The Isetta Saga, Chapter 35: My Isetta is Sold at RM Auctions in 2013

October 10, 2008, a Friday, was the end of a tumultuous week in the global financial markets. Here is part of what Wikipedia says on their page titled “Global financial crisis in October 2008”:

 

“On Friday, October 10, stock markets crashed across Europe and Asia. London, Paris and Frankfurt dropped 10% within an hour of trading and again when Wall Street opened for trading. Global markets … experienced their worst weeks since 1987 and some indices, S&P 500, since the Wall Street Crash of 1929.

On October 10, within the first five minutes of the trading session on Wall Street, the Dow Jones Industrial Average plunged 697 points, falling below 7900 to its lowest level since March 17, 2003…. Trading on New York Stock Exchange closed for the week with the Dow at 8,451, down 1,874 points, or 18% for the week, and after 8 days of losses, 40% down from its record high October 9, 2007…. The bonds of the bankrupt Lehman Brothers were auctioned on Friday, October 10. They sold for a little over 8 cents on the dollar.”

 

If you’re reading this and asking yourself, “when did this become RichardsFinancialBlog?”, no need to worry, as the story has a car connection. On the same day that Lehman Brothers’ bonds were auctioned, I was watching some high-dollar automotive machinery go up for auction at the annual RM classic car auction in Hershey PA. I paid a whopping $60 (!) for entry to the auction within the Hershey Lodge, and that included my own copy of the catalog (but not a bidder’s pass). This was my initial foray into the world of so-called catalog auctions, undertaken so that I could decide if this would be a reasonable avenue for selling my Isetta.

Prior to this, auctions I had attended were what I call the ‘carnival’ style: a vehicle rolls up onto the block, an auctioneer starts to chant so loudly and so quickly that he can barely be understood, and 45 to 90 seconds later, a gavel falls and the next car in the parade arrives. This is what you see on TV at the typical Barrett-Jackson or Mecum auction. They are boisterous, ear-splitting, lightning-paced, and ultimately mind-numbing experiences. I understood from reading auction reports that the catalog auctions were more, shall we say, mild-mannered and discreet, and I wanted to witness this first-hand.

On that Friday inside the Hershey Lodge, I immediately noticed the differences, starting with the voice and tone of the auctioneer. I could actually understand him; if anything, the New Yorker in me wanted him to speak more quickly! He was in no rush to get to the next car, meaning, he was putting 100% of his attention on the car in front of him. He would make little quips to the bidders, such as “sir, but what else are you going to do with your money?”, and “would the gentleman in the back like to bid again?” There was none, I repeat, none of the hyperbole one hears at other venues, such as “look at that fabulous paint job”; “restored using only the finest high-quality parts”; and “guaranteed to only go up in value”. B-J this was not.

Each car spent from 3 to 5 minutes on the block. When the reserve was met, the auctioneer, using the same level tone, would state “we are selling this car today”. (At Carlisle Auctions, the auctioneer SCREAMS “THE RESERVE IS OFF!!!” while a neon sign over his head blares the same message.)

Another difference: the bidders. Everyone sat calmly in their seats, with the very occasional bidder wandering up to the block for a close-up inspection. There was no yelling, jumping, fist-pumping, or showing off for the cameras (of which there were none anyway). The men bidding (and they were all male) would catch the eye of the auctioneer or one of the assistants (“callers”) and with the subtlest of head nods, place their bets.

Midway through the afternoon, a 1913 Locomobile reached the block. Resplendent in white with black top and interior and lots of brass, it was so long that it looked like it would miss fitting in my garage by about 10 feet. The bidding opened at $50,000, and moving in $25,000 increments, quickly reached $300,000. In the row in front of me sat a white-haired elderly man, perhaps 80 or 85. When the auctioneer asked for $325,000, the old gent raised his bidder’s pass like he was ordering a cheeseburger at Wendy’s, the gavel fell, and the brass beauty was his. It was at this moment that I had the epiphany: the Lehman Brothers collapse meant nothing to those who had discretionary funds to spare, and a catalog-type auction would be a classy place to sell my car.

The catalog cover car, and star of the show, was a 1933 Duesenberg phaeton. It sold for $1,535,000, again proving that those who have it can spend it. (The next day, while waiting to cross Hersheypark Drive to enter the AACA show, this same Duesenberg sailed past at about 60 mph. It sounded like a locomotive, and you could hear it from a quarter mile away.)

For the sale of my own car, I was in no great rush, and I had weighed the pro’s and con’s of such a move for much of the first decade of the 21st century. A few half-hearted attempts were made by placing some ads, most of which generated no response. A few years after attending this RM auction, I ran an ad in the national AACA magazine, and a man from Philadelphia showed up at my house, went for a ride with me, and told me he would buy the car (my ask was $30k, and I believe he said he was ok with the price). But the next day he called and said he changed his mind. That’s how it goes when trying to sell cars.

In the meantime, I also checked out the Bonhams auction, which had become an annual mainstay as part of the Greenwich Concours event in early June. The auction style was similar, however, the setup was in a tent, on grass, and Bonhams jammed as many cars into that tent as possible, with the remainder scattered outside along its perimeter. The ambiance was not as pleasing as RM which had the advantage of a large hotel conference room, with better sound and lighting. But still, both were within consideration, as both were within a day’s drive on the East Coast. Friends who suggested that I truck my car out to Barrett-Jackson in AZ were not calculating the overhead (fuel, food, hotels, time) that such a trip would entail.

In 2013, after much back-and-forth in my own mind about continuing to try to sell the car on my own (more control over asking price vs dealing with stubborn buyers) compared to an auction consignment (devoted in-person audience vs less control over bidding price), I decided to move ahead with RM. A few years back, I had reached out to RM and had communicated with Ian Kelleher. Since I had his email address, I picked up where I had left off with him. (It’s surprising to me to see that my first email of the year to him was sent on June 26, less than four months before the auction.)

Ian replied, and I was taken aback when he told me that while there was plenty of time to get my car on the docket for Hershey, it would need to be a no-reserve entry. He said that they would be willing to publish a pre-sale estimate of $30,000-40,000, but any cars valued below $50,000 are strictly sold as no-reserve. My heart sank. What if bidding only reached $20,000? I wasn’t willing to give it away. There were numerous email exchanges between Ian and me, during which I successfully negotiated for the following:

  • Vehicle listed as No Reserve, with auction estimate of $30,000-40,000;
  • Minimum of one full page in the auction catalog, desirably two pages;
  • Professional photography taken by RM for catalog photos;
  • Input and review by me of catalog write-up;
  • Vehicle will cross block on Friday (the 2nd day of a two-day auction)
  • RM will allow me to display various items alongside car during auction preview including photographs, posters, magazines, literature, scale models, and tablet.

