Bonhams and Butterfields, Westin Kierland, Scottsdale, Arizona, January 28, 2016
Bonhams kicked off the concentration of Arizona Auction Week events with its Thursday mid-day sale at the Westin Kierland. From here on it was one auction after another, often several at a time, across the Valley of the Sun.
Bonhams also provided an object lesson in the effects of supply and demand with an array of fifteen Porsche 911s across much of the 911’s unprecedented fifty (yes, fifty) year evolution. While there is nothing interchangeable between an early short wheelbase two-liter air-cooled 911 and a current water-cooled, turbocharged 991, the Porsche 911 has stayed closer to its origins than any of its current competitors, with the possible exception of Corvette.The only thing Porsche has overlooked in perpetuating the 911 has been the preservation of a single, non-critical element – a switch, bracket, handle, gauge – from the early 911s that could be incorporated in the current high tech 991, just to say, “hey, we get it, and we respect all the 911s that have gone before with this small homage to our history.”
In any event, fifteen 911s lined up along the fence at the Westin were a show. The model, particularly the early short wheelbase cars, has been on a tear for the past two years, regularly tearing up the Porsche pages in value guides and auction reports. The value trend seemed to fly in the face of Porsche production over the years. Aside from a few, special variants, Porsches were built in quantity, and consumed in quantity by a customer base that rarely abused them. The end result? There never has been a shortage of used 911s in the marketplace. But with Bonhams Scottsdale auction that potential abundance may have been turned into real supply, which may have caught up with – if not surpassed – demand.
All the fifteen 911s were sold but eleven of them brought hammer bids below the pre-sale low estimate. The four remaining were sold within the estimate range; none exceeded the high estimate.
It was a pattern repeated across the other Scottsdale auctions, too, where a total of 66 911s were offered; none of them sold above their high estimates.
But enough about 911s.
Bonhams Scottsdale is about diversity and without a multi-million dollar headline consignment (something that was missing throughout most of the Scottsdale auctions this year as well) this was a more consistent, and more accessible, collection of cars than in prior years.
So forgive an old guy’s (Scottsdale Friday was my birthday) infatuation with the beautifully restored Mercer Series Six Sporting, or our collaborator Andrew Newton’s fascination with the Riley RMB Drophead. It really was about cars that many people could like, and often aspire to own. Even Porsche 911s which might be seeing an adjustment to values that put them within reach of a wider but still enthusiastic base.
The numbers:
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Andrew Newton contributed some of the on-site observations and photos; the editor is responsible for the final content.
Bonhams Scottsdale 2016 – Auction Report
Lot # 4 1980 Ferrari 308 GTSi Spider, Body by Scaglietti; S/N ZFFAA02A0A0032621; Engine # F106B04000351; Oro Chiaro, Black vinyl roof panel/Brown leather; Estimate $90,000 – $110,000; Visually maintained, largely original, 3+ condition; No Reserve; Hammered Sold at $55,000 plus commission of 10.00%; Final Price $60,500 – Air conditioning, power windows, Alpine CD stereo. – Decent clearcoat repaint, chip guarded sills, good original upholstery, Clean repainted underbody. A usable driver in attractive and unusual Eighties’ colors. – Absurdly generously estimated but it seems to have achieved its optimistic end by encouraging the bidders to take it to this strong price for a mediocre car.Lot # 5 1962 Bentley S2 Continental Flying Spur, Body by H.J. Mulliner; S/N BC59LCZ; Shell Grey, Tudor Grey/Red leather; Estimate $200,000 – $300,000; Recent restoration, 2+ condition; With Reserve; Hammered Sold at $205,000 plus commission of 10.00%; Final Price $225,500 – Wheel covers, American Classic narrow whitewalls, arm rest, column shift, Blaupunkt cassette stereo, Smiths dash clock, Lucas driving lights, power windows. – Even gaps. Excellent paint, chrome, interior and wood. Clean and restored underneath. An exquisitely presented Flying Spur in ideal colors. One of the more elegant four-door automobiles of the period and one of just 54 examples delivered in LHD. Straight body. Sold new in New York City and restored from 2012-14. – One of few cars in the Scottsdale auctions to sell on a hammer bid within the pre-sale estimate, a distinction generously supported by the quality of the presentation as well as the inherent quality and luxury of the Flying Spur. This is a result that is fair to the buyer, the seller and even the auction company.Lot # 7 1972 Alfa Romeo Montreal Coupe, Body by Bertone; S/N 1426759; Engine # AR0056401264; White/Black cloth; Estimate $60,000 – $80,000; Unrestored original, 2- condition; No Reserve; Hammered Sold at $70,000 plus commission of 10.00%; Final Price $77,000 – Good original paint, chrome, interior and engine compartment. Original undercoat in wheelwells. Clean and attractively maintained in very good condition – Sold for Euros 36,800 all-in by Bonhams in May 2013, $47,546 at the time. Cataloged as silver, it is so white it’s hard to mistake for silver, or any variant