The RM/Sotheby’s “Hershey” auction, held each October at the Hershey Lodge, is now considered an official part of AACA’s Hershey week, although as far as I can tell, RM/Sotheby’s and AACA are separate entities with no financial entanglements. Still, given the consistent high quality of this auction’s offerings, I have no doubt it continues to be a significant draw for those who are at the Main Event over at Hersheypark.
I can’t speak to RM’s offerings at its other global auctions, but at Hershey, most of the cars are a sample of beautifully restored, pre-war and early post-war American classics. As has been the trend across all auctions in recent years, we continue to witness the disposal of private collections as older collectors age out of the hobby. This has the potential to present some “bargain” buying opportunities (“bargain” in this case defined as your personal amount of discretionary funds). But consider that of the 19 lots I have presented below, 16 were offered as No Reserve, which always motivates the waving of the paddles.
Let’s also quickly analyze the auction company’s pre-sale estimates, compared to the hammer results. Of these 19 vehicles, 11 sold BELOW estimate; 5 sold WITHIN estimate; and only 3 sold ABOVE estimate. Bidders may be passionate, but they aren’t dumb. They know all too well that at a No Reserve auction, high bidder gets the car, pre-sale estimate be damned.
I continue to hear chatter about the increasing lack of interest in pre-war cars, yet, 14 of my selections were model years 1941 and older. There continues to be an audience that desires these cars, and frankly, based on their styling, condition, and presence, I found them plenty desirable myself.
Sold prices below were gleaned from RM/Sotheby’s website, where I subtracted the 12% buyer’s premium (up from 10%) in order to show the hammer price. Lots are arranged in HAMMER PRICE order. Twelve of these lots hammered at $50,000 or less, a number I chose as that represents the current average transaction price of a new motor vehicle.
Lot 194, 1955 DeSoto Fireflite two door hardtop, pre-sale estimate $12,000-$18,000, selling at No Reserve
SOLD for $11,000, below estimate.
Lot 369, 1939 Ford two-door coupe, pre-sale estimate $15,000-$20,000, selling at No Reserve
SOLD for $19,000, within estimate.
Lot 340, 1932 Plymouth Roadster, pre-sale estimate $25,000-$35,000, selling at No Reserve
SOLD for $20,000, below estimate.
Lot 338, 1931 Ford Model A, pre-sale estimate $25,000-$35,000, selling at No Reserve
SOLD for $24,000, below estimate.
Lot 341, 1941 Lincoln Continental convertible, pre-sale estimate $35,000-$50,000, selling at No Reserve
SOLD for $24,000, below estimate.
Lot 185, 1943 Fiat Topolino, pre-sale estimate $15,000-$20,000, selling at No Reserve
SOLD for $27,500, above estimate.
Lot 423, 1934 American Austin Roadster, pre-sale estimate $25,000-$35,000, selling at No Reserve
SOLD for $30,000, within estimate.
Lot 406, 1962 Triumph TR-4, pre-sale estimate $40,000-$60,000, selling at No Reserve
SOLD for $32,500, below estimate.
Lot 360, 1934 Reo Flying Cloud Coupe, pre-sale estimate $50,000-$70,000, selling at No Reserve
SOLD for $35,000, below estimate.
Lot 385, 1953 Packard Caribbean convertible, pre-sale estimate $60,000-$80,000, selling with Reserve
SOLD for $42,500. Note that it sold $17,500 below low estimate, even with a reserve.
Lot 219, 1940 Chrysler Highlander convertible, pre-sale estimate $60,000-$80,000, selling at No Reserve
SOLD for $50,000, below estimate.
Lot 419, 1965 Sunbeam Tiger Mark I, pre-sale estimate $80,000-$100,000, selling with Reserve
SOLD for $50,000. Note that it sold $30,000 below low estimate, even with a reserve.
Lot 213, 1934 Ford 3-window coupe, pre-sale estimate $60,000-$80,000, selling at No Reserve
SOLD for $65,000, within estimate.
Lot 353, 1941 Lincoln Zephyr coupe, pre-sale estimate $60,000-$80,000, selling at No Reserve
SOLD for $82,500, above estimate.
Lot 346, 1939 Lincoln Zephyr coupe, pre-sale estimate $80,000-$110,000, selling at No Reserve
SOLD for $100,000, within estimate.
Lot 364, 1927 Rolls-Royce Phantom I convertible, pre-sale estimate $150,000-$190,000, selling at No Reserve
SOLD for $110,000, below estimate.
Lot 401, 1960 Chrysler 300-F convertible, pre-sale estimate $125,000-$175,000, selling at No Reserve
SOLD for $125,000, within estimate.
Lot 188, 1913 Fiat Speedster, pre-sale estimate $250,000-$300,000, selling with Reserve
SOLD for $150,000. Note that it sold $100,000 below low estimate, even with a reserve.
Lot 210, 1939 Packard Twelve Coupe, pre-sale estimate $120,000-$140,000, selling at No Reserve
SOLD for $160,000, above estimate.
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