As a balm for the no-reserve listing, and as a courtesy to me as a first-time consigner, Ian agreed to reduce my consignment fee from $1,000 to $500, and my seller’s commission from 10% to 7%. This made me feel a whole lot better about the no-reserve deal. RM sent me a consignment form, which included the requirement that I sign and send them the title to my car. Now it was getting serious!

You will note above that I told Ian that I wanted “input and review by me of catalog write-up”. Previous catalog write-ups I had read included flowery vehicle descriptions with 80% general history of the marque, and 20% specific detail of the actual lot. I wanted to reverse those percentages for my car, and be sure that the catalog text spoke to my car’s specifics. Still, I was sent a first draft and needed to make the following corrections:

  • Rear springs were described as semi-elliptic, when they are quarter-elliptic;
  • “Four-wheel drum brakes” was corrected to “front and rear drum brakes”;
  • “… ideal for the streets of postwar Germany” was changed to “… Europe”.

My suggestions were accepted without further discussion; RM was continuing to please me with their treatment of me as a consigner.

RM catalog entry, page 1

 

RM catalog entry, page 2

Quite a few acquaintances were taken aback with the fees, even at reduced rates. They would ask with incredulity: “what exactly are you getting for all that money you’re paying?” My first-hand experience allows me to report that my fees helped to cover:

  • The dispatching of a professional photographer to my home, where he spent about three hours taking photos of my car.
  • Display of those photos on the RM website, in the published catalog, and in several email blasts sent by RM.
  • A full maintenance crew on hand at the Hershey Lodge to assist with needs such as adding fuel, charging batteries, and maintaining cleanliness of the cars.

As an owner, I felt that the website, email, and catalog exposure was fairly extensive, and reached a level of marketing that I could not match. That still didn’t stop me from creating my own marketing efforts. Since test drives would not be possible on-site, I opted for the 2nd best thing and made two videos which would show prospective bidders that this car was no trailer queen, and did get occasional exercise:

https://www.youtube.com/watch?v=oo49cLgoUoY

https://www.youtube.com/watch?v=q-V5SlqfK84

Some final tidying up of the vehicle was done, especially in the interior. I resprayed the fiberboard interior panels, and added the underseat panel which had been missing all these years. Some minor adjustments were made to the horn and to the parking brake, and of course the car was detailed.

Parking brake adjusted at the one rear brake drum

Hershey week arrived. The actual auction was scheduled for Thursday October 10 and Friday October 11, 2013. On the Tuesday morning of that week, I left my house, Isetta in tow, bittersweet at the thought that I would be returning at the end of the week with an empty trailer. Upon arrival, I got my car situated under the big tent in the Hershey Lodge parking lot. The Hershey area had significant downpours for much of the week (what we’re used to in that part of the world in October), but things stayed calm and relatively dry in the tent. Each and every weekday, I never left the car’s side, as I wanted to answer any questions from anyone who might be bidding. My heart sank again when I found a 2nd Isetta at the same auction, red like mine, but in a condition that was one or two steps below mine. Crossing the block on Thursday at no reserve, it hammered sold at $25,000. I felt that number established a value floor and made me more optimistic about my own car.

Finally, it was Friday, auction day for my rolling egg. When RM had told me that my consignment included two free entrance tickets to the auction, I had the nerve to request several more. Again, RM exceeded my expectations by granting that request without delay. Several friends from Volvo Corporate attended the big moment with me, and provided lots of emotional support (thanks Andy and Larry!).

The final shots

The head of the RM maintenance crew had gotten to know me. RM’s procedure is to queue up the cars outside the entrance ramp so that the cars can be driven as close as possible to the block, at which point they’re pushed, to minimize exhaust fumes in the conference room. The crew chief pulled me aside, and likely knowing what he was about to offer wasn’t ‘by the book’, said to me “why don’t you drive your car up to the ramp? It’ll be the last time you’ll get to drive it”. I gladly took him up on that. I climbed in, started it, and as soon as I reached the entrance, shut it down. The crew on hand stopped it from rolling back; they would push it from here. I went in and sat with my wife and my buddies.

Max Girardo, the charming, eloquent and multi-linguistic auctioneer, was at the podium. As Andy pointed out to me later, Max spent more time extolling the virtues of my car than he did with any of the cars preceding or following my car. The bidding opened at $10,000, quickly climbed to $25,000, and then slowed somewhat, although it did reach $30,000. Max held on for me as long as he could, with the bid intervals dropping from $5,000 to $2,500. At a final bid of $32,500, the gavel fell. The car was officially sold. Although RM told me that I would receive payment in 6 weeks, they completed an electronic transfer of funds to me in 3 weeks, yet again exceeding my expectations.

 

The auction sale date was 10 days shy of 35 years from October 21, 1978, when Don Krech and I made the first of three 16-hour round-trip journeys from central NJ to Moscow VT for these funny-looking little bubble cars that Wesley Turner had for sale for $650. In October of 1978, I had never heard of AACA, or Hershey, or Carlisle, or car auctions. The rigmarole of transporting the cars back from VT, storing them offsite at cost, and figuring out how to perform a restoration on them had me almost walk away from the entire mess more than once. It’s very likely that I kept the cars all that time simply because they were so small and easy to stash somewhere (had I made my investment in a ’59 Caddy it would be a different story).
This is the final chapter of the Isetta Saga. Getting all this out on my blog was a process in itself. Chapter 1 of the saga was published on January 7, 2018, just shy of three years ago. Thirty-five chapters spread out over 34 months is an almost-perfect one chapter per month! Wish I could say that I planned it that way, but that would be a lie….
To those who have stuck it out and have read along as each chapter was published, a big thank you. To those who occasionally dipped their toes into the ups and downs of this Isetta’s story, you still deserve my thanks. I can only hope that my perseverance with this project (some would say insanity) may possibly provide some motivation should you be considering a similar journey. For me, it was great fun to relive it all!
All photographs copyright © 2020 Richard A. Reina. Photos may not be copied or reproduced without express written permission.

RM Sotheby’s Sells My Former Isetta for $31,000

On Saturday, October 24, at the RM Sotheby’s Elkhart Collection Auction, the 1957 BMW Isetta, chassis number 509090, formerly owned by me, sold at a hammer price of $31,000. When RM does post the result on their website, the published number will show as $34,720, as they will include the 12% buyer’s commission in the total shown. (This is a tactic that all auction companies engage in, as a way to display an even higher sale number than the hammer price. As they would argue, this is the more accurate representation of the dollars coming out of the purchaser’s pocket. But it’s still not the same as the hammer price.)

