EXPERT NEWS & ANALYSIS FROM THE COLLECTOR CAR AUTHORITY

MARCH | APRIL 2019 AMELIA ISLAND ANOTHER BIG YEAR FOR PORSCHES IN FLORIDA? DETAILS, PAGE 35

99 CARS RATED & EVALUATED IN-DEPTH AUCTION ANALYSIS FROM ARIZONA & KISSIMMEE

THE NEXT RECESSION BRACING FOR BREXIT HOW BUYING A CAR WILL HELP THE IMPACT ON COLLECTORS MARCH | APRIL 2019 CONTENTS

9 | THE WILEY REPORT WHAT JANUARY SALES DO AND DON’T TELL US | BY JOHN WILEY

22 | THE LOOK AHEAD WEATHER THE NEXT RECESSION IN A CLASSIC CAR | BY JOHN D. STOLL

27 | THE VIEW FROM EUROPE BREXIT AND BARN-FIND BUGATTIS BY JOHN MAYHEAD & AARON ROBINSON

35 | ON THE BLOCK PORSCHES AT AMELIA ISLAND | BY ROB SASS

39 | THE DATASET FERRARI MIGRATION CHART | BY JOHN WILEY

40 | SCOTTSDALE & KISSIMMEE IN-DEPTH REPORTS FROM 99 AUCTIONS

2 EDITOR’S LETTER

BY BRIAN RABOLD

anuary is a Bacchanalian buying spree in the collector car world. Barrett-Jackson and the Arizona auctions capture most American J car geeks’ collective consciousness, and Dana Mecum has set up a selling spectacle of his own in central Florida. Over the course of 18 days (January 3-21), roughly one quarter of the year’s live auction cars crossed the block. That translates to a collector car being offered for sale every four minutes, night and day, for nearly three weeks straight. All told, more than $343 million of collector cars, trucks, vans, and motorcycles changed titles. Gaudy numbers. But what to make of them? John Wiley does a deep dive on page 9, but the short take is total sales for the Arizona auctions fell well short of our expectations, primarily due to misses among the top cars on offer. The road was rocky for million-dollar lots, be they classic European sports cars or modern performance machines. The top price level tends to be a leading indicator: When the wealthiest buyers exercise restraint, the rest of the market usually falls into line. But, as always, it pays to dig deeper. Meeting with my colleague Logan Calkins, a Hagerty national private client services account executive, at the

3 EDITOR’S LETTER

Bonhams auction in Scottsdale on Thursday, I wondered aloud whether these results will further chill the market. As he walked me through a well- done if older recreation of a Bugatti Type 46 Superprofilée, he remarked, “a lot of the big guys are simply staying home this year.” “Are they not looking to buy right now?” I asked. “No,” he said, “there just isn’t enough interesting stuff here for them to make the trip.” Indeed, that was a common refrain among attendees. The star power of the cars wasn’t sufficiently bright. Buyers today, especially at the highest levels, are incredibly discerning—and they aren’t looking to settle.

For every missed million-dollar car that had people talking, there seemed to be a dozen strong sales at more attainable levels that had attendees buzzing.

If the top of the market was disappointing, the sub-$100,000 level plainly didn’t notice. Bonhams set a record for a Volvo 1800 coupe, selling a 1972 1800E for $91,840. Barrett-Jackson raised the ceiling on Chevy K5 Blazers (1969–91), with seven going for more than $40,000 (including four above $70,000). Gooding & Company kept the Porsche 914 hot streak alive when it sold a 1973 2.0L model for $58,240. For every missed million-dol- lar car that had people talking, there seemed to be a dozen strong sales at more attainable levels that had attendees buzzing. And there were bargains, too. On Thursday night, watching the RM Sotheby’s auction unfold, I found myself sitting next to the woman who ended up buying one of the cheapest cars of all the offerings at the Arizona auctions. She stole one of the last lots at the Bonhams auction, a cute 1965 Morris Minor, for $5600. “The whole tent applauded like I just spent $5 million instead of $5000,” she glowed. Which emphasizes that passion and emotion are as important to this market as anything. As Wayne Carini likes to say, buy what you want to own first and foremost, because “if the world goes to zero tomorrow, at least you’ll still have something that will make you smile.”

Is there a market-related subject you’d like to hear more about? Drop me a line at [email protected].

4 THE HAGERTY VALUATION TEAM

THE MOST EXPERIENCED AND KNOWLEDGEABLE EXPERTS IN THE COLLECTOR CAR BUSINESS.

GLENN ARLT ROB BENNETT RICK CAREY Historian Vehicle Data Specialist Auction Analyst Traverse City, MI Traverse City, MI Thompson, CT A lifelong car enthusiast, Rob grew up in a sports Rick was one of the first people Glenn left a career at a car household and is both to report on the collector car research lab to join Hagerty a Mustang enthusiast and market in detail almost 30 more than 20 years ago. He a photographer. After years ago and has unparalleled currently provides historical graduating from Central market knowledge. Primarily expertise to the Valuation Michigan University, he focused on auctions, he created Team while managing joined Hagerty in 2001 and and maintains one of the the “Ask Hagerty” was a trainer in the sales largest databases of auction Concierge Service. department for 8 years. transactions at rickcarey.com.

COLIN COMER JAMES HEWITT GREG INGOLD Marketplace Expert Information Analyst Assistant Editor, Milwaukee, WI Boulder, CO Hagerty Price Guide Colin is a sought-after expert James is a classic motorcycle Traverse City, MI for top collectors worldwide, collector who has owned Greg grew up tinkering a panelist at our Valuation over 100 vintage bikes from on old cars and trucks seminars, and an advisor for the 1960s and ‘70s. He has and developed a the Hagerty Price Guide. He an industrial engineering particular obsession with is also the author of several degree from the University Pontiacs. A longtime books on the muscle car era of Michigan and previous Hagerty employee, he and Shelby-American and a experience in software currently owns a 1969

DARIN SCHNABEL ©2018 COURTESY OF RM SOTHEBY’S noted car collector himself. startups and the tech industry. Pontiac Grand Prix.

5 THE VALUATION TEAM

DAVE KINNEY ERIK NELSON MATT NELSON Publisher, Hagerty Price Guide Vehicle Data Specialist Vehicle Data Specialist Great Falls, VA Traverse City, MI Wilkes-Barre, PA Dave Kinney, the publisher of Erik comes from a long Matt interned at Hagerty the Hagerty Price Guide, is a line of car nuts and has while earning a finance renowned market expert who bought and sold many degree from Michigan State has written regular columns cars, particularly AMCs, University. He is a Japanese for a host of magazines. He over the years. A 20- import enthusiast and judges at events and attends year Hagerty veteran, he gained broad automotive dozens of auctions each currently works on our expertise while working on year. Dave is an automotive Valuation databases and the insurance side of the appraiser and a senior member VIN decoder. business for Hagerty. of The American Society of Appraisers.

ANDREW NEWTON JESSE PILARSKI BRIAN RABOLD Auction Editor Information Analyst VP of Valuation Services, Houston, TX Seattle, WA Editor, Hagerty Insider Andrew has been writing Jesse joined Hagerty after Portland, OR about cars and covering the earning a mathematics Brian began his career in collector car market since 2012. degree from Michigan State the collector car industry at He has a masters in history University. He has spent the Sports Car Market and now and served as both associate last seven years consuming, heads Hagerty’s Valuation editor at Sports Car Digest and analyzing, and refining all department. He also education manager at the Larz of the automotive data serves as the editor of the Anderson Auto Museum before Hagerty has at its disposal. Hagerty Price Guide. joining Hagerty in 2014.

TIM WEADOCK JOHN WILEY CHRIS WINSLOW Senior Manager of Vehicle Senior Data Analyst Vehicle Data Specialist Database Operations Seattle, WA Traverse City, MI Traverse City, MI John is a lifelong car nut Chris, who has a particular Tim, a veteran of the collector and avid photographer interest in American muscle car industry, has been with a masters in applied cars and modified classics, collecting Valuation and mathematics from the attended Northwestern market data for Hagerty for University of Chicago. Michigan College for two decades. He is one of the He joined Hagerty from Auto Tech and worked as inventors of Hagerty’s Zillow Group, where he a professional mechanic pre-17-digit VIN decoder. was a data scientist. before joining Hagerty.

6 THE VALUATION TEAM $209,173,565 IN CARS INDIVIDUALLY INSPECTED BY HAGERTY TO ASSESS CONDITION AT U.S. COLLECTOR CAR AUCTIONS IN JANUARY 2019

CLASSIFIED LISTINGS ANALYZED BY HAGERTY 378 Years OF TEAM EXPERIENCE OF ALL VEHICLES SOLD AT U.S. COLLECTOR CAR AUCTIONS IN 2018 (OVER 14,000 VEHICLES) WERE PERSONALLY INSPECTED BY HAGERTY TO ASSESS CONDITION. Over 1.25 Million DECODABLE VINS IN HAGERTY’S VIN DECODER Over 415,000 Over 1 million AUCTION AND PRIVATE HISTORIC COLLECTOR CAR VALUES TRANSACTIONS ANALYZED IN THE HAGERTY PRICE GUIDE

7 100 THE WILEY REPORT THE JANUARY MYTH Do the year’s early auctions tell us anything about the coming year? Plus, the Top Ten Sales and more.

BY JOHN WILEY

9 THE WILEY REPORT

ar enthusiasts don’t have Magic 8 Balls or tarot cards, but they do put a lot of faith in January auctions. Whether sales are going to be up for the year, which cars are hot, and which are headed for a fall. All that and more, the C common belief holds, will be foretold in the month of Jan- uary. Like most fortune tellers, though, January has a mixed track record. Start by comparing how January auction results have changed from year to year since 2009 and how results for the remaining 11 months vary from year to year. The year-over-year correlation in the sell-through rate is high, at 73 percent. That tells us the month might be a signal that auctions the rest of the year will go well or go poorly. But the January auctions don’t appear to say much about what will or won’t sell—the correlation in change in the average sale price is negative one percent. Total sales in dollars is somewhere in-between, with the correlation in year-over-year change at 44 percent. Translation: If your favorite collector car or truck had a mixed showing at Scottsdale or Kissimmee, don’t panic.

Glossary of Terms

AVERAGE PRICE: The average final that sold. Example: An auction price (hammer price plus fees) for all company opened bidding on 100 lots lots sold. More specifically, total sales (withdrawn lots are excluded from from the auction (including fees), that number), and it sold 88 of them. divided by the number of lots sold. The sell-through rate is 88/100 or 88 percent. CORRELATION: How much the change in one thing corresponds with YEAR-OVER-YEAR CHANGES the change in another thing. It does (OR YEAR TO YEAR): Stats from not mean that thing one caused thing one period in one year compared to two to change. Example: the number the same period in a different year. of 70-degree days in January in Example: The average temperature in Scottsdale is positively correlated January 2018 was 32 degrees, and the with the number of snowbirds who average temperature in January 2019 go there that month. was 35.2 degrees. The year-over-year change in the average temperature SELL-THROUGH RATE: From all the in January from 2018 to 2019 was a lots offered at an auction, the number 10-percent increase. PREVIOUS: PATRICK ERNZEN, COURTESY RM SOTHEBY’S PREVIOUS: PATRICK

10 THE WILEY REPORT

January is also an inconsistent predictor of the market for popular marques. Take Chevrolet, for instance. In seven of the last 10 years, the Jan- uary auctions had a similar change in the sell-through rate for Chevrolets as did the rest of the year—a 68-percent correlation rate, to be precise—but almost no relation to how the average price changed. Ford, on the other hand, has one of the weakest correlations for the sell-through rate between January and the rest of the year, at just 34 percent, and its average price correlation is also a low 12 percent. The correlation is negative for Porsche and Mercedes-Benz at negative 59 percent and negative 56 percent, respec- tively. In other words, prices for offerings from the two German marques tend to move in the opposite direction from whatever happened in January. No doubt, January is significant for car collectors. The month’s sales typ- ically make up a quarter of the totals for the whole year. But they simply don’t have undue influence on what happens after.

JANUARY VS. THE REST OF THE YEAR Auctions in January predict overall sell-through rate rather consistently but provide a hazy picture, at best, of how particular marques will perform and what prices they’ll bring. (Percentages track the correlation in year-over-year change for January and for the remaining 11 months. A value of 100 percent means two things are perfectly correlated.)

11 THE WILEY REPORT

WINTRY MIX Even if it’s not a perfect predictor, the year-opening auctions are worth parsing. This year, January’s results (below) had both positive and worrying aspects.

$151M

‘10

$55K

‘12

12 THE WILEY REPORT

JANUARY 2019: TOP 10 SALES

All the talk of a lackluster January aside, some cars sold for eye-popping amounts.

1. 1963 Ferrari 250 2. 1958 Ferrari 250 GT SWB Berlinetta GT TdF Berlinetta $7,595,000 | EST. $6M–$8M $5,890,000 | EST. $5.8M–$6.5M GOODING & COMPANY GOODING & COMPANY Numbers-matching V-12, original Rosso This 250’s checkered competition history Cino paint, and no messy competition partially explains the lower price paid. history. What more could any enthusiast Raced from new in Venezuela, it was want? Well, it was once owned by possibly involved in a fatal accident at Nicolas Cage (2006). the 1960 Cuban GP. Italian design house Scaglietti re-bodied it in 1960 with open headlights, and it was restored in the early 1990s in New Zealand.

3. 1953 Ferrari 250 4. 1985 Ferrari MM Spider 288 GTO Coupe $5,395,000 | EST. $5.5M–$6.5M $3,360,000 | EST. $3.2M–$3.6M GOODING & COMPANY RM SOTHEBY’S Despite its even serial number (0348 MM), Among the Ferrari supercar collection— which signifies a competition Ferrari, its comprised of the 288 GTO, F40, F50, period race history was limited to regional Enzo, and LaFerrari—the 288 GTO has events in the United States. That perhaps the lowest production number, and that lacks the romance of tackling the Futa Pass makes it the hardest to find. The low miles in the Mille Miglia, which may help explain on this example (just 2900) earned it the why it didn’t hit its presale estimate. highest price paid for a 288 GTO in North America. The record is for a 729-km car that RM Sotheby’s sold in Maranello in COURTESY GOODING & CO., RM SOTHEBY’S, MECUM, BONHAM’S, BARRETT-JACKSON 2017 for $3,948,230. 13 THE WILEY REPORT

5. 2014 Ferrari 6. 1951 Maserati A6G/ LaFerrari Coupe 2000 Spider by Frua $3,300,000 | EST. $3.5M–$4M $2,755,000 | EST. $2.8M–$3.4M MECUM, KISSIMMEE BONHAMS The Hagerty Price Guide has a narrow Some collectors only want no-stories range of values for LaFerraris—$3.4 million cars. Well, this car has a story. Sold new to $3.9 million—reflecting that most exam- in Rome, it wound up racing in California ples lead a pampered life. Although this and got a Corvette engine along the way. car sold for below the #4 value, despite Fast forward to 1997 when a group of car having only 418 miles, it did sell. That can’t collectors, discussing their exploits over be said for the Aperta (roadster) models, lunch, were interrupted by their waitress, which have a 25-percent sell-through rate. who claimed to have inherited a rare And the only sale was a charity lot. Italian car from her father. The car has since been reluctantly sold and expertly restored with a correct but not original engine. The price here was a record.

7. 1985 Ferrari 8. 2019 Ford GT 288 GTO Coupe Heritage Coupe $2,507,500 | EST. $2.5M–$3M $2,500,000 | CHARITY LOT GOODING & COMPANY BARRETT-JACKSON This car has a reported 7605 miles— The Gulf-liveried 2006 Ford GT Heritage almost three times the mileage of the is now worth approximately 20 percent other 288 GTO—and went for $850,000 more than the 2006 Ford GT base model, less. By my calculations, that’s almost according to Hagerty Price Guide values. $200 per mile! Of course, the collector And that car, don’t forget, was created car market doesn’t work this way, or a 288 to move unsold inventory. The limited GTO with over 20,000 miles would be production and controversially restrictive worth about the same as a 360 Modena. ownership contract of the new GT means the 2019 Heritage model will always have a line of enthusiastic would-be owners.

