Worldwide Auctioneers, The Auburn Auction, Auburn, Indiana, August 31 – September 1, 2012
Report and photos by Rick Carey, Auction Editor
There couldn’t be a better venue for The Auburn Auction by Worldwide Auctioneers than the Auburn Automobile Company’s L-29 Assembly Building, now the site of the National Automotive and Truck Museum of the U.S.
It was a dramatic and welcome move for this year’s fifth anniversary of the Auburn Auction.
Consider the positives:
- It supports and increases the visibility of NATMUS;
- It is at the center of the Labor Day weekend Auburn-Cord-Duesenberg Festival, facilitating an awareness of the Festival’s many activities that hasn’t been practical with auction locations out of town;
- It is, uniquely among all collector car auctions, set in an actual classic car factory that exudes character and history.
There were some disadvantages, but ones that experience (and a little money) will mostly quickly dispel:
- The venue’s capacity was strained to present this year’s 124 vehicles;
- Lighting inside the factory building for previewing is erratic;
- The air conditioning needs help; and
- The layout prevents the cars from being driven across the auction block;
To deal with the latter Worldwide employed big screen video, often live and real-time, of the cars when they were being auctioned.
The Worldwide team dealt very successfully with the venue’s challenges, which were overall more than offset by the ambience of the historic location.
Another unique decision was Worldwide’s designation of the sale’s first day as ‘All-Ford Friday’ in recognition of the Early Ford V-8 Foundation’s project to re-create the Ford Rotunda building in a new museum focused on the flathead V-8 era, 1932-53.
They also brought great food to the site. In fact, it’s worth coming just for the grilled chicken, and I don’t say that lightly about grilled chicken.
The numbers? 124 cars offered, 88 sold for a 71% sell-through. Two-day total of $5,258,250 with a mean sale of $59,753 and median of $38,000 (63.6% of the mean).
The top sale, appropriately enough, was the 1934 Auburn 12 Salon Cabriolet for $473,000. Twelve cars brought hammer prices of $100,000 or more.
Worldwide Auctioneers Auburn 2012 – Auction Report
Lot # 1 1907 Ford Model S Roadster; S/N 2517; Red/Black leatherette; Estimate $75,000 – $100,000; Concours restoration, 2+ condition; Hammered Sold at $30,000 plus commission of 10.00%; Final Price $33,000 — RHD. Acetylene headlights, E&J kerosene sidelights, Neverout taillight, Rubes bulb horn, red spoke wheels, black tires. The last iteration in Henry Ford’s concept of a lightweight, reliable, inexpensive automobile before the introduction of the Model T. An older show quality restoration. Engine is covered in oil mist but chassis is clean and essentially unused. Still nearly show quality. Burr Joslin Estate. No Reserve. This is nothing if not a huge value in a rare and significant model that occupies an important place in the history of the automobile. If there wasn’t a (fairly successful) Model S, there wouldn’t have been a Model T. Its condition is nearly show-ready, needing only a little elbow grease and brake cleaner to be displayed with pride.
Lot # 2 1912 Ford Model T Torpedo Runabout; S/N 139941; Dark Blue, Black fenders/Black leather; Black leatherette top; Estimate $60,000 – $80,000; Older restoration, 2- condition; Hammered Sold at $41,000 plus commission of 10.00%; Final Price $45,100 — E&J Ford acetylene headlights, kerosene sidelights and taillight, black wood spoke wheels, white tires, bulb horn, Stewart speedometer. 1988 AACA National First Prize restoration still nearly show quality except for some dusty corners and dull interior brass. Engine is lightly oil misted but nearly like new. Burr Joslin Estate. No Reserve. A 2-year only body style from Ford and impressively accurately restored with correct vintage major parts, this is an especially attractive Model T for display or touring at a very reasonable price.
Lot # 4 1928 Ford Model A Roadster Pickup; S/N A673209; Rock Moss Green, Black fenders/Black leatherette; Black leatherette top; Estimate $25,000 – $35,000; Older restoration, 2- condition; Hammered Sold at $23,000 plus commission of 10.00%; Final Price $25,300 — Painted bed floor, varnished sideboards, black wire wheels, blackwall tires, single sidemount spare with mirror, winged Ford Motometer. 1982 AACA National First Prize. A sound older restoration to like new with some age, and a few touched up paint chips but more than good enough to be displayed with pride. Burr Joslin Estate. No Reserve. Burr Joslin’s collection had an example of Fords from each decade from the 00′s to the 50′s, but three ’28 Model As. This Roadster Pickup is well worth its inclusion in the collection, a model that was usual beat to death during the depression. It is a sound value at this price, or several thousand dollars more.