While it was no surprise that the car sold (after all, the auction was No Reserve), and even though I had previously estimated a hammer price of $30,000, I had begun to underestimate myself after watching Friday’s live stream, where the majority of cars met, or more typically exceeded, their pre-sale auction estimates. There was a sell-out in-person crowd in Elkhart, plus phone and internet bidding. With few exceptions, cars stayed on the block only for one to two minutes, and the bidding was aggressive and quick-paced. In the Isetta’s case, the pre-sale estimate of $35-45,000 was a tad optimistic.

I’m very happy for the new owner, whoever s/he may be. I hope that the car gets driven and shown a bit more than the previous owner managed to (not) do!

I’ve purposely held back the final few chapters of the Isetta Saga, pending this sale. Watch for the Saga’s conclusion to appear on this site in the very near future. (Then what am I going to write about?)

 

 

 

My Old Isetta is About to Cross the Auction Block Again!

The time has come: the auction of the “Elkhart Collection” by RM Sotheby’s has commenced as I type these words. The auction began at 10 a.m. on Friday October 23, and will run through tomorrow. As most of these auctions do, the lots start with what is loosely referred to as automobilia (defined as automotive-related stuff other than vehicles), which here includes tools, shop supplies, books, and sundry collectibles. Once done with the automobilia, the cars will start to cross the block.

Seven years later, car looks quite nice

While I’m keen to watch what some of the more interesting Fiats and Ferraris will hammer for, the car of most interest to me is my former Isetta, about which I’ve spilled so much digital ink. It is Lot #2157, scheduled to cross the block on Saturday. (I’ve been asked by more than one person “how do you know it’s the same car?” The easiest way is via its chassis number, 509090. But there are also some tell-tale signs about the restoration that mark is as uniquely mine. Oh, then there’s that suitcase on the parcel shelf.)

See that suitcase? Bought it in an antique store for $10

I’ve also been asked if I knew who bought my car back in 2013 (no), if I knew the car had stayed in the U.S. (no), and if I knew how much the car has been used (yes). Checking photos of the odometer, I can attest that the mileage when I sold it was 29,529. Based on a photo on the RM Sotheby’s website, the current odometer reading is 29,530. One. Mile. Difference. The car probably gained that “mile” while being driven on and off transport trucks, which is a shame, because it IS fun to drive.

The Elkhart bidders can take comfort in knowing “only 29k original miles”

This also caused me to go back and verify how much I drove the car while it was in my possession. I found a photo of the odometer from 1995 showing 29,437 miles. So I drove it 92 miles, seemingly not a lot, but I also never ventured more than about four miles from home base either.

Cloisonne emblem is chipped; repros available, but I wanted to keep original one

Most of the lots for this auction are no reserve (as this one is), meaning that they will sell to the highest bidder. And all of them have been assigned pre-sale estimates. For this Isetta, that range is published as $35,000 – $45,000. Nicely restored Isettas sold at auction within the last few years are off their high values of five-to-eight years ago; the more recent sales have hovered around $25-30,000. My best guess for #509090 is that it will hammer close to $30,000 (plus 12% buyer’s commission, which will be folded into the number that RM Sotheby’s eventually publishes).

New owner, take note: I bought those Michelins in 1993! Get new tires!

I wish nothing but the best for the new owner, whoever that may be. And I know where you can read a long drawn-out saga about that car online.

 

All photographs courtesy of the RM Sotheby’s website.

RM Sotheby’s 2020 Auburn Auction: Six Great Collector Cars for Under Ten Grand

RM Sothebys, the automotive auction company, recently concluded its Auburn Fall auction which was held September 3-5, 2020. Unlike many of RM’s recent previous auctions conducted online due to the coronavirus, RM allowed this one to be an in-person gathering at Auburn Auction Park in Indiana. However, being onsite was not a requirement for bidding, as telephone and web-based bids were still accepted.

Over 500 motor cars crossed the block, and while most sales were under the six-figure mark, several notable high sales included a 1935 Auburn Speedster which sold for $700,000, and a 1936 Duesenberg Tourster which hammered for $575,000. (Both these number are without the auction company’s 10% buyer’s premium added, so they reflect actual final bid when the gavel fell.)

Scanning through the results, I was amazed to see that over 60 of the automotive lots sold for under $10,000. True, many of these cars were projects, or unpopular pre-war vehicles in pedestrian body styles. But much of my amazement is simply finding so many cars available for an initial outlay of ten grand (or less). Frankly, I still hear the cries of “the hobby has gotten too expensive for me”, and again, those cries are originating from those who lament passing on that chance in the early 1970s to score a Shelby Mustang for $1,500. While those days are over, there are still plenty of affordable ways to enter the hobby.

A mantra of mine, which I chant to those looking for that first collector car, is “be open-minded”. If one is willing to consider brands, models, and body styles outside the typical collector’s purview, there are lots of choices, and there’s also lots of fun to be had.

Among the low-priced sales at RM Auburn, I selected six which struck me as interesting cars at fair prices. I’d be happy to have any one of these cars in my garage; some of them I might hold onto just for a few months so I could say “yeah, I had one of those once”; others might be worth hanging onto a little longer. While the selected six are personal favorites, I also made an attempt to select from a variety of body styles. You’ll find sedans, convertibles, trucks, and station wagons on my list. Undoubtedly, your six choices would be different. That’s the fun of collecting.

Let me know your thoughts: do you have a favorite among these? Is there one car which you think represents a best value? I’m more than happy to entertain a little back-and-forth about my picks. The results are arranged in ascending hammer price order (when you click on the link, please note that RM Sotheby’s shows a higher price because they always include the 10% buyer’s premium).

 

  1. 1988 Toyota Celica GT convertible hammered sold for $3250

https://rmsothebys.com/en/auctions/af20/auburn-fall/lots/r0271-1988-toyota-celica-gt-convertible/941717

The cheapest car on my list, it might also qualify as the most reliable. The bulletproof qualities of most Toyotas include this rare convertible variant. While not much to look at stylistically, this would be a fun car to take to cars-and-coffee events and cruise nights. I’d guarantee that you would have the only one there.

From a value perspective, Bring a Trailer (BaT) sold one in 2019 for $7,650. My Cars of Particular Interest (CPI) retail price guide puts this car in the range of $2000 to $5000 for a good-to-excellent value, so $3,250, while perhaps not a steal, seems a fair price.

  1. 1952 Kaiser Manhattan sedan hammered sold for $4750

https://rmsothebys.com/en/auctions/af20/auburn-fall/lots/r0439-1952-kaiser-manhattan-sedan/977039

Kaiser is a brand which I see at car shows so infrequently. It’s usually takes a National AACA show like Hershey for me to come across one. Kaiser production ended in 1955, so there aren’t many around, and therein lies the charm here. For under five large, you can have an almost “one of a kind”. One downside might be parts availability, but hey, the hobby is all about the adventure of scrounging for rare parts.

This price looks especially good when checking CPI, which publishes a range of $8,500 to $20,000 for cars in the good-to-excellent condition categories. And BaT sold  one earlier this year for $8,800 , so buy this one and flip it if that’s your thing.