14 THE WILEY REPORT

9. 1967 Shelby GT500 10. 1958 BMW 507 Super Snake Fastback Roadster $2,200,000 | EST. $1M–$1.2M $2,175,000 | EST. $2.5M–$3M MECUM, KISSIMMEE RM SOTHEBY’S Production GT500s had the police The 507 nearly put its maker out of interceptor-spec 428 engine, but business when the car was new, but this one-off Super Snake features a it’s king of the hill when it comes specially built 427-cubic-inch V-8— to collectible BMWs. This one has just like the one Carroll Shelby used desirable options, good colors, in the GT40 Mk II to conquer the and an older but concours-quality 24 Hours of Le Mans in 1967. Its restoration. It sold for $1,925,000 at haul at Mecum makes it the most Gooding’s Pebble Beach auction expensive Mustang sold at auction, five years ago, and 507s have gotten beating its own prior sale of $1.38 more valuable since then. million in 2013.

JANUARY 2019: FIVE MISSES

The big whiffs, more than the big sales, had people talking (and worrying) in January.

1. 1965 Ford GT Competition Prototype Roadster HIGH BID $10,000,000 MECUM, KISSIMMEE Although the Ford GT of 1960s racing fame is best known as a coupe, five roadsters were built, and two are known to survive today. This one was entered in the 1965 24 Hours of Le Mans by Ford of France and lasted 11 laps before a gearbox failure forced it to retire. With Ford developing new GTs so quickly (Henry Ford II: You better win), this car’s competition days were over as soon as it got back to the States. It was restored in 2013 and won 2nd in class at the 2016 Pebble Beach Concours d’Elegance. The quality of the restoration is not in doubt, but for a car that competed at the pinnacle of motor racing, GT/109’s forgettable record wasn’t enough at this auction.

15 THE WILEY REPORT

2. 1957 Ferrari 250 3. 2016 Ferrari GT Coupe Speciale LaFerrari Aperta Spider HIGH BID $7,500,000 HIGH BID $6,100,000 EST. $11M–$13M | RM SOTHEBY’S EST. $6.5M–$8.5M | MECUM A Ferrari 250 GT Coupe Speciale Despite its rarity, the open version sold new to royalty—Princess Lilian of the LaFerrari, as noted, is not an de Réthy of Belgium—no doubt auction star. If Apertas are selling for makes for an exceptional car. But almost double the price of a coupe— these days, for this kind of money, as the estimate indicated—it isn’t collectors prefer competition- through an auction. oriented Ferraris.

4. 2017 Ferrari 5. 1964 Ferrari 275 LaFerrari Aperta GTB Prototype Spider Alloy Coupe HIGH BID $5,500,000 HIGH BID $4,750,000 EST. $6.5M–$8.5M | RM SOTHEBY’S EST. $6M–$8M | GOODING & CO. An unusual paint scheme—Nero The Ferrari Classiche committee has Daytona with red accents—wasn’t blessed this, the first 275 GTB built. enough to break the Aperta However, to earn a red book given to auction curse. Another hypercar competition cars (it ran in the with a not-much-better sell- ’66 Monte Carlo Rally), three through rate of just 1/3 is the cosmetic changes will need to be Bugatti Chiron. The appeal of very made. The consignor offered to expensive cars where more than pay for the work and have it done 100 are built might be limited. Or at a world-renowned shop, but that perhaps they’re just being used to might have clouded the possibility of pull people to the auction. immediate gratification that comes from winning the car at auction.

16 THE WILEY REPORT WHY WE GOT IT WRONG Arizona auction sales didn’t hit our estimate, primarily because of what cars showed up— and which buyers stayed home.

ach year, before the Arizona auction week of January begins, Hagerty’s Valuation team puts out a forecast for the total sales, E in dollars, for the week. This year the forecast was for $271 mil- lion, which would have put it second behind the 2015 total of almost $290 million. Instead, the total just exceeded $251 million, fourth in all-time total sales. Why the miss? In response to the changing market for collector cars in 2018, where we observed that Gen-X (1965–81) and younger enthusiasts now represent the majority of new interest, auction companies changed their offerings for the lead-off events of 2019. The consigned vehicles continued the trend toward newer model years. Auction companies also brought more customs and res- tomods. The catalog auctions offered more vehicles at lower price points and fewer offerings above $500,000. In some cases, such as restomods and customs, the tweaks worked. Par- adoxically, despite the trend toward newer vehicles, those customs were typically older. Their average price also improved from last year. Shifting offerings down to a lower price point, on the other hand, didn’t pay off. Col- lectors interested in million-dollar-plus metal had fewer choices and may have stayed home, and newer collectors don’t yet appear to have a budget that stretches into the $250,000 to $500,000 segment.

GENERATIONAL WEALTH Looking at more than a million insurance quotes from 2018 by generation and by price bucket, Millennials (1982–2000) are active in the $10,000 to $25,000 bucket and the $25,000 to $50,000 bucket, but they fall off above that. Gen-Xers are mostly interested in vehicles in that segment, but they also have a keen interest in vehicles in the $250,000 to $500,000 17 THE WILEY REPORT

0% 5% 10% 15% 20% 25%

segment. Boomers (1946–64), meanwhile, also show strong interest in the $1 million to $10 million segment. The biggest surprise, looking at quotes by generation and value, are Pre-Boomers (1920–45), who remain the high-rollers in the $1 million to $2 million and $10 million plus segments. In other words, despite the fact that the majority of new interest is now coming from people born after 1965, it’s the collectors born before them, and especially those born before 1946, who drive interest in high- dollar cars. The next major auction series in North America starts in March at Amelia Island in Florida. Typically, it features more valuable cars (the average price of vehicles sold at the January auctions was $71,000, but it was $241,000 for the Amelia Island auctions in 2018), so we will find out if the collectors with bigger budgets open their checkbooks.

18 THE WILEY REPORT

The 300SL Indicator This beauty may predict the entire market.

s a car, the Mercedes-Benz 300SL (W198) scarcely needs intro- duction. Its performance and style made it the vehicle of choice A for the rich and famous in the mid-1950s, with famous owners ranging from Juan Manuel Fangio to Zsa Zsa Gabor and Juan Perón. It was also a capable race car—John Fitch drove it to a class win in the 1955 Mille Miglia. The 300SL retains exceptionally wide appeal today among both car enthusiasts and the broader population. Like Clark Gable or Sophia Loren (both 300SL owners at one time), the Merc has timeless sex appeal. We think the 300SL has another virtue: it’s a great market indicator. Indicators hint at a likely upcoming shift, just as your car’s turn signal indi- cators notify other drivers of an upcoming lane change. The stock market has many of these—unemployment numbers, inflation figures, earnings reports from key companies. Ideally, the indicator measures the same thing each time—imagine if the turn signal meant a turn one day and brakes the next! That’s why collector car market values can be challenging to under- stand: what sells one day is not the same as what sells the next. A 12-month sales price average is thus as suspect as the average sales of a fruit stand that has apples one week and oranges the next. Imagine, though, if the same car sold every day. We can get close to that by tracking repeat sales. A repeat sale is a pair of transactions of the same item. The S&P Core- Logic Case-Shiller Home Price Indices, an indicator for the housing mar- ket, follows repeat sales of single-family homes over time. In the case of a

COURTESY MERCEDES-BENZ car, a repeat means a particular car selling at an auction, and then some-

19 THE WILEY REPORT time later, selling again at a different auction. (We match the sales by the car’s serial number.) Enter the 300SL. It was built in large enough numbers (1400 coupes and 1858 roadsters) between 1954 and 1963 that they appear at auction regularly. Excluding 29 aluminum-bodied coupes, the mechanical specifi- cation of the cars did not vary greatly over the production run. There are some drawbacks: Cars that appear on the market frequently are not considered as fresh, and the price paid may suffer as a result. In addition, cars that are in original condition and/or have been with a single owner for a long time often get a premium at auction and will not appear in the index.

In January 2019, the 300SL repeat sale index stood at $1,392,104, down 1.8 percent from last year’s value of $1,417,082 and down 9.4 percent from the July 2014 peak of $1,537,158. Some 300SLs purchased near the top of the market are being auctioned off again—sometimes at a loss. The 12-month average price, conversely, is trending up again because exceptional cars that haven’t been seen in a long time—oranges, in other words—are getting top dollar. Overall, the index paints a picture of a market still recovering from the prices paid in the 2015 run-up, one that’s currently being driven by enthusiasts interested in the provenance of a car, rather than investors focused on appreciation.

20 98 THE LOOK AHEAD THE NEXT RECESSION When (not if) the downturn comes, you could do worse than to drive a classic car.

BY JOHN D. STOLL

22 THE LOOK AHEAD

ecessions, like taxes, are unavoidable. As vigilantly as investors look for ways to capitalize on a sustained eco- nomic cycle, they shouldn’t ignore warning signs that point to a slowdown. For instance, closely watched R minutes from the late January Federal Reserve meet- ing show policy makers are resisting further rate hikes, indicating the Fed worries more about growth than inflation. Several other institutions mon- itor economic sentiment, and most predictions call for a sustained slow- down no later than 2021. For collectors of cars and other tangible invest- ments, it’s fair to wonder whether the recent cool-down in valuations will cushion the blow of a macro crisis, or if they are in for far more pain. The immediate road ahead looks pretty smooth. Speaking at the World Economic Forum in Davos earlier this year, JPMorgan Chase chief execu- tive Jamie Dimon—a key figure during the last decade’s Great Recession, said, “the U.S. economy is kind of like a ship.” He thinks it will keep going strong for a while, but the noise you hear in the background—Chinese mar-

For collectors of cars, it’s fair to wonder whether the recent cool-down in valuations will cushion the blow of a macro crisis, or if they are in for far more pain.

ket concerns; expected Brexit fallout; trade war fears; uncertainty about U.S. consumers—represents “buoys in front of the ship.” Dimon’s window for a recession is 2020 to 2021. Economists surveyed by The Wall Street Journal at the beginning of 2019 said there was a 25 percent chance of a recession within a year, a figure nearly identical to S&P Global’s current view. Duke University’s most recent quarterly Global Busi- ness Outlook survey of chief financial officers found nearly 80 percent of respondents expect a recession by the end of 2020. To understand what may be in store, look back on the very different causes behind the past two slowdowns. In the early 2000s, stocks were trading at eye-popping multiples. As the bubble burst on an army of dot-com compa- nies, business investment dried up, headcounts were downsized, and con-

PREVIOUS PAGE: ILLUSTRATION BY AKINDO/GETTY IMAGES ILLUSTRATION PREVIOUS PAGE: sumer confidence plummeted from record heights. The downturn that came

23 THE LOOK AHEAD seven years later was triggered by a housing and mortgage crisis and inves- tors saw portfolio values cut by as much as half. A new era of banking legis- lation and market reforms was enacted and entire industries were reshaped. A growing tech sector bubble is among the red flags in 2019. Compa- nies like Amazon and Apple have seen values exceed $1 trillion. There are other things to worry about, including an escalation in trade tensions between China and the U.S.; rising levels of consumer, student, and cor- porate indebtedness; and an inability for the labor market to keep up with employer demands. There is reason to believe the next recession may not dish out as much pain as the Great Recession, said Brad Ledwith, a certified financial planner

Alternative assets, including collectible cars, have in recent decades become a trusted harbor from economic storms.

in Morgan Hill, California, who manages portfolios for clients who each have a minimum of $2 million in investable assets. Ledwith notes stock-market indicators, such as the Dow Industrials or S&P 500, are today showing the type of volatility that is expected in a mature but still healthy economy. Traders, alarmed by skyrocketing prices going into the winter of 2018, haven’t let valuations touch the same levels seen in the early 2000s (wit- ness several recent market swoons since September). Even the tech sector that includes the biggest-value firms—Apple, Amazon, Microsoft, and Face- book—has seen significant correction in recent months, potentially soften- ing the future blow. “What you’re seeing is a real market acting like a real market,” Ledwith says. Regardless of the next recession’s impact, most experts agree stocks and bonds stand to suffer the hardest and longest-lasting blows. Alter- native assets, including collectible cars, have in recent decades become a trusted harbor from economic storms. “Many alternatives experience far less volatility than the stock market,” global investment firm BlackRock said in a recent note to clients. “Even during crises, however, history shows that alternatives typically have not fallen as far as stocks, providing a cushion for investors.” Ledwith, the CFP, advises higher-net-worth individuals to hold five

24 THE LOOK AHEAD

HAGERTY BLUE CHIP 5-yr return 5-yr return COLLECTOR CAR INDEX on blue chip on S&P 500 VS. S&P 500 collector car % 51.7% 4 3.1 (Jan. 2019) (Jan. 2019) POINTS 6000 BLUE CHIP COLLECTOR CAR INDEX S&P 500 4500

3000

1500

$0 2007 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

BLUE CHIP COLLECTOR CAR INDEX INDEXED TO S&P 500 SEPTEMBER 2006 VALUE OF 1335.85

percent to 10 percent of their investments as items that can be touched, seen, or tasted. Wine, art, stamps, coins, and cars fit in this category. Rich- ard Hawken, a fund manager at The Car Fund in London, said this follows a trend in the making. He’s witnessed a spike in “passion investing” since shortly after the 2001 recession and says that while collectible cars and other assets are not recession-proof, they don’t always follow in lockstep with broader economic cycles. Hawken, for instance, notes the broader collector market has come off the highs it notched in 2014 and 2015, when car values touched records and North American annual auction-deal flows nearly touched $1.5 billion. Supply of the most elite cars is especially scarce, and recent data indicate that pressure is mounting on cars priced above $1 million. So, some of the air is already out of any collector-car bubble that may have accumulated since the last recession. For evidence that the collectible market isn’t just a mirror of broader equities, consider what’s happened since classic car values peaked. The S&P 500 has shown no sign of letting up, climbing 36 percent since the beginning of 2016, while Hagerty’s “Blue Chip” index has been near-flat

25 THE LOOK AHEAD over that time. But don’t feel bad for the collector, who is much more likely to recover quickly from a recession than the stock investor. Hagerty’s Blue Chip index increased 21.6 percent in the first two years following the Great Recession and was much quicker to bounce back than the S&P 500’s 10 percent recovery over the same period. “History has shown us these types of real assets, whether wine or art or cars, are going to take dents, but they are going to hold up,” Ledwith said. An important factor underpinning the value of these assets is a love, nostal- gia, or appreciation for the physical investment. Few people approach investing in the stock market the same way. As Sears skidded toward bankruptcy a year ago, no one bought shares because

History has shown us these types of real assets, whether wine or art or cars, are going to take dents, but they are going to hold up.

their parents shopped there decades ago or because they remembered perusing toys in the Sears Wish Book. When Apple dropped a big chunk of its value late last year after reporting weak demand in China, people weren’t snapping up shares simply because they were addicted to their iPhones. Still, there are costs that accompany passion investing. Michael Mische, a professor at the University of Southern California Marshall School of Business who has written on classic-car investing, says many people dive in without considering the higher costs that come with keeping an auto- mobile. “You’ll hear people say, ‘I didn’t realize it was this expensive to maintain,’ ” he said. Some also fail to accurately read trends, miscalculating which vehicles are hot and which are falling out of favor. But everything comes with a cost, and Hawken says many people who own higher-end classics are not surprised by maintenance expenses. Nor do they suddenly lose their wealth when a recession hits. Economic downturns, in fact, often make us more appreciative of the investments we can enjoy. So, as market turmoil and global uncertainty get louder, feel free to hang on to your hat. But here’s another thing worth hanging on to: your cars.

John D. Stoll is a business columnist for the Wall Street Journal in Detroit.

26 THE VIEW FROM EUROPE BRACING FOR BREXIT Will the European collector car market sink in the English Channel?

BY JOHN MAYHEAD

27 THE VIEW FROM EUROPE

he big problem with predicting the effect of Brexit on the United Kingdom’s collector car market is that it is an event without precedent. Never before has a country with such a thriving historical vehicle hobby (estimated to be worth over $10 billion annually to the UK economy) been subjected to such a large numberT of legislative changes in one go. And, as I write this with just over a month until the “divorce” date of March 29, 2019, the extent and nature of these changes is still unknown. Complicating matters further, the UK market is also at a natural state of flux, with values in 2018 correcting from the highs of the bull mar- ket in the preceding years. Although the enthusiast market has recovered confidence, with provincial auctions showing strong 80-percent-plus sell- through rates, many potential buyers of more expensive (over $125,000)

Whatever happens, Brexit has the potential to cause a lot of disruption, at least in the short term.

classics seem to be sitting on their hands. This could be a natural reaction after a bruising 2018, or it could be a hesitation, with buyers waiting to see how Brexit shapes out. I feel it is a combination of the two. Whatever happens, Brexit has the potential to cause a lot of disruption, at least in the short term. At the monetary level, import duty, exchange rates, and the cost of importing a car could dissuade some people from buying classics across the future Britain/EU divide, but it is likely these costs will become normalized relatively quickly. Similarly, historic racing events could be affected if the temporary movement of cars across the English Channel is disrupted, but this is likely to be a problem only for the 2019 season. There could also be short-term problems with parts supplies. Although large suppliers, like Longstone Tyres, assure us they have enough stocks to last through any uncertainty, smaller importers of parts such as carbu- retors, electrical parts, and spares for European classics may suffer short-

PREVIOUS PAGE: ILLUSTRATION BY KURT AMTHOR/GETTY IMAGES ILLUSTRATION PREVIOUS PAGE: ages which could affect the consumer.

