Carlisle Spring Auction, April 2022

One of the principal reasons for attending the Spring Carlisle Auction this year (a two-day event, which ran on April 21 & 22, 2022) was to take the temperature of the collector car market. It’s no secret that special-interest car pricing has exploded since the Covid shutdown began in early 2020. It’s difficult to pin down the exact reasons, but there’s been some influence from new and late-model used vehicle pricing having jumped sky high. We also have collectors who have decided that there’s no time like the present to get the toys of their dreams, and are willing to break open their IRA piggy banks to fund such dreams.

Online auctions, led by Bring a Trailer (BaT), provide real-world results, not just asking prices. A general observation has been that many collector cars are selling for double or triple what they might have fetched several years ago. This in turn has brought back the age-old argument that “the collector car hobby is too expensive! Everything is priced completely out of my range!” And for the umpteenth time, I’m here to argue that this is simply not true, provided you’re open minded as to what you would consider as a ‘collector car’.

I cover 13 sales results below from last week’s Carlisle event. Although I wasn’t necessarily targeting the lower end of the price range, 11 of the 13 cars listed below sold for under $10,000. And these aren’t junk. They are mostly domestic product, with a German economy car and two British sporting roadsters included. Yes, a few of them are 4-door sedans, however, that body style is gaining respect in the hobby. Four of them are convertibles. There are 4-cylinder cars, 6-cylinder ones (including one supercharged) and many V8s. Again, open-mindedness gets you something fun, and most importantly, a foot into the hobby, meaning a car you can drive to a Cars & Coffee event, a Cruise Night, or on a tour with a car club.

Carlisle Auctions is primarily attended by dealers who are looking to pay wholesale so they can flip for a profit. For the individual collector, this event continues to present an opportunity to buy a first or a twenty-first collector car at a price that’s more than fair.

As always, Richard’s Car Blog sorts the auction results IN PRICE ORDER, to give the reader an idea of what types of vehicles sell in similar price ranges. The blog also strives to provide multiple photos of each car, capturing the front, rear, interior, and engine compartment whenever possible.

 

$3,000 – $5,000:

T215, 1996 Cadillac Eldorado, dark blue/green, taupe interior. Northstar V8, auto, factory alloys, blackwalls. Interior shows expected wear for age. Sign claims “low actual mileage” but miles not verified.

SOLD $3,000. The deal of the day or a never-ending money pit? This car sold midday on Thursday, and I didn’t check it out until after the sale. Is there a bad CarFax? Branded title? Major accident repair? I don’t know, but someone may have done well just to get a running driving car for this money.

 

T112, 1976 Buick Electra 4-door pillarless hardtop, silver, red vinyl roof, red interior. 455 V8, auto. Clock shows 87k. Blackwall tires, full wheel covers, fender skirts, faded bumper fillers. Paint is shot, silver looks more like primer. Interior ok, driver’s door armrest deteriorated. (No mention if roll of duct tape is included.) Engine compartment a mess. Last year of GM’s full-size cars before the Big Downsizing in ’77.

SOLD $5,000. A neglected old boat, only for the Buick devotee. But hey, who says you can’t get into the hobby cheap? Bring a gas card.

 

 

$5,700 – $6,500:

T145, 1960 Rambler 4-door sedan, 6-cylinder, auto (push button!), dark blue body, white top, blackwall tires, white painted wheels with Rambler hub caps. Sign claims 41k original miles, could be true. Interior multi-grey, rubber mats on floor. Quite basic transportation even by 1960 standards.

SOLD $5,750 Rambler/AMC collectors are out there (I know a few), but this car is as plain as plain gets. Perhaps the best one can say is to acknowledge that the car survived. Only for the hardcore Rambler enthusiast.

 

 

F470, 1964 Chevrolet Corvair convertible, yellow, white convertible top, wire wheel covers, whitewall tires, aftermarket brown velour seat upholstery, dash cover. Flat-6, 4-speed, claimed 67k miles.

SOLD $6,000. To me, car’s appearance was greatly held back by incorrect seat upholstery; should be all black. No engine specs stated, so presumed this is lower HP version (110?). If underbody is solid, this is something of a deal on a 1st gen Corvair droptop (with the manual a plus). Recent BaT sales have been higher than this.

 

 

T101, 1979 Pontiac Bonneville 4-door sedan. V8, auto, Two-tone brown/cream, beige interior. Odometer shows 85k, could be actual. Fender skirts, whitewalls, full wheel covers, color-keyed bodyside molding. Interior shows little wear (driver’s door panel looks amazing for age and miles). Engine compartment could use a detail.

SOLD $6,250. Four door sedans are gathering more respect as collectibles, helped in part by rising values of two door cars. If you’re ok with pillared sedans, this one was nice. The orphaned marque could help or hurt depending on your point of view. (Saw this car in the Car Corral the following day, ask was $10,500.)

 

F450, 1996 Buick Riviera, 3.8L supercharged V6, auto, FWD. Black paint, chrome factory wheels, grey leather interior. Sign claims 69k original miles. Looks like a 10-year-old well-kept used car.

SOLD $6,500. A great touring car, eligible for all AACA events now that it’s over 25 years old.

 

 

$7,500 – $8,250:

T102, 1974 VW Super Beetle, light blue, white interior. Sign claims 53k original miles. Blackwall tires, VW hub caps. Exterior shows well except for (hopefully removable) decals. Interior has cracked dash, paint chips on inside driver’s door, lace-on steering wheel cover, coco floor mats. Engine compartment clean, shows signs of recent service.

SOLD $7,500. #3 condition car sold for #4 money, a rare deal in today’s market. Was the 2nd car run on Thursday, to buyer’s delight and seller’s chagrin.

 

F492, 1996 Ford Mustang GT convertible, 4.6L V8, auto, sign claims 65k original miles (and 6-digit odo backs that up).  Teal green, tan top, tan cloth interior. Blackwall tires on factory alloys, factory rear spoiler. A decent looking used car.

SOLD $7,500. These SN-95 models succeeded the Fox-body cars, and the original styling was derided as being a bit too soft (rectified in the 1999 refresh). These mid-to-late ‘90s Mustangs represent a tremendous value if you’re looking for pony car fun, especially in top-down mode.

 

 

T121, 1975 Triumph Spitfire, red, black top, non-original two-tone black/red interior. Painted wheels, center caps and trim rings, blackwall tires. Sign claims 45k original miles. Engine compartment clean.

SOLD $7,750. It doesn’t get much simpler than a Spitfire. You might want to try one on for size before plunking down your hard-earned cash. Still, lots of wind-in-the-hair fun for little money. Great first collector car, as parts are plentiful and the wrenching is easy.

 

F472, 1952 Packard 200 4-door sedan. Light green, full wheel covers, whitewalls, fender skirts. Original selling dealer emblem on trunk lid. Interior is grey/black, odo reads 23k, no mileage claim. Straight-8 flathead, stick shift, 6 volt. Trunk shows a wide-white 7.60-15 bias-ply tire on spare wheel; how old is that tire?? Sign claims “all original survivor”.