  1. 1988 Buick LeSabre Estate wagon hammered sold for $5750

https://rmsothebys.com/en/auctions/af20/auburn-fall/lots/r0272-1988-buick-lesabre-estate-wagon/941719

Station wagons, known as long-roofs among collectors, have really taken off in just the last few years. While much of the interest seems focused on ‘60s and ‘70s American cars, this Buick wagon from 1988 is a little more modern, and a little more ready to be pressed into daily driver duty if necessary. The subject car even has the de rigueur reverse-facing rear seat (for when a minivan is just too ordinary).

The CPI values, at $1,500 to $3,600, surprise me, and frankly I think they’re low. Again, while older wagons have risen in value, snagging this ’88 puts you ahead of the curve. Compare this car to the one I found on Hemmings which is on offer for $9,000, and I think the RM car looks pretty pretty good.

  1. 1978 Ford F-150 hammered sold for $6000

https://rmsothebys.com/en/auctions/af20/auburn-fall/lots/r0569-1978-ford-f-150-pickup/989378

Pickup trucks are hot: they’re hot as new vehicles (last I checked, which was earlier this year, average transaction price for a new pickup truck out the door was $51,000), and they’re hot as collectibles. Of my six choices, this one shocks me the most. Maybe I’m missing something; yes, it’s a long bed, and yes, it’s RWD. But still….

CPI, to my complete lack of surprise, pins this generation F-150 at $12,000 for a “good” truck and $26,000 for an “excellent” truck. BaT sold a similar one earlier this year for $11,750.  Forget flipping the Kaiser. Flip this.

  1. 1956 Lincoln Premiere convertible hammered sold for $7250

https://rmsothebys.com/en/auctions/af20/auburn-fall/lots/r0044-1956-lincoln-premiere-convertible/870051

Of these six selections, this one is the project car, and for that reason, I hesitated in choosing it (I got over my hesitation). The aura exuded by this automobile is so overwhelmingly impressive that no matter its condition, it remains an object of desire. Now, even at a smidgen over seven grand, you’d need to pour in multiples of that to turn this into a reliable road car, never mind something show-worthy. And RM sold two other ‘56s, one of which, while over our arbitrary price break at $17,000 , was certainly the better deal.

Check out these numbers from CPI: $42,000 for “fair”, $68,000 for “good”, and $123,000 for “excellent”. Your choices are: park this one on your lawn as an ornament, or put $100k into a restoration, sell it for $120k, and net $3,000. I’m going to mull that one over and get back to you.

  1. 1976 Pontiac Bonneville Brougham coupe hammered sold for $7250

https://rmsothebys.com/en/auctions/af20/auburn-fall/lots/r0257-1976-pontiac-bonneville-brougham/941689

Tied for most expensive car on my under-ten-grand list, I think this might be the best choice in many ways: GM parts availability, orphan brand with huge hobby support, final year of the big GM full-size cars, roadworthiness as a touring car, and lots of creature comforts including air and cruise.

It’s difficult to find comparables, although Mecum did sell a ’76 Bonneville four-door for $10,500 way back in 2017. The CPI range is $6,000 to $14,000, which means this sale price is not a steal but not a rip-off. I’d need to blow a hole in the garage wall to fit it, but it might be worth it.

 

Bidding at RM/Sotheby’s “Shift/Monterey” Online Auction

Enough digital “ink” has been spilled regarding our current global pandemic’s effect on the collector car hobby that I don’t need to rehash it here. (The more serious human toll certainly puts our hobby into some perspective.) So why am I mentioning it at all? I bring it up only because there have been some rays of hope for those of us still looking for ways to enjoy it. Classic car auction companies, at least some of them, have found a path forward by switching from live events to online formats.

One cannot discuss web-based car auctions without first acknowledging the success of Bring a Trailer (www.bringatrailer.com, aka BaT). The website, which started as nothing more than a place to repost links for interesting cars found elsewhere online, began to auction vehicles several years ago. Fed by a mostly-positive and very enthusiastic comments section, they have changed the rules of engagement. One element of their business which is now blatantly copied is their two-minute anti-sniping provision. A classic complaint about eBay has been bidders with sharp reflexes (or clever computer programs) placing bids with one second remaining on the clock. Bidding would close, the so-called “sniper” would win the item, and anyone who had been willing to bid higher was shut out.

BaT, wanting to level the playing field, was I believe the first online auction company to change the game: any bid placed with two minutes or less on the clock resets the countdown clock to two minutes, giving others a chance to still bid.

Another surprise element was BaT’s move into the premium segment of the hobby. When their auctions started, naysayers claimed that “this is fine for $12,000 Alfa Spiders and $20,000 BMW 3-series sedans, but the big money buying 6-figure exotics will only do that at a live auction”. Wrong. Just this year, BaT sold a 1960 Ferrari 250GT for $585,000; a 1913 Rolls Royce for $657,913; and a 1968 Lamborghini Miura for $990,000. If you think that Bonhams, Gooding, and RM haven’t noticed, I’d think you’re mistaken.

Of course, when the year started, none of the major auction houses were expecting the shutdown. The pandemic’s message was: either find a new way forward, or spin your wheels while waiting out the crisis. As 2020 unfolded, with news only getting worse, one auction company in particular led the pack in switching from in-person to online, and that was RM Sotheby’s.

I’ve attended many live auctions. Whether it’s the boisterous volume of Mecum, or the understated elegance of Bonhams, there’s excitement in the air. You can touch the cars, watch them drive across the block, and feel the tension in the room as the auctioneer implores the audience to bid higher. The crowd may be milling around the block (Mecum) or may be patiently parked in their seats ready to raise paddles (Bonhams). Emotions are running high, causing some bidders to bid with their hearts and not their heads. Consigners are counting on that! Yet all that is lost in the online setting. Still, RM Sotheby’s knew they had to try, and motivated in part I would guess by BaT, they embraced this new business model by doing things they’ve never done before.

On RM’s website, the number of photographs of each vehicle has expanded, with photographers emphasizing flaws (paint chips, upholstery tears, oil stains) to avoid any post-sale surprises. Any available repair or restoration receipts are scanned and posted as PDF files. Finally, for almost every car, RM provides a condition report which lists the condition of the paint, engine, upholstery, and undercarriage using the traditional 1-to-5 scale. I’ve read a few of them, and while they’re brief, they’re also refreshingly honest. RM’s online auctions also use the two-minute extension a la BaT.

