Report and photos (unless noted) by Rick Carey, Auction Editor
RM Auctions’ $31 million Arizona sale at the Biltmore January 20-21, 2011 missed being its biggest ever by a mere $340,025, falling just that much shy of the record it set in 2006.
RM’s Arizona sale is a much different animal in 2011 than it was just five years ago, as is the entire Arizona January marketplace. With The British returning on Thursday to make RM Arizona a 2-day sale for the second year in a row and a more balanced consignment with a median transaction value of $71,500, it took more cars to ring up the same dollars on the cash register, 70 more offered and 66 more selling, to be precise.
On both days the lineup outside the Biltmore was mouth-watering, from cuties like the MG TA to heavy metal in the form of great Classics like the ex-Otis Chandler Packard Twelve Dietrich Sport Phaeton that was squeaked off the top of the sale table by the Ferrari 166 MM Barchetta 0024M with only $100,000 on the hammer separating the two.
The talk of the sale, however – and in fact the talk of the week in Scottsdale – was the Mercedes-Benz 300SL Gullwing that sold for $1,250,000 hammer, $1,375,000 with commission, a car that RM had sold only two and a half years ago in 2008 in Monterey for $700,000 hammer, $770,000 with commission. The successful hammer bid topped the Gullwing’s high estimate of $800,000 by more than 50% as two bidders duked it out to see whose pockets were deeper and whose determination was stronger.
Only a day before at the Hagerty World Auction Summit some of the panelists had cited the Gullwing for unrealized value potential, but even the pundits were stunned by this result.
Bargains, needless to say, were hard to find at the Biltmore, something that will draw more great cars out of long term ownership and into the marketplace during the coming months.
The effect is already manifested in RM’s consignments for its upcoming Amelia Island sale with cars like the barn find Ferrari 340 Mexico coupe 0224 AT of Larry Nicklin.
The market’s heat is on simmer for the moment. It may get hotter as the year goes on.
Jonathan Sierakowski ably contributed many of the reports that follow. His assistance, support, knowledge and outlook were essential.
RM Auctions Automobiles of Arizona 2011 – Auction Results
RM Auctions Automobiles of Arizona 2011 – Day One Auction Report
(See Reference – Auctions Explained, A Note on Conditions and Character).
Lot # 103 1964 Rolls-Royce Silver Cloud III 4-Dr. Sedan; S/N LSFU107; Gold, Black/Tan leather; Estimate $20,000 - $40,000; Visually maintained, largely original, 3 condition; Hammered Sold at $36,000 plus commission of 10.00%; Final Price $39,600 -- PW, A/C. Older cosmetic restoration starting to come undone. Undercoat peeling, paint chipping and cracking especially in panel corners. Interior is soiled and more than ‘broken in.’ Catalog states that parts of the interior are original and have been dyed. Transmission dribbles. No Reserve. This driver quality Rolls-Royce was described as having excellent road manners, a quality that has limited value in the wedding car use to which its unpleasant condition is best suited. Loads of time and money will need to be lavished on its cosmetics to bring it to the next level of presentation, something that isn't contemplated within the price paid here. It was in no worse condition in Tarrytown in 1997 when Christie's attracted a bid for it of $23,000. There has been no improvement in its condition since then, but almost 8,000 miles have been put on the odometer.
Lot # 104 1936 MG TA Roadster; S/N TA0412; British Racing Green/Green leather; Black cloth top; Estimate $35,000 - $45,000; Older restoration, 2- condition; Hammered Sold at $27,745 plus commission of 10.00%; Final Price $30,520 -- RHD. Silver wire wheels, driving light, badge bar. Wheels chipped and showing rust stains on the spokes from water coming out of the hubs. Chips on the lower edges of the fenders from road use as well as on the underside. Top nearly flawless and interior upholstery excellent with just a light amount of wear. No Reserve. This was once a concours-quality restoration that has been driven and enjoyed since. It has been reasonably well cared for and would still be shown with pride at club meets and a source of great pride and enjoyment on the road. The price is a good value, although at an odd result that doesn't correspond with its No Reserve status.
