RM Auctions, Portola Plaza, Monterey, California, August 19-20, 2011
Report and photos (unless noted) by Rick Carey, Auction Editor
RM Auctions pulled off an unprecedented feat at Monterey in 2011, selling five eight-cylinder supercharged Mercedes-Benzes in a single night.
They weren’t mundane cars, either – if the term “mundane” can be applied to any 500K or 540K. There were two Special Roadsters, a Special Coupe, a Sport Cabriolet A and a Roadster.
When the curtain descended late Saturday evening these five cars had all sold on the block for a total of $26,529,250, a mean value of $5,305,850.
RM’s overall Monterey performance paralleled its success with the featured Mercedes-Benzes, as the table below shows.
Before Monterey a question hung in the air, like the cloud over Al Capp’s Joe Btfsplk (if you’ve never heard of him you’re not old enough to have read Li’l Abner in the Sunday comics).
The question? Are there buyers for five 500K/540K Mercedes-Benzes at a single sale, let alone a single weekend?
Rob Myers and his RM Auctions crew no doubt debated that question into wee hours, then marshaled their resources, contacts and persuasive powers to resolve it positively.
Joe Btfsplk never got under from his cloud, but RM sure did.
My bet is that they knew, between two or three potential buyers, weeks before Monterey who’d end up with each of the prizes they offered. It’s the reason consignors choose to deal with RM (and its premier competitors). They know the market, the buyers, the sellers, the agents and the dealers who’ll step up to seize an opportunity or bring liquidity to the market. It’s like the role of specialists on the stock and commodity exchanges before computer-generated algorithms and computer-driven high speed trading supplanted individual vision, risk-taking, experience and intuition.
RM Monterey also saw the appearance of another old-school, pre-computer trader, Frank Gallogly, who brought the Steve McQueen Porsche 911S and two other gems (well, maybe one gem and another nice car). No computer-generated trend line could have predicted the price of the McQueen 911S. Intuition still triumphs and it was gratifying to see Frank benefit from his prescience.
The core of RM’s Monterey auction is simple: really cool, interesting cars with some great histories and a few intriguing stories, presented with plenty of time to evaluate their condition, documentation and histories in a fast-paced, engaging environment.
That means among other things full credit to auctioneer Max Girardo who has refined his multi-lingual style to the U.S. audience and now is the sale’s ringmaster, in command and in direct, personal communication with his bidders in the room, on the phones and even on the internet.
RM Auctions Monterey 2011 – Auction Report
(See Reference – Auctions Explained, A Note on Conditions and Character).
Lot # 107 1974 Ferrari 365 GT4 BB, Body by Pininfarina; S/N 17511; Red, Black rockers/Black leather; Estimate $150,000 - $200,000; Visually maintained, largely original, 3- condition; Post-block sale at $130,000 plus commission of 10.00%; Final Price $143,000 -- Clarion CD, A/C, P/W. Quick repaint over old paint. Small cracks at corners, Dash top water stained. No DOT stickers but represented as federalized in the late 70's. Scuffed original upholstery, worn carpets. Restored in the late 80's, but not so well that it didn't need a repaint in 2008. Engine belts replaced and full service done by Falconer in 2009. Sold well under RM's optimistic estimate, a value appropriate for this car's history and presentation.
Lot # 111 1934 Brisko-Dreyer Sprint Car; S/N None; Red #8/Beige; Estimate $40,000 - $60,000; Competition car, original as-raced, 3- condition; Hammered Sold at $33,000 plus commission of 10.00%; Final Price $36,300 -- 268 cubic inch Brisko dohc four-cylinder, dual Winfield carbs. An assembled car using a 92" wheelbase Dreyer chassis and body and a Brisko four which Brisko himself claimed he had built for Wild Bill Cummings in 1934. Restored for David Uihlein many years ago, in sound and usable condition in need of recommissioning, a rough but cool old workhorse. Sold here in 2007 for $55,000 from the Uihlein collection and in comparable condition showing no use or preparation since then. This is a great value for the new owner.
Lot # 125 1984 Ferrari 512 BBi, Body by Pininfarina; S/N 52443; Red/Beige leather; Estimate $125,000 - $150,000; Visually maintained, largely original, 3+ condition; Hammered Sold at $143,000 plus commission of 10.00%; Final Price $157,300 -- A/C, P/W. Mediocre repaint with sander scrapes on black window moldings. Lightly stretched seats, good dash and glass. Chin spoiler curb rashed. With its original owner until 2010, with 5,399 miles from new. Comes with books, tools and documentation presumably, but not explicitly, including evidence of its 1985 federalization. A reassuringly well-presented car with solid history and good presentation that earned it an exceptional price.
