Leake Auction Company, Oklahoma City, Oklahoma, February 17-18, 2012
Report and photos by Rick Carey, Auction Editor
Oklahoma City kicked off the Leake Auction Company’s 40th Anniversary season. They appropriately announce, though, that patriarch Jimmy Leake held his first auction in conjunction with Sotheby’s in Muskogee, Oklahoma in 1962. Further sales followed intermittently until the present string started in 1972.
Those were days when everyone in car collecting knew pretty much everyone else. Over the years Jimmy Leake handled just about every great Classic that originated in or found its way to North America. His name on the provenance of a Duesenberg, Packard, Rolls-Royce or Mercedes-Benz is both and important indicator of the car’s quality and also pretty much expected. He touched them all, and his family – daughter Nancy, son-in-law Richard Sevenoaks and son Jim – have continued the family tradition.
With that kind of history it’s not surprising that Thursday set-up day seemed like a family reunion. Consignors and buyers were old acquaintances and had time to catch up following the whirlwind of January in Arizona and Kissimmee when there’s barely time to eat and sleep.
In the two-day sale one ring ran on Friday with two adjacent rings on Saturday to keep bidders hopping back and forth. Friday’s cars were modest, a $11,725 average and $8,250 median, but the sell-through of 80.1% was exceptional. On Saturday the cars got better but the sale rate dropped accordingly.
The top sale was a triple black 427-powered ’68 Shelby Mustang GT500 at $165,000 hammer, $181,500 with commission. A total of 297 cars crossed the block of which 197 sold (14 in post-block transactions) for an overall sell-through of 66.3% and bringing a total of $4,101,845 including commissions.
Richard Sevenoaks is the ringmaster for a fast paced auction with even Saturday selling at close to 20 cars per hour in each ring. The pace rarely slackened, which kept bidders’ interest right to the end. The end, by the way, came in plenty of time to take in one of Oklahoma City’s landmarks, Cattlemen’s Steakhouse in Stockyard City, with big, quality steaks for replenishing auction participants’ energy.
Arrive early because a two-hour wait is the rule rather than the exception … at Cattlemen’s, not the Leake Auction.
Leake Oklahoma City 2012 – Auction Report