Worldwide Auctioneers Auburn 2012 – Auction Report Page Seven
Lot # 150 1937 Packard Twelve 1508 Convertible Sedan; S/N 1073239; Dark Blue/Blue leather, Blue-Grey cloth; Blue-Grey cloth top; Estimate $300,000 – $350,000; Concours restoration, 1 condition; Not sold at Hammer bid of $220,000 — Steel wheels with hubcaps and trim rings, wide whitewalls, dual enclosed sidemounts with mirrors. Single family owned since 1959, restored in 2010 and winner of its class at Amelia Island, Indianapolis, Cincinnati, Lexington, St. John’s and Dayton. Best in Show at the 2010 Dayton Concours. It is still clean and better than new, an outstanding example of an elegant open Packard. It’s easy to see why the owner declined this high bid for such a superb Packard Twelve, but the value expectation may be unduly tinged by the car’s family history. It warrants an adjustment of expectations.
Lot # 152 1973 Porsche 911S Coupe; S/N 9113300120; Engine # 6330205; Irish Green/Black leather; Estimate $110,000 – $130,000; Cosmetic restoration, 3+ condition; Hammered Sold at $114,000 plus commission of 10.00%; Final Price $125,400 — Factory A/C, high capacity gas tank Blaupunkt stereo, Fuchs wheels, Pirelli blackwall tires, original tools and jack. Decent repaint and interior, scratched aluminum bright trim, orderly and fresh engine. Underbody and suspension are repainted but not restored. The important pair of features on this Porsche are ‘S’ and ‘A/C’, a very rare combination that brought it a lot of attention in the preview and even more on the auction block. It’s rare to find a 911S that is this original, too. The bidders and the seller reached an accommodation that is reasonable to both.
Lot # 155 1933 Packard Super 8 1004 Victoria Convertible, Body by Dietrich; S/N 66727; Engine # 7506; Light Yellow, Brown fenders and accent/Saddle leather; Brown cloth top; Estimate $140,000 – $160,000; Older restoration, 3 condition; Hammered Sold at $110,000 plus commission of 10.00%; Final Price $121,000 — Orange wire wheels, wide whitewalls, dual enclosed sidemounts with minors, Trippe light, vee lens headlights, built in trunk, trunk rack, smokers’ kits. Early 80′s restoration for Packard collector ‘Doc’ Clark in a livery typical of the time. Good older paint, chrome and interior. Attractive interior wood with burled instrument panel and striped garnish moldings. Bad orange peel on cowl vent. A sound old restoration. The muddy colors don’t enhance this Dietrich bodied Packard’s presentation, but that is reflected in its price. It sold for $102,300 at RM Amelia in 2000, then was reported sold at Spring Auburn in 2001 for only $78,970. The result here is indicative of its inherent value, even with the dated colors.
Lot # 157 1935 Plymouth PJ Convertible; S/N PJ221062; Maroon, Black fenders/Maroon leather; Light Beige cloth top; Estimate $40,000 – $50,000; Older restoration, 3- condition; Not sold at Hammer bid of $34,000 — Whitewall tires, rumble seat, enclosed rear spare. Cracked, shrinking paint, good interior and major chrome. Pitted interior trim. Instruments not done. Torn, faded top. Pitted hood ornament. Usable as is but showing age. The ’35 Plymouths’ five round hood side vents highlighted by three thin streaks of chrome is delicious Art Deco, but this Plymouth needs attention in any number of ways and is no more than a marginally presentable driver in its current condition. It should have been cut loose at the reported high bid.
Lot # 158 1913 Peerless Model 48-Six Roadster; S/N 13269; Blue/Black leather; Black cloth top; Estimate $350,000 – $550,000; Older restoration, 2- condition; Not sold at Hammer bid of $245,000 — RHD. 578 cubic inch T-head six, 4-speed, Warner speedometer and clock, Gray & Davis headlights, cowl lights, dual rear spares, 37 inch wheels. A famed Peerless, helicoptered off a mountaintop mine in 1966 as an engine and chassis after years of neglect following even more years of use as a stationary power plant. Concours restoration now with reproduction coachwork and showing some age but still exceptional paint, upholstery and nickel trim. It needs a better detailing. Sold by RM at Monterey in 2008 for $330,000, then at RM Hershey in 2010 for $200,750, this old girl is an arresting presence. Cleaned up a little better she should do better at auction, but the estimate is decidedly optimistic.