28 THE VIEW FROM EUROPE

TOTAL SALES

UK EU (NOT UK) FRANCE INDIANA UK auction $250M market 52.4% $200M since 2014

$150M

$100M

$50M

$0 2013 2014 2015 2016 2017 2018

UK AUCTION MARKET RISKS ANOTHER HIT IN 2019 The UK auction market was big in 2013 and 2014 but fell in 2015 (appearing to coincide with the cooling of the London property market). It remains a lot smaller than the market in continental Europe. France started smaller (or we had poorer coverage), but is catching up. Could Brexit result in another step-down?

Other, less obvious issues may also surface. Most large European cities have Low Emission Zones (LEZ), which prevent older, polluting cars from entering. Currently, historic vehicles over 30 years old registered in the EU are exempt, but that will probably be lost for UK cars under a no-deal Brexit. Finally, we have to consider whether the UK’s general economic outlook will affect the market. Brexit, according to many reports, has already had an annual $80 billion negative impact on the UK economy, and it could get worse. Exporters, such as Jaguar Land Rover, have already suffered from Brexit (JLR this month posted a quarterly loss of £3.4 billion), which likely will have a knock-on effect on jobs and median incomes. Classic vehicles are a luxury item, and a downturn could negatively impact the enthusiast market. Investors could, however, see opportunities where there are own- ers or dealers under pressure to sell; classics could be an attractive alterna- tive asset class to hold during any recession (as happened after 2008). Until the deal (if any) under which the UK will leave the EU is known, speculation will continue. Only after that, and possibly some time later, will the full effect of Brexit be known.

John Mayhead is editor of the British Hagerty Price Guide.

29

THE VIEW FROM EUROPE BARN FIND BUGATTI SALE Three original Bugattis from a Belgian barn cross the block at Artcurial’s Retromobile auction in February.

BY AARON ROBINSON

31 THE VIEW FROM EUROPE

ard as it is to believe that any Bugattis are still hiding in sheds, the Artcurial auction at the 2019 Retromobile classic car expo H in Paris this past February featured a trio of shaggy but fairly original barn-find pur-sangs from the house of the dancing elephant. The auction had a fair number of no-sales among the middle- and high-dollar cars, including a 1931 Bugatti Type 51 Grand Prix car that didn’t make its estimate of $4-4.5 million. And the marquee attraction, a 1939 Alfa Romeo 8C 2900B Touring Berlinetta, only just made its low estimate by selling for $19 million. Nevertheless, interest was high in the trio of Bugattis that came out of the barn of Dutch-born sculptor August Thomassen. The artist, now 95, is too obscure even to have his own Wiki- pedia entry, but after fighting in the Dutch underground during World War II and becoming a commission painter and sculptor, he fell in love with Bugattis in the late 1950s when they were still affordable. He variously used the three Bugattis as daily drivers, and sculpted a bronze bust of Ettore Bugatti that is now in the National Automobile Museum—formerly the Schlumpf Collection—in Mulhouse, France. Over the years, Thomassen refused all offers for the cars, but last year his barn was broken into, and though nothing was taken, it was decided that the cars should go to auction before they were stolen. They sold at Artcurial without reserve.

1929 Bugatti Type 40 $216,905 | Described in the catalog as a “magnificent project, almost completed,” the little landaulet’s history is, as per usual with a Bugatti, extensively researched. Originally the bare chassis was offered by the factory as a prize for the third-place finisher of the 1930 Bugatti Grand Prix at Le Mans, but that fellow took the cash al- ternative instead, and the car went up for sale, acquiring its original “milord” body (the French term for an elongated coupe) from an unknown coachmaker. The car

PREVIOUS PAGE: PHOTOGRAPH COURTEST ARTCURIAL PREVIOUS PAGE: had only three owners over the next 89 years, including a Bugatti factory mechanic

32 THE VIEW FROM EUROPE who, after hiding it during the war in a barn in Alsace, sold the car to Thomassen in 1958. Construction of a wood-framed body to replace the original had begun years ago but was never finished. The car was displayed with loose parts tossed in the back and will be a highly absorbing project for owner number four.

1932 Bugatti Type 49 Berline 2/4 Vanvooren $223,665 This big Vanvooren-body touring car, with its twin-plug 3.3-liter straight-eight, sat out the war in the barn of a wheat and beet farm south of Paris, its wheels pulled off and hidden so the Germans wouldn’t take it. The auction listing included photos from 1957 of the car being dragged through a muddy pasture by horses when Thomassen acquired it, presumably as a non-runner. The wheat and beet farmer used the money to buy a more practical Peugeot 203, and the Bugatti took up residence in Thomassen’s barn. The Type 49 represents the final evolution of Bugatti’s early single-cam straight-eight engines, and Carrosserie Vanvooren was a Paris-based body maker popular with Bugatti buyers. As with Thomassen’s other cars, the engine and chassis were verified as totally original, as was the black and yellow paint. It crossed the block in Paris as a faded but well preserved original, ending nearly 60 years of storage behind closed doors.

1937 Bugatti Type 57 Cabriolet par Graber $569,376 Another unfinished project—really, it was barely started—from the Thomassen col- lection, this exquisite if partially disas- sembled four-seat cabriolet brought the most money, as one would expect of a sporting Type 57, produced when Bugatti’s art deco period had reached its elegant zenith. Designed by Jean Bugatti, eldest son of company founder Ettore, shortly before the younger Bugatti’s fatal 1939 crash, the Type 57 was the basis for some of the most spectacular Bugattis ever made, including the Aérolithe and Atlan- tic. The classically proportioned body on this example was produced by Carros- serie Hermann Graber in Wichtrach, Switzerland, for the first Swiss owner, a banker (naturally). Although not quite as original as the Type 49, having been repainted somewhere along the way and having its interior ripped out with new upholstery or- dered but never installed, this 57 is nonetheless complete with its 3.3-liter twin-cam straight eight and period extras such as the unique bumpers and dual air horns.

33

ON THE BLOCK PORSCHES & PALM TREES Amelia Island will, once again, be about those German sports cars.

BY ROB SASS | PHOTOGRAPHS BY NATHAN DEMERER

35 ON THE BLOCK

decade ago, the Amelia Island concours weekend was fairly laid-back for a bigtime car show. It was the anti-Pebble Beach—crowds were manageable, you could pop down a blanket under some trees on a hill overlook- A ing the whole thing; there were no manufacturers hawk- ing ride and drives; and people slept in Saturday morning—cars and coffee wouldn’t be a thing for several more years. Hell, non-guests could even valet park at the Ritz all weekend, free of charge. 2009 was also the last year that RM (now RM Sotheby’s) had a monopoly on auctions during the concours weekend. That year, RM offered just five Porsches, and only one of them managed to break $100,000. You could hardly have called Amelia Island a barometer of the Porsche market. Things have changed a bit since then. Amelia ceased to be an RM fortress when Gooding and Company showed up in 2010. In 2012, their third year in Amelia, Gooding made the savvy decision to offer the Drendel Family Collection—an impressive assortment of significant competition Porsches—at Amelia, rather than at Pebble Beach. The sale went extraordinarily well, setting no less than 11 world records, including the high sale, a Porsche 917 Can Am Spyder at $4.4 million. Derek Bell was on hand to see his 1984 Daytona 962 sell for almost $2 million. The prices might seem like steals by 2019 standards, but they put Amelia Island on the Porsche map. A few years later, at a 2015 RM auction, classic air-cooled Porsche 911 Turbos arrived as blue chip collectibles, setting a pair of world records at $220,000 for a 1987 930 coupe and $363,000 for a 1988 Turbo Slantnose COURTESY DEMERERSTUDIOS.COM

36 ON THE BLOCK

Cabriolet. Prior to this sale, great 930s had struggled to approach $100,000. Bonhams would also join the Amelia Island fray that year. In 2016, Gooding again made big news by landing an assortment of cars from Jerry Seinfeld’s collection for their Amelia Island sale. Amelia has since become a hotbed of Porsche sales activity, and it’s likely to remain that way. The 2017 addition of the Porsche Club of America’s Werks Reunion has only fueled the fire, drawing even more Porschephiles to the concours weekend. In hindsight, it seems obvious that Amelia was destined to become a big part of the Porsche auction world—founder Bill Warner has always had a

PORSCHES AT AMELIA ISLAND Aside from the even years (2010–16) when Porsche collections were featured, the average price of Porsches sold at Amelia Island has been consistently moving up. The number offered has also been increasing. The high of 121 offered in 2017 appears to mark the most the market will absorb with the sell-through rate bottoming out at a post-financial crisis low of 55 percent that same year. 2018 saw fewer Porsches offered and a rebound in the sell-through rate while the average price inched up again. This year only 84 Porsches have been announced with one week to go before the auctions begin. Expect the market for Porsches in Amelia Island to continue to improve.

NUMER OF CARS OFFERED 7 5 5 2 31 16 20 82 89 121 105 $900K 100%

$800K 90%

$700K 80% SELL THROUGH RATE

$600K 70%

$500K 60%

AVERAGE PRICE AVERAGE $400K 50%

$300K 40%

$200K 30%

$100K 20%

$0 10% 2008 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18

AVERAGE PRICE (LHS) SELL THROUGH RATE

37 ON THE BLOCK

Amelia has since become a hotbed of Porsche sales activity, and it’s likely to remain that way. soft spot for the marque, and the Sunday concours generally attracts some epic Porsches to the lawn. Then there’s the historic Porsche connection with Jacksonville itself, home of the legendary Brumos Porsche dealership. The fact that Porsche legends like Hurley Haywood, Derek Bell, Brian Redman, Vic Elford, and Richard Attwood are usually on hand cements the place as Zuffenhausen with palm trees for one weekend in March. And so it will be this year, when Amelia Island celebrates the 35th anni- versary of the Porsche 962 dynasty in IMSA and FIA World Endurance Racing. The auction companies are in the process of announcing consignments for Amelia—Bonhams has what is billed as one of the best 356 Speedsters on the planet, Gooding has the Jan Kroum collection of modern Porsche supercars, and fittingly RM Sotheby’s, which set the 911 Turbo market, has a pair of the ultimate air-cooled 911 Turbos, the 993 Turbo S. It’s shaping up to be Porsche business as usual this month in North Florida.

Rob Sass is the Editor-in-Chief of Porsche Panorama, the official publication of The Porsche Club of America

38 THE DATASET HORSE TRADING

488 GTB I AR RR FE LA R 4 E 8 ID 8 P S S P 8 ID 5 4 E R

O T

G F

9 1

9 2

5 T

D

F

B

T

G

8

0

4 3 5 8 A

I T S A S L O I A R A T S E T 0 4 F

C 0 R A 36 E LI D FO PI RN ZO S IA EN F430 SP F430 IDER

When you have a Ferrari in the garage (stable?), what’s the Ferrari you’re most likely to buy next? Charting patterns among Hagerty clients, without distinguishing replacements from additions, we found some well-established sequences in the Ferrari model hierarchy for collectors. (A line’s thickness indicates the number of owners, its length the number of years between purchases.) We also found some surprises.

• Mid-engine V-8 owners like to trade up. (360 Spider to 458 Spider, F430 Spider to 458 Spider, 458 Italia to 488 GTB, 488 GTB to 488 Spider)

• F40 and Enzo owners typically got a 599 GTO next

• LaFerrari owners usually got an F12tdf next

• 308 GTB owners were most likely to get a Testarossa next

39 AUCTION REPORT BUMPER CROP Some 6300 vehicles crossed the block in Scottsdale and Kissimmee. Here’s what you need to know.

BY ANDREW NEWTON

40 AUCTION REPORT

RM SOTHEBY’S | PHOENIX

erhaps we should have sensed RM Sotheby’s auctions would be less of a high-dollar affair this year when we arrived at Phoenix’s P Arizona Biltmore hotel and found a corporate conference had rel- egated the cars to a tent in the parking lot rather than the usual space in the ballroom. Indeed, million-dollar cars struggled as they did elsewhere: the biggest no-sale of the week was a $7.5-million high bid for RM’s 1957 Fer- rari 250 GT Speciale. That said, spectacular cars abounded as always (and Arizona in January lends itself to being outside, anyway). Eclectic offerings included a pair of 1990s Vector prototypes and a collection of specially bod- ied Rolls-Royces and Bentleys. RM Sotheby’s brought in $36.8 million in total sales in Arizona. Of the 154 vehicles consigned, 129 successfully sold, for an 84 percent sell-through rate and an average price of $285,448.

1995 Acura NSX SOLD FOR $70,000 | LOT 109 | #2+ CONDITION Formula Red over tan leather. Alloy wheels, power windows, power seats, air con- ditioning, cassette stereo. Showing 17,866 miles. Excellent paint with no notice- able wear. The underbody’s very clean, and the interior looks practically unused. Prices for early NSXs appear to have peaked after a big run-up from 2014 to 2016, but there’s likely still room for growth in the long term, as the people who pined for one of these cars when they were new get older and come into more money. A deservedly strong price for this one, which is about as close to a like-new

PREVIOUS PAGE: PATRICK ERNZEN ©2018 COURTESY RM SOTHEBY’S PATRICK PREVIOUS PAGE: original NSX as you can find. 41 AUCTION REPORT

1952 Willys-Jeep M38-A1 SOLD FOR $67,200 | LOT 110 | #2- CONDITION Green over green. Has a machine gun mount with an M2 .50 caliber machine gun set up for simulated fire, a pair of M1903 practice rifles, additional ammunition pouches, and medic bags. Display paraphernalia included. Auctioned to benefit charity. Excellent paint and body; all chassis and drive components have been restored. A ton of money, but we never see military Jeeps restored to this kind of standard, and charity cars near- ly always carry a hefty premium. It is over-accessorized and over-re- stored—Willys were never this nice— but most of the extra items are merely strapped on.

2012 Lexus LFA Nürburgring Package SOLD FOR $885,000 | LOT 141 | #2 CONDITION Whitest White paint over red, tinted glass. Only 54 miles on odometer. The Nür- burgring Package added 10 horsepower, a faster-shifting transmission, a front splitter, revised suspension, different wheels, and some aero bits for an extra 70 grand on top of the LFA’s original $375,000 base price. This result seems pretty steep for a car Lexus had a difficult time selling when new. (There are, in fact, five never-sold LFAs that dealers have clung on to, including one Nürburgring Package.) Then again, Barrett-Jackson sold a black LFA Nürbur- gring down the road in Scottsdale this year as well, and it brought a similarly strong $918,500. This wasn’t a fluke.

42 AUCTION REPORT

1969 Jaguar E-Type SII Roadster SOLD FOR $72,800 | LOT 174 | #3- CONDITION Dull but presentable original black paint. Two small dents on the hood. Inside, there’s significant wear and light cracking on the black leather seats, and the wood on the steering wheel is a little dry. A totally unrestored survivor car, but it did receive $14,000 worth of mechanical sorting plus new tires recently, so it’s usable as-is. Not babied, but presentable and charmingly aged. A slight but not generous premi- um given for this car’s preservation, but an SII E-Type doesn’t excite peo- ple as much as an earlier car. An SI (1961–68) in this condition would have caused more of a stir.

1963 Apollo 3500GT SOLD FOR $134,400 | LOT 179 | #2- CONDITION Red over black leather. Buick V-8, Borrani wire wheels, wood-rim steering wheel, Jaeger gauges. A straightforward, older restoration, with minor cosmetic issues, such as a few small paint blemishes on the driver’s side, dull trim around the windshield, and minor wrinkles on the driver’s seat. Very clean and orderly en- gine bay. A straightforward older restoration. Almost like a contemporary Ferrari in terms of styling if not quite in performance or sophistication, the Apollo is one of several Italo-American hybrids (along with Iso Grifo, Bizzarrini, and Intermeccanica) offering a tempting alternative to the more expensive Italian thoroughbreds. Over six figures is on the expensive side for a 3500 (a larger 5.0-liter model was available) wearing an older restoration, but Apollos are rare. If you really want one, the opportunity doesn’t often come up. GABOR MAYER ©2018 COURTESY RM SOTHEBY’S GABOR MAYER

43 AUCTION REPORT

1987 Porsche 911 Turbo SOLD FOR $67,200 | LOT 210 | #3 CONDITION A heavily used—but not necessarily abused—later 930. The Silver Metallic paint has numerous chips on the front bumper and hood, as well as small scrapes around the driver’s door handle. The blue leather interior, on the other hand, is well cared for and has less wear than the indicated 161,000 miles would suggest. The underbody is clean but shows aging. The engine has been rebuilt twice, most recently less than 10,000 miles ago. Air conditioning, sunroof, Fuchs wheels, newer Blaupunkt radio, upgrad- ed air conditioning. This is the lowest-priced 930 we’ve seen in a while, but given the condition and mileage, it isn’t a surprise. Prices for 930s have been softening lately, and when that kind of thing happens, the lower-quality examples tend to fare the worst.

