Gooding & Company Amelia Island Auction 2011 – Report

Report and photos (unless noted) by Rick Carey, Auction Editor

Gooding & Company staged its Amelia Island Auction event on Friday, March 12, 2011. Last year Gooding debuted on Amelia Island at the Amelia Island Plantation, a site which Bonhams (then known as Brooks Auctioneers) tried in 2000 with little success.

RM Auctions, which had set up shop at the Ritz Carlton site of the Amelia Island Concours d’Elegance thirteen years ago in 1999, repulsed Bonhams’ assault. RM enjoyed unchallenged sway over the North Florida market since.

Gooding’s appearance changed the Amelia Island dynamic, selling 58 of 71 lots offered (81.7%) with a total sale of $16,144,500 in 2010. Three lots, led by the wonderfully idiosyncratic Voisin C20 V-12 Mylord Demi Berline at $2,750,000, brought hammer bids of $1 million or more including the Porsche RS61 (s/n 718070) sold to Sir Stirling Moss for $1,550,000 hammer, $1,705,000 with commission.

The challenge escalated this year with Gooding bringing 85 lots (I’d say “cars” but there was a motorcycle in there) and selling 70 of them for a sell-through of 82.4% and a total of $17,879,550, up 0.7 points in sale rate and $1,735,050, 10.7%, from last year’s total. Four cars sold on hammer bids of $1 million or more, topped by the gorgeous Ferrari 212 Export Vignale Cabriolet (s/n 0106E) at $1,700,000 hammer, $1,870,000 with commission. It was closely followed by the fastidiously restored Lamborghini Miura SV prototype (s/n 4758) at an astounding price of $1,550,000, $1,705,000 with commission. The Miura had sold at Quail Lodge in 2000 in good but only cosmetically redone driver condition for $96,000!

As successful as it was, however, the process was labored, with the bidding dragging on through the afternoon and well into the evening. The sale rate through the first two hours was barely 15 cars an hour. Charlie Ross employed all his considerable skills on the block to chide, encourage and cajole the bidders, frequently achieving success at the cost of a protracted process. Distracted conversations spread through the marquee to fill the vacuum of progress on the block.

In the end Gooding achieved a sound success with successful bids exceeding low estimates on the sold lots by 3.4% (in Gooding’s Scottsdale sale the total successful bids were 1.2% below the low estimates; at Pebble Beach they were 0.3% below the low estimates.) Five transactions (7.25%) were concluded above the high estimate, also better than Arizona (6.6%) but not as good as Pebble Beach (8.9%).

Jonathan Sierakowski contributed many of the observations in this auction report, and even more of the photos.

Gooding and Company Amelia Island Auction 2011 – Report

1955 Chevrolet Bel Air Convertible

Lot #2 1955 Chevrolet Bel Air Convertible; S/N VC55F224216; Black Onyx, Silver/Red, Beige vinyl; Estimate $50,000 - $70,000; Older restoration, 2- condition; Hammered Sold at $47,000 plus commission of 10.00%; Final Price $51,700 – 265/162hp, Powerglide, whitewall tires, red steel wheels, wheel covers. AM radio, dash clock. Excellent frame-off restoration. Oxide Red underside. Panels straight and well aligned except for the trunk. Excellent chrome and interior upholstery. No Reserve. Not a fresh restoration but still a very nice '55 Bel Air. May have had some cosmetic freshening since being acquired by the vendor in 2006. The price should satisfy both the buyer and seller in today’s market even though it brought $59,400 at the Rupp auction in Ft. Lauderdale in 2006.

Ferrari 365 GTB/4 Daytona Coupe

Lot #6 1972 Ferrari 365 GTB/4 Daytona Coupe; S/N 15729; Engine # B1996; Red/Saddle leather; Estimate $320,000 - $360,000; Older restoration, 2 condition; Hammered Sold at $295,000 plus commission of 10.00%; Final Price $324,500 – Chrome spoke Borranis, 215/70VR15 Michelin XWX blackwalls, Becker Mexico cassette, A/C, painted nose panel, popup lights. Little used, with 9,307 miles from new and once owned by Wall Street inside trader Ivan Boesky. Seats are lightly stretched, driver's door fit and outside latch handle are out of adjustment and underhood presentation is a little aged but otherwise impossible to fault. Paint and interior redone recently but otherwise an FCA Platinum judged unrestored car. The noted issues with door fit and latch operation may be auction-related handling problems. A very attractive Daytona with a reassuring history of successive thoughtful, informed owners, a good value at this price.