Lot # 5 1928 Ford Model A Tudor Sedan; S/N A39419; Green, Black fenders, Light Green accent/Grey broadcloth; Estimate $12,000 – $18,000; Cosmetic restoration, 3 condition; Hammered Sold at $8,000 plus commission of 10.00%; Final Price $8,800 — Yellow wire wheels, whitewalls, Motometer, windshield visor, rear-mounted spare, running board luggage fence with gallon fluid cans, trunk rack. Hot air heater exhaust manifold but without its shroud. Oil filter and hydraulic brakes. Burr Joslin’s first collector car, ‘Samantha’ was a member of the family since 1969. Cosmetically restored some years ago with plenty of miles since. Oily but orderly engine. Regularly used but sympathetically maintained. Burr Joslin Estate. No Reserve. A loyal family retainer pensioned off to someone who hasn’t learned to appreciate Samantha yet. Appreciation will come, though, and then this will seem like a huge value.
Lot # 6 1936 Ford Deluxe Phaeton; S/N 182900167; Cordoba Tan/Tan leatherette; Beige cloth top; Estimate $40,000 – $50,000; Older restoration, 3 condition; Hammered Sold at $33,000 plus commission of 10.00%; Final Price $36,300 — Large hubcaps, trim rings, steel body color spoke wheels, whitewalls, enclosed rear spare. Good older paint over flat body panels. Good interior. Erratic chrome, particularly the windshield frame and grille. Orderly engine compartment. Chassis and underbody show age, use and neglect. An unusual and attractive but only driver quality Ford. Burr Joslin Estate. No Reserve. Even Henry had to get with the trend to streamlining to try to regain Ford’s momentum in the Thirties. The V-8 was a big advantage but the design changes that Edsel slowly brought to Ford were even more important. This is a rare and desirable open body style and it is a sound value at this price. A little work will remedy many of the use-related shortcomings and make it a much better car.
Lot # 7 1948 Mercury Convertible; S/N 899A2194282; Light Yellow/Brown leatherette; Beige cloth top; Estimate $30,000 – $40,000; Older restoration, 3+ condition; Hammered Sold at $29,500 plus commission of 10.00%; Final Price $32,450 — Radio, clock, heater, bumper tips, dual remote spotlights, hubcaps, trim rings, whitewalls, underdash engine gauges. Good older repaint, major chrome, interior and top. Thin spotlight chrome, cracked steering wheel, delaminating vent windows. Straight, sound body. Once was restored like new and still very presentable and usable as is. Burr Joslin Estate. No Reserve. Even aged as this Merc is, it brought a modest price for a rare and desirable model and body style. It’s money in the bank.
Lot # 8 1955 Ford Thunderbird Convertible; S/N P5FH194230; Yellow; Yellow hardtop/Black, Yellow vinyl; Black vinyl top; Estimate $30,000 – $40,000; Cosmetic restoration, 3 condition; Hammered Sold at $16,000 plus commission of 10.00%; Final Price $17,600 — 292/193hp, automatic, radio, heater, skirts, wheelcovers, narrow whitewalls, power seat, engine dressup, no P/S or P/B. Good older paint, chrome and interior. Engine compartment is done superficially but the chassis, frame and underbody have not received even that much attention same treatment. A presentable but superficial driver. Burr Joslin Estate. No Reserve. The Auburn bidders rightly spotted the many shortcomings of this T-bird and declined to offer more than fixer-upper money for it. This is correct fixer-upper money for an otherwise nondescript ’57 T-bird.
Lot # 9 1932 Ford Model B Pickup; S/N AB5018056; Black/Black leatherette; Estimate $30,000 – $40,000; Recent restoration, 2 condition; Hammered Sold at $21,000 plus commission of 10.00%; Final Price $23,100 — Burgundy wire wheels, blackwall tires, painted steel bed floor with a rubber mat, pine bed sideboards, single sidemount. Hydraulic brakes. Represented as the original engine and transmission. Good paint, chrome and interior. Completely but not exceptionally restored to very good driver condition. How rare is this Model B? Real rare. It’s almost inconceivable that it’s survived in its original configuration let alone the ‘original steel’ body referenced in the catalog without becoming the basis for a wicked cool street rod. At this price it still could. It’s cheap.
Lot # 10 1965 Ford Mustang GT Convertible; S/N 5F08K792638; Poppy Red/Red vinyl; White vinyl top; Estimate $50,000 – $60,000; Older restoration, 2- condition; Hammered Sold at $46,250 plus commission of 10.00%; Final Price $50,875 — 289/271hp K-code, 4-speed, console, A/C, Rally-Pak gauges, P/S, no P/B, Magnum wheels, narrow whitewalls, halogen headlights, front disc brakes. Restored to showroom condition, with a few upgrades, ten years ago. Looks like it was ten months ago. Very rare and desirable combination of options, particularly the K-code 271hp V-8. Not quite GT350 performance, but close enough to make it an easy rubber-burner on cruise night. The headlights, P/S, A/C and disc brakes added during restoration don’t really affect its value, but make it a much more satisfying driver. The price could have been a little higher without being expensive, but not by much.