August has always been Monterey’s month: the Pebble Beach Concours d’Elegance, the multiple car auctions, and myriad number of special car shows. This week-long event in northern California is one of the biggest car-centric extravaganzas in the world, and like almost everything else this year, it’s been cancelled. RM Sotheby’s, though, is holding its “Shift/Monterey” online auction this week. Bidding opened on Monday August 10, with lots scheduled to close either on Friday the 14th or Saturday the 15th. I’ve been anxious to test the waters with RM, as I have my sights set on a future auction, so I took the plunge: I registered to bid at “Monterey”, and actually placed a bid!

The registration process was too easy: I scanned my driver’s license and a recent bank statement, provided a credit card to be used for a hold, and submitted those docs. About 15 minutes later I got an email message: “Congratulations! You’re registered to bid.” Unlike some previous auctions I’ve watched, there was no bidder’s registration fee.

RM website clearly indicates if lot is no reserve

There are 109 vehicles (107 cars, 2 motorcycles) and some automobilia online at Shift/Monterey. (Note that despite its name, vehicles are physically scattered around the country, an advantage for sellers who avoid transport costs; the website indicates the vehicle’s location by city and state). By RM standards, it’s not a big auction. Since I don’t intend to actually purchase a car but want to experience the process, I sought out something with a high pre-sale estimate and with a very low current bid. I found a 1947 Chrysler Town & Country sedan, listed at no reserve, with a pre-sale estimate range of $90,000-$120,000. The current bid was $3,600.

I’m high bidder!

In spite of the numbers, I was still nervous. What if I won? (Sure, I’m going to get a woody Chrysler for under $5,000.) RM provides the minimum bidding increment, in this case, $100. I keyed in “$3,700”, clicked on the green “place bid” bar, and the screen changed: “Your high bid!” I got a confirmation email informing me that, for now, I was high bidder on the Chrysler. Did I mention this is a no-reserve auction? That means if NO ONE ELSE BIDS, THE CAR IS MINE. The euphoria lasted for four minutes. A new email popped in: “You Have Been Outbid”. I was further informed that the “new asking bid is $3,900”. At least I knew where I stood. As tempted as I was, I stopped.

I know where I stand

Everything considered, the RM online bidding experience is perhaps the best it can be when you can’t be there in person. I’m frequently asked “do people really buy cars sight unseen?” Yes they do. RM’s online closing ratio is around 60-65%, which is very respectable, if not as high as it’s been at live shows. Still, I think that RM has set a fine example for conducting honest and transparent business in an online format under particularly difficult circumstances. I’ll have more to say about RM Auctions in future posts.

All website screen shots courtesy of RM Sotheby’s

 

 

My Old Isetta is Going Back on the Block

In the almost seven years since I sold my Isetta at an RM auction in October of 2013, I occasionally scan the automotive classifieds, both in print and online, wondering if I will come across my former car for sale. Up until a few weeks ago, that search had turned up blank.

My Isetta at the Oct. ’13 RM auction in Hershey PA. Note suitcase on package shelf.

Checking out an email I received for an upcoming RM Sotheby’s auction, I was drawn to what appeared to be an outstanding collection of Italian cars: the expected Ferraris and Alfas but also Autobianchis, Isos, and some rarely-seen Fiats. That’s when I saw it.

An all-red BMW Isetta was part of the sale. Clicking on the photos, I looked for tell-tale signs, the kinds of things that I, having owned the beast for 35 years, would recognize. (I’m fond of an expression picked up from a hobbyist friend, who says of his own car: “I know where the bodies are buried”.) Checking the chassis number was the final proof. I called my wife into the room and showed her the photos.

Wife: “How do you know it’s yours?”

Me: “509090.”

Wife: “Huh?”

Me: “It’s the chassis number. I have it memorized.” (Oh, and still on the package shelf is the ‘50s-era suitcase covered in travel decals which I picked up in an antique store for $10.)

The auction, billed by RM Sotheby’s as “The Elkhart Collection”, is scheduled to take place on October 23 & 24 of 2020. Those are the rescheduled dates; initially the auction was supposed to run in May, and it’s presumed that the coronavirus was the proximate cause of the postponement. At this writing, it’s listed as a “live” auction, however, all RM Sotheby auctions since the global shutdown have been online only. While I’m long out of the business of predicting the future, I would venture to guess without too much risk that this one will revert to the online-only format soon enough.

Here’s how the RM Sotheby’s website describes the collection:

OVER 240 CARS AND WIDE SELECTION OF COLLECTIBLES OFFERED ALMOST ENTIRELY WITHOUT RESERVE

The result of decades of judicious and targeted collecting, The Elkhart Collection – Offered Almost Entirely Without Reserve comprises the most exceptional marques and models in automotive history. The focus is at once broad but highly selective from sporting British and Italian cars to microcars, classics, supercars, modern sports cars, ‘50s convertibles and coachbuilt icons. Stay tuned for the digital catalogue coming soon. To view lot listing, click here

It didn’t take much snooping to get the rest of the story. This is from AutoWeek:

Damn, This Accused Fraudster Has Excellent Taste in Cars

There’s something for everyone in the RM Sotheby’s Elkhart Collection catalog—and with the sale moved to October, you’ve got plenty of time to browse it.

The gist of the AutoWeek story is that this 240+ car collection was amassed by one person, an Indiana businessman named Najeeb Khan, who has now been accused of fraud, although the author is also quick to note that he has not been charged with a crime. But his collection is being liquidated so that he can pay back his creditors.

Personally, I don’t really care about this guy’s personal problems. He has excellent taste in cars, especially of the Italian variety, although the remainder of the collection is also worth a gander. I’ve asked myself if Mr. Khan is the person who purchased my car at the 2013 Hershey auction. While it’s impossible to make that determination from the auction company’s website, I checked the mileage on my car on the date that I sold it, and the mileage shown in the current listing. The Isetta has been driven exactly one mile in the previous 6.5 years. Which is a shame, really, because the car runs well and it’s a blast to drive!

To the new owner, whoever you are: get some new tires. I bought those Michelins in the early ‘90s.

There’s more to discuss about the Elkart Collection Auction in future posts. The discovery of my old car will also spur me to resume the Isetta Saga. There’s lots more to share, and I want all those bidders to have the entire story!

All photographs copyright © 2020 Richard A. Reina. Photos may not be copied or reproduced without express written permission.

 

 

 

2020 Atlantic City Car Show & Auction

G. Potter King (GPK) held its 2020 Atlantic City collector car event over the weekend of Friday, Saturday, and Sunday, February 7, 8, and 9. According to their website, this mid-winter automotive extravaganza has been a February feature for forty years. I can recall attending this show in the 1980s and 1990s when it was held in the original Atlantic City Convention Center. A new building at a new location went up sometime in the early 21st century, and along with that came improved parking, lighting, and other amenities. Because February weather is unpredictable, I didn’t commit to attending until several days prior; luckily, two good friends came along and agreed to share the long drive down. We made a day trip of it on Saturday.

