine with Solex carbs. Ex-John O'Quinn. This Porsche is at least as good as the price it brought, a sound retail value.

1966 Ford Mustang Convertible

Lot # 201 1966 Ford Mustang Convertible; S/N 6F08C192251; Tahoe Turquoise/Turquoise, Beige vinyl; White vinyl top; Visually maintained, largely original, 3- condition; Hammered Sold at $16,000 plus commission of 10.00%; Final Price $17,600 -- 289/200hp, 2-barrel, automatic, P/S, pushbutton radio, Pony interior. Decent repaint and chrome. Worn original interior with loose front seat seams. Scuffed stainless. Superficially repainted engine compartment and underbody. Cosmetically redone, and not very well at that. No Reserve. It's hard to wrong with a first generation Mustang V-8 convertible at this price even with this car's many flaws. It brought what it deserved to bring on the auction block.

1970 Pontiac GTO Convertible for sale

Lot # 206 1970 Pontiac GTO Convertible; S/N 242670B104026; Engine # 0084328 WT; Yellow/Saddle vinyl; Black vinyl top; Visually maintained, largely original, 3+ condition; Not sold at Hammer bid of $30,000 -- 400/330hp, 4-speed, P/S, P/B, A/C, P/W, tilt steering column, Endura nose, hood tach, F41 suspension. Good repaint, otherwise a very clean, sound, original and lavishly equipped GTO. A very nice car represented as numbers-matching with PHS documentation. A pretty car and with an impressive list of OE options, the seller was justified in keeping it from selling at this bid. It wouldn't have been over-priced in the high $30's.

 2001 Ferrari 360 F1 Spider for sale

Lot # 207 2001 Ferrari 360 F1 Spider; S/N ZFFYT53B000122606; Silver/Tan leather; Black cloth top; Unrestored original, 3+ condition; Hammered Sold at $64,000 plus commission of 10.00%; Final Price $70,400 -- Silver calipers, Pirelli PZero tires, Ferrari stereo. Good original paint and top. Upholstery is worn, particularly the driver's seat and bolster. On Labor Day 2006 this 360 F1 Spider sold at Auburn Fall for $143,100. Trace the depreciation curve.

1970 Pontiac GTO Convertible

Lot # 208 1970 Pontiac GTO Convertible; S/N 242670P242184; Engine # 0495432 WT; Bermuda Blue/Sandalwood vinyl; Sandalwood vinyl top; Older restoration, 2- condition; Not sold at Hammer bid of $37,000 -- 400/330hp, 4-speed, Hurst T-handle shifter, P/S, P/B, A/C, P/W, hood tach, Superstock wheels, Radial T/A tires, AM-FM. An older restoration to like new condition with very good paint, chrome, interior and glass. Scuffed stainless windshield trim. Shows some miles and age but with some detailing will be shown with pride. GTOs still struggle to catch on with collectors. Even with the somewhat used restoration this is an exceptionally good car and it deserved to bring more, much more, than the bid it attracted.

1957 Dodge Coronet Convertible

Lot # 212 1957 Dodge Coronet Convertible; S/N 35235605; Sunrise Yellow, Jewel Black/Brown vinyl, cloth; Black vinyl top; Cosmetic restoration, 3+ condition; Not sold at Hammer bid of $47,500 -- Automatic, pushbutton radio, Hiway HiFi record player, dual rear antennas, spinner wheel covers, whitewalls, dual outside mirrors, P/S, P/B. Good paint, interior and major chrome. Pitted mirror base, good stainless. Chassis and engine not done. Front springs need to settle. Good eyeball appeal but that is where it ends. Erratic presentation dooms even the neatest cars, and this Coronet was nothing if not erratically shown. It should have been loose and selling at this bid.

1915 Harley-Davidson Factory Board Track Racer Motorcycle

Lot # 220M 1915 Harley-Davidson Factory Board Track Racer Motorcycle; S/N M503J; Grey, Rust/Brown leather; Unrestored original, 3- condition; Not sold at Hammer bid of $47,500 -- White tires. Rough, aged and mostly original. Missing its drive chain and right side pedal. Engine is orderly and looks like it might run.

1997 Ferrari F355 Spider

Lot # 247 1997 Ferrari F355 Spider; S/N ZFFXR48A8V0107153; Dark Metallic Green/Tan leather; Black cloth top; Unrestored original, 2- condition; Hammered Sold at $46,500 plus commission of 10.00%; Final Price $51,150 -- 6-speed, Sony CD stereo, stock wheels, Sumitomo tires. Driver's seat back bolster worn as expected for the 32,595 miles on the odometer. Fitted luggage, tool kit. 30K mile service done. Clean Carfax. No Reserve. Sold at Auburn Fall in 2010 for $44,000 with just 101 miles less on its odometer, this F355 is fighting the laws of depreciation but still represents good value for money.