Lot # 11 1957 Mercury Turnpike Cruiser Hardtop; S/N 57WA44876M; Brown, Beige/Beige; Estimate $35,000 – $45,000; Cosmetic restoration, 3 condition; Hammered Sold at $22,000 plus commission of 10.00%; Final Price $24,200 — 368/290hp, pushbutton automatic, P/W including the Breezeway rear window, pushbutton radio, cruiser skirts, dual rear antennas, wheel covers, wide whitewalls, tachometer, dual outside minors, P/S, P/B. Sound repaint with some overspray, good interior. Clean and well restored underhood. Fair chrome, especially the scratched, thin bumpers and pitted headlight bezels. No Reserve. This Turnpike Cruiser was sold at Dave Rupp’s Ft. Lauderdale auction in 2009 for $19,710, then at Worldwide’s Escondido auction in 2009 for $18,755. It hit its big home run at Worldwide Houston four months ago with a price of $29,700. Maybe now it’s found a good long term home, but if experience is any guide it’ll be on another auction block soon. Its odometer today reads just 26 more miles than it showed over three years ago in Ft. Lauderdale, so no one has even managed to breathe the big engine for long enough to get the oil warm or their endorphins pumping.
About Rick Carey
Rick, I’d like to suggest a change in the format for your reports. It is jarring to me to be reading your narrative and see the name of the collector or collection selling the car stuck haphazardly in the middle of it. Why don’t you put it up front, in the basic description of the vehicle – maybe just after its year and description?
Also, do you HAVE to go through all the machinations of how the bidding went and how much the commission was? It matters not to me whether the commission was 12% or 15% – just the sale price.
Thomas,
Cogent observations and suggestions. Long answer follows.
The auction reports are contained in a database which has two narrative elements: Notes where the cars are described and Comments where the observations on the transaction itself go. They are merged in the final report you read on SCD.
I’ve always dropped the collection identity and when applicable ‘No Reserve’ in at the end of the Notes where they finish off the facts before getting to the subjective observations.
In fact, you’re right, though, they really relate to the transaction data at the beginning of the report.
Point well taken, and I’ll endeavor to implement it.
As to the transaction details (hammer bid, commission, final price) we differ.
I think the details, the hammer bid, the transaction results like hammered sold on the block, post-block sale, charity transaction and several more — including the dreaded ‘No bidding interest shown’ — and the buyer’s commission paid are important to presenting the transaction in context.
My feeling, and the point of view I’ve taken in the auction reports, is that the hammer bid relates to what the buyers think the car is worth. The commission paid is part of the buyer’s process costs, like transportation home, related taxes, the cost of travel to the auction, etc. It’s no different than hitting five stores (including gas and time) or canvassing websites for an hour in search of an object that is both right and at a price that makes sense. Or paying a broker, agent or inspector to find, vet and inspect a car before it is bought. The process costs, in this case the commission paid, is relevant, but not the only element in the buyer’s process.
Furthermore, if you’re a prospective buyer, telling you a car sold for, say, $117,000 by itself might lead you to conclude that’s where the bidding stopped. Not knowing the commission would obscure the information that the successful bidder in fact stopped at $100K at a Bonhams sale, $106,400 at RM or Gooding, or $110,400 at Mecum.
In other words, both numbers — hammer bid and final price including commission — are relevant. It’s why the summary numbers in SCD auction reports reflect lots sold for hammer bids under low estimate and over high estimate, not the final, commission-included, amounts.
In this presentation format, if hammer bid and commission don’t matter to you, you can ignore it. The data is there for either point of view and I’ll continue to present it that way.
Thanks for opening my eyes on the first point, and giving me an opportunity to elaborate on the second one.
You’re welcome, Rick.
I did not mean to imply that I’m the only one interested in the price and circumstances surrounding the auction of the vehicle. However, I think that those who are – whether first timers or grizzled old pros – understand the mechanics of the auction, and the fact that a buyer will pay a commission. So, spelling it out is fine, but may be a bit of overkill? As to the process of the bidding, and your comments concerning the proces (no interest shown, not sold, etc.), they must be in your report, and we don’t differ on that one iota – or farthing, depending on your location.
I will continue to read the reports for your concise analysis and commentary – plus the occasional dash of humour, which is reflected also in your response!
Thanks for doing the job you do so well.