Porsche 356A Speedster, Body by Reutter

Lot # 13 1956 Porsche 356A Speedster, Body by Reutter; S/N 82298; Engine # 61765; Ivory/Red leather; Black cloth top; Estimate $200,000 - $230,000; Recent restoration, 2+ condition; Post-block sale at $163,636 plus commission of 10.00%; Final Price $180,000 – Body color steel wheels, blackwall tires, coupe seats, headlight stoneguards, bumper overriders, tool roll, Porsche Certificate of Authenticity. Way better than new. Nearly impossibly tight body gaps. Restored in 2005 and reportedly driven subsequently, this Porsche shows absolutely no evidence of having been used. A phenomenal example of the Porsche restorer's art and obsessive care and attention to detail since, the transaction is a good value for the new owner who will be rightfully proud both of the car and of the price paid for it in today's hot Speedster market.

1959 Ford Galaxie 500 2-Dr. Hardtop

Lot # 14 1959 Ford Galaxie 500 2-Dr. Hardtop; S/N B9RS194896; Colonial White/Light Green vinyl, Black cloth; Estimate $35,000 - $50,000; Cosmetic restoration, 3- condition; Hammered Sold at $20,000 plus commission of 10.00%; Final Price $22,000 – 332/255hp, automatic, wheel covers, whitewalls, chrome skirts and fender shields, rear antenna, Town & Country radio, dual outside mirrors, CB radio. 55,446 miles from new. Poor bodywork with visible filled areas, dull paint, dull chrome, pitted trim. Handsomely detailed, but not the car it could be. No Reserve. There's really nothing special about this Galaxie 500 except its survival and low miles. Both of those are adequately reflected in the price it brought.

Queen Model E Light Touring

Lot # 16 1905 Queen Model E Light Touring; S/N 1385; Light Green, Green accent, Yellow-Green chassis/Black leather; Black leatherette top; Estimate $125,000 - $150,000; Older restoration, 1- condition; Hammered Sold at $95,000 plus commission of 10.00%; Final Price $104,500 – RHD. Acetylene headlights and Rushmore dashboard mounted searchlight, kerosene cowl lights, E&J acetylene generator, full elliptical leaf spring suspension, single chain drive, whitewall tires, 196 cubic inch opposed twin, 2-speed planetary transmission. An older restoration to show quality condition that has been cosmetically freshened and is quite handsome. No Reserve. Offered at Auburn Fall in 2009 where it was bid to $110,000 and unsold. The Gooding catalog speculates that this 1905 model Queen may have been built in 1904, offering it a shot at London-Brighton if a 1904 dating could be confirmed. In any event it is a handsome and well restored car in attractive colors that is well worth the price it brought here.

1974 De Tomaso Pantera

Lot # 21 1974 De Tomaso Pantera ; S/N THPNNC06321; Orange/Black vinyl; Estimate $90,000 - $120,000; Unrestored original, 2 condition; Hammered Sold at $72,000 plus commission of 10.00%; Final Price $79,200 – No radio. Excellent original paint, chrome and interior. 1,025 miles, two owners from new and in showroom condition. No Reserve. Despite the overly optimistic estimate this is a premium price for this Pantera's low miles, known history and exceptional presentation.

1957 Mercedes-Benz 220S Cabriolet

Lot # 22 1957 Mercedes-Benz 220S Cabriolet; S/N 180030Z7512620; Engine # 180924Z7500870; Light Ivory, Tartan Red/Burgundy leather; Beige cloth top; Estimate $130,000 - $160,000; Older restoration, 2- condition; Hammered Sold at $130,000 plus commission of 10.00%; Final Price $143,000 – Wheel covers, whitewalls, Becker Mexico radio, 4-speed. Good repaint, bright chrome, good older interior, superb interior wood with elaborate grain. Underbody slathered with sound deadener. Restored in 1996 and was like new underhood but is now aged. Straight body, even gaps. Exceptionally well maintained and done to high standards that have stood up will with the passing 15 years, the bidders gave it an expensive vote of confidence. It will be a satisfying car to drive, but less satisfying to show and the new owner will be reluctant to talk about the price paid.