SOLD $8,250. I looked over this car as carefully as I could and could find zero evidence of a respray. It’s entirely possible this car was wearing factory paint. No rust-through was found during a cursory inspection. I’m smitten by any car that can remain as original as this one appears to have done. If true, a wonderful find for the Packard aficionado.

T134, 1997 Jaguar XK8 convertible, V8, auto, dark red, tan top and interior, 88k miles, factory alloys, blackwall tires, interior shows little wear. Sign claims recent service to timing chains and coolant inlets. First year for the XK8.

SOLD $8,250. These have consistently sold in the high four-figures up until recently. Several BaT sales earlier this year were in the mid-teens, so based on that, consider this sale a bit of a bargain.

 

$17,000 – $32,000:

T217, 1988 Ford Mustang GT convertible. 5.0 V8, automatic, claim is 46k original miles. Blue paint, grey lower cladding, dark blue convertible top, luggage rack, factory alloys, blackwalls. Interior is grey plaid cloth.  Overall hard to fault.

SOLD $17,000. Halfway between a CPI #3 and #2 value, price was fair for both parties. I maintain that Fox-body cars are still somewhat of a good deal in this overheated collector market.

 

F449, 1967 Buick Sport Wagon (with 2nd windshield above passenger seat). Silver, black interior, roof rack, what look like later Buick alloys with oversize tires. Buick 340 V8/automatic. Sign states upgraded with 4-wheel disc brakes and 4-wheel air ride suspension. Interior stock except for auxiliary gauges below dash and light grey floor mats.

SOLD $32,000. This result blew me away. It’s almost twice what CPI shows for a #2 car. Overall, the car was ok but was not presented in a very detailed manner. Perhaps the relative rarity of the Sport Wagon body (similar to the Olds Vista Cruiser) drove the bidders to exuberantly wave their bidders’ cards.

 

 

All photographs copyright © 2022 Richard A. Reina. Photos may not be copied or reproduced without express written permission.

 

2012 Bonhams Auction: Preserving the Automobile

I can’t put my finger on exactly when I started to notice the change. As far as I could remember, the old car hobby had always treasured restored cars, the more beautifully restored, the better. Trophies were awarded for the cars which had the most perfectly polished paint, the most mirror-like metal, the most crease-free upholstery. I’d see cars with paint that far exceeded any factory spray job. Formerly polished parts now wore triple-plated chrome. Cars entered into judged shows lost points for a scuff on a sidewall or a foot mark on a floor mat. It took many years of hobby participation to come to grips with the reality that for some owners, their immaculately restored cars would never be driven on the road, as that would cause (horrors!) fuel stains on the carbs, heat stains on the exhaust, grass stains on the tires, and points deducted on the judging sheet.

Some of the images of these cars are embedded in my brain. There was the line of two-seat T-Birds, each with identical yellow ink stamps in the exact same locations in their engine compartments. There was the E-Type roadster, top up, whose owner told me that the top has never been down, and never will be, as that might crease the plastic rear window. Then there was the owner of the perfect Mach I Mustang who told me the totality of the car’s mileage since restoration has been “driven onto the trailer, and driven off the trailer”. It got to the point where AACA issued a statement that over restored cars would be no more likely to win trophies than cars restored “just” to factory standards.

But the hobby started to change, and it was subtle at first. Some non-restored original cars were winning prizes formerly reserved for the over restored beauties. Values of well-kept originals began to rise and keep pace with fresh restorations. Some pundits came up with a few key phrases like, “a car is original only once”, and “anyone with a checkbook can restore a car, but it takes perseverance to keep a car original”. The word “patina” entered the hobby’s lexicon, and the condition itself was embraced, indeed, celebrated. An all-original car with dull paint, tattered carpets, and a greasy engine compartment could seriously compete with a restored version of the same make and model, and depending on judging criteria, might beat it. This was, as I called it at the time, the hobby taking a hard right turn in valuing originality over restoration.

It was 10 years ago, in October 2012, that Bonhams, the esteemed auction house, teamed up with the Simeone Museum in Philadelphia PA, to present the first of what they billed as “Preserving the Automobile … the first-ever auction to promote the concept of preservation of collector cars.” Bonhams was attaching itself to a theme that Dr. Fred Simeone himself had practiced with his own collection and would eventually author a book about, which is the notion of preserving vehicles in much the same way that one preserves fine art and historic furniture. All the cars on auction on that 8th day of October were unrestored. To be fair, not all of them were what one would call “preserved”; in fact, a few of them needed a good deal of restoration or might even be of value only as parts cars. But Bonhams and the Simeone Foundation together where out to make a point: there was value to be recognized in offering lots without the shiny bits, in the hopes that others would agree with the efforts to keep the cars as original as possible.

I attended the auction that day and clearly recall thinking that there were some bargains to be had, presuming that the sold cars ran and drove (unlike most other auctions, lots were not driven across the block during the bidding process). Some of these values look even more remarkable with 10 years’ hindsight. Since this inaugural auction in 2012, Bonhams has returned to the Simeone location in most succeeding years with the same theme. In this sometimes over-hyped hobby, it is refreshing to see the efforts made by these two organizations to support and encourage preservation as an important component of it.

 

Sold lots are listed in ascending price order.

 

Lot 415, 1946 Lincoln Model 66H Sedan, sold for $2,530 with buyer’s premium. One of the least expensive lots at this auction, and understandably so. Bonhams made no claim that this V-12 Lincoln 4-door started or ran, instead falling back on typical auction hyperbole like “strikingly original”, “dirty but complete” and “a lovely project for the winter months”. These late ‘40s Lincolns were not as attractive as the cars that preceded them or came after them. Still, if your starting budget was $2,500 and you wanted a project, here you go!

 

Lot 451, 1927 Buick Master Six Opera Coupe, sold for $5,520 with buyer’s premium. The description states that this is a running, driving example which is all original except for its upholstery. In 2012, interest in pre-war cars had been on a long and steady decline but has since picked up. I called this a fair deal in 2012 and it looks even better 10 years later.

 

Lot 461, Chrysler Town and Country convertible, sold for $9,200 with buyer’s premium. Calling this car “rough” is an understatement. It may have been drivable, but the woodwork alone would soak up most of the next owner’s budget like a brush dipped in shellac. On the positive side, this was the final Woodie American convertible built, with 2022 values hovering close to six figures.

Lot 445, 1970 Jaguar E-Type 2-door coupe (NOT a 2+2), sold for $15,000 with buyer’s premium. The website notes that the car had been off the road since 1990, and had been repainted once in its factory color. The paint does not show well. The description further states that the engine spins freely and “it is anticipated that the car could be made to run”. Even with those caveats, this is a deal for a Series II E-Type, which today carries a value as per my CPI guide between $40-80,000.

 

Lot 418, 1965 Mercedes-Benz 230SL Roadster with Hard Top, sold for $17,250 with buyer’s premium. One repaint in a shade of red a little off from the factory red. Runs, but has been sitting. This was another deal in 2012 dollars that looks especially attractive today. Although I didn’t photograph it, one front fender had a dent as if an object had fallen onto it, so there was the potential for some body work in its future. Today’s values for the 230 SL are between $75k and $130k according to CPI.