Lot # 109 1966 Austin Mini Moke; S/N ABIL807916; Grey/Yellow, Blue, Green; White vinyl top; Estimate $15,000 - $25,000; Visually maintained, largely original, 3- condition; Hammered Sold at $21,000 plus commission of 10.00%; Final Price $23,100 -- Soiled top and interior. Paint chipped and scratched. Underside and engine bay are driver quality. 6,462 km on the odometer implied to be original but if so it has been used very regularly and not received the best of care. Bill Jacobs Collection. No Reserve. There's nothing spectacular about this example. If a Club Cart isn't good enough for transportation in a gated community or compound then this could serve as a relatively unique replacement. An expensive golf cart at just over mid estimate, the seller should be very happy with this price.
Lot # 112 1959 Costin-Jaguar Sports Racer, Body by Williams & Pritchard; S/N T825023DN; BRGreen, Yellow nose/Black leather; Estimate $350,000 - $450,000; Competition restoration, 3+ condition; Hammered Sold at $190,000 plus commission of 10.00%; Final Price $209,000 -- RHD. Full width Plexiglas windshield with fixed door side windows, chrome wire wheels, 3.4 liter XK 150S chassis and driveline. Costin-designed full envelope body originally fitted to ERA chassis GP2. Long owned by the Honorable Patrick Lindsay but never assembled until after his passing and in very good cosmetic and excellent mechanical condition. Should be race ready. Bill Jacobs Collection. No Reserve. Nothing if not an odd duck, but with an honorable (sic) British historic racing history that has cemented its reputation and stature. It should be a superb performer and looks every bit the part of a Fifties Jaguar-based sports racing special with typically handsomely designed Costin body and quality workmanship. This could be a good prospect for re-sale in the U.K.
Lot # 113 1954 Jaguar XK 120 Roadster; S/N S675858; Dark Blue/Oxblood Leather; Estimate $100,000 - $120,000; Modified restoration, 2 condition; Hammered Sold at $82,500 plus commission of 10.00%; Final Price $90,750 -- Chrome wire wheels, Lucas driving lights, single aeroscreen, driver's head fairing, faired rear view mirror, C-type head, valves, cams and carburetors. A very high quality show restoration with minimal mileage added since it was completed. Bill Jacobs Collection. No Reserve. The presentation of this Jag is truly eye-catching and it would be fun to make use of the added performance but it's neither fish (a stock XK 120) nor fowl (a full out vintage race car.) It brought a reasonable compromise in its price, despite the sharp cosmetics.
Lot # 114 1956 Jaguar XK 140 Drophead Coupe; S/N S807258; Black/Red leather, Tan canvas top; Estimate $80,000 - $100,000; Older restoration, 2- condition; Hammered Sold at $97,500 plus commission of 10.00%; Final Price $107,250 -- RHD. Chrome wires, Lucas spotlights, AM radio, upgraded C-Type head. Straight body with excellent gaps and paint. The odometer shows 2,504 miles and the wear to the upholstery and underside is commensurate with that. Though restored very thoughtfully, it was not over the top which makes a good balance for the driving enthusiast. Bill Jacobs Collection. No Reserve. Respectable presentation and a superb driving machine. Although sold near the high estimate, the new owner should have no problem getting his money's worth. Fair on both sides.