thereof. Its condition and three owner history were attractive enough to bring a good price, but still something of a bargain as Montreals begin to attract more attention. It’s a 4-cam 227hp V8 under that busy hood.Lot # 10 1967 Fiat Dino Spider; S/N 135AS0000438; Engine # 135B000000488; Red/Tan vinyl; Beige vinyl top; Estimate $140,000 – $160,000; Visually maintained, largely original, 3 condition; With Reserve; Not sold at Hammer bid of $120,000 – Voxson AM-FM, alloy wheels, Michelin tires, Momo steering wheel. – Sound but erratically masked repaint, good upholstery. Uneven hood fit, original undercoat in the wheelwells. Sounds like a badly tuned lawnmower when it runs. A sound but mediocre driver. – Cars arrive for auction in all kinds of condition, frequently disappointingly prepared as this Fiat was. It’s no way to sell a car, particularly one that is expensive to get right, and the homework should have been done by the seller before it was turned over to the transporter. The fact that it was cataloged has having an engine rebuild in the last two years only adds to the problematic presentation. It is a miracle it got bid even to this level.Lot # 14 1969 Porsche 911S Targa; S/N 119310587; Engine # 6392043; Polo Red/Black vinyl; Estimate $135,000 – $165,000; Older restoration, 3+ condition; No Reserve; Hammered Sold at $150,000 plus commission of 10.00%; Final Price $165,000 – 1991/170hp, Bosch fuel injection, 5-speed, Fuchs wheels, Goodyear Assurance tires, gold brightwork, Becker Grand Prix radio, fog lights, tinted glass, glass rear window.. – Loose, wavy roof vinyl. Used, slightly dirty but presentable engine bay. Very good paint and interior. Believed to be a California car since new and with three owners and showing 94,508 miles. Fully restored in the early 2000s and used regularly since. Still very good and ideal for vintage tours and rallies. – This is an appropriate result for a fixed window, 5-speed ’69 911S Targa with a strong older restoration that is holding up very well. Of the fifteen 911s of various configurations and ages offered at Bonhams only another ’69 911S (coupe) and the RS 2.7 brought more and it is one of only four to sell within their pre-sale estimate ranges, continuing to evidence Porsche collectors’ infatuation with the early short wheelbase 911s.Lot # 17 1972 Ferrari 246 GT Dino Coupe, Body by Scaglietti; S/N 03314; Rosso Chiaro/Blue leather, Black bars; Estimate $350,000 – $400,000; Recent restoration, 2+ condition; With Reserve; Hammered Sold at $306,364 plus commission of 10.00%; Final Price $337,000 – Power windows, headrest seats. – Very good paint, chrome and interior. Clear, unmarked glass, new door seals, flush panel fits, even gaps. Sharp, clean engine compartment in showroom condition. Color changed during restoration from possibly unique Azzurro Dino/Black leather. – Offered by RM Auctions at Monterey in 1999 with a reported high bid of $70,000 and condition described as unrestored original and so well preserved it rated a nearly-showroom condition 2-. Since then its odometer has added 349 miles but the cost escalated substantially by the pile of restoration and color change receipts totaling $125,000. It is a sound value at the price it brought here but with originality so highly prized these days it could reasonably have brought all of this and more without spending more than a few thousand dollars on meticulous detailing and mechanical freshening.Lot # 20 1984 Ferrari 308 GTB QV Coupe, Body by Scaglietti; S/N 49461; Engine # 00059; Red/Tan leather; Estimate $100,000 – $140,000; Visually maintained, largely original, 3+ condition; No Reserve; Hammered Sold at $70,000 plus commission of 10.00%; Final Price $77,000 – Air conditioning, power windows, no stereo, chrome shift knob. – Good paint, lightly scuffed driver’s seat bolster otherwise very good upholstery. Cosmetically redone with new paint and interior a few years ago and appropriately maintained since. – Bought for a representative price.Lot # 22 1970 Porsche 914-4 Targa, Body by Karmann; S/N 4712908012; Willow Green/Black vinyl; Estimate $30,000 – $40,000; Visually maintained, largely original, 3- condition; No Reserve; Hammered Sold at $15,000 plus commission of 10.00%; Final Price $16,500 – Bosch fuel injection, steel wheels with hub caps, Bridgestone Potenza tires, AM/FM cassette radio. – Long, jagged scratch on the engine cover. Lots of masking errors around the front bumper. Big chip on the right front fender. Overspray in the wheel wells and on the suspension. Paint flaking off of the frame of the roof panel, and small cracks in the vinyl at the edge of it as well. Good, lightly worn original interior. Pitted door handles. Clean underneath. This could have been an impressive, preserved car kept dry thanks to a clean and dry existence where it was sold in Utah, but the distinctions of originality were ruined by a crude, rushed respray done in 2012. – Placed at the end of the photogenic line of Porsches during the auction preview, this car really didn’t fit in, not only because it’s a 914 but because its sub-par repaint really stood out among a group of overall really well presented 911s. Bonhams’ presale estimate of $30,000 – $40,000 was unbelievably optimistic, as this result, which is still a generous one, shows. It will not be easy or cheap to undo the tacky, poorly masked, repaint and at this price it isn’t financially feasible to try.
