The Market


Amelia Island 2022: Gooding’s $66.5m auction

Amelia Island 2022: Gooding’s $66.5m auction 4th March 2022

Any fears that the post-Christmas bubble of Scottsdale and Paris sales had burst were allayed big-time today, when Gooding posted its largest ever gross at Amelia Island.

With talismanic British auctioneer Charlie Ross on the rostrum and in the form of his life, the Californian firm sold all but 8 lots of its 99-car catalogue.

We predicted the Talbot-Lago ‘Teardrop’ would sell in the $12m-13m range. Opening at $5m, Ross worked the room up to $10m in $500ks, then a handful of bids took it to $12.2m, when the gavel fell. That’s $13.425m gross, a well-deserved but still stunning result.

At a glance (on the day):
* Gross, motor cars: $66,561,981 (2020, $20,785,080)
* Percentage sold by number: 92% (2020, 93%)
* Top-selling car: 1937 Talbot-Lago T150-C-SS ‘Teardrop’ $13,425,000 gross, $12,200,000 net (est. “In excess of $10m”)            
* Well sold? The era of the $350k+ Fiat Dino 2400 Spider has arrived. In fact, Gooding’s Italian market, well-restored example sold for $390,000 gross, matching its punchy $350k top estimate
* Well bought? Possibly the black BMW 507 S2 (below), an older model perhaps overcome on the day by all the modern Porsches, selling just below low estimate for $2,150,000

Ross commenced proceedings vowing he would not be taking bids of $1k and that he wanted to finish before it got dark – a promise he kept. The atmosphere throughout was lively and many bids came from the room. It was a masterclass of how to run a live auction; the Porsche 718 RSK (est. $2.5m to $3.5m, below) was announced “on sale’ at $1.95m, which immediately gained everyone’s attention. It eventually went for $2,700,000 net, $2,975,000 gross.

The losers on the night were few, but included two pre-War Packards and the 1951 Ferrari 195 Inter Coupé, unlikely bedfellows in a sale that included 33 mostly post-1970 Porsches, exactly a third of the total. Post sale, the 1932 Packard 904 Deluxe Eight Individual Custom Stationary Coupe was sold for $1.9m; the Ferrari 195 for $775k.

Significant on-the-day results (gross):

* 1974 Ferrari Dino 246 GTS, est. $400k to $500k. US-market Rosso Bordeaux car believed with its original paint and an odometer reading of fewer than 28,000 miles. Sold for $428,500.

* 1997 Porsche 993 Carrera 2S, est. $130k to $160k No Reserve. In rare (for a reason…) Ocean Jade Metallic with nothing-special 68,000 miles covered. Sold for $207,200.

* 1967 Ferrari 330 GTS, est. $2m to $2.4m. Another US car, restored by Wayne Obry and with Ferrari Classiche Certification. Sold for $2,095,000.

* 1993 Porsche 964 Carrera RS 3.8 Clubsport, est. $1.8m to $2.4m. Bespoke commission from boss of Getrag (gearboxes). Sold for $1,875,000.

* 1954 Bentley R-Type Continental Fastback, est. $2m to $2.5m. Left-hand drive, ‘centre shift’ manual car, first delivered as a special order to US racing driver Bill Spear and restored to perfection by P&A Wood. Sold for $2,975,000.

* 1966 Chevrolet Corvette 427/390 Coupé, est. $250k to $350k. One owner, black/black manual with just 10,672 miles from new. Sold for $533,000.

* 1954 Mercedes-Benz 300 SL ‘Gullwing’, est. $1.1m to $1.3m. Silver with blue plaid ‘safe colours’, known ownership from new, an older restoration by Paul Russell & Co. Sold for $1,600,000.

* 1973 Porsche 911 Carrera RS 2.7 Lightweight, est. $750k to $950k. Less-fancied Grand Prix White car with question over originality of its engine. Sold for $973,000.

* 1956 Porsche 356 A Speedster, est. $250k to $325k. 1,000 miles since comprehensive restoration to as-delivered white over red leatherette and 1,582cc engine. Sold for $379,000.

* 1998 RUF Turbo R Limited, est. $1,.4m to $1.8m. One of seven, only one in Riviera Blue, 1,500km from new. Sold for $2,040,000.

* 1991 Ferrari F40, est. $2.4m to $2.8m. US car, only 3,800 miles. Sold for $2,480,000.

* 1965 Ferrari 275 GTB, est. $1.3m to $1.6m. Delivered new to US, unpainted rolling restoration project, replacement engine. Sold for $1,215,000.

We could go on. It was an exceptional result that proves that the combination of a catalogue gauged well for today’s buyers, consistently high-quality entries and the best classic car auctioneer in the business playing to high rollers in town for one of the world’s greatest events, is once again a winning formula.

Over to the Canadians at the Ritz-Carlton tomorrow morning. No pressure.

Gooding & Co at Amelia Island, 4 March 2022 – results† (2020)

Gross: $69,236,981 ($20,785,080)
Number of cars not sold: 6 (6)
Number of cars withdrawn: 0 (2)
Total number of cars: 99 (89)
Number sold: 93 (83)
Percentage of cars sold by number: 94% (93%)
Percentage by value average low/high estimate: 105% (49%)
Percentage of cars met or sold below low estimate: 39% (72%)
Percentage of cars sold below avge of estimates: 55% (89%)
Percentage of cars sold met/exceeded top estimate: 30% (4%)
Average price of cars sold: $744,484 ($250,423)
Average year of cars offered: 1976 (1984)
Percentage of cars offered at No Reserve: 48% (71%)

†Includes post-sales

With thanks to Hammer Price

Photos by K500