1969 Porsche 911T SOLD FOR $81,200 | LOT 211 | #2- CONDITION Polo Red over black leatherette. Fuchs wheels, 5-speed, Becker Europa radio, Cer- tificate of Authenticity, tool kit, manuals. Good older paint and brightwork, but there are scratches on all the window frames. The brakes look brand new, and the tires are recent. Slightly faded original gauges, but the rest of the interior has been restored to very good condition. Small cracks in the marker lenses. Show- ing 23,890 miles, which are represented as original. Cosmetically restored to a decent standard a few years ago, but not perfect. Early 911 prices are still quite high, even for base models like this 911T, but people aren’t clamoring for them like they were a few years ago. This is a rather strong price—even if it is well below the stag- gering $121,000 this very car brought here four years and 69 miles ago.

44 AUCTION REPORT

1987 Rolls-Royce Camargue Convertible SOLD FOR $252,000 | LOT 217 | #2 CONDITION Okay, it’s best to just get it out there first: There are a whole lot of people, including some Rolls-Royce owners, who just don’t SALES THAT like the looks of the Camargue. TEACH With just 531 built, the Camargue was Rolls-Royce’s flagship model and the most expensive car in the world from 1975 until 1986. Designed by Paolo Martin at Italian styling firm Pininfarina, this was the first post-war Rolls-Royce not designed in-house. The early Camargue shared its plat- form with the Rolls-Royce Corniche and Silver Shadow and was powered by the same 6.75-liter V-8 engine, albeit with a slightly higher rating. Later cars, such as this example, were switched over to the Spur/Spirit platform. Rolls did not build a Camargue convertible. A wealthy owner from New York decided to commission this car; it is truly a “one-off,” the only one completed by Niko-Michael Coachworks. The takeaway here is that for cars with, shall we say, “polarizing,” looks, it gets better. Stuff that one generation dis- missed or got tired of is often loved by the youth who follow. Remember those who, just a few years back, were hating on 1980s wedge-shaped styling? It’s now celebrated, and many of the wedgies are bringing more money than ever before. This auction price was more than three times what you might expect to pay for a very well-sorted coupe. Pay attention here, this could be a sign of a future value —DAVE KINNEY

ROBIN ADAMS ©2018 COURTESY RM SOTHEBY’S increase for Camargue coupes.

45 AUCTION REPORT

1948 Bentley Mk VI by James Young SOLD FOR $224,000 | LOT 221 | #3+ CONDITION Black and dark gray over gray leather. Fender skirts, single driving light, sun- roof, rear seat tables. Interesting bodywork by coachbuilder James Young—it al- most looks like a Hudson from the back. Appeared at the 1948 Earls Court Show on the James Young stand. Formerly owned by Le Mans winner Duncan Ham- ilton. Some paint blistering in several spots, particularly along the top of the passenger’s door. Lightly worn front seats and steering wheel, but the wood is very good. Used and unrestored underneath, with some oxidation on the frame, but nothing serious. Cosmetically restored at some point, but given the rare postwar coachwork, it deserves a more comprehensive redo. This car sold for just $21,700 at Bonhams London in 2003 and hasn’t been restored since. Surely, the market has changed a great deal since then, but no one was ex- pecting this unique but not particularly pretty Bentley to seduce people to bid well beyond RM’s $175,000 presale high estimate.

1991 Bentley Turbo R Empress II Coupe by Hooper SOLD FOR $128,800 | LOT 224 | #2- CONDITION Tudor Red over cream leather piped in red. Chrome wire wheels, sunroof, climate control, power seats, rear seat tables. Showing 7229 miles. Very light wrinkling to the driver’s seat but otherwise like new interior with soft upholstery and gleam- ing wood. Small blister on the left front and a small scuff on the front bumper. Small crack on the right rear fender. Good wheels, clean underneath. It’s not quite like new despite the miles. Hooper, established in 1805, was one of the English coachbuilders put out of business when Rolls- Royce started making its own bodies after the war. In the 1980s, the firm was revived and turned out this special Bentley on a Tur- bo R chassis. It’s reportedly one of two that were left-hand drive. In typical Hooper fashion, it’s very distinctive, if also a little ugly. But exclusivity counts for a lot. This result is roughly eight times what a normal four-door Turbo R in comparable condition would bring. ROBIN ADAMS (2) ©2018 COURTESY RM SOTHEBY’S

46 AUCTION REPORT

1956 Bentley S1 Continental Drophead Coupe by Park Ward SOLD FOR $1,077,500 | LOT 238 | 3+ CONDITION The S-Type Continentals were part of the last flourish of Bentley’s coachbuilding era. From 1946 Bentley also offered complete cars SALES THAT built at Crewe and, over time, it became harder and harder for TEACH independents to match the factory offering. The most desirable of catalogued S1 body styles was the drophead coupe by coach- builder Park Ward, style number 700. Unlike the majority of Bentley convertibles produced in this era, it was not an adaptation from factory design stampings but rather a fully custom body, hand-crafted in aluminum. It is distinguished by smooth, subtle body lines, with long front fenders that flow from the front to the rear “hips” and rear fenders that kick up slightly to form tiny tailfins. Park Ward built this design on only 31 left-hand-drive S1 chassis, and the survivors are among the most fiercely prized of postwar Bentleys. This example, originally fin- ished in Tudor Grey over Green and wearing a custom “silver fox” emblem in place of the classic Flying B, was delivered on June 3, 1956, to the palatial estate of Mary Stevens Baird of Bernardsville, New Jersey. (Mrs. Baird was an heiress to the promi- nent Stevens family of inventors and entrepreneurs, responsible for early innovations in steam locomotives and for establishing the United States’ first patent office.) It passed through several enthusiast owners from the 1960s through the ’80s and, in 1990, landed with someone described as the foremost collector of Continentals, with whom it has remained for nearly 30 years. Today, the car is a well-preserved restoration in Masons Black, with a dove gray leather interior piped in black and a properly fitted black top. The interior’s burled walnut trim is rich and harmonious, with the dashboard carrying original gauges and an updated modern stereo system, which fits nicely into place; all is overseen

©2018 COURTESY RM SOTHEBY’S by correct “purdah” smoked glass sun visors. Finishes under the hood show some

47 AUCTION REPORT

driving and use over the years, with minor patination visible throughout, but are in general correct and attractive. The original sets of proper road and hand tools are still stashed under the floor of the boot. When this car crossed the block at the Biltmore, I was sitting with a noted Bentley collector who owns and has owned a number of 1950s Continentals. Before the car came up, we both guessed that it would sell above the final bid amount. We were both wrong. It sold just a few dollars short of its low estimate of $1,100,000. Cars over $1,000,000 were tough to sell at Scottsdale and Phoenix in 2019, and this lovely Bentley was not immune to the trend. Is it a sign that expen- sive cars are trending lower? Indeed it is, but other factors were, and often are, involved. “Very nice car falls a bit short of estimate” is not a headline, whereas “Many Million Plus Cars Stay on the Sidelines” is. A single sale is an event; many sales make up a trend. —DK

1989 Rolls-Royce Silver Spirit Landaulet by Hooper SOLD FOR $190,400 | LOT 233 | #2- CONDITION Another coachbuild from Hooper, this one on a stretched Silver Spirit frame. Black and Claret Red over gray leather in front and gray cloth in the rear. Hub caps and trim rings, narrow whitewalls, gold Spirit of Ecstasy hood ornament. The spirit of the 1980s lives inside, with Toshiba laptop, printer, and cassette player on the equipment list. All original other than a very good recent repaint that has a few very light scratches around the hood and a few small chips on the tail. The chrome is very good. The well-kept original interior was wisely left alone—you’ll never find a better preserved Toshiba laptop. This Silver Spirit had people fawning for two days during auction previews, most of them stretching an arm inside to snap a picture of the crystal set and ’80s com- puting hardware. None of the admirers, though, were willing to shell out a quarter million dollars (RM’s presale estimate was $275,000 to $350,000). ROBIN ADAMS ©2018 COURTESY RM SOTHEBY’S

48 AUCTION REPORT PATRICK ERNZEN ©2018 COURTESY RM SOTHEBY’S PATRICK

2006 Mercedes-Benz SLR McLaren SOLD FOR $268,800 | LOT 237 | #2 CONDITION Crystal Laurite Silver over berry red leather. 5400 miles and like new, as most of these are. Despite being a halo car for an iconic brand, and despite the McLaren connection, SLRs haven’t seen their prices move much lately.

1959 Maserati 3500GT NOT SOLD AT A $230,000 HIGH BID | LOT 269 | #3+ CONDITION Light Blue over beige leather. Borrani steel wheels wearing hubcaps, Audiovox radio, triple Webers, Koni shocks. Some light waviness in the chrome in the front bumper. Very good older paint. Tidy underneath but with thick, old undercoat- ing. Good original dash and gauges, but the leather and carpets are newer. Clean and restored but not overly detailed engine. A solid carbureted 3500 with light restoration work where necessary but never fully taken apart and redone. This is a good car, but it isn’t a great one. Gooding tried to sell it here last year, and it ham- mered not sold at a $240,000 high bid. That was a fair number for a good, driver-quality 3500, and so is this one.

49 AUCTION REPORT

1986 Ford RS200 NOT SOLD AT A $200,000 REPORTED BID | LOT 272 | #2 CONDITION Even good cars sometimes don’t sell, and there are lessons to be learned from these “misses” where everything is right...ex- SALES THAT cept that tiny detail of a high bid that results in a no-sale. This TEACH car has a lot going for it: only 8400 miles, long-term ownership, recent mechanical freshening. And, of course, the simple fact that it’s an RS200—one of 200 planned for Group B homologation. These 1980s racers are increasingly in vogue as people of a certain age want to add childhood icons to their garages. I happen to be of that certain age, so I am familiar with not only these cars but also this particular example. I took a swing at it when it was previously offered for auction on Bring a Trailer in February 2018, almost a year prior to this RM sale. There, too, the high bid, $210,000, failed to meet re- serve (I tapped out at $176,000). But bidding toward the end was so frantic, BaT’s servers crashed. The weeklong auction also gener- ated 93,321 views, 1372 watchers, and 544 comments. To fail with that kind of activity, and then go 11 months later to a highly pro- moted, highly attended, top-line live auction and not sell again all points to the axiom that applies in real estate: If everything is great and it doesn’t sell, the price is wrong. As awesome as this RS200 is, the market and two auctions prove it isn’t worth what the seller wants. For now, at least. —COLIN COMER ©2018 COURTESY RM SOTHEBY’S

50 AUCTION REPORT

1989 Aston Martin Vantage Volante NOT SOLD AT A $250,000 HIGH BID | LOT 270 | #2 CONDITION Cannock Black over cream leather. Boot cover, Pioneer stereo. Bought new by golf- er Greg Norman, so one can assume the boot is large enough for a bag of clubs. Final year for this model. Showing 7931 miles. A few small scratches on the front bumper and a small ding on the left rear wheel. Light wrinkling to the driver’s seat but, otherwise, the interior is like new. Very rare U.S.-spec car in essentially like-new condition. The Greg Norman history is less important than the low mileage and solid condition, which the bidders at the Biltmore didn’t recognize for some reason. This car has gone just 11 miles since it sold for $330,000 at Gooding Amelia Island two years ago, and, if anything, it’s worth more now than it was then.

1977 Lotus Esprit SOLD FOR $50,400 | LOT 274 | #2 CONDITION Oxford Blue over beige cloth. Alloy wheels, air conditioning, power windows, factory cassette stereo. Long-term single ownership. A few scratches on the front bumper. Light cracking in the paint behind the right headlight, which isn’t un- common on a Lotus. There is a little more on the right rear, but the original paint is otherwise very well preserved, if slightly dull. The all-cloth (and very brown) interior looks practically new. Showing 15,480 believable miles. An unrestored original and not perfect, but no early Esprit is, as they weren’t screwed together very well to begin with. This has to be one of the world’s best. RM sold another nearly immaculate original ‘77 Esprit in Monterey last year for a staggering $106,400, well above what anyone expected. Esprits have been some- what undervalued vintage exotics for a long time, and it seemed like people were coming around. Not quite, this result seems to say. It’s arguably the more realistic top end of Esprit S1 prices, and the Monterey sale now looks like a fluke. THEO CIVITELLO ©2018 COURTESY RM SOTHEBY’S

51 AUCTION REPORT

1974 DeTomaso Pantera L SOLD FOR $61,600 | LOT 279 | #3 CONDITION Yellow over black vinyl. Campagnolo wheels, Dunlop GT Qualifier tires, leath- er-wrapped steering wheel. It had a single owner until 2015 and shows 24,134 miles. Dull plastic bumpers. The nose has lots of cracks, and some paint is flaking off on the right side with surface rust poking through. More cracking and peeling on the A-pillars and around the door handles. Dirty wheels. Dirty underneath. Very well-preserved interior that looks a lot better than the body. Could be enjoyed as-is or could be a relatively straightforward resto- ration. Buyer’s choice. At this price, the new owner has plenty left over for restoration work. This is better than your average rough project, even though that’s the kind of price it brought.

1961 Oldsmobile Dynamic 88 Holiday Coupe SOLD FOR $58,800 | LOT 283 | #2- CONDITION Azure Mist and white over blue vinyl. Hub caps and trim rings, fender skirts, tissue dispenser, pushbutton radio, dash clock, power steering, power brakes. All original other than a very good recent repaint. Chrome is very good, aside from very light scratches around the hood and a few small chips on the tail. Good, even panel gaps. The well-kept original interior was wisely left alone. There’s mild discoloration on the seats and light wear to the steering wheel but for the most part, it looks near- ly new. Unrestored but maintained underneath. Lovingly maintained and gorgeous. This Oldsmobile’s level of preservation was very im- pressive, and its colors are charming. The deep pock- ets at the Arizona Biltmore afforded a very strong, above-market result, and they did the same for a restored and similarly gorgeous ’61 Starfire Convertible, bidding up to a $69,440 sale.

52 AUCTION REPORT

BARRETT-JACKSON | SCOTTSDALE

arrett-Jackson’s sprawling Westworld facility, home to the com- pany’s longstanding flagship sale, is the place that comes to the B minds of most enthusiasts when they hear the word “Scotts- dale.” Heavy on muscle cars and trucks, it didn’t offer as many vehicles as Mecum’s gargantuan Kissimmee auction, but Barrett-Jackson Scottsdale nevertheless brought in more money, selling 1817 cars (nearly all at no reserve) for a total of $126.4 million and an average price of $69,571. Total sales were up $14.1 million compared to last year, and 89 more vehicles were offered. Barrett-Jackson’s top two sales—a 2019 Ford GT Heritage Coupe and the first publicly offered 2020 Toyota Supra—both sold with proceeds benefitting charity.

1969 Austin-Healey Sprite Mk IV SOLD FOR $5500 | LOT 36 | #3- CONDITION Green over black vinyl. Wood-rim steering wheel, Weber carburetor, modern ste- reo with JVC speakers in back. Rough paint with lots of chips and scratches, plus some severe cracking at the front of the hood. The trunk has a huge Union Jack decal—looks tacky and needs to go. Very good interior other than small rips in the driver’s seat and another small one in the driver’s side headrest. The un- dercarriage is dry and well maintained, and the engine bay is fairly clean and complete. Fundamentally, this car isn’t bad, just rough around the edges. At this price, the new owner definitely has money left over for paint and seats— all it really needs to be a great driver—and will still be in this car for less than it’s

COURTESY BARRETT-JACKSON really worth. One of the best deals of the week.

53 AUCTION REPORT

1965 Chevrolet Corvair Corsa Convertible SOLD FOR $16,500 | LOT 135 | #3+ CONDITION Evening Orchid over white vinyl. Wire wheel covers, narrow whitewalls, lat- er pushbutton radio (original included), heater and defroster (disconnected). Lightly scratched bumpers. Other than a deep scratch on the hood and a chip on the right rear, the paint looks very good. Small dent on the left rear fender. Lightly worn steering wheel and very light discoloration to the seats, but, mostly, a good interior. Fully restored in 2004 and showing its age, but this color, this engine, and this body style make for a standout Corvair. But not a standout for most of the folks at Barrett-Jackson, it seems. Maybe it was the less-than-masculine color. Maybe it was something else. Either way, this Corsa brought a result befitting a rougher car.