Bonhams Scottsdale 2016 – Auction Report Page Two
Lot # 23 1989 Ferrari Testarossa Coupe; S/N ZFFSA17S000083189; Engine # A04019854; Red/Tan leather; Estimate $90,000 – $130,000; Visually maintained, largely original, 3 condition; No Reserve; Hammered Sold at $118,000 plus commission of 10.00%; Final Price $129,800 – Air conditioning, Momo steering wheel. – Decent repaint with some masking flaws and original interior. Underbody repainted over old undercoat. Falling headliner. Timing belt service two months ago. 42,109 km from new. – A good, sound example bought enthusiastically but in view of recent Testarossa transactions somewhat realistically for a car with known ownership history, consistent maintenance and modest mileage, most of it in Switzerland prior to 2006.Lot # 25 1973 BMW 3.0CSL Coupe Batmobile; S/N 2275449; Engine # 2275449; Polaris Silver/Black vinyl, cloth; Estimate $275,000 – $350,000; Visually maintained, largely original, 3+ condition; With Reserve; Hammered Sold at $310,000 plus commission of 10.00%; Final Price $341,000 – Alloy wheels, Dunlop SP tires, wing, power windows, air dam, chrome fender lips, yellow Hella headlights, roof spoiler, BMW Classic certificate documented. – The full on CSL Batmobile look with good paint and interior, thin trim chrome, repainted old underbody. Clean, orderly engine with metallic dust here and there from wet sanding the repaint. Done to high driver quality standards, not overdone but without cutting corners, either. Represented as the original engine and transmission with the original BMW splitter, wing and roof spoiler. – the flavor of the month surely features a picture of a 3.0CSL with all its aerodynamic appendages because they, despite turning up rarely at auction, have taken off in value and with results like this show no sign of slowing down. A year ago this would have been tremendously expensive, but today it is just expensive, without the adverb.Lot # 26 1978 Ferrari 512 BB Coupe, Body by Scaglietti; S/N 24445; Engine # 00274; Red/Black leather; Estimate $275,000 – $325,000; Visually maintained, largely original, 3- condition; No Reserve; Hammered Sold at $230,000 plus commission of 10.00%; Final Price $253,000 – Air conditioning, power windows, Alpine CD changer, Momo steering wheel. – Thick repaint over old paint, lifting in creases and erratically masked. Overspray on old undercoat in the wheelwells. Driver’s seat bolster welting scuffed through. Just a car, quickly dressed up for the auction. Stolen years ago in Europe, recovered in California in the mid-80’s with the engine and transaxle from another BB (s/n 24317.) – Offered at the Keno brothers auction in New York in November where it got a reported high bid of $240,000. I apparently liked it better in the Kenos’ New York style setting, but not so much here in the bright Arizona sunshine, and think it brought a healthy price for an engine-changed BB.Lot # 29 1963 Chevrolet Corvette FI Coupe; S/N 30837S104422; Engine # 3104422FI128RF; Silver Metallic/Black; Estimate $160,000 – $220,000; Cosmetic restoration, 3- condition; No Reserve; Hammered Sold at $130,000 plus commission of 10.00%; Final Price $143,000 – 327/360hp, 4-speed, alloy wheels, narrow whitewalls, WonderBar radio, Positraction. – An older cosmetically restored Corvette with a fresh repaint by someone who tipped the metal jar too much. Engine compartment is older and shows age and miles. Underbody has been repainted over old undercoat. – Sold by Barrett-Jackson in Florida in 2006 for $72,360 and offered at Mecum’s Monterey sale last August with a reported high bid of $100,000. The cataloged history suggests it has led a sheltered life since the late 80’s and the kustom kolor repaint is a big disappointment that figures into the price it brought.Lot # 34 1928 Mercedes-Benz 630K Transformable La Baule, Body by Saoutchik; S/N 35813; Engine # 60793; Dark Blue, Blue/Burgundy leather, moiré cloth; Tan cloth top; Estimate $1,000,000 – $1,300,000; Concours restoration, 1- condition; With Reserve; Hammered Sold at $885,000 plus commission of 10.00%; Final