1986 Ferrari 328 GTS

Lot # 252 1986 Ferrari 328 GTS; S/N ZFFXA20AXG0060119; Red/Beige leather; Visually maintained, largely original, 3 condition; Not sold at Hammer bid of $27,000 -- Pioneer stereo, factory wheels. Flawed repaint, right headlight doesn't close, right rear marker light lens broken. Chassis and underbody are original and clean like the 42,170 miles on the odometer indicate. Engine is used. There is no quarrel with the seller's decision that this car was worth more than the reported bid, but not a lot more.

1994 Ferrari 348 Spider

Lot # 256 1994 Ferrari 348 Spider; S/N ZFFRG43A9R0098460; Black/Black leather; Black cloth top; Unrestored original, 3+ condition; Not sold at Hammer bid of $29,000 -- Black 17 inch wheels, Yokohama AVS tires. Good original paint, worn interior, worn diver's armrest. Represented as ‘just received a major engine out service.’ Includes tools, books and records. Underbody is clean. A used car. The Ft. Lauderdale bidders weren't buying bling, even with a recent engine out service.

1961 Porsche 356B Coupe

Lot # 263 1961 Porsche 356B Coupe, Body by Reutter; S/N 116267; Engine # P89496; White/Saddle vinyl; Recent restoration, 2 condition; No Result -- Chrome wheels, Dunlop SP Sport blackwalls, cassette stereo. Color 713. Luggage rack, square weave carpet. Chrome spare with new tire. Floors replaced and front wheel wells repaired. Doors don't close flush. Engine compartment very good and essentially like new with some gas staining on left carburetor. Excellent paint, chrome and interior. No result reported for this Porsche.

1970 Ford Mustang Convertible

Lot # 429 1970 Ford Mustang Convertible; S/N 0F03M120393; Black/Black vinyl; Black vinyl top; Older restoration, 3+ condition; Hammered Sold at $24,000 plus commission of 10.00%; Final Price $26,400 -- 351/300hp, 4-speed, Magnum wheels, Radial T/A tires, shaker hood, CD stereo, tilt steering column, glass back window, Traction-Lok, power front disc brakes, P/S, competition suspension. High back bucket seats added and color changed from Light Ivy Yellow. Good repaint over minor small chips, good interior and chrome. Underbody is dirty but orderly. An attractive and fun driver. It's impossible to argue with someone's decision to change this Mustang's color to triple black. It looked great, and had tastefully upgraded wheels, hood, seats and stereo. At this price it's all the car for the modest money and will look and drive great on weekends.

1970 Ford Mustang Boss 302 Fastback

Lot # 483 1970 Ford Mustang Boss 302 Fastback; S/N 0F02G116512; Grabber Orange, Matte Black stripes/Black vinyl; Recent restoration, 2 condition; Hammered Sold at $75,500 plus commission of 10.00%; Final Price $83,050 -- 302/300hp, 4-speed, Hurst T-handle shifter, rear window slats, wing, Magnum wheels, F60-15 Polyglas GT tires, pushbutton radio, shaker hood, P/S, P/B. Done like new and aged only a little. Excellent paint and chrome, good interior. A sweet car, this Boss 302 rings all the bells and brought just the right money.

1987 Buick GNX

Lot # 495 1987 Buick GNX 2-Dr. Sedan; S/N 1G4GJ117XHP444921; Black/Black, Grey velour; Unrestored original, 3+ condition; Hammered Sold at $45,000 plus commission of 10.00%; Final Price $49,500 -- 28,725 miles. Good paint, lightly used interior. Re-chipped engine management and aftermarket intercooler with the factory parts included. Sold here last year for $44,000, at this price this is a serious value for a GNX.

1965 Chevrolet Corvette Coupe

Lot # 500 1965 Chevrolet Corvette Coupe; S/N 194375S119549; Silver Pearl/Silver; Older restoration, 2- condition; Hammered Sold at $78,000 plus commission of 10.00%; Final Price $85,800 -- 327/365hp, 4-speed, alloy wheels, gold line tires, AM-FM, teakwood steering wheel. NCRS Duntov Award winning restoration still in nearly show-ready condition. Sold at Mecum's Kissimmee auction in 2010 for $82,150, this is a sound price for this Corvette's specifications and condition.

Auctions America Fort Lauderdale 2012 – Auction Report Continued

Comments

  1. Anonymous says

    Love the advice about writing about what happens “behind the scenes” and personal experience; these help to humanize the story and keep readers coming back.

Trackbacks

Leave a Comment