Gooding and Company, Fashion Square, Scottsdale, Arizona, January 29-30, 2016
2016 was a solid performance by Gooding and Company in Scottsdale, reflecting the collector car market, the world economy and increased competition from established and upstart auction companies for headline consignments.
It’s rough out there, and all the Arizona collector car auctions were feeling the heat.
Under the circumstances Gooding & Company’s accomplishment was to assemble one of their typically diverse consignments of quality cars and sell them effectively to a large crowd nearly filling the tent adjacent to Fashion Square.
The absence of a high seven- or eight-figure headline car depressed the total sale to the lowest it’s been since 2012, but note in the table below that the median transaction is the highest it’s been since 2013. It’s the median that characterizes the overall quality of the cars – and the bidders’ willingness to match quality with price.
There was no shortage of highly valuable cars, including the gorgeous Ferrari 166MM (s/n 0060M) that brought a fully deserved $6.49 million; Duesenberg Model J Dual Cowl Phaeton (s/n 2151) sold for $4.42 million; Ferrari 330 GTC Coupe Speciale by Pininfarina (s/n 10107) for $3.41 million and the trio of Tony Shooshani’s late model supercars, the F40 (s/n…86554) for $1,534,500, F50 (s/n …99999) for $2.4 million and Enzo (s/n …$2.86 million.)
On the other hand, both the Ferrari 250 GT Cabriolet SIIs came up short at $1.55 million (s/n 1967GT) and $1.65 million (s/n 1939GT), results that reflect a generally moderating trend in values across all the ‘Scottsdale’ auctions. Enthusiasm, and the bubble-inflating inducement to ‘buy now before it costs more later’ was supplanted by a more measured consideration of intrinsic and relative values not only among Ferraris but also with other marques and models.
The more considered approach of bidders in Scottsdale has been mirrored in February’s fine art auctions in London, so it’s not just the collector car world.
Gooding should be recognized, however, for its innovative offering of the 2014 Indianapolis 500-winning Dallara DW12 Andretti Autosport IndyCar, a package deal that added insider IndyCar access to the buyer and friends at the next three years of IndyCar races to the chance not only to own an Indy 500 winner (and 2012 IndyCar Championship winner) but also to participate in the potential upside as this car continues to be raced by Andretti AutoSport in IndyCar speedway events through 2018. It has three more chances to win the 500 again, which has value consequences that are inestimable.
It was a ground-breaking attempt by David Gooding and Michael Andretti to expand the concept and availability of top drawer American racing sponsorship to a new audience. While it didn’t connect in Scottsdale it deserves to be tried again.
Here are the numbers:
Andrew C. Newton contributed some of the on-site observations and photographs; final comments are the responsibility of the editor.
Gooding and Company Scottsdale 2016 – Auction Report