Perhaps because there is a recognition that the hobby is changing (i.e., the old guard is dying off), GPK expanded the scope of this year’s show beyond the traditional auction, car corral, and flea market. Inside the Convention Center were two static displays: a non-judged array of late-model exotica, both stock and modified; and a judged show including five different classes of cars. The latter show in particular took up significant floor space, a possible sign that there weren’t quite enough auction and corral vehicles to fill the available real estate.

Crowds were decent but not overwhelming

But wait, there’s more! As part of our $25 admission fee, we were granted tickets to the Showboat casino where there were even more show cars! I declined the jaunt over there, because my primary interest resided with the auction. The little time I did spend looking over the display n cars in the Convention Center only proved once again that most modern exotics look too much alike. I guess I’m not the target audience.

Conspicuous by absence was Kerbeck Chevrolet, the Atlantic City new car dealer who claims to be the world’s largest retailer of Corvettes. There has never been a year that I haven’t seen Kerbeck bring in dozens upon dozens of new and slightly used ‘vettes. I can no longer say that because it didn’t happen in 2020! A sign of the times, but I’m not sure yet of its significance.

Flea market had some of everything

On to the auction: the announced 11am start time was 11:30 in reality, and, it began with “automobilia”, that made-up hobby word which encompasses everything from oil cans and gas pumps to neon signs and artwork. Today’s feature was just that, “framed art work”, and we decided that it was a good time for an early lunch, but not before hearing the following (and this is close to verbatim):

“Up next is this ‘Raging Bull’ picture, and, it’s signed by Robert DeNiro! Now, the owner HAD the certificate of authenticity for the signature. But, he lost it. But trust us, it’s authentic! I was there when he bought the picture!”

Would the auctioneer lie to you? I didn’t think so. The picture sold, and I didn’t record the amount. It was around $100. However, the DeNiro autograph claim only reinforced that infamous phrase “caveat emptor”, Latin for “buyer beware”. Many of the “all original” or “low mileage” claims made during the day begged for verification.

From my casual observation, the sell-through rate was poor, below 50%. While there is general agreement that it’s a soft market at present, that does not mean that quality cars aren’t fetching fair prices. Unrecorded but observed by me were several late ‘60s/early ‘70s American muscle cars that hammered sold in the $50,000 range, plus or minus a few bucks. They seemed to represent good value, and such sales require a combination of sellers willing to let the car go for the “right number” and buyers willing to spend same. It’s the job of the auction company to bring like-minded buyers and sellers together at the same venue. It’s easier said than done, and it seemed to be somewhat lacking during my observations this past Saturday.

On the one hand, the longevity of the GPK auction scene is to be commended: the time of year is not favorable in the Northeast, the location is not a short haul for many in the metro NY/NJ area, and unless you’re a gambler, the local environment offers little incentive to hang out. On the other hand, there still is a “mom & pop” feel to the auction experience here, borne out by lack of attention to detail. Screens displaying current bid prices did not keep pace with real-time bidding, and “still for sale” cards on dashboards didn’t include high bids.

Competition in the Northeast has ratcheted up: Barrett-Jackson in CT and Mecum in Harrisburg PA are new as of a few years ago, and Carlisle Auctions in PA has made significant improvements to their spring and fall events. Lastly, unless the Convention Center has a jam-packed calendar, we continue to fail to understand why this event isn’t moved to late February, which incrementally improves the chances of better weather (or has global warming removed that concern?).


The cars covered below are the ones that struck my fancy. Since only a few of my picks met reserve, I am also including some cars that didn’t sell, along with my pithy comments about why or why not. As is always the case in my auction reports, vehicles are arranged in SALE PRICE (and bid price) order.

SOLD LOTS

Lot #1725, 1972 Triumph TR6, red, black top and interior

Crossed the block and declared “no sale” at $8,000; GPK website shows car SOLD for $9,000

A quick look showed no obvious defects; this is potentially a good buy for this 6-cylnder sports car.

 

Lot # 1720, 1993 Jaguar XJS convertible, green with tan interior (top was down & not inspected)

SOLD for $9,250

Paint looked substandard, headlight lenses opaque. Better cars have sold for slightly less.

 

Lot #1724, 1987 Olds 442, dark blue, blue cloth interior

SOLD for $10,750

A late ‘80s RWD intermediate from GM. Condition seemed to agree with low mileage claim. A bit above book, but fine if you want an affordable 442.

 

Lot #1770, 1967 Plymouth Sport Fury coupe, green, rare manual transmission

SOLD for $16,000

I always thought that Chrysler did a stunning styling job with these full-size ’67 Plymouths. This car was in nice shape, and not something that comes up for sale often. Well-bought for a MoPar fan.

 

Lot #1725, 1960 MGA, black, red interior

SOLD for $23,500

A very attractive car, could be a local show winner or fair weather driver. Sold slightly under market; a few thousand more would not have been unreasonable.

 

Lot #1743, 1968 Chrysler 300, green on green

SOLD for $28,500

Similar body shell as Lot #1770, the ’67 Fury. The 300 was even cleaner. Only issue were wide whites, but that’s an easy fix. A big beautiful Chrysler, and a car I’d be proud to own.

 

Lot #1815, 2001 Ferrari 360 spider, red, black top, tan interior, F1 transmission

SOLD for $62,000

At first glance, seems cheap for a ‘late model’ Ferrari. F1 tranny not to everyone’s taste; holding out for a 3-pedal car will cost more money. Just budget for maintenance; oh, you forgot about that part?

 

NOTABLE NO-SALES:

Lot # 1802, 1966 Mercedes Benz 230SL, white, dark blue interior

NO SALE at $37,500

Hardtop on car; manual gearbox (many were auto); white steering wheel a ‘50s throwback. It was announced on the block that it would take $60,000 to sell. Car seemed honest and solid, but $60k might be a bit rich for the 230 model.

 

1793 1956 Continental Mark II, black, white & grey interior

NO SALE at $45,000

Appeared to be a slightly older restoration, and it was holding up well. Paint was excellent; leather upholstery showed slight wear. Engine compartment very good. Even hard-core car guys seem to know little about these Mark IIs, so potential audience may be limited. Bid was probably light by $10,000 or so.

 

Lot # 1800, 1970 Mercedes Benz 280SL green, tan interior

NO SALE at $45,000

Hardtop on car; stick shift; possibly same consignor as lot #1802. The 280SL is the most desirable of the 3 Pagoda SLs (230, 250, 280) as it has the largest engine. Block announced that this car will need to reach $60,000 to sell (same as white 230SL). I would have declared this bid as light, but, this car spewed blue smoke from burning oil as it was driven away. Budget $10,000 for engine work before the first rally.

 

Lot # 1792, 1935 Packard 4-door sedan, burgundy, tan cloth interior

NO SALE at $50,000

I loved this car, from the grille to its straight-8 engine to its enormous back seat to its rounded backlight. I watched it drive up to the block and you could not hear it running. I have little notion of the values of pre-war Packards, but I’d like to think that we were close with this bid.