Price $973,500 – Chrome wire wheels, wide whitewalls, copper brake drums dual windshields, dual sidemounts with mirrors, opening vee windshield, Bosch headlights. – No known history after the chassis was delivered by M-B to Saoutchik in 1928 until well into the last half of the 20th century. Excellent older paint and cosmetics. Body wood trim is heavily varnished and starting to craze. Underbody and engine are nearly concours quality. The interior with its moiré cloth inserts, like the endpapers of a fine book, is gorgeous. About as close to concours as an old restoration can be. – Very special and elegantly appointed but bulky disappearing top coachwork attracts attention and is typical of most 630Ks, which would need all the horses of the supercharged 6.3 liter six to haul it around. The lack of history or provenance is disappointing, and more than a little unsettling, for such an epic automobile and the gaping hole in its history makes the buyer’s decision to pay this much a tribute to the appeal and allure of the chassis and drivetrain.Lot # 35 1968 Ferrari 365 GT 2+2 Coupe, Body by Pininfarina; S/N 11781; Engine # 11781; Red/Black leather; Estimate $275,000 – $325,000; Visually maintained, largely original, 3 condition; With Reserve; Not sold at Hammer bid of $215,000 – Sony CD changer, power windows, chrome spoke Borrani wire wheels, Michelin XWX tires, air conditioning. – Repainted assembled a while ago and erratically masked in the process. Good chrome and interior. Original undercoat in the wheelwells. Panels fit flush with even gaps. – Color changed from its original Marrone Colorado over Beige to ubiquitous but generic ‘red’, the presentation of this 365 GT 2+2 is nothing special and the bid it brought could be considered to be sufficient.Lot # 40 1967 Mazda Cosmo Series I Coupe; S/N L10A10260; Engine # 10A1245; White/Black vinyl, houndstooth cloth; Estimate $180,000 – $200,000; Original, with major mechanical repairs, 3- condition; No Reserve; Hammered Sold at $95,000 plus commission of 10.00%; Final Price $104,500 – Pushbutton radio, fender mirrors, hubcaps, Toyo tires. – Decent repaint and new interior. Pitted trim chrome. Stiff, cracked body seals, cracked dashtop patched with black goop. Worn, curled original carpets. Very clean, orderly engine compartment said to have been gone through by a Mazda rotary specialist. Ugly old underbody. A strange, and not reassuring, mix of a little good and a lot that is not good at all. – Offered last August by Bonhams at Quail Lodge with a somewhat higher estimate range and sold here for a price that balances its inherent rarity and technical appeal with its singularly scruffy presentation. It is a car with no good surprises for its next owner, and few technicians with the skill or experience to address them properly. Cataloged as ‘recently undergoing a thorough restoration, … in incredible condition throughout’ it is nowhere close to that standard and Bonhams, having had it at Quail Lodge, should take responsibility for the misleading description, an event which reinforces the importance of never believing a catalog.Lot # 42 1965 Iso Grifo A3 Competizione Coupe, Body by Drogo; S/N B0213; Engine # 129F12183Q; Red/Black; Estimate $1,300,000 – $1,600,000; Recent restoration, 2- condition; With Reserve; Not sold at Hammer bid of $950,000 – 327/420hp, alloy wheels, Dunlop Racing tires, four Spanish 45DCOE Webers, Marchal headlights, alloy body, covered headlights.. – Road tested for Auto Motor und Sport by Paul Frere in 1965. later Diomante intake with four side draft Weber carbs. Beautiful paint, chrome and interior except for thin chrome on the driver’s window molding. Engine compartment, chassis and underbody were restored like new with some age and use and a few tacky aluminum paint coatings. Displayed at Pebble Beach in 2013. – Yes, it’s a Chebby under the hood, but it’s a gorgeous Drogo-built Bizzarrini design. The rivet-joined body panels are delicious and the value? Well, it’s up to the buyers but closed at the reported high bid this would have been a record price.