 

Lot 443, 1957 Lincoln Continental Mark II with factory A/C, sold for $33,350 with buyer’s premium. These cars are rare and in my opinion, not as collectible as other ‘50s icons in part because not everyone knows about them and in part because some people know too much about them, to wit, parts are unavailable and they are notoriously expensive to restore. If this one was all there, and that appeared to be the case, this was a decent deal on a Mark II.

All photographs copyright © 2022 Richard A. Reina. Photos may not be copied or reproduced without express written permission.

AACA Hershey Meet, October 2010

Continuing with my coverage of Hershey visits which preceded the birth of the blog, below are a few shots from AACA Hershey 2010. The photos show that the weather was beautiful and the turnout was significant. As I stated in the blog post for the 2009 event, my photographic coverage was not as all-encompassing yet.

Photos of cars with lot numbers on the windshields were there to be auctioned by RM at the Hershey Lodge. While I was not yet in the habit of notating auction sales results, my access to the RM Sotheby’s website has allowed me to search for and find the sale prices, which are indicated below. Since the website shows numbers “all in” with commission, I have calculated the actual hammer price by backing out the 10% buyer’s premium. It would be three more years before the Isetta was trailered to RM Hershey to be sold, which occurred in 2013.

The remainder of the shots cover the big Saturday judged event. My friend Pete showed up with “his” Alfa GT 1300 Junior, which he placed in the HPOF category. The expression on my face as I stood next to the car says it all: “Pete, someday, this will be mine!” It took him a while to come around, but the day did come, in March 2013.

 

THE RM HERSHEY AUCTION

1962 Fiat 1200 Cabriolet, sold for $33,000 (hammer price $30,000)

 

1970 Fiat 500L, sold for $15,400 (hammer price $14,000)

 

1955 Studebaker Speedster, sold for $55,000 (hammer price $50,000)

 

1966 Oldsmobile Toronado, sold for $45,100 (hammer price $41,000)

 

THE SATURDAY CAR SHOW

The morning parade of cars on their way to the show field:

 

Show highlights:

C2 Corvettes

 

Jaguar XK-120

 

A British sports car lineup

 

Additional sports machines

 

Not mine yet….

 

All photographs copyright © 2022 Richard A. Reina. Photos may not be copied or reproduced without express written permission.

 

 

 

 

 

Mecum Kissimmee 2022: Are These Sales Good Deals?

The gargantuan auction which is Mecum Kissimmee (over 4,500 vehicular lots) is held every January in its namesake Florida city. This year, the big show extends across 13 days, from Thursday January 6 through Sunday January 16. My previous two-day visits to Mecum Harrisburg were mind-numbing and ear-deafening; the thought of attending this circus for its entire duration would require earplugs, aspirin, and frequent excuses to temporarily vacate the premises. In reality, bidders most likely attend only on the days when the lots which interest them are crossing the block.

Mecum purposely schedules the expected show-stoppers for the weekends to maximize TV exposure. In contrast, it’s been traditionally observed that the first few hours or days can bring out the bargains. I therefore took the liberty to peruse results from Days 1 and 2 to see if there were any standout deals. Setting an arbitrary cutoff of $15,000, I found nine cars that struck me as good values for the buyers. These are personal judgements based on photos and sometimes scant descriptions; an in-person examination is always preferable.

The nine cars are listed below in model year order. All were sold on either Thursday Jan. 6 or Friday Jan. 7. The prices below include the 10% buyer’s premium; divide the number by 1.1 to obtain the hammer price. Links are provided to Mecum’s site (I cannot reprint their photos here). In a few cases where a recent BaT sale of a similar car was found, I included a link to that vehicle.

 

  1. 1964 Chevrolet Corvair Monza 4-door sedan: beige over black, 44k miles, 4-speed stick

SOLD for $11,550

First generation Corvairs usually pop up as 2-door coupes or convertibles. This 4-door (with its GM “flat roof”) is a rarely seen body style. Corvair owners are fanatical, and there’s good club and parts support. If not for the manual gearbox, I would not have included this. As Corvair enthusiasts like to say, “try buying that OTHER air-cooled flat-6 engine car for this kind of money”.

 

  1. 1971 VW Super Beetle convertible, yellow, black top and interior, mileage not noted, shiny paint, aftermarket wheels

SOLD for $14,300

Car looked very clean in photos; paint is almost too fresh. Lack of mileage indication usually means it’s high. Beetles of all years and body styles have recently garnered more attention at auctions. Like the Corvair, club and parts support are plentiful. BaT sold a very similar ’72 also in yellow in November ’21 for $21,500, making this one look like a deal.

 

  1. 1975 Plymouth Fury, green, white top, green interior, 440/automatic, no miles listed

SOLD for $11,000     

By 1975, Plymouth had moved the Fury nameplate down a notch to the intermediate platform; the full-size car was called “Gran Fury”. This coupe looked funky, and it’s not a body style that will appeal to many. The only reason for its inclusion here is the 440; obtaining this motor in most other Mopar products would cost multiples of this sale price.

 

  1. 1977 Chrysler New Yorker 2-door, triple beige, 20k original miles (19,583 shown on the 5-digit odo)

SOLD for $11,000

Forget the Fury; for the hardcore Mopar man (or gal), this was the one to have. If Walter P. were alive in 1977, this would be his company car. The car looks brand-new in photos. Sure, it’s from the Malaise Era, and you need a double-length pole barn to store it, but it’s perfect. And it’s a two-door! Once you learn to parallel park it, you will be the hit at every cruise night and Cars & Coffee you attend. As an added bonus, you can bring all five of your friends.  Oh, and get a gasoline credit card. Maybe two.

 

  1. 1981 Fiat 124 Spider Limited Edition, gold, tan top and interior, 66k miles, A/C, clean under hood, outside mirror broken off

SOLD for $14,300     

These Spiders, after languishing for years, are getting more attention and more bucks thrown at them. This Limited Edition car (only came in this color) was exceptionally clean-looking (and no rub strips!). BaT sold one in December 2021 for $16,500. Rust is enemy #1; try to not let it ever, ever get wet. Stay on top of maintenance (easy DIY or become friends with Tony) and they’re actually reliable.

 

  1. 1990 Ford Mustang convertible, 7-UP edition, green, white top and interior, 5.0/automatic, miles not stated

SOLD for $7,150

Fox-body Mustangs continue to be bargains, and I’m waiting for prices to take off. How can you go wrong in a drop-top pony car with a 5.0 V8 for well under 10 grand? Yeah, I also wish it were a stick, but that’s one of the tradeoffs at this number. (Mecum’s Kissimmee lots include many sporty cars with slushboxes; is this a reflection of Florida’s population?) Last month, BaT sold a ’92 ‘vert in the same colors with the same drivetrain for $13,250.

 

  1. 1992 Chevrolet Corvette coupe, double red, automatic, 35k miles

SOLD for $10,450

Corvette C4 prices are all over the map and largely dependent on miles and condition (and unwanted mods). The attraction here is the low mileage. I’m a fan of the ’91-and-newer restyle, which cleaned things up inside and out. I do think C4s represent a bit of a performance bargain, but the new owner should drive the car and not expect (or worry about) any future upside, which may never come to pass.

