Hot off the press: Keno Brothers in New York

By Steve Wakefield

20th November 2015

The twins bubbled with enthusiasm at the start of their NY sale: “Can’t you just feel the buzz in the room?”

Those present at the start of the Keno Brothers’ inaugural New York sale could. Few faulted the presentation, the modern ‘pop-up’ feel of the saleroom, with each car set high on a plinth, well-lit and introduced by a short video when on sale.

The pre-event cocktail party was well attended. Clearly money had been spent. British auctioneer Simon Hope warmed the audience up with a well-paced automobilia sale, offering 48 lots in some 90 minutes, most of which sold.

For a first sale it was looking good – exceeding expectations.

One that got away: the 1961 Jaguar E-type 3.8 S1 Roadster, for $380,800

However, after a late start at 17:20, over the next few hours just 18 entries in the 40-car catalogue found new owners, a disappointing sell-through rate of 45% and a likely gross of $7,064,400.

Not only did the majority of cars not sell, few of those that did exceeded their average estimate, with exactly half not beating the lower estimate.

One success, the $464,800, 1929 Bugatti T40

And another, top-selling Bizzarrini

Top-selling car was the 1968 Bizzarrini Strada 5300. Estimated at $750k to $1.3m, it was hammered away for $902,500 which, with the Kenos’ 12% buyer’s premium, just creeps over the million-dollar mark, $1,010,800. Perhaps auctioneer Hope was prescient when, on accepting small increments from the room against an absentee bid he commented, “When will it all end?”

Thankfully it did, but only after a procession of Not Solds and disappointing hammer prices for what looked like being a pretty good first-time effort. The twins' own 1969 Lamborghini Miura P400 S was the first car in the catalogue and when that went for $870k hammer ($974,400 gross) against a very broad $800k to $1.6m guide, one could see things weren’t going to turn out well.

'Steve McQueen magic' failed to save 300 SEL 6.3

We list the unofficial and provisional – we stress – results below, and will provide further analysis when the dust has settled. A constructive comment we’d make straight away would be that the innovative ‘every car has a video’ strategy, “one of the Keno differences,” as Simon Hope put it, slowed the sale unnecessarily, dragging what should have been a brisk 40-lot sale out far too long. Fundamentally, though, there weren’t any buyers.

Further comment to come.

Keno Brothers New York 19 November – unofficial results

Gross: $7,064,400
Number of cars not sold: 22
Number of cars withdrawn: 0
Total Number of cars: 40
Number sold: 18
Percentage cars sold by number: 45%
Percentage by value average low/high estimate: 21%
Number of cars sold below low estimate: 9
Percentage of cars sold below low estimate: 50%
Number of cars sold below avge of estimates: 18
Percentage of cars sold below avge of estimates: 100%
Number of cars sold above top estimate: 0
Percentage of cars sold above top estimate: 0%

LOT YEAR MAKE MODEL GROSS
100 1969 Lamborghini Miura P400 S $974,400
101 1960 Lancia Appia Zagato GTE $92,400
102 1972 Maserati Ghibli SS 4.9 Not Sold
103 2001 Ferrari 550 Barchetta Prototype Not Sold
104 1940 Alvis 12/70 Special $117,600
105 1965 Aston Martin DB5 Not Sold
106 1958 Porsche 356 A Coupe $123,200
107 1932 Stutz DV32 LeBaron Sedan Not Sold
108 1968 Bizzarrini Strada 5300 $1,010,800
109 1939 BMW 327 Sport Cabriolet $100,800
110 2013 Lamborghini Aventador LP 720-4 50th Anniversary Edition $504,000
111 1972 Nissan Fairlady Z 432 $170,800
112 1971 Ferrari 365 GTB/4 'Daytona' Not Sold
113 1965 Iso Grifo GL Not Sold
114 1961 Jaguar E-type 3.8 S1 Roadster $380,800
115 1960 Aston Martin DB4 Series 1 Not Sold
116 1963 Rolls Royce Silver Cloud III Drophead Coupe by H.J. Mulliner Not Sold
117 1948 Talbot-Lago T26 Record Cabriolet by Graber Not Sold
118 1972 Mercedes-Benz 300 SEL 6.3 Not Sold
119 1934 Duesenberg SJ Continental Touring Berline By Rollston Not Sold
120 1972 Ferrari 365 GTC/4 $313,600
121 1968 Toyota 2000 GT $683,200
122 1983 Porsche / March 83G-4 IMSA Racecar $509,600
123 1997 Porsche 911 Turbo 993 S Coupe $442,400
124 1931 Bentley 4 Litre Tourer by Vanden Plas Not Sold
125 1989 Lamborghini Countach 25th Anniversary Not Sold
126 1957 Fiat 1200 TV $72,800
127 1955 Mercedes-Benz 300 SL 'Gullwing' Not Sold
128 1969 Ferrari 365 GTB/4 'Daytona' N.A.R.T. Competizione Not Sold
129 1966 Aston Martin DB6 Vantage Not Sold
130 1973 Porsche 911 Carrera RS Lightweight Not Sold
131 1998 Lamborghini Diablo GTR Not Sold
132 1953 Ferrari 212 Inter Pinin Farina Coupe Not Sold
133 1929 Bugatti T40 $464,800
134 1962 Ferrari 250 GT/E 2+2 Not Sold
135 2005 Ford GT $285,600
136 1990 Ferrari F40 Not Sold
138 1973 Porsche 911 S $201,600
139 1999 Lamborghini Diablo GT $616,000
140 1978 Ferrari 512 BB Not Sold

All photos courtesy of Renato Zacchia