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?)
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.
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.)
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.
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.
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).
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.
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.
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: “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:
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!