Bonhams Scottsdale 2016 – Auction Report Page Three
Lot # 44 1956 Ferrari 250 GT Coupe Alloy, Body by Boano; S/N 0609GT; Engine # 0609GT; Ivory, Burgundy roof/Burgundy leather; Estimate $1,500,000 – $1,800,000; Recent restoration, 2 condition; With Reserve; Not sold at Hammer bid of $1,300,000 – Chrome spoke Borrani wire wheels, Pirelli tires, Marchal head and fog lights. – Formerly in the Hans Thulin ‘Consolidator’ collection that folded in the late 80’s. Mechanically restored in 2013, followed by fresh cosmetics by the next owner completed early in 2014. Excellent paint, chrome and interior. Excellent panel fits with flush fits and tight, even gaps. Underbody is like new with only a little evidence of serious use. – Sold by Christie’s in Monaco in 1989 for $504,702 before the bottom fell out, a bundle has been spent recently to bring it back to pristine mechanical and cosmetic condition and the consignor’s decision not to accept the reported high bid is understandable.Lot # 46 1973 Porsche 911 Carrera RS 2.7 Coupe; S/N 9113601446; Engine # 6631401; Grand Prix White, Red “Carrera”./Black vinyl, cloth; Estimate $600,000 – $800,000; Visually maintained, largely original, 3+ condition; With Reserve; Hammered Sold at $477,273 plus commission of 10.00%; Final Price $525,000 Red center Fuchs wheels, Bridgestone tires, headrest seats, tools, Porsche CofA documented. – Represented as the original engine. Good repaint and upholstery. Doors and hood fit well. Wheel rims are clearcoated and starting to craze. Good bright window moldings. Underbody is original and showing age and miles. Cosmetically redone in the 90’s and as attractive as a driver quality RS 2.7 can be, which is very attractive. – Closed post-block with this result and a representative value for a RS 2.7 Touring, even in a market now flush with 911s of all stripes, engines and chassis lengths.Lot # 50 1950 Riley RMB 2.5 Drophead Coupe; S/N 61S7987; Engine # 6598; Old English White Cellulose/Burgundy leather; Burgundy top; Estimate $40,000 – $50,000; Older restoration, 3 condition; No Reserve; Hammered Sold at $48,000 plus commission of 10.00%; Final Price $52,800 – RHD. 2443cc/100hp four with dual SU carbs, white steel wheels with hub caps, Avon blackwall tires, dual wing mirrors, burgundy vinyl boot cover, suicide doors, banjo steering wheel, Jaeger dash clock, wood dash and window trim. – Numerous cracks at the front of the bonnet and long ones on the tail. Faded paint overall. Decent older bumper chrome and fairly tired older brightwork. Sound older wood. Very good upholstery. Tidy underneath. Body was fitted to a 1.5-liter RMA chassis before being put onto this RMB during restoration in the 1990s. Used and certainly showing its age. Offered from the BHA Automobile Museum. – A rare, elegant open-top British automobile, but Riley doesn’t have the same kind of rich history or sporting pedigree that a Jaguar or a Healey does and quickly became forgotten after World War II. That the proceeds of this sale went to benefit medical institutions like Johns Hopkins likely contributed to the motivation behind bidding here, because half of the $52,800 final price would seem like a more realistic result for a rebodied RMB in this condition.Lot # 56 1969 Porsche 911S Coupe; S/N 119301410; Engine # 6391988; Metallic Blue/Beige leatherette; Estimate $175,000 – $225,000; Recent restoration, 2 condition; No Reserve; Hammered Sold at $190,000 plus commission of 10.00%; Final Price $209,000 – Bosch fuel injection, Fuchs wheels, Michelin tires, electric sunroof, gold brightwork, Blaupunkt cassette stereo, Porsche C of A. – Matching numbers. Very clean, not overly detailed engine bay. Engine cover doesn’t stay open. Very good paint and interior. A relatively recent high quality restoration that wasn’t overdone but just right and leaving a correct, like-new 911S from the first year that the top-end S model got Bosch fuel injection. – Most of the numerous no-reserve 911s at Bonhams this year didn’t do all that well when they crossed the block, selling for well under estimate after tedious and careful bidding. This car was among the best of the bunch in terms of both equipment and condition, however, and was one of the few Porsches to bring the kind of money that we’ve become accustomed to seeing from 911s these days. This may mark a high point for the recently tumultuous course of 911 values as the generous supply of these cars becomes apparent to enamored collectors.Lot # 59 1969 Maserati Mistral 4.0L Coupe, Body by Frua; S/N AM109A11742; Engine # AM109A11742; Silver/Blue