Lot # 115 1947 Rolls-Royce Silver Wraith Drophead Coupe, Body by Franay; S/N WVA63; Green Metallic/Green leather; Blue cloth top; Estimate $125,000 - $150,000; Older restoration, 3 condition; Hammered Sold at $150,000 plus commission of 10.00%; Final Price $165,000 -- RHD. Fog lights, driving lights, skirts, hubcaps, wide whitewalls. An older restoration that has been freshened at some point. Interior lightly soiled. Chrome pitted and worn through in some places. Newer top. Scratches in paint. Attractive coachwork with wheel arch beads, chrome beltline moldings and delicates rear deck spline. Needs ‘just a little’ work all over. Bill Jacobs Collection. No Reserve. Offered at Brooks' Monaco auction in 1998, it was reported sold at $88,631 and has little work done to it since. The restoration is tired and the color does more to hide the unique chrome than show it off. Despite these impediments it is a unique coachbuilt body and it won't be surprising when this car comes back to market freshly restored with more appropriate colors -- for a lot more money. It is a sound buy at this price.
Lot # 116 1952 Tojeiro-MG Barchetta Sports Racer; S/N RMS1; Engine # J76622; Silver/Tan leather; Estimate $200,000 - $250,000; Competition restoration, 3+ condition; Hammered Sold at $130,000 plus commission of 10.00%; Final Price $143,000 -- RHD. 1,467cc MG engine and 4-speed gearbox, full width windscreen, dual outside fillers, hood and trunk straps. Believed to be one of John Tojeiro's first postwar specials with many of the coachwork elements that would soon appear on the AC Ace and Shelby Cobra as well as some cutesy sculpture around the taillights that was thankfully lost on the Ace. Restored to excellent cosmetic and mechanical condition and showing a little age and use but also excellent care and attention. Documented with a large history folder. Bill Jacobs Collection. No Reserve. A significant piece of British sports car history that needs nothing to be enjoyed proudly. Considering its history the price is modest and this British special might be expected to make a bit more on the other side of the Atlantic.
Lot # 117 1935 Frazer-Nash BMW 319 Roadster; S/N 55084; Two tone Grey/Grey leather; Black cloth top; Estimate $150,000 - $200,000; Older restoration, 2 condition; Hammered Sold at $180,000 plus commission of 10.00%; Final Price $198,000 -- RHD. 1,911cc/55hp ohv six, triple carbs, grey wire wheels, dual fog lights, fender skirts. Excellently restored interior with light wear. Exterior has excellent paint, body and chrome with some chips and wear to the underside. Engine bay correct and tidy with some oil leaks evident. Bill Jacobs Collection. No Reserve. A seldom seen sports car with interesting heritage. Correctly restored and still very presentable and drivable. Brought a good price here in Scottsdale; the ancestor of the 328 Bügelfalte sold in Monaco for astounding money. This is a step onto a potential prewar BMW value escalator with little downside risk.
Lot # 119 1962 Jaguar XKE SI Roadster; S/N 876397; Ermine White/Red leather; Black cloth top; Estimate $100,000 - $120,000; Unrestored original, 3+ condition; Hammered Sold at $72,500 plus commission of 10.00%; Final Price $79,750 -- Chrome wire wheels, red line tires, awkward fender mirrors. 7,400 miles and four owners from new. Unrestored and carefully preserved for years. Bill Jacobs Collection. No Reserve. This is one of the last of the original style flat floor E-types. It was reported sold by Barrett-Jackson at Las Vegas in 2008 for $77,000 and represents very good value for the money here in Arizona.
Lot # 121 1962 Devin-MGA Roadster; S/N GHNL76841; Red/Red leather; Estimate $40,000 - $60,000; Older restoration, 2- condition; Hammered Sold at $50,000 plus commission of 10.00%; Final Price $55,000 -- Recently built using a NOS Devin body, MGA frame, Mk II 1600cc engine and Judson supercharger. Catalog refers to a ‘Judson cylinder head’ of which there was never one. The valve cover is, however, labeled ‘Judson’. Odd double-humped hood to clear the tall MG engine and aluminum framed Plexiglas windshield. Chrome wire wheels. Fastidiously built and recently completed with minimal miles on the chassis and engine to sort them out. Built for Gene Ponder and sold at RM's sale of his collection in April 2007 for $74,800, showing no more than display use since then and still in essentially the same condition, only a little older. For a car with no history this is full retail.