Lot # 126 1987 Buick Regal GNX 2-Dr. Hardtop; S/N 1G4GJ1178HP448983; Black/Black, Grey velour; Estimate $90,000 - $120,000; Unrestored original, 2 condition; Hammered Sold at $79,750 plus commission of 10.00%; Final Price $87,725 -- 278 miles from new, museum displayed. Mechanically freshened by RM. No Reserve. Sold by RM in London in October of last year for $70,703. Monterey is a much better place for a GNX than London, but still apparently, not as good as the consignor thought. (photo credit: RM)
Lot # 136 1934 Bentley 3 1/2 Liter Drophead Coupe, Body by Park Ward; S/N B203AE; Tow tone Red, Maroon accent/Tan leather; Maroon leatherette top; Estimate $250,000 - $350,000; Recent restoration, 2+ condition; Not sold at Hammer bid of $155,000 -- RHD. Polished wheel discs, Lucas tribar headlights, single drawing light, barometer, enclosed rear spare, Lejeune "Flying Bee" radiator mascot, badge bar, fender mirrors no bumpers. Excellent paint, chrome, top, interior and glass. Body from Bentley chassis B23EJ. Restored like new and better by Gary Wales with intricately detailed interior trim and lined Blackwood top. Comes with correspondence from a neighbor of the longtime second owner, Captain Percival Kent, an original owner's manual and restoration file. Sold by Worldwide in Houston in April for $143,000 and it is hard to see any years why it didn't fetch more interest here in Monterey. The restoration is exquisite without being overdone and the coachwork is very attractive. (photo credit: RM)
Lot # 141 1959 Fiat Abarth 750 Coupe Double Bubble, Body by Zagato; S/N 558327; Red/Biscuit leather, Black piping; Estimate $60,000 - $80,000; Competition restoration, 3- condition; Hammered Sold at $93,500 plus commission of 10.00%; Final Price $102,850 -- Quick repaint over layers of old paint. Single Weber, roll bar, Nardi steering wheel. Paint cracked at windshield posts, gouged side window trim. Old undercoat on chassis. No history given at all. No Reserve. Not very attractive in its presentation, preparation or equipment. No snarling twin cam Abarth head and oversized Webers under the engine cover. No history, not even of prior owners. Those are not desirable attributes in an Abarth, a marque and model which suffers from a proliferation of very artful fakes, and make this price extremely generous. $55-60,000 would have been a reasonable price to pay.
Lot # 145 1910 Rolls-Royce Silver Ghost 40/50hp Balloon Car, Body by after H.J. Mulliner; S/N 1513; Engine # 1513; Red, Black fenders/Cream leather; Beige cloth top; Estimate $450,000 - $600,000; Older restoration, 3- condition; Hammered Sold at $484,000 plus commission of 10.00%; Final Price $532,400 -- RHD. Brass trim. Rotax Roadlight 265 headlights, Lucas King of the Road sidelights, Rudge-Whitworth wire wheels. Double Elliott speedometer. Good older paint, interior and brass now showing age and use and becoming tired and shaky. One of two replica bodies built together for Millard Newman, later owned by S. Prestley Blake. AACA National First Prize restoration, 1991 RROC Annual Meet Early Ghost class winner. No Reserve. Formerly in the Richard Solove collection and sold by Gooding at Pebble Beach in 2007 as part of that collection's well-publicized dispersion for charity. That combined to bring an exceptional result of $1,430,000, to all intents and purposes a million dollars more than it brought here in a transaction that more accurately reflects the car's qualities and origins.
Lot # 148 1970 Porsche 911S Coupe McQueen Le Mans; S/N 9110301502; Engine # 6302094; Dark Green/Black; Estimate $1,250,000; Visually maintained, largely original, 3 condition; Hammered Sold at $1,375,000 plus commission of 10.00%; Final Price $1,512,500 -- Fuchs wheels, Michelin X blackwalls, A/C, Blaupunkt AM-FM, Prototipo leather rim steering wheel, sliding sunroof. Good repaint, dirty chassis with old undercoat. Aged original back seats, good new front seat upholstery. Sound chrome and window trim. The Steve McQueen 911S with four owners from new. Skillfully presented by RM with a video of the opening credits from "Le Mans" featuring the 911S, the marketing exceeded all expectations of bidding, bringing a price a million dollars plus over the value of the underlying 911S. Itself a fine car, the hype was intoxicating and the bidding kept going between a lady in the room and a phone bidder. The result is all about Steve McQueen, and his bum prints have been erased by the new front seat upholstery (unless there was some evidence of extracurricular messing around on the original back seats.) This is huge money, all about the McQueen legend.