 

 

Lot #1797, 1974 DeTomaso Pantera, yellow, black interior

NO SALE at $56,000

You forget how small these are until you see one next to almost anything else. It was one of the lowest vehicles at the entire auction. Price seemed light to me; I’ve seen these sell on Bring a Trailer for closer to $70-75,000.

 

Lot # 1738, 1974 Jaguar E Type Series III OTS, silver, black top, red interior, stick shift

NO SALE at $60,000

First, this car was cosmetically stunning; it was a strong #2 condition car, and the color combo was one of my all-time favorites. As a Series III car, it has the V12, loved by some, loathed by others, and it rides on the longer 2+2 wheelbase, which changes the original gorgeous proportions. The block announced that it will take $75,000 to sell; in this market, something in between high bid and declared need should get the job done.

 

Lot # 1759, 1969 Jaguar E Type Series II OTS, dark red, beige interior

NO SALE at $70,000

Another stunning E-Type, this one a Series II. Bid was a bit light by $10-20,000, but these cars are off their highs of a few years ago. Only Series I convertibles are breaking into six figures.

 

PHOTO HIGHLIGHTS

All photographs copyright © 2020 Richard A. Reina. Photos may not be copied or reproduced without express written permission.

 

A Look Back at the Concluded 2020 Scottsdale Auctions

Last week, I chose three collector cars that I found interesting, which were scheduled to cross the auction block during what’s known as Scottsdale Auction Week. All three were European sports cars, and all were offered at no reserve.

In that blog post, I provided a brief summary of each vehicle, listed the auction companies’ pre-sale estimates, and gave my own projection of a final hammer price. With the auctions concluded, let’s revisit the cars and see how accurate I was (or wasn’t).

(Note that all three auction companies charge a 12% buyer’s premium, and that inflated number, with premium, is what’s shown on their websites. This makes the sales results appear higher than they really were. I backed out that 12% to show the actual hammer prices.)


Bonhams: 1978 Porsche 928, Lot #11, sold on Thursday

https://www.bonhams.com/auctions/25718/lot/11/?category=list&length=12&page=1

ESTIMATE: $45,000-55,000 (NO RESERVE)
RICHARD’S PREDICTION: $30,000
HAMMER PRICE: $67,000 (plus 12% premium for final price of $75,040)

Ahem…. Not only did I miss the hammer price by a country mile; this car blew right past the high end of its pre-sale estimate. Undoubtedly, its original condition and low mileage contributed to giving the seller a grand slam, funky ‘70s colors be damned. And to those who continue to maintain that 928s are not collectible, I now have this piece of evidence in my arsenal.


Gooding & Co: 1969 Alfa Romeo 1750 Spider Veloce, Lot #010, sold on Friday

https://www.goodingco.com/vehicle/1969-alfa-romeo-1750-spider-veloce/

Estimate: $80,000-100,000 (NO RESERVE)
RICHARD’S PREDICTION: $50,000
HAMMER PRICE: $64,000 (plus 12% premium for final price of $71,680)

I was a little closer with this one, but my guess was still under the hammer by $14,000. Auction fever can infect bidders in many ways, and someone caught the fever and stepped up for this cute little roadster. While this Alfa sold for 50% more than what similar cars have brought recently, note that its hammer price was still well under the auction company’s unreasonably optimistic estimate.


RM Sotheby’s: 1970 Jaguar E-Type roadster (OTS), Lot #168, sold on Thursday

https://rmsothebys.com/en/auctions/az20/arizona/lots/r0076-1970-jaguar-e-type-series-2-42-litre-roadster/838010

ESTIMATE: $110,000-140,000 (NO RESERVE)
RICHARD’S PREDICTION: $95,000
HAMMER PRICE: $75,000 (plus 12% premium for final price of $84,000)

Last week’s post stated in part: “… the Series II cars have become the affordable E-Type….”. Given that the hammer price was $20,000 under my seemingly reasonable guesstimate, and $35,000 under the auction company’s low-end estimate, it’s not going out on a limb to call this one a good buy. The new owner got a beautiful E-Type OTS (Open Two-Seater) with 80% of the charm of a Series I car at a 50% discount.


FINAL THOUGHTS

These cars represent such a small fraction of the hundreds and hundreds of collector cars sold in Scottsdale. Can we draw any conclusions from just three sales? I maintain that we can:

  • No Reserve cars are, by definition, guaranteed to sell. A theory I’ve heard about no-reserve sales, disproven here, is that they always favor the buyer. Sometimes, when the audience knows the high bidder gets the car, a bidding war erupts. Both the Porsche and the Alfa sold over their high estimate, so the consignors in both cases should be delighted with these results.
  • Another theory we can try to debunk based on this minuscule sample is that the hobby is in poor health. The Alfa and the Jaguar are blue-chip collectibles; the 928 less so, but it’s still a Porsche. Each of these cars appeared to be in very nice shape. I’d venture that all three buyers, if a modicum of care is taken with their new prizes, will not lose money in the long-term when it’s time to sell. Were these cars affordable? It’s a relative term. For a large segment of the Scottsdale audience, vehicles under six figures are affordable, and return on investment was not a primary purchase factor. The hobby is far from dead.
  • Are auctions a good place to buy cars? There is no simple answer to that. It would be misleading to look at these results and think it’s not. Instead, I would postulate that these examples highlight the need for bidders to educate themselves before raising the paddle. You cannot make good judgments from pretty online photos while sitting 2,500 miles away. Learn all you can about the model you’re interested in, make direct contact with the auction company, seek out the seller if available, and bid with your head, not your heart.

A Peek Ahead at the Upcoming 2020 Scottsdale Auctions

In the collector car world, there are two major auction “happenings” in the U.S., both named after their locales: the Monterey (CA) auctions every August, and the Scottsdale (AZ) ones in January. All the major auction companies attend, and spend most of the week in an attempt to outdo each other with number of lots, featured consignments, and dollar totals.

Both are watched carefully by hobbyists, media, and pundits, and each has been known to act as a bellwether for the health of the classic car hobby. (We myopic Americans also quickly forget that similar events in the rest of the world perform a similar function, but because they’re “over there” their significance is easily ignored.)

With the more upscale auction houses due to begin dropping the hammer in a few days, I thought it might be educational and entertaining to select one car from each of the “Big 3”, and predict its end result. As it turns out, I have chosen one British, one German, and one Italian car. They are all personal favorites of mine, and I’ve made a habit of following their recent sales trends.

All three are listed as “no reserve” sales, meaning they will sell to the highest bidder. Pre-sale estimates are provided, and auction houses tend to be notoriously optimistic with them, presuming it will encourage bidding. From my observations, many no-reserve cars sell below estimate.