1979 Jeep Cherokee Chief SOLD FOR $20,900 | LOT 141.1 | #3- CONDITION Alpaca Brown and black over beige vinyl. Bucket seats, column shift, pushbut- ton radio. Decent paint. The bumpers are dull and scuffed. Chrome is chipping off on the front. The frame and axles appear to have been repainted long ago, and the underbody is very aged. The interior also looks old but isn’t heavily worn. Original other than a repaint. The condition isn’t remarkable save for the fact that it’s pretty unusual to see an early Cherokee that hasn’t rusted into oblivion. Anything over 20 grand for one like this would have seemed insane just a few years ago, but with people now flocking

COURTESY BARRETT-JACKSON to vintage trucks, it isn’t too surprising. 54 AUCTION REPORT

1987 Subaru BRAT GL SOLD FOR $18,150 | LOT 369 | #3 CONDITION Gray and Red over gray vinyl and cloth. Cassette stereo with aftermarket speak- ers, air conditioning, T-tops. Lots of chips and fisheyes in the paint. Clean and tidy underneath. Spray-in bedliner. The rear jump seats (originally fitted for tax reasons, so the BRAT would qualify as a passenger vehicle rather than a light truck) are scratched and cracked in a few places. Very good interior, otherwise. Overall, not pristine, as you might expect given the 27,364 miles showing, but in decent shape and complete. One you could actually fool around in without obsessing over every scratch and every tick on the odometer. A generation before Subaru became the brand of choice for hikers, college students, and the entire population of Vermont, the BRAT (Bi-drive Recreational All-terrain Transporter) introduced America to Subaru all-wheel drive. This one has twice brought very strong money—it sold for $17,600 at Worldwide’s Texas Classic sale last April—which shows people really are after decent examples. And decent BRATs are hard to find. Another one here (Lot 333) still sold for $13,200, despite having accident history.

1997 Chevrolet Camaro SS 30th Anniversary Coupe SOLD FOR $29,700 | LOT 411 | #2 CONDITION Arctic White with Hugger Orange stripes over white. LT4 350 with 330 hp. Just 2990 miles on the odometer. Good original paint, with one small blemish at the bottom of the passenger’s side B-pillar. The engine bay is immaculate, and the underbody shows little use. The interior is very good, with only minor wear on the driver’s side seat. A well-kept example of a rare, LT4-powered car. This fourth-gen F-body may not look that special to the casual observer, but just 108 of the Camaros modded from new by SLP for 1997 got the hotter LT4 V-8 from the Corvette Grand Sport. This wasn’t a particularly strong price for one, especial- ly given its low miles, so the new owner can be quite pleased at get- ting one of the rare bargains out of this auction.

55 AUCTION REPORT

1982 Toyota Pickup SOLD FOR $16,500 | LOT 412.1 | #3+ CONDITION Scarlet Red over beige vinyl. 2.5-inch lift, bed liner. Good recent repaint. The chassis has had an amateur repaint, but the engine bay appears original. The interior is without wear. A good, budget cosmetic restoration, which is appropri- ate for a workhorse like this. Old Toyota pickups are nearly in- destructible and for a long time were very cheap, so to find one in decent shape is pretty special. Enough peo- ple in the collector car hobby value that utility (or just remember it fond- ly) that good ones are bringing sur- prisingly high prices.

1985 Dodge Ramcharger Prospector SOLD FOR $23,100 | LOT 536 | #3 CONDITION Cream and Gold over gold cloth. Hood ornament, bucket seats, console, facto- ry radio, power windows, and cruise control. Showing 7572 miles, but this isn’t quite a time warp truck. The bumpers are dull and there are scratches all over the grille. The paint is lightly faded and has numerous chips and scratches. Cracked left taillight lens. The weather stripping is pretty dry. Tidy underneath with no rust. Excellent original interior by virtue of sheer lack of use. Age issues aside, this has to be one of the lowest-mile, totally original Ramchargers around. If a truck in this condition had a Ford or Chevy badge it would’ve brought a lot more, but the Dodge doesn’t have the following Broncos and Blazers do. This is the top of the value range for Ramchargers right now.

56 AUCTION REPORT

1990 Chevrolet Camaro IROC-Z 1LE SOLD FOR $53,900 | LOT 548.1 | #2 CONDITION Bright Red over gray cloth. 305 engine, 1LE package, 5-speed. Good original paint with a few minor chips to the nose. The underbody is excellent and shows little use. The interior shows like new, as it should given the 1417 miles clocked. The 1LE is a seldom-seen package on the third-gen Camaro, intended to make the car competitive in SCCA Showroom Stock racing. Bigger brakes, an aluminum driveshaft, and suspension upgrades made for one agile ponycar, but GM didn’t promote it, and few were ac- tually sold. Even so—and even considering this one’s incredi- ble level of preservation—this is a staggering price for any third- gen Camaro. Especially since this one sold at Barrett-Jackson West Palm Beach in 2006 for $18,700 and for $26,950 at Kis- simmee in 2012.

1967 Ford Mustang SOLD FOR $22,000 | LOT 577 | #3 CONDITION Frost Turquoise over black vinyl. 289 V-8, bucket seats, floor shift, vinyl roof, power steering, gauge pack. Paint is fair, at best, with some small fisheyes and inclusions. The panel gaps are even, and new bumpers were installed, but the stainless trim needs polishing. The rubber window gaskets are older and cracked. Wheel covers are aged and show some oxidization. Interior is new, but the gauges evidently are not. The underbody is not restored but was painted. A fair driver. Early Mustangs are everywhere, so it would not be hard to find a better car than this for less. COURTESY BARRETT-JACKSON

57 AUCTION REPORT

1968 Chevrolet Caprice Station Wagon SOLD FOR $24,200 | LOT 668.1 | #3 CONDITION A very cool, mostly unrestored family cruiser with much more punch under the hood than you’d expect just looking at it. Tan and Woodgrain over tan vinyl. Factory-installed 427 V-8, power brakes and steering, air conditioning, roof rack, AM/FM radio. The original paint is faded and has cracking throughout. There are chips along the front header panel. The bumpers and brightwork ap- pear cleaned but not restored. No significant pitting or damage anywhere. The engine and un- derbody are aged and have oxi- dation, but are clean. There can’t have been very many Caprice wagon buyers who ticked the box for a 427, and even fewer would have taken such good care of the car. This may very well be the only one with this engine, but that didn’t seem to excite Barrett-Jackson bidders, who were apparently focused on Blazers and Fox-body Mustangs. Well bought.

1964 Pontiac Grand Prix SOLD FOR $29,700 | LOT 737.1 | #2 CONDITION Marimba Red over black vinyl. 389 V-8 with 383 hp, power brakes and steer- ing, 8-lug wheels, bucket seats, center console, tachometer. Pontiac-Oakland Club Junior and Senior award. Good paint with no serious blemishes. The bum- pers and brightwork are very good. The underbody has been restored but has seen some use since. The interior is very good and has no notable wear. A good, professionally done restoration with limited use since. The ’64 Grand Prix is one of the better looking—and somewhat overlooked— designs of the 1960s. This price is on the high end for an older restoration and base powertrain, but it’s more realistic than the $35,200 it sold for here two years ago. COURTESY BARRETT-JACKSON

58 AUCTION REPORT

1987 Buick Grand National SOLD FOR $66,000 | LOT 753.1 | #2+ CONDITION Black over black and gray cloth. Dealer invoice, factory radio, power windows. 31 miles and like new. The original owner bought two Grand Nationals new, driving one while preserving this car as an “investment.” So how’d that in- vestment do? The ’87 Grand Na- tional started at $16,617, or about $37,500 in 2019 dollars. That means it’s appreciated almost forty grand. Not bad, but if the only point in keeping this car thirty years was to make money, stocks would have been a better idea.

1972 Chevrolet Corvette Convertible SOLD FOR $203,500 | LOT 802 | #2- CONDITION Mille Miglia Red over black. Solid-lifter LT1 350, air conditioning, power brakes, hard top, AM/ FM radio. The old repaint has dulled with time and pol- ishing. There’s a chip that’s been filled on the passenger’s side door. The bumpers and trim are very good. The underbody is clean and shows little use. The inte- rior is in good condition, although the seats show minor creasing from use. A decent final-year LT1 with desirable options, but certainly not perfect. A lot of people watching the sale looked confused when the hammer fell. And no wonder: this car sold for more than 2.5 times our current Condition #1 value for a ’72 LT1. Meanwhile, another one (Lot 1282) in the same colors but in better

COURTESY BARRETT-JACKSON condition sold for $132,000.

59 AUCTION REPORT COURTESY BARRETT-JACKSON

1993 Ford Mustang SVT Cobra R SOLD FOR $132,000 | LOT 851 | #2+ CONDITION This Cobra R, the 11th of 107 built, is truly a time capsule. It’s never been reg- istered, and the gray interior hasn’t even gone through the dealer prep—it still has the plastic on the seats and floor. The Vibrant Red paint has no chips or scratches, but it has dulled slightly over time from age and dusting. The engine compartment is immaculate, and the underbody indicates zero use. Marti Re- port, black wheels, original window sticker. Fox-body (1979–93) Mustangs did very well in Scottsdale last year and did so again this year. But this is staggering, especially considering that the car sold for “just” $66,000 in Kissimmee three years ago. A record price for a Fox-body.

1990 Ford Mustang 5.0 LX 25th Anniversary Convertible SOLD FOR $44,000 | LOT 852 | #2- CONDITION Deep Emerald Green over white. 7Up Edition (rebranded the 25th Anniversary after a promo deal with the soda brand fell through), includes window sticker and Marti Report. Just 24 miles. Original paint has lost some shine from dust- ing. The top, however, is immaculate. The engine bay is unused, and the car has not been dealer prepped. While the six-figure Cobra R stole the show in terms of Fox-bodies this year, this similarly factory-fresh 7Up car was the jaw-dropper here two years ago. It sold for a whopping—and un- reasonable—$82,500. Lightning didn’t strike twice.

60 AUCTION REPORT

1972 Chevrolet K5 Blazer SOLD FOR $72,600 | LOT 948 In the hot vintage SUV market, the K5 Blazer has lagged behind its rival, the early Bronco. As such, it’s been a logical addition to SALES THAT Hagerty’s watch list for some time. This Blazer, which received TEACH a frame-off restoration and has had its original 350 V-8 rebuilt, was one of the best results we’ve seen. But it wasn’t the only high-buck K5 at B-J Scottsdale. First, there was another ’72, which sold as Lot #452.1 for a nearly identical result of $71,500. It was a Green-with-green-interior example featuring a nice frame-on restoration, but also represented as having a replacement, yet similar to original, engine and transmission. Lot 1069.1, a stock-looking, Black-over-black example, was able to deliver a Sonny Liston–like $132,000 punch presumably because it was a “resto-mod,” with a modern LS3 crate engine, a 4L70E overdrive transmission, and other updates. It likely gets down the road better. But was it worth the pre- mium? Not to me. Either of the other K5s could have been purchased, had their correct drivetrains shelved for value retention or future use, and been upgraded to resto-mod spec for less than sixty grand. And, if we’re being honest, the charm of a vintage SUV is the vintage SUV experience. The ruggedness and the flaws transport us back to the time when these were the workhorses of our youth. A resto-modded Blazer also won’t be able to participate in vintage off-road experi- ences such as the Copperstate Overland rally, which celebrate using old trucks as they were intended to be…and as they were built. My pick of the Blazers at Barrett was thus the one you see here. It wore the right color, had the right options and original bits, and its restoration was incredibly well done. Yes, it’s going to drive like the slow, lethargic rig it is, and it will need the same TLC any old truck requires, but long-term, I don’t think you can go wrong buying the most correct, stock example. Most of us drive a modern SUV already, so why own two? —CC COURTESY BARRETT-JACKSON

61 AUCTION REPORT COURTESY BARRETT-JACKSON

1970 Pontiac GTO Judge SOLD FOR $79,200 | LOT 1075.1 | #2- CONDITION Starlight Black over red vinyl. Ram Air III, power brakes, Safe-T-Track differ- ential, hood tach, Rally II wheels, bucket seats, console, AM radio. Includes Pon- tiac Historical Society paperwork and window sticker. Good paint other than a chip on the passenger’s side quarter panel. Fine scratches on the rear bumper. The passenger’s door gap is inconsistent. The lower windshield trim is marked up from the hood. The engine compartment is very good and shows minimal run time. The frame has a fresh coat. Inside, nothing’s amiss other than some scuffs on the door cards. Fully restored, but misses on a few details. Sold for $66,000 at Mecum Monterey last August, and before that for $58,300 at Mecum Indy in 2011, when muscle car prices were near their bottom. This is a considerably stronger result than in Monterey, and the car hasn’t had any serious work since then, but it isn’t out of line with today’s GTO market.

1969 Chevrolet Camaro ZL1 SOLD FOR $231,000 | LOT 1402 | #2 CONDITION Fathom Green over black vinyl. ZL1 427 V-8, non-OEM trim tag, power brakes, 4.10 Positraction differential, radio delete, column shift. Previously owned by Reggie Jackson. Rebodied in period. Decent older paint with no major flaws. The bumper and brightwork have been redone. The engine compartment shows mini- mal use, and the interior has no wear. An average example of a desirable ZL1 hurt by its automatic transmission and rebody. Sold here 10 years ago for $319,000 and got even less attention this time around. While it’s likely among the least desirable of the ZL1s, this is, nevertheless, a lower-than-rock-bottom price for one. 62 AUCTION REPORT COURTESY BARRETT-JACKSON

1957 Mercedes-Benz 190SL SOLD FOR $93,500 | LOT 1457 | #4+ CONDITION Black over gray. Wheel covers, narrow whitewalls, Weber carburetor. Represent- ed as a full restoration, but that must have been a long time ago. The paint is peeling along the edges and is uneven just about everywhere else. The brightwork around the windows is heavily pitted, as are exposed parts of the wheel. The in- terior, on the other hand, appears new in comparison to the rest of the vehicle. A driver-quality 190SL bought for driver money. For a brief period in 2014–16, the best 190SLs were bringing over 200 grand, and people started spending serious money on restorations. Things have settled down since then and, in any case, this car was restored long before that.

2007 Chevrolet Corvette Z06 SOLD FOR $41,800 | LOT 1525 | #2+ CONDITION Black over black. Hurst shifter and aftermarket air intake, black wheels, red calipers. Represented with 8500 miles. The paint does not have any dings or scratches. The front splitter has only a few superficial scuffs. The wheels are mostly clean, but residue from stick-on weights needs to be cleaned after rebal- ancing. The underbody shows no real wear or deterioration. The driver’s seat has light wear. Could use a detailing, but a mostly very solid, low-mile Z06. High-performance Corvettes like the Z06 have a bright future in terms of collectability, but right now, the C6 is a used car in most people’s eyes. The Z06 cost about 70 grand when it was new. At this price, its 7.0-li- ter, 505-hp V-8 is hard to beat in terms of performance per dollar.

63 AUCTION REPORT COURTESY BARRETT-JACKSON

1977 Chevrolet C10 Fleetside Long Bed SOLD FOR $22,000 | LOT 1535 | #3 CONDITION Mariner Blue and Light Blue over blue vinyl. Silverado trim, air conditioning, wood dash, bed liner, mud flaps. Has had a quick, recent respray. The bumpers appear to have been replaced. The bottom lip of the hood has surface rust. The engine compartment is aged, and the cast iron bits have surface rust. The frame paint appears original and is without oxidation. The exhaust is old and will need replacement eventually. The interior is very good, and the dash is crack free, which is fairly remarkable on an original C10. An honest, presentable old truck in attractive colors. This C10 sold at Worldwide’s Dallas auction last year for $11,000. Vintage pick- ups are hot, but not so hot that a less-than-perfect C10 long bed should double in value in less than a year.

64 AUCTION REPORT

BONHAMS | SCOTTSDALE

onhams brought a characteristically diverse group of vehicles to Scottsdale, from one of the oldest cars of the week (a 1914 B Stevens-Duryea) to one of the newest (a 2018 Bugatti Chiron). There was also diversity in the prices, with both above-market results and considerable bargains. Total sales amounted to $16.1 million, with 108 out of 120 vehicles sold, for a 90 percent sell-through rate and a $149,070 average price.