Lot # 152 1967 Ferrari 275 GTB/4 Berlinetta, Body by Pininfarina; S/N 10051; Engine # 10051; Dark Blue/Dark Blue leather; Estimate $1,100,000 - $1,400,000; Recent restoration, 2+ condition; Hammered Sold at $1,485,000 plus commission of 10.00%; Final Price $1,633,500 -- Chrome spoke Borranis, 205VR14 Michelin XWX blackwall tires. Super, fresh cosmetic redo of an early 00's restoration to showroom condition in a very attractive color combination. Offered last year at Gooding's Pebble Beach auction in Fly Yellow over Black, the seller declined a reported high bid of $850,000. The owner apparently agreed with the FML Monterey auction report that it would have been 'beautiful (and unusual) ... in the original Blue over Blue livery.' It is, and it more than earned back the cost of its repaint, upholstery and preparation.
Lot # 154 1932 Ford Edelbrock High Boy Roadster; S/N ; Black/Black; Estimate $350,000 - $450,000; Competition restoration, 2+ condition; Not sold at Hammer bid of $210,000 -- Steel wheels, hubcaps, channeled body, no fenders, no top or windshield. Flathead V-8, triple carburetor intake, Harman and Collins cam, juice brakes. Built by Edelbrock employee Bill Likes for SCTA and Bonneville speed trials. Restored better than new. A marvelous piece of dry lakes history, this meticulously restored and presented High Boy came with a cabinet full of trophies, a spare C class flathead, tow bar, tank, receipts and more. All that and a sharp display in the preview area failed to get bidders excited enough to meet the consignors' expectations. On the Salt in September or next summer this car will be one of a kind and get plenty of attention. Is that worth more than $210,000? Only time will tell.
Lot # 159 1961 Chevrolet Corvette FI Convertible Race Car; S/N 10867S107377; Engine # 107377F0411CS; White, Blue stripes/Black; Estimate $75,000 - $100,000; Competition restoration, 3 condition; Hammered Sold at $57,750 plus commission of 10.00%; Final Price $63,525 -- 283/315hp, 4-speed, steel wheels, Goodyear Blue Streak times, 5.50-15 front and rear, hardtop, leather rim sprint car style steering wheel, stock tach plus VDO tach on dash, carbon fiber valve covers, Aeroquip fuel lines, 3.70 Positraction, RPO 687 brakes, long primary tube headers, electric wipers, headlights, fan shroud, Harrison radiator. Fair old repaint with racing chips and nicks. Pitted, dull chrome, sound original style interior. Single tube full width rollbar, no fire system. SVRA and HSR logbooks. A quality old race car that shows use but also care and attention. No Reserve Sold at Mecum's Kissimmee auction in January for $58,300 and appearing here in essentially the same competently prepared but not very sparkling condition, the seller came out nearly whole even if the cost of the car ratcheted up by about the amount of the commission. It should prove to be a good investment in historic racing pleasure at this price.
Lot # 161 1932 Stutz DV-32 Super Bearcat; S/N DV33068; Green/Brown leather; Black cloth top; Estimate $500,000 - $600,000; Older restoration, 2- condition; Hammered Sold at $539,000 plus commission of 10.00%; Final Price $592,900 -- Body color wire wheels, blackwall tires, dual sidemounts. An excellent older restoration showing some age but little use. Very attractive interior wood and tight fabric Weymann style body. Formerly in the Harrah's and Barbara Atwood collections. Restored in the late 80's, AACA Senior, President's Cup, Grand National and class third at Pebble Beach in 1989. Engine rebuilt and much more in the past two years. Sold at RM's dispersal of Dr. Atwood's collection in Arizona in 2009 for $594,000 with no small amount spent on it since to address its mechanical needs, the price here is very reasonable and a sound value for the new owner.