Lot # 122 1955 Arnolt-MG Bertone Coupe; S/N 26416; Maroon/Maroon leather; Estimate $40,000 - $60,000; Older restoration, 2- condition; Hammered Sold at $35,000 plus commission of 10.00%; Final Price $38,500 -- Chrome spoke Borrani wire wheels, Shorrock supercharger, pushbutton Motorola radio. Three owners from new, the first being jazz musician Maurice Stein and the next Gene Ponder. Fastidiously restored some time ago and still in exceptional condition. The story of ‘Wacky’ Arnolt's relationship with Bertone and the cars it created is still fascinating but few are as informative as Wacky's use of the MG TD as the basis for a few very special Bertone-built coupes like this. At barely more than a comparably restored TD this is a sound and rare automobile that brings serious value to its new owner, particularly when it's compared with its $51,700 transaction at the RM sale of Gene Ponder's collection in 2007.
Lot # 125 1936 MG SA Touring, Body by Charlesworth; S/N SA0432; Pearl White, Tan accent/Tan leather; Tan cloth top; Estimate $60,000 - $90,000; Older restoration, 2 condition; Hammered Sold at $80,000 plus commission of 10.00%; Final Price $88,000 -- RHD. Chrome wire wheels, driving light, spotlight, trafficators. A concours quality restoration done several years ago but little used and carefully preserved since. One of 17 known surviving SA MGs, of which five have this coachwork. Sold at RM's auction of the Gene Ponder collection in 2007 for $116,600 (when it was estimated at a breathtaking $150-200,000) and in essentially the same condition today, the buyer here got a much better deal for the money, but still paid generously for the rarity of the car and the quality of its restoration.
Lot # 129 1952 Jaguar XK 120 Fixed Head Coupe; S/N 679632; Engine # W4759-8; White/Red Leather; Estimate $75,000 - $95,000; Older restoration, 2- condition; Hammered Sold at $50,000 plus commission of 10.00%; Final Price $55,000 -- Silver painted wire wheels, blackwall tires, fender mirrors. Excellent presentation with good body, nice paint and presentation but overspray on the insides of the rear fenders. Tidy trunk and interior, clean engine bay. Very nicely restored driver but not a show car. Stated to be body-off restored, which its presentation supports, and matching numbers. Titled by the engine number. No Reserve. The description implied a higher quality than was presented which may have turned some buyers off. Though the estimate was optimistic, this price is a little low for an extremely nice driver that has been comprehensively restored and the car is a good value at this price.
Lot # 132 1967 Austin-Healey 3000 Mk III Phase 2 Convertible; S/N HBJ8L41566; Anniversary Gold/Red Ambla; Black leatherette top; Estimate $80,000 - $100,000; Older restoration, 2 condition; Hammered Sold at $77,500 plus commission of 10.00%; Final Price $85,250 -- Chrome wire wheels. BMIHT Heritage Certificate. A Kurt Tanner restoration to better than new condition completed in 2004 and sparingly used in the years since. Excellent cosmetics and meticulous attention to details. Odometer shows just under 45,000 miles from new. No Reserve. Sold by RM in Monterey in 2004 for $82,500, fresh from restoration. The quality of Tanner's work is apparent in how well the car has held up, even considering that it's seen under 500 miles since then. No longer quite fresh and clean but still sharp and impressive, the price is reasonable for a Big Healey of this quality.
Lot # 136 1952 Jaguar XK 120 Roadster; S/N 671615; Pastel Green Metallic/Green leather; Estimate $80,000 - $120,000; Older restoration, 2- condition; Hammered Sold at $80,000 plus commission of 10.00%; Final Price $88,000 -- Steel wheels, blackwall tires, skirts. An older restoration to like new condition. Side curtains in a matching bag on their shelf behind the seat. Good paint, interior and chrome. Shows age but little use. No Reserve. This was a $60,500 car when it was sold by RM here in 2001 fresh from restoration it its unusual colors, then sold by Gooding at Pebble Beach in 2007 for the astounding sum of $159,500. That result was clearly an outlier and today's transaction makes much more sense.
