Business as usual: Gooding’s $21m+ Amelia Island sale

Business as usual: Gooding’s $21m+ Amelia Island sale 9th March 2019

From horseless carriages to horsepower: the auction circus moves on. Yesterday, Bonhams opened the 2019 Amelia Island sales with a stack of Earlies, today it was David Gooding’s turn. Ironically, in a catalogue geared to the more modern collector, it was a ‘Great Gatsby’ Packard that came out on top.

Even at Gooding, which presented cars with obvious international appeal, overseas buyers were thin on the ground. Put that down to only average offerings from the Big Three, and factor in the accompanying event’s location – tricky for long-distance travellers unless there’s a compelling reason to go.

Conducted by the always entertaining Charlie Ross, the sale was well attended right to the end with bids coming in from the room, telephones and the internet.

Lovely Leyton House Porsche 962C sold for $1,022,500 all-in. 2020 Le Mans Classic, here we come...
Lovely Leyton House Porsche 962C sold for $1,022,500 all-in. 2020 Le Mans Classic, here we come...

At a glance from provisional figures:

* Gross: $21,347,980 (2018, $35,937,250)
* Percentage sold by number: 85% (2018, 95%)
* Top-selling car: 1930 Packard 734 Speedster Runabout, $1,765,000 gross, $1,600,000 net (est. $1.7m to $2m)        
* Well sold? The 1959 Fiat 600 Jolly Beach car (est. $70k to $90k). A final all-in price of $123,200 a throwback to the height of the market
* Well bought? A more recent favourite, the (less desirable) US-spec Ferrari 308 GTB Vetroresina in stylish Argento Auteuil that went for a premium-inclusive $109,760, way off its $160k to $180k guide. In January 2016, Gooding sold a glassfibre 308 GTB for $357.5k
* One to take away? The Plain Jane, $84k gross 1968 Porsche 911 2.0L (est. $140k to $180k)

Everyone’s attention was on the Jan Koum Collection, a selection of low-run, recent Porsches from the founder of WhatsApp.

With every one offered at No Reserve, this was an opportunity to see what recent 911 supercars were really worth: as the results below show, in some cases about 20 per cent less than low estimate. But do bear in mind that super-picky collectors mark down the less-fancied comfort seats in some of the GT3s and Japanese delivery for the rare 964 RS 3.8.

Elsewhere, the high percentage of No Reserve cars provided other insights into which way the wind was blowing only five months away from Monterey.

Ferrari? $302k for the Dino GTS, $1.325m for the 275 GTS and $335k for the 250 GT Pininfarina Coupé show unexceptional cars selling, albeit at a price. The ‘driver’ 250 GT Lusso really needed a $300k restoration, so $1,226,000 inc. premium was fair all round.

Porsche? In line with the Jan Koum entries, it was a case of moving on, but only at a discount. Neither 2.7 Carrera RS found a new owner, and the mighty 935 (pictured, above) was retired from the race after Ross declared bids up to $2m and called it a day.

With no $10m+ star in the catalogue, inevitably this year’s gross was down. Post-sale action might well add to the sell-through, already a healthy 85%, but still 10 percentage points off 2018. Neither of these should detract from the fact that a bustling sale turned over $21m+, catering for every aspect of the collecting world.

Casual attendees and buyers left the tent with smiles on their faces, vendors were perhaps less happy: the state of the market in March 2019.

The Jan Koum Collection at Gooding & Co, 8 March 2019

1992 964 Carrera RS ($425k to $475k), $350,000 net, $390,000 gross
1993 964 Carrera RS 3.8 ($1.2m to $1.5m), $1,025,000 net, $1,132,50 gross
1995 993 Carrera RS ($325k to $375k), $270,000 net $302,000 gross
2008 997 GT3 RS 3.6 ($250k to $300k), $160,000 net, $179,200 gross
2010 997 GT3 RS 3.8 ($180k to $220k), $170,000 net, $190,400 gross
2011 997 GT3 RS 4.0 ($550k to $625k), $525,000 net, $582,500 gross
2011 997 GT2 RS ($550k to $650k), $400,000 net, $445,000 gross
2015 918 Spyder Weissach ($1.8m to $2m), $1,350,000 net, $1,490,000 gross
2016 Cayman GT4 ($140k to $180k), $105,000 net, $117,600 gross
2016 911 R ($350k to $450k), $280,000 net, $313,000 gross

Gooding at Amelia Island, 8 March 2019 – Provisional Results (2018)

Gross: $21,347,980 ($35,937,250)
Number of cars not sold: 13 (4)
Number of cars withdrawn: 2 (1)
Total number of cars: 89 (87)
Number sold: 76 (83)
Percentage of cars sold by number: 85% (95%)
Percentage by value average low/high estimate: 56% (60%)
Percentage of cars met or sold below low estimate: 74% (70%)
Percentage of cars sold below avge of estimates: 86% (87%)
Percentage of cars sold met/exceeded top estimate: 8% (7%)
Average price of cars sold: $280,894 ($432,979)
Average year of cars offered: 1979 (1973)
Percentage of cars offered at No Reserve: 66% (62%)

Photos by K500