1964 Ferrari 250 GT/L Lusso Berlinetta

Lot # 23 1964 Ferrari 250 GT/L Lusso Berlinetta; S/N 5529GT; Engine # 5529GT; Red/Black leather; Estimate $600,000 - $750,000; Older restoration, 2 condition; Hammered Sold at $575,000 plus commission of 10.00%; Final Price $632,500 – Chrome spoke Borrani wire wheels, 205/70VR15 blackwall Pirelli P5 tires. Excellent paint, chrome and interior. Chassis restoration is older and shows use. Engine and underhood is sharp and clean with a little staining down in the depths. Flat body surfaces, even gaps. Engine Internal #2050/62E. Restored in 1989, this Lusso has seen little use and exceptional care that have kept it in nearly freshly restored, pristine, condition. The price it brought reflects its history and condition.

1955 Cadillac Eldorado Convertible

Lot # 24 1955 Cadillac Eldorado Convertible; S/N 556217851; Teal Blue/Butter leather; Estimate $100,000 - $125,000; Recent restoration, 3+ condition; Hammered Sold at $67,000 plus commission of 10.00%; Final Price $73,700 – Overspray inside rear wheelwells. good upholstery and paint. Flawed chrome including pits under window sill molding rechrome. A redone old 1994 AACA National First Prize winning restoration, and not very good at that. Its history of recent museum display suggests it may have been gussied up for a less demanding audience. No Reserve. The bidders weren't fooled by the pretty paint and (mostly) glitzy chrome and bid this Eldo to an appropriate price. It will be a wonderful driver, but its show days are over and it will be hugely expensive to bring it back to show car condition.

1961 Aston Martin DB4 Series IV Coupe barn find

Lot # 25 1961 Aston Martin DB4 Series IV Coupe; S/N DB4/827/L; Engine # 370/863; Caribbean Pearl/Blue leather; Estimate $425,000 - $475,000; Unrestored original, 3- condition; Hammered Sold at $400,000 plus commission of 10.00%; Final Price $440,000 – Silver painted wire wheels, bullet mirrors. One family owned from new, 39,264 miles. Untouched original barn find in very sound but dirty condition. Good body. Upholstery can and should be saved. Engine, driveline, suspension and brakes need everything. In this case, the end justifies the means. When this car is resuscitated and running it will be admired by every British car fan and worshipped by Aston Martin collectors. It started that process today, attracting a price that is at least 50% more than a drivable DB4 Series IV would bring, a huge premium for its preservation and originality.

1991 Ferrari 348tb

Lot # 26 1991 Ferrari 348tb ; S/N ZFFRG35A2M0088479; Engine # F119G04025522; Black/Red leather; Estimate $90,000 - $120,000; Unrestored original, 2- condition; Hammered Sold at $72,000 plus commission of 10.00%; Final Price $79,200 – 285 miles and all original, hardly used at all. Assembly #05299. No Reserve. This Ferrari has seen more miles in transporters than under its own power. It was first sold by RM at the New York Auto Salon sale in 2002 for $72,600 with 127 miles. At Gooding's Pebble Beach auction in 2008 it brought $82,500 with 170 miles. It sold again last August at Pebble Beach for $71,500. A relic destined to pass from hand to hand while getting more and more shopworn.

1955 MG TF 1500 Roadster

Lot # 28 1955 MG TF 1500 Roadster; S/N 8122; Engine # 1981; Primrose/Dark Red leather; Estimate $35,000 - $45,000; Visually maintained, largely original, 3 condition; Hammered Sold at $22,000 plus commission of 10.00%; Final Price $24,200 – 5-speed gearbox, silver painted wire wheels, blackwall tires, Moto-Lita steering wheel with lace-on leather cover, left fender mirror, vinyl covered spare, Kenwood cassette stereo under dash. Fair old repaint, usable upholstery and presentable chrome. Dirty engine and chassis. A used driver. Original gearbox included. No Reserve. A fun driver, but not particularly appealing, this TF 1500 brought an appropriate price despite the inflated estimate range.