1972 Volvo P1800E SOLD FOR $91,840 | LOT 1 | #2 CONDITION Cypress Green over beige vinyl. Push-button radio, dash clock, wood dash, origi- nal tool kit and manuals. Tiny chip behind the left headlight. Otherwise excellent original paint and chrome. Tidy and maintained but unrestored underneath. Excellent, original interior. Represented as a time capsule car and, indeed, looks practically new. Showing just 59,856 miles (which is barely broken in when it comes to these bulletproof old Volvos), and it has been babied the whole way. Perfect ES wagon Volvo 1800s have sold for slightly more, but this is a record price for an 1800E that comfortably topped even Bonhams’ ambitious $80,000 pre- sale high estimate. It’s a huge price, but the new owner can claim with confidence

COURTESY BONHAMS to have the best unrestored 1800 coupe around.

65 AUCTION REPORT COURTESY BONHAMS

1950 Jaguar XK120 SOLD FOR $95,200 | LOT 17 | #2 CONDITION Silver over red. Wire wheels, Jaguar Daimler Heritage Trust Certificate, origi- nal tools. Represented as a matching numbers, three-owner car. Excellent newer paint and chrome. Spotless underneath. Very good, fresh interior. Slightly im- perfect panel gaps are the only thing to nitpick. Body-off restored about 10 years ago but still presents as pristine and gorgeous. There were bargains to be had at Bonhams Scottsdale this year, and this was one of them—a fully restored XK120 for driver money. Even for another 30 grand it would not have been overpriced.

1956 Austin-Healey 100 BN2 Le Mans NOT SOLD AT A $160,000 HIGH BID | LOT 18 | #2+ CONDITION White and Black over blue piped in white. Wire wheels, Lucas driving lights, tonneau cover, heater, British Motor Industry Heritage Trust certificate. One of 640 cars equipped from the factory with the Le Mans package, which included engine modifications like larger carburetors and a high-lift camshaft. Errat- ic trunk gaps and mild cracking in the headlight bezels, but, otherwise, this is a gorgeous and relatively fresh car with high quality paint, chrome, and interior. Its early history isn’t known, but it was originally finished in Black and Reno Red, then restored in the 1990s. The Le Mans equipment on a Healey 100 makes for a ma- jor improvement in performance over a standard car, and the values reflect that. This car is also eligible for some great driving events. Given the age of the resto- ration, though, the reported high bid was perfectly reasonable.

66 AUCTION REPORT

For all the hand wringing over how high-priced cars per- formed in January, there were also plenty of bargains to be had. We asked our experts to pick their favorites for less than $50,000. Look for them throughout the auction reports. 1967 Pontiac GTO Hardtop SOLD FOR $42,560 | LOT 22 | #2+ CONDITION By shoving a 389-cubic-inch “Big Car” V-8 into the 1964 Pontiac LeMans and call- ing it a GTO, John Z. De Lorean created what we now know as the muscle car era. So, when looking for a muscle car, it’s really hard to go wrong with a GTO—es- pecially a handsome “Coke bottle” 1967, which was also the first year for the 400 V-8, the TH400 automatic transmission, and a host of other improvements. The understated and correct burgundy paint was applied over extremely straight and seemingly all-original sheetmetal, a rarity in these cars. Closer inspection revealed this GTO was loaded with factory air conditioning, power steering, power brakes, bucket seats, floor console, factory Hurst “Dual/Gate” shifter, and was wearing correct new-for-1967 Rally II wheels. The level of restoration was extremely high, and the car just had the look of a quality specimen, as opposed to some slapped-together auction special. To find a rust-free GTO and restore it to this level would take multiples of the final price here. At a more domestic-focused auc- tion, it likely would have brought considerably higher bids. This was a lot of Goat for the money. In fact, I bought it for the Hagerty collection. —CC COURTESY BONHAMS

67 AUCTION REPORT

2003 BMW Z8 Alpina SOLD FOR $143,360 | LOT 23 | #2 CONDITION Silver over red-and-black leather. Alpina wheels, hardtop. Like new with 18,000 miles. This car sold here three years ago for $253,000, at the time a high but not crazy price. If anything, Z8 Alpinas have gotten more expen- sive since. This was a great auction for the new owner and a rough one for the seller.

1967 Simca 1000 SOLD FOR $24,640 | LOT 29 | #2- CONDITION Blue over tan vinyl. Decent original paint with some light scratches on the hood and a few chips around the edges of the engine cover. Several big touch-ups on the left rear. Very good interior—a cloudy steering wheel cap is the only real sign of age. Scratched hub caps. Maintained but original underneath. Won a FIVA Preservation Award at the Quail concours. This charmer with Giugiaro bodywork is rare in any country and hardly ever seen here. A ton of car for the money. Not in the physical sense, of course, given its twee dimensions and 52 hp. Bought for under Bonhams’ $25,000 low estimate, it has plenty of character and exclusivity per dollar. Sure to be a conversation starter. COURTESY BONHAMS

68 AUCTION REPORT

2002 BMW M Coupe SOLD FOR $56,000 | LOT 34 | #2 CONDITION Imola Red over black-and-red leather. S54 inline-six, alloy wheels, factory CD stereo, power windows, air conditioning. Comes with its window sticker and service records. 23,500 miles. Like- new paint. Very clean wheels and underbody. No significant wear to the interior. There just isn’t anything else like this fast, rear-drive, funky-looking six-cylinder hatchback. We haven’t seen a “clown shoe” M coupe at a high-profile auction before, but the interest on the private market is certainly there, and this is a nearly top-notch ex- ample. Adjusted for inflation, the price is still a bit short of what the car cost new, but it’s close. Don’t be surprised if we start to see more of these at auction.

1957 AC Ace-Bristol NOT SOLD AT A $240,000 HIGH BID | LOT 40 | #2- CONDITION Green over black. Replacement Bristol engine, painted wire wheels, tonneau cover. A straightforward, older restoration. Originally Blue over beige. No big blemishes in the paint, but it’s been buffed a few too many times. Tidy and light- ly used underneath. Good older chrome and interior. The Ace-Bristol is eligible for all kinds of driving events, and this one would be perfect for that given its condition and non-original powertrain. The Ace-Bristol would be a highly collectible car even if it never spawned the Shelby Cobra. Rough examples carry prices well into six figures. The reported high bid here was project car money. It can’t be too far off what the consignor was ex- pecting, though, given the lack of a numbers-matching engine and the less-than- stellar condition. COURTESY BONHAMS

69 AUCTION REPORT

1998 Ferrari 456 GTA Coupe SOLD FOR $49,280 | LOT 113 Powered by a 442-hp, 5.5-liter 4-cam V-12 paired to a 4-speed automatic transmission. Finished in Blu Pozzi (a rich dark blue) over beige leather. This is a U.S.-delivery model that has covered only 19,114 miles and has only a few small stone chips on the nose and some slight wear on the driver’s seat. From the outside it looks more like a Daytona than its 2+2 predecessor, the boxy 412. This Ferrari 456 GTA cost something like $250,000 when it was new. There’s room in the back for a couple of persons of slight stature (read “grandsons”), it makes V-12 Fer- rari noises, and it’s barely broken in, although it has no service history—a serious drawback for a Ferrari. Even at that, for some- one who can live without a clutch and gear lever, it’s a sound value for a Ferrari nearing the nadir of its value curve. —RICK CAREY COURTESY BONHAMS

70 AUCTION REPORT

1971 Maserati Indy 4.9 SOLD FOR $84,000 | LOT 41 | #3+ CONDITION Rare 4.9-liter Indy. Gunmetal Gray over red leather. Borrani alloy wheels, Blau- punkt radio, wood-rim steering wheel, air conditioning. Clean wheels and tires. The bumper rub strip doesn’t quite fit straight. Restored and lightly used under- neath. Gorgeous all-red interior. Very good paint. Some discoloration on the wind- shield wipers. Old undercoat in the wheel wells. Not a show car, but very pretty. This car has several no-sales to its name, with a $160,000 high bid at Mecum Monterey in 2017, a $95,000 high bid at Mecum Los Angeles last year, and a $100,000 high bid at RM Fort Lauderdale last year. It’s arguably a six-figure car, but not much higher than the low-100s, as bidders across the country have shown repeatedly. The high bidder here got a serious bargain and now has money left over to address any issues. COURTESY BONHAMS

1963 Volkswagen Microbus 23-Window SOLD FOR $190,400 | LOT 65 | #2+ CONDITION Genuine 23-Window restored from 2012 to 2016 with fresh paint and bright- work. Coral and White over white vinyl. Hub caps and trim rings, pushbut- ton radio, VDO dash clock. Straight body, immaculate interior. Good, soft rubber. Spotless underneath. The 23-Window is a six-fig- ure vehicle these days, so seeing an overrestored one isn’t as special as it used to be. Nevertheless, what a phe- nomenal Bus this is. It previ- ously hammered not sold at a $110,000 high bid at Russo and Steele Monterey 2017. The audience in Scottsdale was far more receptive. This isn’t the most ex- pensive 23-Window ever sold, though—a handful have cracked 200 grand.

71 AUCTION REPORT

1988 Lamborghini Jalpa P350 GTS SOLD FOR $68,320 | LOT 70 | #3+ CONDITION Black—the same color as the one in Rocky IV, if that’s your thing—over beige leather. OZ wheels, Continental tires up front, Yokohamas on the back, later ste- reo. Long crack on the engine cover and a few small chips under the driver’s side door sills, but mostly good original paint. The plastic bumpers are a little tired, and the wheels a little dirty. Very good interior. A most- ly well-kept but clearly used Jalpa from the final year of production. It sold in Fort Lauderdale in 2015 for $88,000, then didn’t sell at an $85,000 high bid there last year, and failed again at an $82,500 high bid at Me- cum Monterey a few months later. It should have sold in Florida, it should have sold in Monterey, and probably the only reason it sold here in Scottsdale is that it went at no reserve. At this price, it’s a bargain—a neat and drivable vintage Lambo at a near rock-bottom price.

1953 Morgan Plus 4 Roadster SOLD FOR $39,200 | LOT 77 | #2 CONDITION Yellow and Green over tan. Hub caps, whitewalls, wing mirrors, single Lucas driving light, wood dash, 5-speed, tools. Excellent interior. Very good paint and chrome. Recent restoration that isn’t overdone. Gorgeous and finished in col- ors that are flattering to the “flat-rad” body style. This was the last full year before Morgan moved from the “flat rad” to the more familiar cowl radiator cars. Which look is prettier is up for debate, and prices don’t vary widely, even though the earlier cars are rare. This re- sult was on the modest side, considering how fresh and gorgeous the restoration is, but bidders discounted the car for having a five-speed gearbox from an unknown source.

72 AUCTION REPORT

1965 Land Rover Series IIA SOLD FOR $31,360 | LOT 80 | #4- CONDITION A beat-up old Land Rover. Blue and White over gray. All original with paint coming off all over. Rusty mirror. The left front turn signal lens is broken and the right one is missing altogether. Dirty but surprisingly solid frame, having benefitted from the dry Southern California climate. The wheels are pretty filthy. The right rear bum- perette is slightly bent. Dirty, tired interior with cloudy gauges. It’s had some recent mechanical sorting. Comes with used overdrive unit and some (but presumably not all) orig- inal tools. For people who like pati- na, it’s neat. Most of the wear and tear on this early Land Rover is superficial, and it’s pretty sound underneath. . . but more than 30 grand for a beat-up old truck with 77 hp and no amenities? Strange.

1991 BMW Z1 Alpina SOLD FOR $106,400 | LOT 86 | #2 CONDITION Red over black and camouflage. (Yes, camouflage. Looks nifty). Alpina alloy wheels, steering wheel, and shift knob, Sony stereo. One of 66 built. Showing 12,187 believable kilometers. The driver’s seat is a little flat, but otherwise there’s no real sign of age. The Z1 is weird and rare enough in its own right, but the Alpina is even more special, plus it has more power and a beefed up suspension. The Z1 was never sold here. Now, it’s old enough that imports have started to trickle in, but we’ve never seen one of the rarer, faster Alpina versions at auction before. This result is comfortably above what a normal BMW model in this condi- tion would expect to bring, which is perfectly fair. COURTESY BONHAMS

73 AUCTION REPORT

1961 Elva Courier Roadster SOLD FOR $18,480 | LOT 120 | #3+ CONDITION Anybody who has ever vintage-raced a small-bore British sports car knows what an Elva Courier is, if for no other reason than they just make winning seem easy. Unlike all of the other pro- duction British sports cars that were converted for competition, the Courier was designed to be a race car first and a street car second. With their featherweight fiberglass bodies and well thought-out chassis, they are in a league of their own—even if they make the crappiest Lotus appear robust in construction. That said, a good Courier is hard to beat, and this one certainly qualifies. This very car sold at Mecum Monterey in 2016 for $32,000. It has a great race history and in recent years has been maintained by the legendary Huffaker Engineering, a good sign. The catalog, and my eyes, note a lot of trick (read: expensive) race bits in there as well. It would be really hard to duplicate this Elva for any reasonable amount of mon- ey. Therefore, at $18,000 and change, this Courier Mk. II was an absolute bargain. —CC COURTESY BONHAMS

74 AUCTION REPORT

GOODING & CO. | SCOTTSDALE

ooding & Company consigned the three most expensive cars of the week in Scottsdale (all 250-powered Ferraris) and sold $48.1 G million worth of vehicles overall, more than either of the other two catalog sales. Of the 124 vehicles consigned, 105 successfully sold, for an 85 percent sell-through rate and an average price of $458,458. Although seven-figure cars struggled in most places this January, Gooding sold more than half of its $1-million-plus consignments. The biggest no-sales here were a 1966 427 Cobra, at a $950,000 high bid; a 1967 Aston Martin DB6 Volante, at a $950,000 high bid; and a 1964 Ferrari 275 GTB prototype rally car, at a $4.75 million high bid.

1979 Mercedes-Benz 450SLC SOLD FOR $34,720 | LOT 1 | #2- CONDITION Gray Blue over blue. Tool roll, center console and floor shift, bucket seats, Beck- er Mexico radio, original books. The factory paint is well cared for and pres- ents very well. The trim is good, despite some scuffs on the rubber bumpers. The wheels are well detailed but have some minor chips and nicks. The interior looks practically new, with only light wear to the driver’s seat. The underbody and wheel wells look undercoated. Never restored, just very well maintained and showing 31,731 believable miles. Interest in 107-series (1971–89) SLs is generally down; however, this car bucked the trend. Credit the very impressive level of preservation, which brought top dol- lar for a 450, and even more than the $28,600 it sold for at Bonhams Greenwich in 2017. One thing this exceptional SLC can’t do is retract its roof—two-seat convert- ible SLs go for more.

75 AUCTION REPORT

1973 Porsche 914 2.0 SOLD FOR $58,240 | LOT 4 | #2+ CONDITION Delphi Green Metallic over brown vinyl. Tinted glass, fog lights, dealer-installed AM radio. Respray in the original color presents very well. The trim and bum- pers are well detailed. The interior is excellent and original, but there is some scuffing at the top of the B-pillar. The wheels show oxidization, but that might be fixed with detailing. Stored from 1989 to 2018 and showing 32,743 miles. A lot of money for a 95-horsepow- er, Volkswagen-powered two-seat- er, but well-preserved four-cylinder 914s have been commanding big prices lately. RM and Gooding have each sold a lower-mile car for more than 90 grand within the past couple years. With that in mind, this price doesn’t seem as ridiculous.

1961 Jaguar XK 150 3.8 Drophead Coupe SOLD FOR $212,800 | LOT 27 | #3 CONDITION Red over red leather. Wire wheels, single Lucas driving light, dual wing mirrors, dealer-installed AM radio, tool roll, 5-speed upgrade (original 4-speed includ- ed). The paint is okay, with some blisters on the rear, chips on the passenger’s side door, and a few areas where the paint has buffed off. All four whitewall tires have slight yellowing. The brightwork, on the oth- er hand, is very good. So is the interior—there’s only light wear on the seats. The interior trim, dashboard, and instruments appear complete and are in good condition. The top is fading slightly. Displayed at Pebble Beach in 2010 in the Preser- vation Class and all original other than the gearbox swap and new carpets. All in all, a desirable final-year Drophead 150 with the potent 3.8 engine. The only thing that would make it better would be if it were an S. This price would ordinarily buy you a freshly restored example, but this XK’s level of preservation is something you just can’t replicate. Bidders ignored the 5-speed swap and focused on the otherwise wonderful originality and desirable specs.

