Worldwide Auctioneers Auburn 2012 – Auction Report Page Six
Lot # 124 1934 Packard 1108 Twelve Dual Cowl Sport Phaeton, Body by Roxas; S/N 901-982; Dark Blue/Beige leather; Estimate $375,000 – $450,000; Rebodied or re-created, 1 condition; Hammered Sold at $290,000 plus commission of 10.00%; Final Price $319,000 — Car number 1108-280. Solar vee-lens headlights, chrome wire wheels, wide whitewalls, dual windshields, teardrop front and rear fenders, concealed spare. Conceived and executed by Fran Roxas to his usual extremely high standards using one of the three original examples as the template. Still nearly concours ready. There are several similar reproduction dual cowl sport phaetons on V-12 chassis around, but probably none done and maintained to the standards of this one. It is a gorgeous automobile and the new owner was spotted proudly driving it around Auburn the day after the auction. A superb automobile at a modest price.
Lot # 129 1949 Buick Super Convertible; S/N 45106533; Sequoia Cream/Red leather, Beige Bedford cord; Black cloth top; Estimate $90,000 – $110,000; Recent restoration, 2 condition; Hammered Sold at $67,273 plus commission of 10.00%; Final Price $74,000 — Dynaflow, hubcaps, sombrero trim rings, pushbutton radio, turn signals, grille guard, skirts, P/W. Very good paint, chrome and interior. Restored like new and in pampered, showroom condition. Chassis is like new and nearly spotless. Driver’s door doesn’t close flush, but that’s more the fault of the ’49 Buick’s bulky doors than the restorer. Bid to $65,000 on the block and closed post-block at this result, a big, powerful, beautifully restored Buick that embodies the style and luxury of these cars. Cadillac quality and design for Buick money and a good value at this price.
Lot # 130 1936 Packard Super Eight 1404 Convertible Victoria; S/N 947225; Engine # 757479; Red/Saddle leather; Tan cloth top; Estimate $110,000 – $140,000; Older restoration, 2- condition; Hammered Sold at $84,000 plus commission of 10.00%; Final Price $92,400 — Body color wire wheels, trim rings, hubcaps, radio, heater. Very good paint, chrome, interior and top. Chassis has a little oily residue and dirt that could easily be detailed to show, this is nearly show-ready as it sits. The color stands out, maybe a little too much, but the quality of the restoration and its preservation are outstanding. A CCCA Full Classic ™ with panache, it was a good value at this price.
Lot # 131 1941 Packard 120 Station Wagon, Body by Hercules; S/N 14932005; Maroon/Saddle leatherette; Estimate $110,000 – $130,000; Unrestored original, 3 condition; Post-block sale at $88,182 plus commission of 10.00%; Final Price $97,000 — 3-row seating. All original body, paint and interior (middle seat re-covered long ago.) Extensive mechanical work in ’09-’10 to make it run and drive well with over 2,000 miles since. A recent barn find that has been preserved in all respects as it was delivered 61 years ago, then sympathetically mechanical dealt with to return it to good running condition. A real find even though the wood is visibly aged and warped in some places. Bid to $90,000 on the block and sold post-block at this all-in price, this Packard is far too sound and original to waste money on a pointless restoration. Driven and enjoyed as the sellers did it will return years of satisfaction and sound value for the money it brought.
Lot # 133 1934 Pierce-Arrow 840 A Silver Arrow Coupe; S/N 2580001; Two tone Green/Green leather; Estimate $200,000 – $250,000; Older restoration, 1- condition; Not sold at Hammer bid of $170,000 — Orange wire wheels, wide whitewalls, dual enclosed sidemounts with mirrors, Dawley headlights, archer radiator mascot. Concours quality 1994 restoration of a rare and spectacular automobile. Still in like new condition. CCCA Premier (#1874), AACA Senior, Grand National 1998, first in class at Pebble Beach (with a 100 point perfect score), Meadow Brook and several other top-shelf concours. The first Silver Arrow coupe built, with a restoration that has stood up for nearly two decades and still will show well. This old girl has been around, selling at RM Meadow Brook in 2003 for $242,000 and RM Hershey in 2009 for $187,000. It looks like another few dollars could have closed the deal, but close only counts in horseshoes and hand grenades.
