$16.1m gross: Gooding’s best online-only sale yet

Late last Friday online bidding closed on the latest in Gooding & Co’s Geared Online internet-only auctions. Out of the 47 cars presented, 44 sold: an impressive sell-through-by number of 94%.

The alloy-bodied Ferrari 275 GTB four-cam (pictured, above) was always going to run out the winner, particularly after it was let loose some way below lower estimate in the closing hours of the event. At $3,586,000 it was good steel-car money during the peak in 2015, but short of the figure a one-of-16 version of the ultimate 275 GTB would normally bring. So why was that?

Yes, it was resale (dark) red having been delivered in more desirable Celeste, but that’s not all. The catalogue notes a non-standard external filler cap fitted by Modena-based US trader and inveterate tinkerer Tom Meade who brought it into the US in the 1970s. “Sometime later,” the catalogue description continues, “the Ferrari was involved in a road accident, which damaged the front of the car and required repairs to the bodywork and suspension.” This needed a totally new nose flown in from Italy in a more extensive restoration conducted in the 2000s in which it was finished in the spec presented by Gooding in 2021.

Matching numbers are certainly a plus, but to fetch top dollar today this Ferrari needs a restoration by a recognised expert in Europe or the US and then Red Book certification, neither of which come cheap, hence the price paid last week.

At a glance:

* Gross: $16,131,000
* Percentage sold by number: 94%
* Top-selling car: 1967 Ferrari 275 GTB/4 Alloy  $3,586,000 gross, $3,260,000 net (est. $3.75m to $4.5m)
* Well sold? One of the constants of the recent boom in classic car prices: a 1966 Jaguar E-type Series I 4.2-litre FHC that sold for $230,00 net/$253,000 gross against its $140k to $180k estimate
* Well bought? The No Reserve 1997 Porsche 993 Turbo S that went for $110k below its lower estimate, $539,000 all-in. A lot of yellow going on here, but hardbacks and rear-seat delete are rare

Ferrari 250 Europas are less fashionable now, so it was nice to see a ‘restoration class car’ sell for $2,222,000 with premium against its pre-sale estimate of $2.2m to $2.6m. The BMW 507 – a Series II for $2.25m to $2.75m – benefitted from a (rare) matching engine though was not in its original colour of Silbergrau. It sold for $2,200,000 gross. The 2015 Porsche 918 Spyder was one of the few cars that beat top estimate:  $1,144,000 with premium vs. a $900k to $1m guide.

The gross of over $16m comfortably beats the Californians’ previous best of £14.3m during ‘virtual Monterey Week’ in August 2020. After its first UK-based internet sale in February, Gooding’s next online offering will be more cars based in Europe and will be conducted from 11-18 June.

As things stand, Monterey Week looks to be going ahead and Gooding will once again hold a traditional 'live' two-day sale as official partner of the Pebble Beach Concours d’Elegance in August.

Gooding & Co Geared Online, 3-7 May 2021 – results

Gross: $16,131,000
Number of cars not sold: 3
Number of cars withdrawn: 0
Total number of cars: 47
Number sold: 44
Percentage cars sold by number: 94%
Percentage by value average low/high estimate: 81%
Percentage of cars met or sold below low estimate: 82%
Percentage of cars sold below avge of estimates: 82%
Percentage of cars sold met/exceeded top estimate: 7%
Average price of cars sold: $366,614
Average year of cars offered: 1968
Percentage of cars offered at No Reserve: 43%

Photo copyright and courtesy of Gooding & Company. Image by Brian Henniker