 

  1. 1994 Ford Mustang GT convertible, black and tan, 56k miles, 5.0/automatic

SOLD for $8,800

An additional $1,650 over the ’90 Mustang above nets a car four years newer, wearing updated styling on the SN-95 platform. Personally, it’s a toss-up between the two, and really dependent on color, miles, and service history. Again, the auto is the tradeoff at this number, but it’s still a lot of stylish fun on four wheels for under nine large.

 

  1. 1995 Chevrolet Camaro Z28 convertible, blue/white top/black interior, miles not stated, 5.7L/6-speed

SOLD for $8,250

I’ve not forgotten my bow-tie friends (some of whom look askance at Mustangs), so here is a very attractive Z28 drop-top with a stick (must have been brought in from outside of FL) for well under five figures. In October ’21, BaT sold a black ’95 Z28 with only 9k on the clock but with an automatic for $14,060; I’d rather have this blue one and pocket the almost 6 grand difference.

 

When Kissimmee is over, Mecum will brag about the high-five figure, six-figure, and (if there are any) seven-figure sales, implying that ALL their sold units went for big bucks. The collector car market is very strong right now; selling is favoring the sellers. That does not mean that bargains don’t exist, a point proven by these 9 examples (8 if you take away the Fury). The trick with auctions is to be at the right place at the right time. Looking at “sold” results is hindsight. With this many cars crossing the block, some are bound to fall through the cracks. (Mecum will keep a bidding session active for only one to two minutes.) The savvy bidder researches the lots of interest ahead of time, sets an upper limit, then places her/himself near the block, ready to bid. Each of these cars was sold to someone who is convinced they got a good deal, and they did.

 

 

 

 

 

Are These the Auction Cars That Got Away?

It can be entertaining to reminisce about “the one that got away”. Whether it’s the big fish that broke loose from your hook, or the college flame you think you should have married (and admit it, it wouldn’t have worked out), we occasionally think about the “almost” events from our past.

Those of us in the collector car hobby are particularly expert at this game. I haven’t met a single classic car fan who hasn’t cried on my shoulder about the one that should never have left the garage. A variation of that theme are the cars we could have purchased at auction and didn’t.

The recent release of Hagerty’s Bull Market List for 2022 provided something of a prompt for this post. I have no beef with their choices and have no plans to rebut them or offer my own. However, the list implies if not outright claims that certain cars will increase in value, some more quickly than others. We therefore swing back to the question of whether one can buy cars, especially at an auction, enjoy them for a while, and then sell them for a profit.

I decided to revisit my blog posts of five years ago, 2016, a year in which I attended auctions in Atlantic City, Carlisle, Harrisburg, and Hershey. Scanning the results, I spotted a few cars which seemed to sell on the low end of pricing compared to what they might bring today. (Let’s temper all this talk about “making a profit” by pointing out that the buyer must cover overhead such as auction fees, taxes, registration, shipping, insurance, maintenance, repair, and storage. Ownership of a car is not “free”.)

Below is my one pick from each of the five auctions I attended that year. The text and photo are carried over from my initial post, and I’ve added comments along with book values and an example of a recent sale.

FROM THE G. POTTER KING AUCTION IN ATLANTIC CITY NJ FEB 2016:

Here’s what I posted:

Lot #1542, 1995 Jaguar XJS convertible, champagne, brown cloth top, glass rear window, tan interior, 86,900 miles. Car looks very nice from the outside. Some driver’s seat bolster wear, otherwise clean interior. 6 cylinder, automatic, nice alloy wheels, paint looks great except for repainted passenger door (but it’s hardly noticeable). Sign on the dash said “not sold on Friday, but for sale at asking price of $9,500”. Online, the car was reported sold for $8,000. CPI values the car between $10,250 (#3) and $17,425 (#2). We would rate is at 3+ and call it very well bought.

Feb. 2016, G. Potter King Auction: 1995 Jaguar XJS
Here are my thoughts in 2021:

I remember this car well, thought it was very attractive, and thought it was a steal in 2016. That steal looks even better in 2021. CPI values the car in Dec. ’21 between $12,400 (#3) and $22,800 (#2). Bring a Trailer (BaT) sold a very similar one in October ’21 for $23,050. That eight grand sale is looking good.

 

FROM THE CARLISLE SPRING AUCTION IN APR 2016:

Here’s what I posted:

F464 1991 Chevy Corvette coupe, VIN 1G1YY2386M5104468, white, smoke glass top, 5.7L V8, automatic, 24,000 original miles, just serviced. Corvette alloy wheels are unmarked. Nose shows no paint chips or scrapes. Door seals in good shape. Interior is blue/gray, automatic, with slight carpet wear. Interior supports mileage claim. Paint looks original, all looks presentable. Glass OK. This car was very late in crossing the block, but bidder interest was high, possibly because of the low miles. Car was still sold within the CPI “good” range, so we’ll call this one well-bought.

CONDITION: 2-

HIGH BID: $9,200 SOLD!

CPI: $9,000-15,000

Apr. 2016, Spring Carlisle Auction: 1991 Corvette
Here are my thoughts in 2021:

This was when I started noticing how inexpensive C4 Corvettes were. To me, this car was a trade-off between the low miles and the auto gearbox. Since then, I’ve noticed that C4 values have been flat, as evidenced by the CPI numbers in the Dec. ’21 book: good-to-excellent values are between $7,000 and $13,500, meaning they’ve actually dropped in the last five years. On BaT, almost all the C4s are either ZR-1s or convertibles, and all have low mileage. The closest comp is this ’91 with 16k on it which sold for $15,000. The buyer of this white car would only be ahead if the car remained parked, and what’s the point of that?

FROM THE MECUM HARRISBURG AUCTION, JUL 2016:

Here’s what I posted:

LOT T41, 1977 MERCEDES BENZ 450-SL

Condition estimate: 2+

SOLD for $15,500

This generation SL is hot right now, especially the 450-SLs from the late ‘70s like this one, and the final 560-SLs. Many of the ones we see at auction are dogs; this one was decidedly not. Price was not a bargain, but fair for a very presentable Benz. This car can likely be enjoyed and then sold in several years for the same or a little more.

Jul. 2016, Mecum Harrisburg auction: 1977 MB 450SL
Here are my thoughts in 2021:

Awfully cheeky of me to write that, eh? Actually, R107 (platform name) Benzes have stayed hot, but particularly the final iteration, the 560SL models which were offered through 1989. Values of older ones like this 450SL are highly dependent on condition. I rated this car as a 2+. The current CPI values these between $12,800 and $28,000 for a good-to-excellent car. So I’ll stand behind my words from April 2016 and state that you could sell this car in this condition today for “a little more” than you paid for it in 2016. Here’s a recent sale of a ’78 450SL for $20,500 on BaT which supports the value range.

 

FROM THE CARLISLE FALL AUCTION IN SEP 2016:

Here’s what I posted:

Lot #T131, 1978 VW Beetle convertible, orange, white top, white painted alloy wheels, black vinyl seats. Sold for $5,750. While I did not examine this car closely, it appeared to be solid, with good paint and a good top. The white painted wheels must go, but that’s an easy fix. Sold for about half book price, perhaps because this audience wants muscle cars.