Lot # 139 1948 Jaguar Mark IV Drophead Coupe; S/N 637064; Deep Red, Burgundy/Tan leather, black cloth; Estimate $100,000 - $140,000; Concours restoration, 2+ condition; Hammered Sold at $100,000 plus commission of 10.00%; Final Price $110,000 -- Chrome wires, fog lamps. Near flawless body and paint with light polishing marks evident. Very deep chrome with light polish marks. Top and interior show no wear except to steering wheel. Underside clean and nicely detailed. A fabulous looking Mk IV that will be well received at concours events. Professionally restored and maintained with few miles since restoration. Catalog notes at least one concours showing since restoration and there are many more in its future. This is a proper car whose only improvement might be a darker more subtle color. The quality of the restoration as well as the intrinsic desirability of the car itself make this a good value even at the low estimate.
Lot # 140 1956 Austin-Healey 100/M Le Mans Roadster; S/N BN2L233008; Black, Red/Red leather, Black cloth.; Estimate $130,000 - $160,000; Concours restoration, 2 condition; Hammered Sold at $97,500 plus commission of 10.00%; Final Price $107,250 -- Red wires, tool kit, folding windshield, tonneau. Beautiful paint and body. Driver's door fit off slightly. Swirl marks in paint, flawless chrome. Underside has been recently hand-brushed with POR and wheelwells resprayed. Deftly worded in the catalog ‘complete with all correct 100M features’ but confirmed in the saleroom notices that it in fact is a 100/M Le Mans from the factory, with a BMIHT certificate and history documentation. No Reserve. This car was fabulously restored and must have been jaw-dropping when it rolled out of the restoration shop. There's nothing wrong with having had 2,000 miles since restoration, but the way the underside was detailed in an attempt to conceal the miles covered was tacky and may have led some bidders to believe there was more to hide. The estimate was high, but the winning bid was right on the money for a real 100/M, despite having sold for a breathtaking $231,000 at RM's auction of the Ponder collection in 2007.
Lot # 141 1947 Bentley Mark VI Drophead Coupe, Body by Graber; S/N B136BH; Blue/tan/Cream leather; blue top; Estimate $150,000 - $180,000; Older restoration, 3+ condition; Hammered Sold at $100,000 plus commission of 10.00%; Final Price $110,000 -- RHD. Trafficators, outside mirrors, driving light, whitewalls, aftermarket A/C. Excellent paint and body with light, even polishing swirl. Chrome bumpers show the first signs of pits. Interior nicely restored and only showing wear on driver's seat. Underside undercoated with signs of mild road use. Sold by Bonhams in London in December 2007 for $139,443 (GBP 67,500 at the time; today's sale is equivalent to GBP 68,800). Although wearing a body built by one of Europe's oldest and most prestigious coachbuilding firms, this Bentley has been restored or cosmetically refreshed in each of the last three decades. Although it stands like a gentleman, the history indicates that a full restoration is overdue, and the price reflected that, or the buyer's willingness to accept continuing mediocrity.
Lot # 145 1952 Allard J2X Roadster; S/N J2X3044; Black/Red; Estimate $175,000 - $225,000; Older restoration, 3 condition; Hammered Sold at $170,000 plus commission of 10.00%; Final Price $187,000 -- 283 Chevrolet, single 4-barrel, 4-speed, silver painted wire wheels, Buick front drum brakes, single sidemount, full width windshield, banjo spoke steering wheel, upgraded seats. Originally Chrysler powered, upgraded to lighter Chevy power in 1960 for Chuck Friedrich to race in SCCA. Present owner since 1961. Restored many years ago and showing its age but still practical, purposeful and elemental. The early engine swap has little effect on this Allard's value, but greatly increases its driving enjoyment with more power and lighter weight. The price is fair to both the buyer and the seller. The car is ready to be driven hard, not pampered.