1951 Ferrari 212 Export Cabriolet, Body by Vignale

Lot # 29 1951 Ferrari 212 Export Cabriolet, Body by Vignale; S/N 0106E; Engine # 0106E; Black/Dark Green leather; Black cloth top; Estimate $800,000 - $1,100,000; Cosmetic restoration, 2- condition; Hammered Sold at $1,700,000 plus commission of 10.00%; Final Price $1,870,000 – RHD. Chrome spoke Borranis, blackwall 185R15 radials. Owned from 1960 until 2002 by David Clarke, later owner of Graypaul Motors in the U.K. Excellent fresh paint, chrome, interior and glass by Stone Barn. Engine rebuilt by Chris Leydon in 2006. The rest of the car has been spiffed up to high standards but not nut-and-bolt restored but is in show-quality condition aside from that. Sold by Bonhams at Goodwood in 2002 from David Clarke's estate for $464,555 (GBP 298,500 at the time) prior to its recent US cosmetic restoration. The price here blew the roof off Gooding's usually optimistic estimate and set a new standard for a single carb Vignale cab. This is a wonderful Ferrari with beautiful coachwork and a charming provenance, but it also is huge money.

1914 Peugeot 145 Sport Torpedo Tourer

Lot # 30 1914 Peugeot 145 Sport Torpedo Tourer; S/N 20644; Engine # KC20644; Eggplant, Bordeaux frame/Caramel leather; Beige cloth top; Older restoration, 2- condition; Not sold at Hammer bid of $140,000 – RHD. RHD. 4,536cc L-head 4-cylinder, single sidemount, rear view mirrors, running board mounted horn, cowl lights, wicker trunk and umbrella case. Upgraded with electric starter and better lighting for road use. Toured years ago by Dr. and Mrs. William Lannick including 1968 6,700 Transcontinental Tour. Restored by Alan Taylor and won Louis Vuitton (Hurlingham) class 2nd place. Modified for touring with electric lighting, turn signals and stop lights. Beautifully restored and preserved, body is probably original. Possibly the only surviving Peugeot 145S. An elegant old restoration, used and preserved but no longer show quality. Sold at Bonhams Quail Lodge sale in 2008 for $172,000 and at Branson Spring in 2009 for $243,000. This is a remarkably attractive old car in striking but attractive colors set off with more brass than a classic motorboat. It is better than the reported high bid and if it could be had for anything close to this bid would be a terrific value and a wonderful tour car.

1967 Jaguar XKE SI 4.2 Fixed Head Coupe

Lot # 31 1967 Jaguar XKE SI 4.2 Fixed Head Coupe; S/N 1E33739; Engine # 7E10893-9; Black/Cognac leather; Estimate $60,000 - $80,000; Visually maintained, largely original, 3 condition; Hammered Sold at $52,000 plus commission of 10.00%; Final Price $57,200 – Chrome wire wheels, Vredestein blackwalls, removable stereo. Good older repaint, chrome and original surface cracked upholstery. Four owners from new, preserved and documented. Orderly but used and aged underhood. Well preserved, highly original but not special. No Reserve. When the E-type first appeared it was the design of the coupe, not of the roadster, that riveted the attention of the automobile world with its dramatic, feline lines. That preference has shifted over subsequent years but the fixed head coupe remains a marvelous shape to contemplate, and the Series I 4.2 liter, with its bigger engine, synchromesh transmission and covered headlights, is the best of the best. That, and a long succession of sympathetic owners, makes this a strong but not unreasonable result when balanced against the car's aged but well-maintained condition.

1961 Alfa Romeo Giulietta Sprint Speciale, Body by Bertone

Lot # 32 1961 Alfa Romeo Giulietta Sprint Speciale, Body by Bertone; S/N AR1012000388; Engine # AR0012001548; Dark Blue/Grey leather, Red piping; Estimate $100,000 - $130,000; Recent restoration, 2 condition; Hammered Sold at $140,000 plus commission of 10.00%; Final Price $154,000 – 5-speed, chrome wheel covers, Nardi woodrim steering wheel. Excellent paint, chrome and interior. Restored like new with tool kit and owner's manual. If this isn't the best Sprint Speciale in the world anything better has to be spectacular. A stunning little car that was admired by everyone at the auction. It was admired by the bidders, too, who spoke with their paddles and wallets. The price is to all intents and purposes double the highest Sprint Speciale value ever seen at auction, an endorsement of this car's superb restoration and presentation. There is an increasing appreciation of the design quality of the Sprint Speciales, and that, too, is reflected in this transaction. None of which does much to ameliorate its impact on the market: it is to all intents and purposes double the value of any similar car at auction.