Lot # 135 1934 Auburn 12 Salon Cabriolet; S/N 1091F; Black, Silver/Black leather; Black cloth top; Estimate $350,000 – $450,000; Concours restoration, 1- condition; Hammered Sold at $430,000 plus commission of 10.00%; Final Price $473,000 — Chrome wire wheels, wide whitewalls, dual sidemounts with mirrors, metal trunk, rumble seat, Pilot-Rays, chrome hood vent trim, Philco radio. ACD Category One certified original engine, chassis and body. Excellent older paint, chrome and interior. Restored to factory standards and finishes but with better paint and chrome with only 547 miles since it was completed. Windshield post chrome is weak and minor stretching on the seat cushions attests to its restoration’s age. The 2008 ACD Festival program cover and poster car. Enthusiastically pursued by the Auburn Auction bidders to this healthy but fully deserved price.
Lot # 138 1953 Oldsmobile Ninety-Eight Convertible; S/N 539M5462; Red/White, Red leather; Beige cloth top; Estimate $70,000 – $90,000; Recent restoration, 2 condition; Hammered Sold at $65,000 plus commission of 10.00%; Final Price $71,500 — Wire wheel covers, wide whitewalls, automatic, radio, heater, skirts, P/S. power seat, P/W, Autronic Eye, windshield washers. Restored like new with excellent paint, chrome, interior and top. An impressively, accurately restored Olds in showroom condition. This price is generous, but appropriate to the quality and rarity of this Olds 98. The only way it gets any better is to be a Fiesta.
Lot # 141 1934 Packard 1101 Convertible Coupe; S/N 378583; Silver, Burgundy accent/Violet leather; Beige cloth top, Burgundy piping; Estimate $175,000 – $225,000; Older restoration, 1- condition; Hammered Sold at $138,182 plus commission of 10.00%; Final Price $152,000 — Burgundy wire wheels, trim ring, whitewalls, dual sidemounts with mirrors, rumble seat, trunk rack, radiator stoneguard, Pilot-Rays, heater. 1994 AACA National First Prize restoration still with excellent cosmetics. Impressively detailed and sharp. Bid to $135,000 on the block and closed later at this all-in price. Worldwide sold this car at Hilton Head in 2006 for $176,000 and it’s hard to imagine it isn’t as good today as it was then. The bidders might have been a little put off by the catalog mistakenly calling it a Convertible Victoria but in the end the new owner took home a high quality classic at a good price.
Lot # 143 1932 Buick Model 96C Convertible Coupe; S/N 2624272; Red, Black fenders/Black leather; Tan cloth top; Estimate $90,000 – $110,000; Older restoration, 3- condition; Hammered Sold at $80,000 plus commission of 10.00%; Final Price $88,000 — Red wire wheels, trim rings, dual sidemounts with chrome rings and mirrors, rumble seat, remote Sportlight, Trippe lights, clock, no heater. A tired but sound old restoration. Blistered paint, failing interior wood varnish, good interior and top. The restoration’s age shows but is still up to decent touring standards. Sold by RM at Hershey in 2009 for $74,250 and even at this moderately elevated result a sound car for a sound price.
Lot # 146 1960 Chevrolet Corvette FI Convertible; S/N 00867S102892; Engine # 102892 F108CR; Red, White coves/Black; Estimate $90,000 – $110,000; Visually maintained, largely original, 3 condition; Not sold at Hammer bid of $52,000 — 283/250hp fuel injection, 4-speed, spinner wheel covers, P205/75R15 radial whitewalls, cassette stereo. Bad trim chrome, scratched windshield, wet sanding runoff in engine compartment. Not a bad car, just not a good one. The owner somehow thinks “fuel injection” will cause bidders to overlook the mediocrity of this Corvette’s presentation. It was reported bid to $65,000 at Mecum Indy three months ago and maybe now the consignor will get the message that is clearly being stated.
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.