Oct. 2016, Fall Carlisle Auction: 1977 VW Beetle convertible
Here are my thoughts in 2021:

Of all the cars from my youth, I confess that air-cooled VW Bugs were my guess for cars to least likely appreciate and become collector-car-worthy. Of course, I was wrong. Exhibit A as represented here are the final run of Beetle convertibles, especially the 1979 final-year ones. This ’78 is close enough to that. I did note that at $5,750, this car sold “for about half book price” making book price back then about $12,000. The Dec. ’21 CPI puts these drop-tops between $15,000 for “good” to $32,000 for “excellent”. Earlier this month, BaT sold a black-on-black ’79 for $15,000, so our orange Beetle owner would do ok if they sold it today.

 

FROM THE RM HERSHEY AUCTION, OCT 2016:

Here’s what I posted:

Lot #142, 1957 Mercedes-Benz 300SL roadster, red with tan interior, pre-sale estimate of $900,000 – $1,100,000

SOLD for $750,000

This was another cosmetic stunner, even if its red-over-tan was a change from its factory blue-over-cream. Claimed to come from long-term ownership, I had every reason to expect the car to break into seven figures. These 300SL roadsters long ago achieved price parity with their Gullwing brothers. Therefore, it came as a total shock to watch the hammer fall at a number so far below the low estimate. Was it the color change, did the audience see something I didn’t, or is the market that soft?

Oct. 2016, RM Hershey Auction: 1957 Mercedes-Benz 300SL roadster
Here are my thoughts in 2021:

Mercedes-Benz 300SLs, both Gullwing and Roadster, are true blue-chip collectibles, meaning that their values are better than money in the bank. While there may be the occasional backslide, the law of supply and demand (few cars exist, moneyed buyers are a-plenty) means that waiting out any blip is simply a matter of patience. Yet as I asked above, did this one slip through the cracks? The only fault was the color change, and as long as factory colors are chosen, there is no real knock to value. Today’s CPI puts this car between $1.2 and $1.5 million (if you have to ask….). If it was flipped for a profit, let’s hope the owner at least got to enjoy driving it a bit. As you might imagine, online sales are few and far between. BaT did sell a Roadster in July of this year for $1.4 million.


It’s easy to be the armchair quarterback and say “you shoulda bought that one, you coulda doubled your money!”. Sure, like I had three quarters of a mil hanging around. Even the least expensive car of these five, the VW, would have likely cost closer to $7,000 when one was done with the initial outlays, including replacing those ugly wheels. My close friends and I agree: the Number One rule is buy what you like because you like it. The speculation game is a gamble and relies on good luck as well as a good eye. It can and does happen, but my experience is that turning a profit on a resale can mean holding onto a car for a while.

All photographs copyright © 2021 Richard A. Reina. Photos may not be copied or reproduced without express written permission.

 

 

 

 

 

 

 

 

 

 

The RM Sotheby’s Hershey Auction, 2021

A personal highlight of the annual October sojourn to Hershey is the RM Sotheby’s auction, held just a few miles away from the showfield at the Hershey Lodge. I’ve reported extensively about previous RM Hershey auctions on this blog, and even though my 2021 visit was a one day in-and-out, I still found time to scoot over to The Lodge to take in the cars and some of the auction action.

RM Sotheby’s, at least at this location, prides itself on mainly featuring American iron, much of it pre-war (that would be World War II, which serves as a handy demarcation line, since no vehicles were produced in this country from 1942 to 1945). There continues to be much discussion about the relative value of these older pieces of machinery. For the most part, those who drove them when new have departed; and those who bought them as old used cars right after the war are also quickly vacating the premises.

Showcase cars are displayed inside pre-auction

 

The standard argument goes: “If those who had them in their younger years are no longer here, then their value has plummeted”. The reality is a bit more nuanced than that. Car collectors, at least many that I know (and I put myself in this category) have an appreciation for ALL vehicles. One respected observer of this scene whose acquaintance I’ve made told me that the cars of the nineteen teens, twenties, and thirties are gaining a new audience as collectors have learned to appreciate their styling, engineering, and standing in automotive history. As my pictures below will show, some of these cars have an undeniable stately presence that would be an appropriate fit in any collection, no matter how narrow or diverse. Values for pre-war cars may be off their highs of the early aughts, but they’re not selling for twenty cents on the dollar either. As further evidence, nine of the top ten sales at this auction were pre-war, with prices ranging between $170,000 and $1.5 million.

According to RM’s website, the two-day auction achieved a phenomenal 98% sell-through rate. Granted, many of them were no reserve, but many had reserves (for the cars I’ve reported on, the reserve status is stated). The tremendous sell-through can be chalked up to a combination of quality wares, reasonable reserves, and a continued hot collector car market.

A big part of the fun is sitting outside the entrance / exit door and watching these cars run under their own power. The crew handling that job was working non-stop to get some of these old jalopies started and keep them running (and hope that the brakes worked). By the time darkness fell, I was on my way, but it was a glorious way to end my 2021 Hershey visit.

The cars below are listed in ascending sale price order; sale prices were taken from the RM Sotheby’s website, and the 10% buyer’s premium was backed out, so the “sold” price shown is the hammer price.

 

Lot #285, 1973 Volvo 1800ES, 4-speed manual. Pre-sale estimate $25-30,000. No reserve. Sold for $30,000.

This was the final year for the 1800, and only the ES (station wagon) model was offered. Sold right at the high end of the estimate. CPI values a #2 car at $44,000, which this wasn’t, but 1800s continue to be popular at the moment. Fair price.

 

Lot #152, 1948 Alvis drophead coupe, 4-cylinder, 4-speed manual. Pre-sale estimate $45-70,000. No reserve. Sold for $34,000.

Alvis was never a big seller on this side of the pond, but I’ve seen a greater number of them come up for sale recently. The two-tone brown and tan wasn’t the most attractive, and the RHD is either a fun factor or a pain. Sold well below estimate. I hope it runs well, because I know nothing about parts availability.

 

Lot #305, 1958 Edsel Pacer convertible. First model year of Ford’s Fifties flop. Attractive two-tone white and red. Pre-sale estimate $40-50,000. No reserve. Sold for $34,000.

The risk of no reserve is just that, there is NO reserve. This car missed its low pre-sale estimate by eight grand. CPI values these between $44,000 and $84,000, which sounds generous. Still, this is a unique and historic fifties car that should be easily serviced and maintained. It could be a challenge to find another decent ‘50s American convertible at this price. I hope the new owner drives it.

 

Lot #291, 1957 Chevrolet Corvette, fuel-injected 250-horse 283, 4-speed manual. Pre-sale estimate $70-90,000. With reserve. Sold for $65,000.

Apparently there were two different f.i. horsepower engines, and this was the lower of the two. This sounded too cheap to me, but CPI shows a value range between $53,000 and $100,000. I still think it was well-bought.

