Gooding & Company, Amelia Island Plantation, Amelia Island, Florida, March 9, 2012
Report and photos by Rick Carey, Auction Editor
Gooding & Company kicked off the Amelia Island auctions with their famed healthy breakfast (if you like bacon and sausage and omelets and really strong coffee) and a sterling lineup of Porsche products, not only from the featured collection of Matt Drendel but also a number of others calculated to get the juices flowing within anyone who appreciates high performance from tiny engines.
26 of the 77 lots offered were Porsches, or Porsche-powered, 33.8% of the total. When the final hammer fell after a long day in the hot and stuffy auction tent they totaled $ $23,855,700 with commission, 66.2% of the sale’s total dollars.
It was decidedly Porsche-centric.
The sale started just after 11AM and the final hammer fell after 5PM. That’s six hours to auction 77 lots, not quite 13 cars/hour. While it’s hard to argue with the 90.9% sale rate (including one post-block sale) that Charlie Ross and David Gooding achieved from the block, the pace was often glacial. But the bidders stayed, even concluding the sale with a healthy price for the final car, which wasn’t a Porsche.
The stage was set with the early sale of lot # 15, the 1955 Porsche 550 Spyder which sucked the air out of the already sweltering tent with a price of $3,350,000 hammer, $3,685,000 with commission. Pre-sale the $2.2-2.6 million estimate for a customer 550 Spyder with no significant race history seemed optimistic by 50% or so. The bidders quickly proved both the estimate and its evaluation wrong, streaking to $2 million and going on from there with five or six active bidders even at $3 million.
Gooding claimed eleven auction record prices. No surprise, all of them were for Porsches, although several were for unique cars from the Drendel collection for which any sale would be an auction record.
The sale’s $36 million total was the best Amelia Island has ever seen, again demonstrating the allure of a once-in-a-lifetime consignment of highly specific cars from a recognized collection that adds provenance to quality and presentation.
Ed Lenahan was essential to preparing this auction report.
Gooding and Company Amelia Island 2012 – Auction Report