leather; Estimate $150,000 – $200,000; Visually maintained, largely original, 3 condition; With Reserve; Hammered Sold at $180,000 plus commission of 10.00%; Final Price $198,000 – ZF 5-speed, power windows, chrome spoke Borrani wire wheels, Michelin XWX tires, Carello headlights. – Older clearcoat repaint, good interior and chrome. Wiper scratched windshield and scratched passenger’s window. Several surface rust blisters under the paint and cracked paint on the driver’s door. Front bumper and side window trim rechromed over visible repairs. Original undercoat repainted. Orderly engine in an old compartment with peeling paint. Not the best Mistral, but not the worst, either. – Sold by RM in Paris eleven months ago for $198,216 meaning the consignor dropped $18,000 or so after Bonhams’ sellers’ commission. Considering the car’s condition issues and lack of any support for mechanical attention in its file this is tantamount to a home run. A bullet dodged is one deflected to the next owner.Lot # 60 1953 Fiat 8V Elaborata Coupe, Body by Zagato; S/N 106000022; Engine # 104000000043; Grey/Dark Red leather; Estimate -; Recent restoration, 2+ condition; With Reserve; Not sold at Hammer bid of $1,700,000 – Chrome spoke Borrani wire wheels, blackwall tires, grille-mounted driving lights. – Raced when new by Anna Maria Peduzzi, then by Jean-Claude Arifon in France. Updated upon restoration in the U.S. in 2001 with a narrow grille and 5-speed gearbox, class second at Pebble Beach in 2002, then re-restored in the present ownership. Gorgeous instrument layout. Excellent paint, chrome and interior. Restored like new with better cosmetics. – Purists will knock this Otto Vu for its narrow, oval grille but it’s hard to think it detracts from its appearance, purposefulness or history. It was old in essentially the same condition at Gooding’s Pebble Beach auction in 2011 for $1,127,500 and would not have been unfair to the seller at the reported high bid here.Lot # 62 1971 Ferrari 365 GTB/4 Daytona Coupe, Body by Scaglietti; S/N 14219; Engine # B942; Red/Beige leather, black bars; Estimate $1,000,000 – $1,200,000; Recent restoration, 2+ condition; With Reserve; Hammered Sold at $1,050,000 plus commission of 10.00%; Final Price $1,155,000 – Chrome spoke Borranis, Michelin X tires, Blaupunkt 8-track stereo, power windows, air conditioning, ANSA exhaust, U.S. version with popup lights and red painted nose panel. – Excellent paint, chrome, interior and everything else. 8,029 miles from new. Despite being restored almost ten years ago it appears freshly restored to better than showroom cosmetics. Neat, sharp engine compartment. Represented as Ferrari Classiche inspected with certification in process. – This Daytona was sold by RM in Monterey in 1998 in nearly pristine original condition: ‘One owner car bought by Don Marsh from Chinetti. 6,532 miles and completely original except for fresh tires. Silver nose panel, alloy wheels, Voxson AM-FM. Good paint and interior but some little surface rust bubbles in the right headlight cover.’ A fortune has now been expended on its 2006-07 restoration, rendering its preservation 18 years ago moot. The current result is what it’s worth in its present better-than-new condition, but brought to today’s preservation-obsessed market as it was in 1998 its value could have been much more. A botched opportunity to preserve rather than re-create history.Lot # 66 1988 Lamborghini Countach LP5000 QV Coupe, Body by Bertone; S/N ZA9CA05A8JLA12269; Engine # L507VA711480; Bianco Polo Park/Black leather; Estimate $350,000 – $500,000; Unrestored original, 3+ condition; With Reserve; Hammered Sold at $270,000 plus commission of 10.00%; Final Price $297,000 – 5.2 liter V-12, Bosch fuel injection, 420hp, 5-speed, OZ telephone dial alloy wheels, Pirelli tires, wing, power windows, air conditioning, Alpine stereo, U.S. spec but with Euro bumpers. – Big, star-shaped cracks right under the windshield. Lots of small chips and cracks on the nose and a big crack on the left rear fender as well as another huge one on the tail. Good, lightly worn interior. Erratic gaps on the hood. All original and showing 34,320 believable km. – The most intriguing feature of this Countach is what its flawed condition says about the way it was built originally. Most buyers have come to expect the perfection of restored, or at least cosmetically redone, Lambos and it isn’t a surprise that the cracks and chips of this one were noticed and reflected in the price. Originality premium? Not in this case, just a used car discount.