 

Lot #184, 1963 Jaguar E-Type FHC (fixed-head coupe). Red over black, looked great from afar, but a closer inspection revealed rough areas. Pre-sale estimate $90-110,000. With reserve. Sold for $65,000.

This is an early Series 1 car, with the 3.8 six-cylinder, 4-speed with non-synchro first, and low-back bucket seats. Many refinements were added to the ’65 and newer Series 1 cars with the 4.2 engine. See the photo of the rear window: the glass seal was completely hardened, there was paint overspray on it, and the window trim was missing. CPI has these at $88,000 for a #4 (fair) car; $130,000 for #3 (good), and $195,000 for #2 (excellent). Even with the defects, this was a bargain for a Series 1 XKE.

 

Lot #193, 1956 Jaguar XK140 roadster. 3.4 six, 4-speed. Pre-sale estimate $100-120,000. With reserve. Sold for $77,500.

Another possible Jaguar bargain which sold well below estimate, as CPI has a #3 car at $112,000. This car may have been a little better than that. Try it before you buy it though: the one time I sat in one required lower body contortions to get in and out.

 

Lot #150, 1939 Alvis pillarless two-door saloon. A unique and never-seen-before body style (and the 2nd Alvis at this auction). Pre-sale estimate $90-130,000. No reserve. Sold for $102,500.

This was one of the more striking pre-war designs at this auction, and certainly rare in the States. The bidders recognized this, and knowing it was a no-reserve sale, they stepped up to a final sale price which was mid-estimate. Guaranteed to be the star at the next all-British car show.

 

Lot #272, 1934 Packard Eight Coupe. Elegant two-tone light and dark brown. Pre-sale estimate $90-120,000. With reserve. Sold for $105,000.

I’ve been infatuated with almost all Packards I see these last few years, and this one stopped me dead in my tracks. It was stunning, and in close to perfect condition. While it sold mid-estimate, a higher number would have still been reasonable. That’s a lot of Packard for just over six figures.

 

Lot #274, 1933 Packard Eight Roadster. Dark red, tan convertible top. Looks like the sister car to Lot #272. Pre-sale estimate $120-140,000. No reserve. Sold for $105,000.

I have no explanation for this result. This car, a convertible, sold for the exact same price as the Packard coupe which was just one year newer. Honestly, I did not look at these two cars that closely to discern any condition differences. Maybe the same person bought both cars and now has twin Packards in the collection.

 

FUN TIMES WATCHING THE CARS DRIVE IN AND OUT OF THE HERSHEY LODGE

All photographs copyright © 2021 Richard A. Reina. Photos may not be copied or reproduced without express written permission.

 

The Carlisle Auction, April 2021

For the first time since October 2019, I attended a live collector car auction last week when I found myself at the two-day extravaganza known as the Spring Carlisle Auction. The coronavirus pandemic shutdown, with but one exception, had slammed the door on in-person hobby activities in 2020 for me. What changed? A combination of my being fully vaccinated along with the option to spend much of this auction out of doors encouraged me to accept what seemed to be a reduced risk. As an aside, while the Carlisle Auction website “promised” adherence with certain pandemic protocols such as mask-wearing and social distancing, sadly, much of the audience ignored them. I was prepared for such flouting of the prescribed requirements and adjusted my behavior accordingly.

With that said, the Carlisle Events staff did their usual fine job: registration was smooth, run sheets were available early in the a.m., cars were arranged in lot order, the action started promptly at noon, about 25 cars per hour were run across the block, and they drove, pushed, or dragged about 200 cars on Thursday and another 175 on Friday into and out of the Expo Center. Sell-through rates seemed high, helped by a number of no-reserve lots, and while there were few bargains, prices seemed fair if a bit closer to retail (this is still very much an auction dominated by dealers here to buy and sell).

Yes, it snowed. On Thursday morning. For about 2 hours.

While it’s easy for me to look at the entire consignment list and opine that it consisted of the usual suspects (GM and FoMoCo products of the ‘50s, ‘60s, & ‘70s), I was struck by the number of pre-war, meaning 1942 and older cars, offered here. While a few were “rodded and modded”, many were either unrestored or restored to original spec. These included a 1931 Chevy, a 1925 Nash, and a 1942 Studebaker. The two documented below, the 1931 Pontiac and 1939 Packard, sold between $10k and $15k, so this segment of the hobby remains both accessible and of interest to some.

Do you like the final-generation Thunderbirds? There were four, and all sold, at prices between $7,500 and $12,500. What about orphans? Seven Studebakers ran across the block, although only two met reserves. Pontiac GTOs did well, with 4 out of 5 selling for numbers ranging from $38,500 to $56,000.

Twenty-two of my choices are detailed below; all these cars sold. There were many more which I found interesting, however, I am omitting coverage of cars which did not meet reserve. As always, sold cars are presented in sale price order, and multiple photos are supplied, including interior and engine compartment shots when access was there.

Note that EIGHT of my choices hammered at $10,250 or below (and there were many more not included in this report). For the umpteenth time, to those who maintain that the collector car hobby is no longer affordable, I again provide Exhibit A and remind you to be open-minded about the type of car you’d welcome into your garage.

$3,500 TO $10,250:

Lot T109, 1972 MG Midget, red, black vinyl convertible top, black vinyl interior, 4-cylinder, 4-speed manual, clock shows 63,823 miles (who does that in a Midget?), MG Rostyle wheels are rusty, blackwall tires. Car is somewhat rough all over, but at least shows no rust-through, and appears to be all there. Sold at no reserve.

SOLD for $3,500. I got to speak to the owner as he cleared the snow from the car early Thursday morning. He was a young guy, perhaps early 30s, and said he had several other cars in the auction. This MG was not his usual “flip”, and he, over 6 feet tall, barely fit in it. I ran into him later and asked if he was ok with the result. He said yes, as he had about $2,000 into it. Postscript: walking the Carlisle fairgrounds Car Corral on Friday, I saw this car there with an ask of $7,900. Quick flip attempt indeed.

Lot T103, 1983 Porsche 944 2-door coupe, 2.5L 4-cylinder, 5-speed manual, green, light brown interior. Odometer shows 18,552, likely on its 2nd orbit. Black & silver Porsche alloys, blackwall tires. Underhood condition crusty. These Porsche interiors from the 1980s did not hold up well, and this one shows it, with cracked dash (hidden by dash toupee), worn steering wheel cover, various faded beige and brown bits. Sold at no reserve.

SOLD for $3,500. Porsche is just one of several brands about which it is said “there is no such thing as a cheap one”. Even if it runs well, figure on the need to catch up with postponed maintenance. But it does grant you entry into the PCA (Porsche Club of America).

Lot T104, 1993 Pontiac Grand Prix 2-door coupe, white, grey cloth interior, 76k miles, white wheels, blackwall tires, sunroof, 3.1L V6/automatic, rear spoiler, door-mounted 3-point seat belt in lieu of driver’s air bag. No obvious faults, just a ‘90s used car. Sold at no reserve.

SOLD for $3,800. For under 5 grand, someone got a car which at least in NJ is eligible for antique plates, does not require state inspection, and qualifies for showing at any AACA event in the country.