76 AUCTION REPORT

1976 Porsche 911 S Signature Edition SOLD FOR $72,800 | LOT 59 | #2 CONDITION One of 200 “Signature Edition” 911s built in 1976 with special paint and inte- rior color (Platinum Metallic over tan vinyl with pattern cloth inserts), along with distinct wheels and trim, sunroof, Blaupunkt cassette stereo, air condition- ing. Fully disassembled at some point. Excellent paint and interior. Spotless wheels. Fresh engine bay. A ’76 model isn’t anything special in the world of collectible 911s, but this car’s condition, plus the Signa- ture Edition extras, make it a standout even at a top-tier sale like this. That said, there’s no question the 911 fren- zy has settled down: two years and 70 miles ago, it sold for $93,500.

1959 Volkswagen Karmann Ghia SOLD FOR $64,400 | LOT 63 | #2- CONDITION Red and Black over black vinyl. Blaupunkt pushbutton radio, Denzel-tuned high-performance engine, owner’s manual, jack and tool roll, dash clock. Some tiny blisters on the front bumper and a small dent in the windshield frame. Small chip on the passenger’s door. Small crack on the tail. A few light scratches on the windows. Some cracks on the steering wheel rim but otherwise a very good, restored interior. Very clean underbody. Quite a bit of quality work was put into this car, and from only a few feet away it’s a showstopper. Up close, there are some flaws, but it’s a very good car by VW standards, one that also has desirable accessories and a rare engine. This is an extremely expensive Karmann Ghia, especially considering it’s a coupe, but given all the rare accessories and the quality of its restoration, this isn’t an unreasonable result.

77 AUCTION REPORT

1954 Aston Martin DB2/4 Mk I Coupe SOLD FOR $190,400 | LOT 106 | #3+ CONDITION Black over beige leather. Chrome wire wheels, Lucas driving lights, wood-rim steering wheel, wood dash, British Motor Industry Heritage Trust certificate. Cos- metically restored in the early 2000s and mechanically restored in 2009, when it got a newer 5-speed gear- box. Several small cracks on the hood and another crack below the driver’s window. Otherwise, good older paint. Significant wear to the seats. Light wear to the steering wheel. Lightly faded origi- nal gauges. Frayed weather stripping on the windows. Very clean underneath. Cer- tainly has its flaws, but this is a very rare and still presentable early Aston that would be ideal for driving events. Sold here seven years and 299 miles ago for $187,000. In theory, it should be a lot more expensive today, since vintage Aston Martin prices have moved quite a bit in the positive direction and its condition isn’t much different. Call it a bargain.

1967 Aston Martin DB6 Mk I Volante NOT SOLD AT A $950,000 HIGH BID | LOT 117 | #3+ CONDITION A very rare, left-hand-drive Volante. Black over tan leather. Wire wheels, tool roll and jack, clock, air conditioning, power steering, Bosch Koln radio. Origi- nally equipped with an automatic; now has 5-speed manual. Excellent paint other than a few small chips at the bonnet edges. Even panel gaps. The chrome, along with the rubber trim, shows some age, and the front bumper appears slightly misaligned on the driver’s side. The driver’s seat is wrinkled from use. The gauges are clear and bright. Not restored, but not totally original either. A top-notch DB6 Volante can command a seven-figure price. Given this car’s flaws and the fact that it was born with an automatic, the report- ed high bid should have been sufficient to see the car off to a new home.

78 AUCTION REPORT

2009 Alfa Romeo 8C Spider NOT SOLD AT A $310,000 HIGH BID | LOT 127 | #2 CONDITION Red over red leather. Carbon-fiber interior trim, clear bra on the nose, carbon brakes. One of just 35 8C Spiders sold in the States and 500 worldwide. 759 miles. Like new on the outside. Very light wrinkling on the outer bolster of the driver’s seat. The 8C arguably looks better as a coupe, but it’s nevertheless one of the most attractive designs of the 2000s, and it marked a welcome return of Alfa Romeo to the U.S. market. The reported high bid is about what the car would have cost new, but Gooding sold another one of these at Amelia Island two years ago for $390,500, so it’s not unreasonable for the consignor to expect a number closer to that.

1956 Chrysler 300B SOLD FOR $56,000 | LOT 150 | #2- CONDITION Regimental Red over beige leather. Push-button automatic, Town & Country radio. From the second year for the 300 Letter Series (1955–65). A few chips behind the headlights. Deep scratch on the front bumper. A few micro blisters on the roof and general detail scratching. Light wear on the steering wheel and seats. Very clean and tidy underneath. A high-quality restoration that’s been lightly enjoyed, but the work was done a decade ago, and the freshness is gone. While it isn’t a total stun- ner, there isn’t really anything wrong with this 300B, and it’s a much better car than the price it brought, which ordinarily would buy a driver-quality example.

79 AUCTION REPORT

1989 Porsche 911 Carrera 4 Coupe SOLD FOR $75,600 | LOT 130 | #2- CONDITION Guards Red over black leather. Air conditioning, aftermarket cassette stereo, sun- roof. The paint is very good, but the weather stripping is misaligned and warped, especially around the sunroof. The interior is good other than some wear on the shifter and seats. The condition is commensurate with the indicated 47,932 miles. The first year of the 964, and the first 911 model to have the all-wheel- drive system developed for the 959. Even so, naturally aspirated 964s rare- ly cost this much, especially not ones with this kind of age and mileage. Plus, this sale offered better and more interesting Porsches to choose from. A win for the seller.

2008 Porsche 911 GT2 SOLD FOR $299,250 | LOT 137 | #2- CONDITION Black over gray leather. Yellow calipers, carbon-fiber interior trim, Sport Chrono package, Bose surround sound, aluminum pedals, yellow interior stitching, tool kit, books. Like-new condition, which makes sense since it has only 400 miles. This car started at a little less than 200 grand when it was new, or about two- and-a-half times a standard 911 at the time. But limited-production, high-per- formance Porsches like the GT2 tend never to get less expensive and, in a lot of cases, just get pricier.

80 AUCTION REPORT

1969 Chevrolet Corvette L88 Convertible NOT SOLD AT A $340,000 HIGH BID | LOT 139 | #2- CONDITION Represented as a genuine, matching-numbers L88. Marlboro Maroon over black vinyl. Four-speed, Rally wheels, red-line tires, hardtop, side exhaust, tank sticker documented. Restored twice—and well, with National Corvette Restorers Society Top Flight, Bloomington Gold, and other awards as evidence. Tidy engine bay. Good older paint and chrome. Very good, lightly worn interior. In solid but unex- ceptional condition overall. What’s exceptional is what’s under the hood. Not sold at Auctions America Santa Monica in 2016 at a $450,000 high bid and at Bonhams Scottsdale two years ago at a $490,000 high bid, then once more at Mecum Indy last year at a $500,000 high bid. L88s remain rare and desirable, but this one’s getting a bit stale, and it’s hard to get anyone excited about it, as this lowball high bid shows.

1951 Willys-Jeep 6-73 Wagon SOLD FOR $33,600 | LOT 146 | #3+ CONDITION Brown and tan over dark brown vinyl. Column-shift 3-speed, three-row seating, radio. Restored about 20 years ago and not perfect, but it doesn’t really need any- thing before taking it out to enjoy. Good finish aside from masking issues where paint colors meet. The windshield is delaminating. The interior’s very good, and the chrome is excellent. It’s unusual to see a ’50s Willys wagon in any condition, let alone one that has had some money put into it. The bidders, recognizing that, forgave the age of the restoration and afforded it a price nearly 2 grand above Hagerty’s current Condition #1 value.

81 AUCTION REPORT

MECUM | KISSIMMEE

hile Scottsdale gets a lot of attention each January, Mecum consigns more vehicles at its Kissimmee, Florida, sale than W any other single collector car auction in the world. This year nearly 3500 vehicles were on offer, including everything from prewar luxury tourers to late-model exotics. There’s something for everyone here, but the main focus is always muscle cars, Corvettes, and vintage trucks. The other focus is affordability: the average sale price was $44,198, about what a loaded family SUV costs these days. Compare that with Scottsdale, where the average price paid at all of the auction houses was $94,359. Most consignments at Mecum carry a reserve, and 68 percent successfully sold over the 10-day marathon for total sales of $92 million, just over last year’s $91.7 million. Not everything at Mecum is cheap, though: the one- off Shelby GT500 Super Snake became the most expensive Mustang ever sold, at $2.2 million.

1966 Sunbeam Tiger Mk IA SOLD FOR $62,700 | LOT F159 | #2- CONDITION Red over black. 302 engine in place of the original 260, headers, alloy wheels, Hurst shifter. Restored in the 1980s. Very clean but not overly detailed engine bay. A few small blisters on the right front fender, but mostly good older paint and chrome. Worn steering wheel and some flaws on the dashboard, but very good seats and carpets. A modest result for a Tiger, even counting for the incorrect engine and age of the restoration. That makes for a good buy for somebody who wants a Tiger to

COURTESY MECUM drive and enjoy. The extra punch from the 302 only helps in that regard.

82 AUCTION REPORT

1967 Amphicar Model 770 SOLD FOR $101,750 | LOT F168 | #2 CONDITION Fjord Aqua over tan-and-white vinyl. Hub caps, whitewalls, boot cover, dash clock. A very rare, right-hand-drive Amphicar, apparently one of two examples originally shipped to the U.S. in error instead of Sweden. Spent most of its life in a museum. Slightly faded badge. Very good older paint and chrome. Light discolor- ation to the original seats and cracking steering wheel cap in an otherwise most- ly good interior. Tidy underbody and very clean engine bay. Represented as unrestored, so the seals are probably dry and you couldn’t drive into the lake and come out dry, but nonethe- less a very attractive Amphicar with an interesting story. An over-the-top result for any Am- phicar, especially since this one sold at Barrett-Jackson Northeast in 2017 for $60,500. It’s not quite a record price, however, since Barrett-Jackson sold one in 2011 for $123,200.

1994 Ford Mustang SVT Cobra SOLD FOR $9900 | LOT F194 | #3+ CONDITION Black over tan leather. Alloy wheels, spoiler, power windows, CD stereo. Showing 39,321 believable miles. Several sizable chips on the nose and a few more on the right front fender. Tidy underneath. Lightly wrinkled seats and wear to the steering wheel. An early Cobra in standard used-car condition. Given what Fox-body (1993) Cobras have been doing at auction lately, fourth-generation cars are serious bargains right now. Expect prices to go up eventually. This one sold at no reserve for a steal, especially considering that it sold at Barrett-Jackson Las Vegas in 2016 for $12,100. Quite a buy. COURTESY MECUM

83 AUCTION REPORT

1994 Mazda RX-7 SOLD FOR $34,100 | LOT F228 | #2 CONDITION Vintage Red over black leather. Touring package, sunroof, Bose CD and cas- sette stereo. A totally stock, unmolested FD (1992-2002) RX-7 represented with 31,250 miles. Even the complex sequential twin-turbo system (often reworked to a singl- turbo setup) has been left alone. Clean, maintained engine bay. Tiny chip on the hood but otherwise fantastic original paint. Aside from light wear to the driver’s seat bolster, the interior looks nearly new. Mazda sold only the final-generation (FD) RX-7 in the US from 1993 to 1995, and lots of them have been wrecked, turned into drift cars, or heavily modified and beat on. To see one that’s totally stock, with relatively low miles, is therefore pretty special. Values have been rising as other 1990s Japanese performance cars heat up, and this example deservedly sold toward the top end of the current price spectrum. COURTESY MECUM

1957 Chevrolet Bel Air Convertible SOLD FOR $88,000 | LOT S59 | #2 CONDITION Turquoise over white and turquoise. 283 V-8, Powerglide automatic, spinner wheel covers, whitewalls, fender skirts, Continental kit, white vinyl boot cover, power steering, power brakes, spot- light, power top, pushbutton radio, dash clock. A quality older resto- ration is, for the most part, hold- ing up well: Very good older paint, chrome, and interior, and a lightly used engine bay. The white vinyl top, however, is yellowing and needs replacement. Sold for $78,100 at Mecum Houston last year, which was a generous price. At 10 grand more, it’s now just expensive. This money could have bought a fresher car. 84 AUCTION REPORT COURTESY MECUM

1967 Chevrolet Corvette Convertible NOT SOLD AT A $150,000 HIGH BID | LOT F252 | #2 CONDITION Marlboro Maroon over black. 427/435-hp L71 engine, rally wheels, narrow whitewalls, hardtop, side exhaust, F41 suspension, power brakes, tinted wind- shield, tank sticker, Protect-O-Plate. The 14,565 miles showing are represented as actual. Drag raced in period, and, apparently, the engine was rebuilt at some point. Clean, tidy, and maintained underneath. Some chips and crazing on the hood but otherwise very good original paint. Good, lightly scratched original chrome. The rear window on the hardtop is a bit cloudy but not terrible. Fan- tastic original interior with clear gauges and clean switchgear. Desirable equip- ment and impressive preservation. Ticks a lot of the right boxes. Aside from an older engine rebuild, this car is totally original. You’d think that would count for a lot, but it has now crossed the block three times at similar high bids, so it may be time to adjust expectations. It hammered at Mecum Indy last year at a $160,000 high bid and at Mecum Las Vegas back in November at $140,000.

1960 Ford Galaxie Sunliner NOT SOLD AT A $130,000 HIGH BID | LOT S228 | #1- CONDITION Raven Black over black, red, and white vinyl. 352/360-hp engine, hub caps, dual antennas, column-shift 3-speed, push-button radio, heat and defrost. Proven AACA show car. The top fits perfectly. Gorgeous, detailed engine bay and under- body. Even gaps. Mostly very good paint and chrome with no major blemishes, but neither is very fresh. The bodyside trim is also lightly scratched. A show qual- ity car, but maybe no longer a winner. Very well could be the best ‘60 Sun- liner around, but it’s hard to argue that it’s worth any more than the reported high bid. Certainly not more than the very generous $160,000 it reportedly got bid to at Indy last year.

85 AUCTION REPORT COURTESY MECUM

1960 Chevrolet Bel Air Sedan SOLD FOR $9900 | LOT G142.1 | #3- CONDITION Tasco Turquoise over turquoise cloth and vinyl. 283 V-8, wheel covers, white- walls, fender skirts, later radio. Original paint, chrome, brightwork are all dull and scratched. Seemingly all original but no rust underneath and a tidy engine bay. Erratic panel gaps. Small rip in the driver’s seat. Otherwise tired but complete and usable interior. The kind of car that probably sat in a Florida grandmother’s garage most of its life. Original and showing its age, but charming. Enjoyable as-is if you’re into patina, or it could be a straightforward project car, but the new owner paid full price given that it’s a less desirable four-door. Plus, a restoration will cost more than the car is worth now and probably more than it will ever be.

2000 Dodge Viper RT/10 SOLD FOR $44,550 | LOT T90.1 | #2 CONDITION Viper Steel Gray over black leather. Hardtop, rear exit exhaust. 1600 miles and carefully kept. Looks like a new car. Not sold at a $45,000 hammer bid at Mecum Dallas a few months ago. That was a perfectly reasonable offer for even a like-new later RT/10, and this result confirms it. With such low mileage, this Viper is likely destined for a life of static collec- tion display rather than weekend drives and tire-roasting.

86 AUCTION REPORT

2017 Acura NSX NOT SOLD AT A $170,000 HIGH BID | LOT S169 | #2 CONDITION Casino White over red leather. Brembo carbon brakes with red calipers, car- bon-fiber package, ELS Studio Audio package, Technology package. Loaded, 6 miles from new, and essentially still fresh out of the box. The reported high bid isn’t far off what this car would have cost new and falls right in the middle of Mecum’s reasonable presale estimate. The new NSX hasn’t proven to be an instant collectible, and this one is still just a pre-owned exotic in buyers’ eyes, even if it was never used. If there was real money in the room close to 170 grand, it should have been taken.

1957 Volkswagen Beetle SOLD FOR $42,900 | LOT S69 | #2+ CONDITION Polar Silver over red vinyl. Factory hub caps, Firestone whitewalls, fend- er-mounted mirrors, wood luggage rack, rear window blinds, aftermarket ex- haust tips, mud flaps, Blaupunkt radio, sliding fabric soft top, banjo steering wheel. New seats, door panels, and carpet. Very good paint other than a small imperfection on the passenger’s side of the hood. The chrome and brightwork are polished. Good underbody. Replacement 1100 engine. A quite well restored oval window (1953–58) Beetle with neat and desirable accessories. This Beetle, with its long list of nifty period accessories, charmed its way into a massive price, more than $7000 above our current Condition #1 value for the model.

COURTESY MECUM In this case, presentation trumped originality. The seller should be jumping for joy.