Lot # 146 1921 Rolls-Royce Silver Ghost 40/50hp Torpedo Phaeton, Body by Barker; S/N 50UG; Polished aluminum/Blue leather; Blue cloth top; Estimate $300,000 - $450,000; Older restoration, 1- condition; Hammered Sold at $345,000 plus commission of 10.00%; Final Price $379,500 -- RHD. Dark Blue wire wheels, blackwall tires, dual windshields, dual sidemounts with mirrors, luggage rack. Originally built to Alpine Eagle specifications, delivered to India, displayed in Calcutta and bought by the Maharajah of Charkhari. Rebodied for the Maharajah by Barker with this polished aluminum Torpedo Phaeton coachwork in 1926, replacing the earlier similar style coachwork by Hooper. Restored in 1995 followed by class wins at the RROC National Meet, Meadow Brook, Amelia Island and Pebble Beach. Unused since 2007 and no longer fresh but still an eye-opening example. John M. O'Quinn estate. This is an automobile with presence, complemented by its attractive open Barker coachwork and all the appeal of a Silver Ghost. It brought a reasonable price here, even though it set John O'Quinn back a far over estimate ($275-350,000) $511,500 when he bought it here in Arizona in 2007.
Lot # 158 2010 Morgan Aeromax Coupe; S/N SA9AMAXA1AE004008; Dark Metallic Blue/Dark Red leather; Estimate $200,000 - $250,000; Unrestored original, 2 condition; Hammered Sold at $190,000 plus commission of 10.00%; Final Price $209,000 -- 4.8 liter/358hp BMW V-8, 6-speed automatic, limited slip, alloy wheels, 4-wheel independent suspension. One of 100 built to commemorate Morgan's 100th anniversary, said to be one of only eleven legally imported to the U.S. 200 miles and like new. Looking rather like a miniaturized, cross-eyed Bugatti Atalante from the front 3/4, the Aeromax is nothing if not an acquired taste. $209,000 should be ample, a transaction that will define the Aeromax market at least for the eleven examples in the U.S. for some time to come.
Lot # 162 1960 Jaguar XK 150S 3.8 Drophead Coupe; S/N T838705DN; Black/Red, Beige cloth; Estimate $250,000 - $300,000; Older restoration, 2 condition; Post-block sale at $231,818 plus commission of 10.00%; Final Price $255,000 -- LHD. Chrome wires, overdrive, fitted luggage. An older high quality body off the frame restoration. Paint and body are very well done although now with some scratches in the paint. Interior upholstery is older looking and soiled. Underside and engine bay are extremely clean. Sharp looking, excellent for touring and still nice enough to show. Low production (one of only 89 XK 150S Dropheads, both 3.4 and 3.8 liter), fully optioned, well restored and presented, as well as the most rare and desirable of the later XKs. This is a fair price for both parties.
Lot # 164 1965 Rolls-Royce Silver Cloud III 4-Dr. Sedan; S/N LSHS193; Dark Brown/Tan leather; Estimate $100,000 - $125,000; Cosmetic restoration, 2 condition; Hammered Sold at $90,000 plus commission of 10.00%; Final Price $99,000 -- Driving lights, P/W, A/C, hubcaps, trim rings, whitewalls. Excellent paint, body and chrome. Interior very lightly soiled. Very high quality of work including paint by Junior's House of Color and leather by Al Krueger including underside. Stated two owners from new and probably covered only the 64,407 miles showing on the odometer. A big stately Rolls. The color looks more attractive in the catalog than it did in the Arizona sunlight, but that didn't detract the buyers. A handsome automobile that brought a handsome price.
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