Lot # 165 1929 Rolls-Royce Phantom I Sport Phaeton Ascot, Body by Brewster; S/N S364LR; Engine # 21649; Black/Beige leather; Black cloth top; Estimate $350,000 - $450,000; Older restoration, 2+ condition; Hammered Sold at $363,000 plus commission of 10.00%; Final Price $399,300 -- Lefthand drive. Chrome wire wheels, wide whitewalls, dual sidemounts with chrome bands and mirrors, luggage trunk, Pilot-Rays, wind wings, dual windshields. Good recent repaint, interior wood redone, chrome refreshed. Sound but aged upholstery, dull aluminum side accent, oily chassis with road grime. Air attractive driver. Sold by RM at Meadow Brook in 2000 for $150,700, in Arizona in 2009 for $330,000 and by Gooding in Scottsdale in January of 2010 for $385,000, a history which with this sale pretty thoroughly defines this car's value. (photo credit: RM)
Lot # 174 1921 Renault Type JP Model 45 Town Car, Body by Kellner; S/N 101100; Maroon, Black/Black leather, Brown cloth; Estimate $225,000 - $350,000; Unrestored original, 3- condition; Hammered Sold at $220,000 plus commission of 10.00%; Final Price $242,000 -- RHD. Dual sidemounts, wood spoke 820x120 blackwall tires, jump seats. Missing one gauge. Old repaint over old paint, original rear compartment trim with elaborate inlaid wood trim, hat net, rollup divider, pulldown shades, roof fence luggage rack and more. Aged and used but thoroughly charming. Runs and drives but is in largely as-found condition needing extensive attention. Offered at Worldwide's Auburn Auction in 2010 where it brought a reported high bid of $240,000, the seller got real and accepted the market's judgment. This is a rare (one of five known) and meticulously built automobile, its 9.1 liter six-cylinder engine assembled almost completely without gaskets. Limited experience and rarity, however, in some respects limits collectors' appreciation of cars that aren't validated by others' ownership. When there are only five known, and they are so exceptional as this Renault, it's difficult to break through the clutter, which may be the only reason it was bought so reasonably.
Lot # 178 1957 Porsche 356A 1600S Speedster; S/N 82622; Engine # P80595; Blue/Red leatherette; Black cloth top; Estimate $160,000 - $200,000; Recent restoration, 2 condition; Hammered Sold at $220,000 plus commission of 10.00%; Final Price $242,000 -- Chrome wheels, blackwall tires, bumper overriders, headlight stoneguards, bumper overriders. Excellent paint, chrome and good interior. Restored like new with some subsequent age and miles. Color changed from Ruby Red to Aquamarine Metallic, which is a much more attractive color. Numbers are appropriate for a 1957 1600 Super and are correct for its Kardex. Sold by Worldwide at Houston in 2010 for $159,500. The result here in Monterey is eye-popping even for the eye-candy color. (photo credit: RM)
Lot # 181 1957 BMW Isetta 300 Cabriolet; S/N 501957; Sea Foam Green/Light Green; Beige fabric top; Estimate $40,000 - $60,000; Recent restoration, 2+ condition; Hammered Sold at $33,000 plus commission of 10.00%; Final Price $36,300 -- Luggage rack, wicker trunk. Excellent paint, chrome, upholstery and top. Restored better than new. No Reserve. The Isetta buyers must have left the building when this exceptionally well restored 300 crossed the block, the last car on Saturday night. The bidder who stayed got a serious value in reward for persistence and diligence. This Isetta is nothing if not inexpensive.
Lot # 204 1962 Triumph TR4 Roadster; S/N CT10529L; Black/Red vinyl; Estimate $25,000 - $35,000; Cosmetic restoration, 3+ condition; Hammered Sold at $44,000 plus commission of 10.00%; Final Price $48,400 -- Chrome wire wheels, Michelin X blackwall tires, Nardi woodrim steering wheel, hardtop only, badge bar, Lucas fog lights. Excellent paint and chrome, fair interior. Old undercoat on chassis. An attractive cosmetic redo. No Reserve. Offered by Christie's at Greenwich in 2007 with a $35,000 high bid, then sold by Gooding in 2008 at Scottsdale for $44,000, the same price as today and in essentially the same condition with just 157 more miles on the odometer than it had in Greenwich four years ago. No appreciation here.
Lot # 209 1971 Mercedes-Benz 280SE 3.5 Cabriolet; S/N 11102712001432; Red/Saddle leather; Black cloth top; Estimate $140,000 - $180,000; Cosmetic restoration, 3+ condition; Hammered Sold at $154,000 plus commission of 10.00%; Final Price $169,400 -- Automatic, P/W, Behr A/C, Becker Europa AM-FM, P/S, P/B, fog lights. Good paint, chrome and interior. Otherwise the same tired but orderly car it was at Amelia four years ago with some recent attention to the fuel injection system and 780 more miles on the odometer. No Reserve This is a very red Mercedes with very inviting upholstery that will be a sharp cruiser on Rodeo Drive or in the Hamptons. RM sold it for $121,000 at Amelia Island in 2007 and the Monterey bidders paid a full price for its dramatic presence.
About Rick Carey