87 AUCTION REPORT COURTESY MECUM

1969 Dodge Charger SOLD FOR $85,250 | LOT S150 | #2- CONDITION Dark Bronze Metallic over brown vinyl. 383/330-hp V-8, narrow whitewalls, 3.23 axle, tinted windshield, factory air conditioning, Rallye suspension, bucket seats with headrests, floor shift, console, factory radio. The 27,482 miles showing are represented as original. The engine bay is complete and reasonably main- tained, but it’s pretty grimy and dirty under there. Same with the underbody. The original paint, chrome, and roof vinyl, however, are mostly free of blemishes. The window frames are a little scratched, but the interior is remarkable. Not a special car in terms of equipment, but it’s well preserved and too good to restore fully, even if the engine bay is a mess. Most of the money here was thanks to the car’s preservation, so at this price it’s also too expensive to restore anyway.

1966 Ford Bronco U13 Roadster SOLD FOR $77,000 | LOT S157 | #2+ CONDITION Rare U13 Roadster from the Bronco’s first model year, redone to better than new condition. Red over silver vinyl. Wheel covers, rear-mounted spare, factory ra- dio. Fresh engine bay that looks hardly run. Very good fresh paint and chrome. Freshly restored underbody. Brand- new tires. Gorgeous, restored interior. Highly impractical but tons of fun, the doorless Bronco Roadster wasn’t very popular when it was new, and Ford dropped it after 1968. They’re rare and quite collectible today, though, and this one has an auction history that demonstrates the upward trajectory of Bronco values. In 2016, it sold for $49,500 at Mecum Indy. Last year, it sold for $61,600 at Auburn Fall, and here in Kissimmee it brought 77 grand. That’s the high mark for Roadster values until the next time it sells, probably for even more.

88 AUCTION REPORT

2001 Chevrolet Corvette Z06 SOLD FOR $31,900 | LOT T297 | #2 CONDITION Red over black. FE4 suspension, dual-zone climate control, Bose stereo. Repre- sented with 1271 miles. Looks showroom fresh. Never seen the track. A collec- tor-grade C5 Z06 that likely has nowhere to go but up in value, although this is a less desirable first-year model with the 385-horse engine instead of the 405 horses that came in 2002. Z06 prices are still reasonable considering how much perfor- mance you get, and they’re still well under what they cost new. But the secret is starting to get out about what a great value these cars represent. This no-reserve re- sult, which would have been huge money three or four years ago, proves the point.

1970 Chevrolet Chevelle LS6 Convertible NOT SOLD AT A $250,000 HIGH BID | LOT S207 | #2- CONDITION Turquoise over white vinyl. 454/450-hp LS6 engine, M22 4-speed, 12-bolt rear, power brakes, stripe delete, cowl induction delete, boot cover, factory AM radio. Previously in the Milton Robson collection. Tiny paint chip behind the right headlight and another one right behind the passenger’s door. Several long, light scratches on the driver’s door. Otherwise shiny, high quality paint. The top is very good. Fully restored underneath with light use. Very good restored interi- or. It’s hard to describe a turquoise convertible as a sleeper, but you wouldn’t expect an LS6 under the hood at first glance. And even though it wasn’t restored yesterday, it’s very attractive. It is also an auction regular. RM sold it out of the Milton Robson collection in 2010 for $214,500, then RM sold it again in Phoenix five years later for $225,000. Mecum got ahold of it last year, and it hammered not sold at a $250,000 high bid at Indy then again at a $260,000 high bid at Monterey back in August. LS6 convertibles are very rare, fast, and desirable, but these high bids are all mar- ket-appropriate and this one hit Mecum’s presale low esti- mate. Time to let it go.

89 AUCTION REPORT COURTESY MECUM

1953 Bentley R-Type SOLD FOR $44,000 | LOT T184 | #2- CONDITION Brown and Gold over brown leather. Wheel covers, wide whitewalls, wing mir- rors, Lucas driving lights, automatic, original radio, rear seat tables. Scratched radiator shell. Decent brightwork otherwise. Very good paint. Slightly uneven gaps. Some light cracks in the dash and light wear to the driver’s seat, but the rest of the leather and wood is in good shape. Well maintained but unrestored under- neath. An attractive enough R-Type, although the colors are a little odd. Good enough for driving and enjoying. A gateway into classic Bentley ownership. Less stately and a little frumpier than the Bentley S-Series/Rolls-Royce Silver Cloud that replaced it, the R-Type still has that classic look, plus a sea of leather and wood on the inside, and standard steel (factory-bodied) models aren’t all that expensive. This result took into account the desirable automatic and generally good condition but also the odd colors, less desirable right-hand drive, and several flaws. A fair buy.

1955 Chevrolet Corvette SOLD FOR $104,500 | LOT T205 | #2- CONDITION Rare first-year V-8 Corvette in rare Corvette Copper over beige. 265/195-hp V-8, automatic, push-button radio. Very good paint, chrome, and interior. Fully re- stored underneath. Even gaps. Essentially restored to like-new condition, but it’s not overdone. 1955 is unique for Corvettes in that it was the first year for a V-8 engine (the six was still available) and a man- ual transmission but also the last year for the pre-facelifted C1 body style. The color palette also grew for 1955 to include Harvest Gold and Corvette Copper, and this car is one of 15 finished in the latter. If it had the available 3-speed manual instead of a Powerglide, it would be even more notable, but it’s nevertheless a special car. It’s surprising more Corvette collectors didn’t pounce. It seems more desirable than the price it brought.

90 AUCTION REPORT

1967 Shelby GT500 “Super Snake” SOLD FOR $2,200,000 | LOT F124 The one-of-one 1967 Supersnake has always been a legend. A promotional film shot for Goodyear in period showed it aver- SALES THAT aging 142 mph. Soon after, the Supersnake was available as a TEACH model from AMT that came with a record featuring sounds of the car at speed. How many kids heard that and committed it to memory? Likely quite a few. So, it is no surprise that every time the Supersnake has sold, it’s outpaced the 1967 GT500 market by a good margin. For example, I saw it on eBay, of all places, in 2003 and—unable to afford it myself—told Charley Lillard about it. The asking price was in the high-$200,000 range, this at a time when a “regular” 1967 GT500 4-speed could be purchased for around $75,000. I included it in my 2006 book Million-Dollar Muscle Cars just assuming what the future would hold for this special Shelby. Lillard did indeed later sell it for a two-comma price, and when the car sold in 2013, also at a Mecum auction, it brought $1,300,000. The buyer was Mr. Wickey, the latest seller. But leading up to this sale, higher-priced muscle cars have been weak. Going into Kissimmee, many thought the Supersnake would struggle; predictions in the Shelby world settled largely in the $600,000 to $800,000 range. Mr. Wickey was ready to take less than what he paid because he, too, understood that the market has changed since 2013. Yet on the sale day, multiple bidders carried this Mustang to a million-dollar bid, at which point it was announced the reserve was off and the car was being sold. Soon, just two bidders, one who flew in from the United Kingdom and another from Illinois, bid aggressively to the final hammer price of $2 million (before fees), with the car going to the Illinoisan—at fully double the $1 million number the re- serve came off at. That, ladies and gents, is all the proof we need that when you have a one-of-a- kind car that two people want, nobody can predict the outcome. And that regard- less of prevailing market conditions, special cars will always be special cars. —CC COURTESY MECUM

91 AUCTION REPORT

1985 Toyota Land Cruiser FJ45 NOT SOLD AT A $33,000 HIGH BID | LOT T308 | #2- CONDITION Light blue over gray vinyl. Pioneer cassette stereo. Unrestored and used, but maintained engine bay. Very clean, unrestored frame. Original paint with some chips and scratches; all the paint is rubbed off at the rear of the left front wheel well, but it’s still presentable. The bed isn’t beat up. The interior is in remarkable condition. Most old Land Cruisers are either beat to hell or have been restored by now. It’s really unusual to see one like this, especially a foreign mar- ket example that has been very well preserved and totally unrestored. That it’s a rare FJ45 pickup version makes it even more noteworthy. Yes, this is a nifty pickup-bodied FJ45, but Mecum also consigned nearly 50 vintage Land Cruisers for Kissimmee this year, including another FJ45 that was fresh from a body-off resto- ration. This one would sell better in a field that wasn’t so saturated.

1977 Triumph Spitfire 1500 SOLD FOR $3300 | LOT W2 | #3+ CONDITION Green over beige vinyl. Luggage rack, overdrive, defrost, Blaupunkt CD stereo, single Weber carb. A few scuffs on the front bumper. Good, older repaint with a few cracks at the front of the hood and some orange peel on the rear fenders. The top is newer and quite good but the frame is pretty worn. The button on the driver’s-side seat belt buckle is missing. Good seats, carpets, and door panels. Maintained underneath. Major cosmetic work done when necessary but never exactly restored. A neat, honest late Spitfire that’s plenty good as it sits for ca- sual enjoyment. This price normally buys you a disintegrating borderline parts-car Spitfire on eBay or Craigslist. The new owner probably won’t have much difficulty getting

COURTESY MECUM closer to 10 grand once it’s time to sell. One of the absolute steals of the week.

92 AUCTION REPORT COURTESY MECUM

1978 Datsun 280Z SOLD FOR $22,000 | LOT W73 | #3+ CONDITION Black over black vinyl. Rear window slats, factory cassette stereo, factory air conditioning. Repainted 20 years ago. Quite a few small chips on the nose and a long, deep scratch on the roof. Otherwise, the paint looks tired but presentable. The plastic on the bumpers is faded. Dull wheels. Light road wear underneath. Very good interior. A regularly enjoyed and reasonably well cared for late Z-Car in driver condition. The later, fatter Z-Cars are worth considerably less than the purer 240s of the early 1970s, so this is an expensive price for one that is far from perfect.

1996 Buick Roadmaster Limited SOLD FOR $19,800 | LOT U53 | #2- CONDITION White with woodgrain over tan leather. Michelin narrow whitewalls, power seats. Represented with 21,318 miles. The paint and woodgrain are starting to show their age but don’t have any major problems. Tidy underbody but the engine bay is pretty dirty. Excellent original interior. Low miles and has been reasonably well kept. The end of the line for big American woodgrain wagons, the 1994–96 Roadmaster also came with an iron- head, 260-hp version of the LT1 V-8 from the Corvette. These ‘90s sleepers have something of a cult following, but this very high result for an imperfect car shows that more people are looking at them.

93 AUCTION REPORT COURTESY MECUM

1951 Crosley Hot Shot NOT SOLD AT A $6000 HIGH BID | LOT U23 | #3 CONDITION Silver over red. Rear-mounted spare with vinyl cover. Average quality paint with a few scratches. Good, restored interior. The rubber around the bottom of the windshield has come completely loose. Older restoration underneath. A Hot Shot is charming in almost any condition, but at the end of the day this one is a driver-quality car that’s pretty rough around the edges. Not that rough around the edges, though. It crossed the block early on the final day of the auction, and flew under the radar to a bid that’s quite a bit less than it deserves, especially when you consider that it sold for $12,100 at Mecum Chicago last year.

1987 Rolls-Royce Silver Spur HAMMERED NOT SOLD AT A $15,000 HIGH BID | LOT U185 | #3- CONDITION White over tan leather. Pioneer stereo, power seats, rear seat tables. Tidy but used engine bay and underbody. Lightly scratched front bumper. Reasonably well kept original paint, but the interior is pretty rough. The seats are worn, and although the wood on the doors is in good condition, the dash and the rear tables are cracking severely and need refinishing. Showing 53,300 miles and not represented with a service his- tory, which is never a good sign on a used Rolls. In its current condition, this car should have easily sold for anything over 10 grand. For it not to go to a new home at $15,000 is totally unreasonable.

94 AUCTION REPORT

1968 Volkswagen Transporter Westfalia Camper SOLD FOR $34,100 | LOT W40 | #2- CONDITION Beige and white over tan vinyl. Westfalia camper conversion with curtains, ta- bles, cabinets, ice box, cots, factory radio, 110V outlet. Freshly painted wheels and new tires. Gloppy, thickly applied undercoating on the chassis. Relatively fresh paint is very good other than a large scratch on the passenger’s door. Light pitting on the engine-cover han- dle. Original dash, gauges, and steering wheel. Represented with new tent. New upholstery. The rest looks unrestored. Even the later Transporters are now worth enough to put money into. This one reportedly has 500 miles on a restoration, and although it is both very attractive and charming, corners were cut and it’s not perfect. It’s certainly a better value than the outrageous $100,000-plus 23-Window Transporters, but later examples still aren’t as cheap as they used to be. This is a strong but realistic result.

1991 GMC Syclone SOLD FOR $38,500 | LOT S45.1 | #2- CONDITION Black over black cloth. The right front tire is low on air. Light detail scratching in the paint and light road wear underneath. Given the 11,629 miles on the odometer it could be better, but it’s still quite good and doesn’t look like one of the many Syclones that lived life a quarter-mile at a time. Syclone pickups, and vintage trucks in general, have gotten a lot more collect- ible since 2010, when this one sold at Barrett-Jackson Las Vegas for $22,000. This is nevertheless an expensive result for one that’s not perfect, despite its low odom- eter reading. COURTESY MECUM

95 AUCTION REPORT

1957 Dodge D100 SOLD FOR $30,800 | LOT T106.1 | #3+ CONDITION Bayview Green over tan pattern cloth. Wheel covers, whitewalls, wood bed, col- umn shift, Sunpro tach, heater. The 28,444 miles showing are represented as original. Newer chrome. Slightly flat but good, mostly original, paint. Some chips on the mirror and rub-through on top of the driver’s door. Very good, original interior. Newer wood in the bed. Unrestored but maintained and complete engine bay. Never restored because it never needed to be. Pretty unusual for a workhorse truck like this to come through all these years unscathed. This D100 sold at Mecum Chicago last year for $17,050, a price that doesn’t take preservation into account. The opposite happened in Kissimmee, and although this price isn’t excessive, it’s nevertheless a home run for the seller.

1954 Hudson Hornet SOLD FOR $82,500 | LOT U39 | #2- CONDITION Yellow over maroon leather. Twin H-Power straight-six engine, automatic, wire wheels with hubcaps, whitewalls, fender skirts, rear armrest, robe rail, spotlight, push-button radio, power windows, clock. Very good but not quite show-quality paint and chrome. The original grille is a bit dull. The panel gaps are slightly uneven. Lightly wrinkled seats, but the interior is mostly gorgeous. Restored and lightly used underneath. A 2015 restoration didn’t produce a beauty queen, but the Hornet has a great look to it and desirable equipment. This car sold for $66,000 at Bonhams Scottsdale in 2017, then for the exact same $82,500 at Mecum Las Vegas back in November of last year. It’s a huge price, but

COURTESY MECUM the car deserves it.

96 AUCTION REPORT COURTESY MECUM

1991 Dodge Stealth Indy 500 Pace Car SOLD FOR $33,000 | LOT U103 | #2- CONDITION White with pace car graphics over red leather. Pace car package, power win- dows, air conditioning, CD/cassette stereo. Rare pace car edition, represented with 29 miles but apparently not stored too carefully. The paint is good but it’s dirty underneath. The shifter boot looks almost torn to shreds. The Stealth is little more than a Mitsubishi 3000GT with Dodge badges. That’s why there was an uproar from the UAW and others when the Stealth was selected to pace the 1991 Indy 500, and Dodge instead provided a proper American-made, pre-production Viper for the race, relegating the Stealth to “festival car” status. However, this all happened after Chrysler had built about 150 pace car replicas. This one may have the lowest mileage of any of them, but it’s not immaculate. The Kissimmee bidders didn’t care, bidding it to 50 percent more than the very best normal Stealth Turbos are bringing and well over Mecum’s $25,000 high estimate.

1987 Chrysler LeBaron Indy 500 Pace Car SOLD FOR $9900 | LOT U99 | #2- CONDITION Red with pace car graphics over gray leath- er. Alloy wheels, Eagle GT tires, power seats, power windows, cassette stereo. Represent- ed with 1772 miles. No reason to dispute that. Other than very light wrinkling to the driver’s seat and a small chip on the hood, it looks nearly brand new, although this has to be about the most boring Indy 500 pace car replica of them all. Carroll Shelby paced the 1987 Indy 500 behind the wheel of a K-Car-based LeBaron convertible, and Chrysler offered a limited number of pace car replicas to the public. Most people just don’t find the LeBaron cool or desirable, though, and some white Indy 500 script on the doors doesn’t change that, as this result shows.

97 PUBLISHING MANAGEMENT CHIEF EXECUTIVE OFFICER McKeel Hagerty PUBLISHER Doug Clark PUBLISHING CONSULTANT Chris Lambiase

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