Lot T110, 2003 Mercedes-Benz SLK230 retractable hardtop-convertible, 2.3L 4-cylinder w/supercharger, automatic, red metallic, two-tone beige & black interior, Mercedes alloys with blackwall tires, 6-digit electronic odometer shows 79,901 miles, interior clean for age and mileage. Sold at no reserve.

SOLD for $6,500. Presuming that the hardtop retracted properly, this could be a fun daily driver, and was slightly well-bought, about two grand below book for a “good” condition car.

Lot F471, 1968 Morris Minor Traveler “woody”, RHD, dark red paint, red interior, 4-cylinder engine, 4-speed manual transmission, hub caps on cream-painted steel wheels, whitewall tires, driving lamps, headlight eyelids, dual outside mirrors, wood-framed rear quarters and tailgate.

SOLD for $7,000. Another LBC (little British car) that could be had for under five figures, this one looked great, with the only strike against it its RHD (about which I’ve read that you get used to it in about 10 minutes). You’re guaranteed to have the only one at the next Cars & Coffee.

Lot F443, 1966 Ford LTD 2-door fastback, beige paint and interior, Ford wheel covers with narrow whitewall tires, 352 V8/automatic, Ford blue engine looks like it was dipped in a vat of paint, no A/C and no power brakes, cloth upholstery shows some dirt and wear, steering wheel cover color clashes.

SOLD for $8,000. In the earliest days of the hobby, when only pre-war cars were collected, Ford’s Model T and Model A were two of the most popular affordable collector cars. When baby boomers entered the hobby, interest in the full-size Chevys of the ‘50s and ‘60s surged past similar Fords. Most car people don’t think of this ’66 LTD fastback when considering something from that decade, so it was refreshing to see one that survived. This particular example had a number of demerits against it, including blah colors, lack of A/C, and poor attention to detail. However, if Ford Blue runs through your veins and you wanted a full-size car, you could enjoy this one. Fitting an aftermarket A/C system would probably not detract from its value.

Lot T183, 1963 VW Beetle 2-door sedan, red & black paint, red & white interior, VW hub caps on white-painted steel wheels, blackwall tires, 1.6L flat four, four-speed manual, black dash, white wheel, white seats, red & white door panels. Engine compartment clean if not totally original, with open air filter and painted cooling fan.

SOLD for $9,000. Beetles long ago moved up and away from being cheap auction cars. This price seems on the low side, but I didn’t care for the colors (I don’t like this non-original two-tone treatment), and the interior colors seemed wrong (did the door panels fade to orange?). Hopefully the mechanicals check out.

Lot T113, 1939 Packard 4-door Touring Sedan, flathead inline-6, 3-speed manual transmission, black paint, brown mohair interior. Packard hub caps on steel wheels, wide whitewall tires, possibly bias-ply. Odometer reads 29,000 miles, handwritten note inside car claims original miles, and looks believable to me. Black paint is mostly ok, but buffed through along some sharp body creases. All exterior fittings are in place. Interior looks unrestored. Gas ration sticker in back window, service station sticker in driver’s door jamb shows 24k miles in 1977. Some wear on driver’s seat bottom and door panel, but rest of interior looks like it has survived the last 82 years quite well. Sold at no reserve.

SOLD for $10,250. This was one of several cars at the auction which captured my complete attention because of its believable alleged originality. First, it’s a Packard, albeit a “Junior” one with the six, but still a brand that continues to command attention among collectors. Next is it original condition (the car wore an AACA HPOF emblem). Third, it’s a pre-war car that looks like it could potentially complete some tours. It was bought by Country Classic Cars, a collector car dealer in IL, and they obviously see some upside to it at this price.

$11,250 TO $19,000:

Lot T184, 1972 Honda Z600 coupe (incorrectly ID’d as “CVCC”), dark olive green, black interior, black wheels, blackwall tires, 2-cylinder air-cooled engine, 4-speed manual, FWD, shows 42,664 miles, appears repainted and I won’t swear this is an original color, spartan interior shows no defects, tach redlines at 6,000 rpm, and that 600cc twin must scream at those revs.

SOLD for $11,250. The Beetle parked next to this emphasized how tiny this Z600 is. Hammer price fell right between ‘good’ and ‘excellent’ in my price guide. If you’re ok with the color, then it was a fair price; besides, if you want one, when will the next one show up on the block?

Lot T144, 1947 Dodge Deluxe 2-door coupe, black, brown interior, Dodge hubcaps on steel wheels, wide whitewall tires, flathead inline-6 with 3-speed Fluid Drive, sign on car claims 48,000 miles, not impossible to believe. External sun visor looks like an air foil that would keep top speed to 45 mph. Cheap (and easily removed) steering wheel cover detracts from what is otherwise a clean and original interior.

SOLD for $11,500. This immediate post-war Dodge still wears pre-war styling, and this one was in great shape overall. My reference books tell me that this straight six had 230 cubic inches and put out 102 horsepower, just enough for it to get out of its own way. This was a good buy for the few people who might be looking for a ‘40s Dodge.

Lot F424, 1952 Triumph TR2, red, black top & side curtains, black interior, Triumph hub caps on grey steel wheels, blackwall tires, dual fender-mounted outside mirrors, inline 4-cylinder, 4-speed manual transmission, “Pittsburgh Grand Prix” decals on doors, sign claims 59,000 miles.

SOLD for $12,000. While TR3s are seen relatively frequently, it’s rare to spot one of these “small mouth” TR2s. The lack of outside door handles means gaining ingress is accomplished by reaching through the unzipped side curtain to tug at the door pull; that worked fine on the passenger side, but the pull strap was broken on the left side. Paint, which appears too thick to be original, is cracked in various spots, possibly from body flexing during rigorous driving. Based on the decals, it’s nice to know the car has seen use as intended. This was a great buy of an unusual car, and a nice way to get into the British sports car scene.

Lot F451, 1982 Alfa Romeo Spider, cream paint, black convertible top, dark tan interior, 2L inline 4-cylinder, 5-speed manual transmission, aftermarket alloys with blackwall tires, 6-digit odometer reads 35,083, engine compartment clean but not detailed. The model year 1982 Spiders are a sweet spot: Bosch fuel injection replaced the Spica system, yet the cars kept the Series 2 “Kamm tail” rear end styling. Only two minor faults noted: remote trunk release lever loose in its bezel, and battery hold-down lying next to the trunk-mounted battery.

SOLD for $13,000. My photos fail to document the incredible level of originality, correctness, and supremely fine condition of this Alfa. I spent well over 30 minutes crawling on top of, inside of, and under this car, and aside from what is mentioned above, could find no faults with it. My former car-dealer buddy was with me, and he, with his much more critical eye, agreed with my assessment of the car. Paint was original and near perfect, interior showed no wear, top and tires looked new (tires had 2020 date codes), and upon popping the trunk, we found a manila folder full of service receipts going back over 20 years. The only “rust” was a minor scrape on the front belly pan where a curb impact chipped away an inch of paint. Simply put, this was the absolutely cleanest unrestored Alfa spider I have ever seen at an auction. It truly looked like a 4- or 5-year-old used car. Full disclosure: I was prepared to bid on this car, hoping that the American-car-leaning Carlisle audience would ignore it and allow me to steal it for under $10k, but it quickly sailed past that, ending at a somewhat high $13k. Whoever got it has a car to cherish.