Lot # 160 1923 Rolls-Royce 20 Roadster; S/N 50S6; Cream/Tan leather; Tan cloth top; Estimate $115,000 – $135,000; Older restoration, 3+ condition; Not sold at Hammer bid of $70,000 — RHD. Nickel brightwork, Marchal lights, rumble seat, rear-mounted spare, Smiths rim wind clock. Flared clamshell front fenders, body color centerlock wire wheels. Shaky body history but possibly original to the chassis and almost definitely dating to the Thirties but with later fenders. Sound old restoration with years and miles on it but appealing and certainly intriguing. Freshly detailed and sharp. Sold at Bonhams Scottsdale auction in January for $71,730. An intriguing car that occupies an interesting place in the evolution of Rolls-Royce, not the least because of its sporting roadster coachwork. The reported high bid was nearly enough to buy it.
Lot # 161 1955 Chevrolet 3100 California Stepside Pickup; S/N H255S036446; Red/Beige leather; Estimate $60,000 – $80,000; Customized restoration, 1 condition; Hammered Sold at $52,500 plus commission of 10.00%; Final Price $57,750 — 350 GM V-8, throttle body injection, tube headers, Richmond 5-speed, P/S, alternator, A/C, red reversed steel wheels, trim rings, whitewalls, black cloth bed cover, cassette stereo, rack and pinion steering, chrome bumpers. An absolutely magnificent stock-appearing Chevy stepside with all the modern conveniences built into it. Excellent paint, chrome and interior. As good as it gets other than some dust on the undercarriage. This Chevy was done everywhere and everything about it was done right, from the Viper Red paint and leather upholstery to the undercarriage and suspension. The new owner is going to have bragging rights anywhere this Chevy appears and it should drive as well as it looks. $10,000 more would not have been out of line, it’s that good.
Lot # 162 1931 Cadillac 370-A V12 Convertible Coupe; S/N 101039; Black, Dark Grey/Black leather; Black cloth top; Estimate $175,000 – $200,000; Older restoration, 2- condition; Hammered Sold at $210,000 plus commission of 10.00%; Final Price $231,000 — Chrome spoke wire wheels, wide whitewalls, dual sidemounts with mirrors, remote spotlights, luggage trunk, Trippe lights, radiator stone guard, rumble seat. One of 12 known to survive with this body style on the V-12 chassis. An excellent older restoration in 1996 with excellent cosmetics and nearly concours-ready. Sold by Auctions America here in Auburn two years ago for $130,900. It brought near V-16 money here at the Auburn Auction and the seller should be overjoyed. It’s really exceptional.
Lot # 163 1938 American Bantam Roadster w/Custom Wooden Boat and Trailer; S/N 11US0008083; Red, White/White vinyl; Estimate $55,000 – $65,000; Cosmetic restoration, 3 condition; Hammered Sold at $28,000 plus commission of 10.00%; Final Price $30,800 — Wind wings, skirts, single wiper, rear-mounted spare, whitewalls, headlight eye lashes, fog lights. Single seat boat with Elto Lightwin outboard. Sound paint, chrome and interior. Oily, grimy chassis. Cosmetically restored for fun, not for show. The disappointing presentation and superficial cosmetic redo doomed this impressively cute combination to a mediocre value that matched its condition. This is what it’s worth, but it has the potential to be worth more.
Lot # 170 1991 Ferrari Mondial t Cabriolet, Body by Pininfarina; S/N ZFFRK33A4M0089215; Red/Tan leather; Black cloth top; Estimate $30,000 – $40,000; Unrestored original, 3 condition; Hammered Sold at $16,000 plus commission of 10.00%; Final Price $17,600 — CD stereo, A/C, modular 17 inch wheels. Sound but aging original paint, soiled driver’s seat, scratched black exterior train. Loose, cracked side vent strakes. 66,681 miles from new, but they were not easy miles. No Reserve. Mondials just don’t get any respect even as collectors clamor to put quarter million dollar plus 246GT Dinos in their garages. A late addition cataloged in an addendum, it brought a modest result but one that handicaps its lack of any service documentation.
[Source: Rick Carey]
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.