Bonhams Scottsdale 2016 – Auction Report Page Four
Lot # 71 1956 Alfa Romeo Giulietta Spider, Body by Pinin Farina; S/N 149500861; Engine # AR135442763; White/Red vinyl, Black piping; Black cloth top; Estimate $80,000 – $100,000; Cosmetic restoration, 3+ condition; No Reserve; Hammered Sold at $46,000 plus commission of 10.00%; Final Price $50,600 – 5-speed, silver steel wheels, Pirelli tires, fender mirrors. – Decent repaint, fresh interior and carpets. Mixed chrome with good bumpers but erratic trim. Underbody repainted over old, peeling undercoat. Superficially cosmetically redone to average driving condition. – This is an ostensibly sound, presentable and highly usable Spider Normale that a few short months ago might have been thought to be worth Seventy Large. Today, this result is the new normale and both the seller and the buyer should be satisfied with the transaction’s result.Lot # 72 1966 Lancia Flaminia GT Coupe, Body by Touring; S/N 824103330; Engine # 8231013446; White, Grey roof/Tan leather; Estimate $110,000 – $140,000; Cosmetic restoration, 3 condition; With Reserve; Hammered Sold at $105,000 plus commission of 10.00%; Final Price $115,500 – Floor shift, Grey steel wheels, hubcaps, trim rings, Michelin X tires. – Excellent paint, chrome and new interior let down by chipping where the window sill trim hits the roof pillar, pitted door handles and thin, pitted taillight and front bumper chrome. Clean, orderly engine compartment done to good driver standards. Never comprehensive restored but attended to by a number of Lancia experts over the years and a reassuring mix of attention. – While it is easy to fault this Lancia in detail few of the details noted make a whole lot of difference in a car built and maintained to be driven. Consider the specs: front-mounted V6, 150 (SAE) hp, four-wheel independent suspension, 4-speed transaxle, disc brakes all around. It will find it hard to keep up with a 220hp Ferrari 250 GT Pf Coupe in a straight line, but on the windy, twisty bits the suspension and brakes more than make up the difference. Even taking that into account, though, this is an heroic price.Lot # 73 1961 Alfa Romeo Giulietta Sprint Speciale, Body by Bertone; S/N AR1012000379; Engine # AR0012000769; Red/Tan, Black vinyl; Estimate $150,000 – $180,000; Cosmetic restoration, 3 condition; No Reserve; Hammered Sold at $105,000 plus commission of 10.00%; Final Price $115,500 – 5-speed, silver steel wheels, hubcaps, Pirelli tires, clear windshield deflector. – Good new paint, chrome and interior. Underbody is older, painted assembled but orderly. Door fit is good except for hanging out a little at the bottoms. A workmanlike cosmetic redo of a car recently out of long term Japanese ownership. – Offered at Mecum’s Monterey auction in August with a reported high bid of $120,000. The Sprint Speciale appeals for many reasons, not least its delightful, responsive chassis, strong engine and nearly show car caliber streamlined coachwork. Sprint Speciales’ values were climbing strongly a few years ago but, if this result for a sound and usable example with fresh cosmetics is to be any guide, have tapered off dramatically.Lot # 85 1975 Porsche 911 Carrera 2.7 Targa; S/N 9115410127; Engine # 6581182; Gazelle Metallic, Black “Carrera” and vinyl roof panel/Tan leatherette; Estimate $75,000 – $100,000; Visually maintained, largely original, 3+ condition; No Reserve; Hammered Sold at $50,000 plus commission of 10.00%; Final Price $55,000 – Bosch fuel injection, Black Fuchs wheels, Falken tires, whale tail spoiler, Blaupunkt Portland cassette stereo. – Replacement engine from a later 911 SC. Good older repaint with a handful of chips on the nose and hood. Wavy roof vinyl. Used but tidy engine bay. Lightly cracked seat upholstery and lightly worn switchgear. Repainted at some point but largely original and lightly enjoyed. With a replacement engine and an unknown early history, it’s destined to be a driver rather than a collector showpiece. – The bidders didn’t much discount the replacement engine or the condition and bid this car to a result that would be more appropriate for a freshly restored example, although it was close to the $52,000 this car brought at Mecum Monterey last year and still well short of Bonhams’ generous low estimate.Lot # 90 1923 Mercer Series Six Sporting; S/N 20024; Engine # 10124; Dark Green, Black fenders/Black leather; Dark Grey cloth top; Estimate $175,000 – $225,000; Concours restoration, 1 condition; With Reserve; Hammered Sold at $170,000 plus commission of 10.00%; Final Price $187,000 – Black wire wheels, blackwall tires, dual rear spares, opening windshield, Twilite headlights. – Exquisite paint, chrome, upholstery, top and wood. A 2015 Pebble Beach Ansel Adams Award winner and it shows. – The physical presentation of this Mercer is