Lot T202, 1950 Packard Deluxe, taupe grey, tan cloth interior, Packard hub caps, blackwall tires, straight-eight engine, 3-speed manual with overdrive, odometer shows 56k miles, service stickers on door jamb support mileage, nice woodgrain paint on dash, seat upholstery shows little wear and appears to be unrestored, Packard rubber mats protect carpet, original radio in box in trunk.

SOLD for $13,250. Was consigned by the same owner as Lot T109, the 1972 MG Midget. He told me the Packard came out of dry storage in Kansas, where the owner had put “dozens” of cars up on blocks. This Packard looked like an honest survivor. I’m personally not a fan of the so-called Bathtub Packards, of which this is one, and I preferred the ’39, but this ’50 would be the more usable car of the two.

Lot T186, 1931 Pontiac Custom 2-door sedan, blue & black paint, grey cloth interior, yellow painted wire wheels with wide whitewall tires. Straight six engine, 3-speed manual transmission, spare tire out back. A handsome car and a nicely-done restoration.

SOLD for $15,750. The auctioneer announced at $14k that the “reserve is off”, and with just a few more bids, it sold. This early ‘30s car has the advantage of being enclosed, which makes it more inviting and practical for touring use. This was one of the more attractive pre-war cars here.  

Lot T154, 1955 Ford Thunderbird, red, red non-porthole hardtop, red & white interior, full T-Bird wheel covers on red-painted wheels with whitewall tires, 292 V8/automatic, power steering, power seat. Sign on car claims car came from estate. While looking good from 20 feet, a closer inspection shows that much of the paint is crazed, cracked, and flaking in spots. Possibly original paint. Interior is presentable.

SOLD for $16,500. Prices on the 2-seat Birds (Baby Birds) are all over the map, as so much depends on condition, colors, and options. A few years ago, I noted at Hershey that prices seemed to have bottomed out around $20-25k for decent cars; values have since headed up, but only slightly. This may have been cheap for a Baby Bird, but you would need to live with the paint as-is; any attempt to restore it at this price would put you underwater.

Lot F510, 1966 Ford Mustang coupe, emberglo paint, beige interior, 289 V8/automatic, Ford styled steel wheels with whitewall tires, underdash A/C (sign indicates A/C inop), wood steering wheel, aftermarket center console. VIN indicates that car left factory with a 2-barrel carb, now has 4-barrel.

SOLD for $17,500. Car looked very sharp in person, helped by emberglo color, a personal favorite. I did not spend much time looking over this car, but if it’s solid underneath, this was a good deal for a 1st gen Mustang coupe; many of them from my observation trade closer to $20k in this condition.

Lot F480, 1969 Buick Riviera, brown metallic, tan vinyl roof, tan interior, Riviera wheel covers, whitewall tires, V8/automatic, sign claims 84k miles, front cornering lights, bench seat, column shifter, detailed engine compartment. Car appears to lack A/C: can’t see a compressor, and dash controls don’t show a “cool” choice.

SOLD for $19,000. This one’s a frequent flyer: I spotted this same car at the RM Hershey auction in 2018, at which time it sold for $16,000. Two and a half years later, and it sold for three grand more, but with consignment fees and transportation costs, it was likely a wash or even a slight loss for the consignor. Overall, an attractive car with nothing extraordinary about it. These are nice looking Rivs, but it’s very disappointing to see an American luxury car from this era without air.

$23,000 TO $27,250:

Lot T142, 1967 Mercury Cougar XR7 2-door hardtop, white, black vinyl top, black interior, Cragar chrome wheels with narrow whitewall tires, aftermarket side body molding and trunk-mounted luggage rack, 289 V8 with C4 automatic, some chrome upgrades underhood. Allegedly a Texas car, clock shows 34,597, could be first or second time around, but either way, car looks clean and straight, if a bit boring in these colors. I hope that side molding is glued and not screwed into place.

SOLD for $23,000. While not a steal, was a fair price for a pony car that looked like it needed nothing to begin enjoying. The strength of Cougars is that they are still undervalued compared to Mustangs of the same vintage and condition, and I’d argue that the ’67-’68 Cougars are slightly better-looking than the same generation Mustangs.

Lot T175, 1965 Chrysler 300 “L” convertible, light blue, white convertible top, blue interior, full wheel covers on steel wheels, narrow whitewall tires, factory a/c, 413 V8, automatic, final year for the famed letter-series 300 models.

SOLD for $24,000. I originally thought this to be quite a bargain, but my price guide shows this price to basically be retail. It’s the 300 letter-series cars from the late ‘50’s to very early ‘60s which can command numbers approaching $150k. Yet this car still has an air of exclusivity to it, with its 360 hp engine (up from 340 in the New Yorker) and subtle styling touches. When new, pricing started at $4,716 (only the New Yorker station wagons were pricier) and only 400 ’65 droptops were built. This was a nice buy in a powerful and exclusive full size Chrysler.

Lot F435, 1967 Plymouth Barracuda 2-door fastback, silver, red interior, aftermarket wheels, raised white-letter tires, 340 V8, automatic, sign claims “full restoration”, but also notes that interior and undercarriage are original and untouched. Cheap steering wheel cover detracts from what is otherwise a pretty interior. Open air cleaner element dirty, engine compartment could use a detailing.

SOLD for $27,250. While the 1970 and on E-bodies get most of the attention among Barracuda fans, the 1967-1969 cars, available as coupe, fastback, or convertible, have their admirers, your scribe included. This was a nice car that had been taken about 80% of the way toward “excellent”, yet it earned a sale price several thousand above what my price guide shows for an excellent car. Well sold.

$34,500 TO $44,250:

Lot F433, 1957 Ford Thunderbird, grey, white hardtop, red interior, chrome wire wheels with wide whitewall tires, 312 V8, automatic, unable to open hood, but interior shows power brake pedal and add-on A/C unit hanging under dash. Online photos show black soft top and engine dress-up kit.

SOLD for $34,500. This was a cosmetically stunning Baby Bird, helped by the unusual but factory-correct gunmetal grey paint. The colors and condition warranted the price for a car that would be equally at home on a showfield or on a tour.

Lot F546, 1991 Acura NSX coupe, red, two-tone red & black interior, aftermarket alloys with blackwall tires, odometer reads 73,234 miles, mid-mounted V6 with 5-speed manual, car not detailed, interior looks somewhat garish, gives the vibe of “just a used car”.

SOLD for $44,250. After seeing one at the 2013 New England 1000 rally, I briefly considered getting one when prices were around $30k. Of course, they quickly shot up after that, with very clean and low mileage cars almost touching six figures. They have dropped back from their highs of a few years ago, but still command good money. This one had higher miles and didn’t show signs of extraordinary care, and sold for a fair price considering the unknowns.

All photographs copyright © 2021 Richard A. Reina. Photos may not be copied or reproduced without express written permission.

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.