Lamborghini Miura P400 SV Prototype Berlinetta, Body by Bertone

Lot # 34 1971 Lamborghini Miura P400 SV Prototype Berlinetta, Body by Bertone; S/N 4758; Yellow, Silver sills/Black leather; Recent restoration, 1 condition; Hammered Sold at $1,550,000 plus commission of 10.00%; Final Price $1,705,000 – Silver alloy wheels, P/W. Believed to be the 1971 Geneva Motor Show display car. Restored in 2008 by Motion Products and Jeff Stephan and displayed at Pebble Beach after being driven on the Tour and award third in class bested only by the Miura Roadster and the 350GT prototype. Later tuned and developed for the road by Motion Products. Includes a restoration file, correspondence, factory guaranty certificate, copy of the production list identifying it as the ‘Prot.SV’, owner's manual, complete tool and jack kit and more. Pristine, meticulously and accurately restored to better than new condition. Brooks sold this car at Quail Lodge in 2000 in good driver condition for $96,000. A lot of water has passed over the dam since then, including the glorious, meticulous restoration that is unblemished and pristine today. The price is astounding, but it is one of one and an irreplaceable opportunity for a Miura enthusiast, of which there are more and more every day. The price is easily 50% more than a comparably restored ‘standard’ SV would bring, the price of singularity.

1949 Jaguar XK120 Alloy Roadster

Lot # 36 1949 Jaguar XK120 Alloy Roadster; S/N 670005; Engine # W1011-8; Blue Sheen/Dark Blue, Light Blue leather; Blue cloth top; Estimate $375,000 - $550,000; Concours restoration, 1 condition; Hammered Sold at $350,000 plus commission of 10.00%; Final Price $385,000 – Dark Blue cloth top, steel wheels, blackwall Dunlop Road Speed RS5 tires, skirts. The first XK 120 imported into the U.S., shown by Max Hoffman at Watkins Glen in 1949. Excellent restoration with better cosmetics than new. Shiny painted chassis. A multiple award winner including JCNA concours awards and setting the standing record in the JCNA Class B Slalom. Not bad for a 60-year old. This really isn't much, if any, premium for this car's unique history.

1957 Chevrolet Bel Air 2-Dr. Hardtop

Lot # 38 1957 Chevrolet Bel Air 2-Dr. Hardtop; S/N VC57A187179; Engine # 3731398; Gypsy Red/Red vinyl, Black cloth; Estimate $45,000 - $55,000; Older restoration, 2- condition; Hammered Sold at $41,000 plus commission of 10.00%; Final Price $45,100 – 283/220hp, automatic, P/S, cassette stereo, spinner wheel covers, skirts, whitewalls, dual rear antennas, continental kit. Good paint, interior and chrome. A used but still usable older restoration. No Reserve. This Bel Air has a good feel to it and while it is nothing special it is attractively presented and is well maintained. The price is appropriate to its condition and equipment.

1916 Pierce-Arrow 38 C-4 Five-Passenger Touring

Lot # 39 1916 Pierce-Arrow 38 C-4 Five-Passenger Touring; S/N 36793; Engine # 2402; Red, Black fenders/Tan leather; Black cloth top, Red piping; Estimate $175,000 - $225,000; Competition restoration, 2 condition; Hammered Sold at $165,000 plus commission of 10.00%; Final Price $181,500 – RHD. Red wheels with blackwall tires and dual driver's side-mounted spares. Westinghouse air spring shackles, 8-day clock. Straight body work with excellent paint. Some chips in the wheels and wear around door and bonnet edges. Nickel plating has plenty of polish marks. Restored in the mid to late 80's to show standards but not today's Pebble Beach standards. The Pierce-Arrow sixes are coveted tourers. This car has known history, a correct, quality older restoration and is a lot of car for the money.

1959 Alfa Romeo Giulietta Veloce Spider

Lot # 40 1959 Alfa Romeo Giulietta Veloce Spider; S/N AR1495F07600; Engine # AR131532968; Black/Red leather; Black cloth top; Estimate $85,000 - $115,000; Recent restoration, 2 condition; Hammered Sold at $90,000 plus commission of 10.00%; Final Price $99,000 – 5-speed, steel wheels, blackwall tires. Good paint, chrome and interior. Chassis undercoated over skimpy preparation. Orderly engine compartment. A soundly and accurately restored car that is done, without being overdone. 2010 Alfa Romeo Owners Club gold certificate winner. Comes with its original DCO3 carburetors, owner's manual, tool roll and jack. No Reserve. The prices these cars are bringing is close to amazing. The cars are amazing, too, but their value growth in the past few years has been rapid. This is top money, even for a meticulously and accurately restored Veloce Spider.

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