superb, done to concours standards but with sympathetic attention paid to limiting excess. Its 84 hp Rochester six will be more than powerful enough to keep up with traffic. The price paid is but a fraction of what the seller spent on its Pebble Beach quality restoration. While that is rarely a good measure of value in this case it helps to support a strong price for an even stronger car.Lot # 100 1972 Ferrari 246 GT Dino , Body by Scaglietti; S/N 03152; Grigio Ferro Metallizzato/Black leather, Red bars; Estimate $325,000 – $375,000; Visually maintained, largely original, 3+ condition; With Reserve; Not sold at Hammer bid of $285,000 – Cromodora alloy wheels, Michelin Defender tires, power windows. – Good clearcoat repaint and new Daytona style upholstery, otherwise original, clean and orderly. The Iron Grey paint brings out the Dino’s lines and is distinctive in the usual sea of red Dinos. – This car is not as good as the owner thought and the bidders had a more realistic idea of its value.Lot # 105 1987 Ferrari 328 GTS Spider, Body by Scaglietti; S/N ZFFXA20A4H0069769; Red/Tan leather; Estimate $85,000 – $110,000; Visually maintained, largely original, 3 condition; No Reserve; Hammered Sold at $58,000 plus commission of 10.00%; Final Price $63,800 – Factory alloy wheels, Bridgestone tires, power windows, air conditioning, Sony cassette, stick on SF shields, Momo leather rim steering wheel. – 25,802 miles from new. Repainted assembled with mediocre masking and touched up black trim. Surface cracked, musty smelling original upholstery. Used original underbody. The catalog says it has ‘led a cosseted existence’ but really it’s more like ‘neglected.’ A mediocre driver. – Offered by Bonhams at the Simeone Museum in October and still in need of at least some Febreeze in the upholstery and interior trim to counteract the smell of mold and mildew. Its price is in line with the other V-8 Ferraris at Bonhams Scottsdale and is appropriate to its history and condition.Lot # 107 1991 Aston Martin Virage Coupe; S/N SCFCAM2S7MBL50222; Engine # 8950222M; Green/Black leather; Estimate $60,000 – $80,000; Unrestored original, 2- condition; No Reserve; Hammered Sold at $45,000 plus commission of 10.00%; Final Price $49,500 – Alloy wheels, 5-speed manual gearbox, wood console trim, wood dash and window trim, Sony cassette stereo, power windows, air conditioning, automatic seatbelts. – Several small cracks on the bottom front lip. Very good original paint otherwise. Shift knob is on crooked and fairly worn, but otherwise the interior looks barely used. The catalogue notes that the cars odometer switches between the car’s actual mileage of approximately 10,000 and a different number. Stands out with its ZF 5-speed gearbox in place of the often seen Chrysler automatic, and while not exactly gorgeous, it’s distinctly styled and has clean proportions, and this is a solid example. – Sold by Bonhams at Greenwich in 2014 for $66,000. Bonhams called it a “future collectible” at the time, but if this no-reserve result is any indication, the Virage’s future is still in the future. The V8 Virage represents excellent value in rarity, style and performance for a modest price.
With regards to the Riley RMB, I am not sure that is correct to state: “Riley doesn’t have the same kind of rich history or sporting pedigree that a Jaguar or a Healey does”
Riley’s was races extensively in the early 30’s with good results, e.g. Le Mans 1933, where a 1.1L Riley Nine came fourth, behind 3 Alfa Romero 8C, and beating both MG’s, Aston Martins. At le mans in 1934 Riley’s occupied 4 of the first 6 places, finishing 2nd, 3rd, 5th and 6th.
The same Riley engine, as fitted to the one in the auction, powered most of the early Healey cars eg. Healey Silverstone, and modified for use in the BRM grand prix cars, and they where among the first to introduce a twin cam OHV engine in midclass passenger car in 1927, which then with modifications where used until fifties.
I would say that is more correct that Riley’s are an overlooked British mark, with a rich history.
Sorry meant that Riley engines where modified to make ERA Grand Prix car engines
Niels,
I concur that the comment minimizes Riley’s history, however it is, as you point out, largely overlooked and has little relevance in the post-WWII period, or to observers (and collectors) whose experience timeline largely begins post-WWII. Among great marques only Bentley has been able to perpetuate a pre-war competition history into the post-war era devoid of any substantial competition activity.
There is a danger that significant marques/models will become overlooked but that creates an opportunity for astute collectors with a sense of history to pick up interesting cars at modest values and enjoy them while illuminating the uninformed about them.
Excellent commentary !