In alphabetical order by auction company:

Bonhams: 1978 Porsche 928, Lot #11, selling Thursday

https://www.bonhams.com/auctions/25718/lot/11/?category=list&length=12&page=1

ESTIMATE: $45,000-55,000 (NO RESERVE)

The car has 21,000 original miles, it’s a stick shift, in beautiful condition, but would you look at those colors! Porsche 928s have long been derided among marque enthusiasts who disdain anything that isn’t air-cooled. Part of the contempt for the model may stem from Porsche’s initial claim that the 928 would “replace” the 911, which the company intended to drop. It didn’t work out that way.

After years of sales languishing in the $5,000-8,000 range for a driver-condition one, enthusiasts have rediscovered the car. That doesn’t make it valuable, though. This one is a first-year edition with the (in)famous Pasha interior, and if you’re not familiar, check out the photos! The only 928s selling for numbers close to this estimate are the final versions from the early 1990s. Still, this car will have its fans.

RICHARD’S PREDICTION: $30,000


Gooding & Co: 1969 Alfa Romeo 1750 Spider Veloce, Lot #010, selling Friday

https://www.goodingco.com/vehicle/1969-alfa-romeo-1750-spider-veloce/

Estimate: $80,000-100,000 (NO RESERVE)

This body style had its debut in 1966 as the Duetto. Its styling was initially considered controversial, coming after the achingly beautiful Giulietta spiders. But The Graduate movie helped put the car into the minds of mainstream America, at least as much as was possible for a semi-affordable Italian two-seater.

Because of its struggles in meeting U.S. emission standards, Alfa Romeo offered no 1968 models for sale here (ditto for 1970). This 1969 spider dropped the Duetto name in favor of “1750 Spider Veloce”. Displacement was up, fuel injection was added to keep the EPA bureaucrats happy, but the basic body shape would live on for a short while longer until the ram bumpers were bolted on.

Really fine Duettos have soared recently to $40,000. Most Alfisti prefer the carbureted Duettos over the Spica-injected later models. This car is gorgeous but the pre-sale estimate is out of whack, and is more appropriate to a perfect late ‘50s-early ‘60s Giulietta.

RICHARD’S PREDICTION: $50,000


RM Sotheby’s: 1970 Jaguar E-Type roadster (OTS), Lot #168, selling Thursday

https://rmsothebys.com/en/auctions/az20/arizona/lots/r0076-1970-jaguar-e-type-series-2-42-litre-roadster/838010

ESTIMATE: $110,000-140,000 (NO RESERVE)

The Jaguar E-Type (also known as the XKE in the USA) is often singled out as one of a small handful of collector cars considered a blue-chip investment. Stunningly beautiful and universally admired when new, E-Types were not just a pretty face, with power and speed to back up its feline curves.

The so-called Series I cars were sold from 1961-1968; the year 1969 brought the first significant styling changes to what became known as the Series II cars, mainly to the bumpers and exterior lights. The Series III cars, made from 1971 through 1974, were all built on an extended wheelbase; many had auto trannies. Under the hood was Jaguar’s V12 which added lots of torque and lots of complexity.

Time has firmly decided in favor of the Series I cars as the most pure and most valuable; the Series III cars have their fans for those who like power; and the Series II cars have become “the affordable E-Type”, with affordable a relative word in this context.

This RM car is a beautiful restoration, and an award winner, but it’s a Series II car. Those who want an XKE and have no price ceiling will seek a Series I. I personally am a fan of the pale primrose color here, but I’ve read that many are not. The pre-sale estimate is slightly optimistic.

RICHARD’S PREDICTION: $95,000


What do you think? Are the estimates accurate? How off-base am I? Send in a comment with your own sale price predictions.

 

HERSHEY 2019: The RM Sotheby’s Auction, Friday Oct. 11

Friday was Day Two of the RM Sotheby’s Auction at the Hershey Lodge (located of course in downtown Chocolate World). In contrast with Thursday’s auction, the cars were a mix of pre- and post-war (still dominated by the former), and some of the lots had reserves this time around. The performance of the pre-war iron was again impressive, with the cars selling for decent money, proving that there is still a market for ’20s and ’30s era vehicles. Friday also had a smattering of imports scattered amongst the American marques.

Pre-war metal ready to cross the block

As we’ve seen at every auction lately, Friday’s offerings included an estate sale, with a large poster proclaiming “The Complete Collection of Jack Dunning, Offered Entirely Without Reserve”. Presumably, Jack has either passed on and his heirs don’t care, or, he needed to liquidate and he didn’t care. I didn’t stick around long enough to witness any of Jack’s wares sell, but if you’re interested, RM has the results posted here.

Poster was impressive; so were his cars

I did watch the first dozen and a half or so cars go in, up, off, and back. The fine ground crew decided to start and drive most of these cars, so that treat was enjoyed after missing out on it the previous night. Of the vehicles I watched, only one failed to sell: a ’55 Chrysler C-300 (first year of the legendary 300s), which was bid up to $50,000 against a $70,000 estimate. Me thinks the right number is right in between.

1955 Chrysler C-300, no sale at $50,000 high bid

Overall, I do believe that RM Sotheby’s puts on an excellent auction. They work hard at it, and frankly, it shows. I’ve been fortunate to be a first-hand spectator at auctions by Bonhams, Barrett-Jackson, Carlisle, and Mecum, all of which are fine auction companies in their own right. But I’ve seen their hits and misses. RM seems to be the most consistent of the bunch.

Below is a selection of Friday’s sales, arranged in ascending hammer price order. The prices shown are exclusive of 10% buyer’s premium.

 

1953 Chevrolet 210 2-door sedan, sold for $11,000
1959 Nash Metropolitan coupe, sold for $12,000
1928 Ford Model A Roadster, sold for $13.500
1931 Ford Model A Roadster, sold for $17,000
1928 Ford Model AR Phaeton, sold for $21,000
1941 Ford V-8 Convertible Coupe, sold for $23,000
1931 Ford Model A Roadster, sold for $25,000
1963 Ford Falcon Futura convertible, sold for $27,500
1939 Ford V-8 Convertible Sedan, sold for $29,000
1963 Ford Falcon Futura Coupe, sold for $30,000
1962 Lincoln Continental sedan, sold for $35,000
1934 Ford V-8 Coupe, sold for $37,500
1936 Packard 120-B Convertible, sold for $52,500
1964 Fiat 2300S Coupe, sold for $52,500
1940 Ford V-8 Convertible Coupe, sold for $70,000
1929 Pierce-Arrow Roadster, sold for $75,000
1938 Packard Twelve Touring Cabriolet, sold for $110,000

 

All photographs copyright © 2019 Richard A. Reina. Photos may not be copied or reproduced without express written permission.