Keno Brothers, Starlight Clarkson Square, New York City, November 19, 2015
The collector car auction business is tough.
It is populated by people who have been doing it for decades, who have Rolodexes with thousands of entries, personal databases of collectors organized by bankroll, interest and inclination, networks of specialists, dealers, agents and experts to call on a moment’s notice.
From the outside it may seem like a simple formula. Put together an attractive docket, find an affluent location, create some generous promotion. The money is out there. The fruit is generous commissions both ways. Create some flowers and bidders will flock to the pollen like bees.
It’s not that easy.
The latest to try are Leslie and Leigh Keno. Their profile from ‘Antiques Roadshow’ is high and although lesser known for their collector car expertise both the brothers have a long history of collecting cars and historic racing. Their preservationist approach has earned them further recognition, including a long-winded chapter in Dr. Fred Simeone’s ‘The Stewardship of Historically Important Automobiles’.
Their entre into the collector car auction world was ‘Rolling Sculpture’, a one-day auction of 40 lots in New York City’s Starlight Clarkson Square commercial exhibition space in SoHo. The consignment spanned much of car collecting’s spectrum from classic barn finds (Stutz DV32 and BMW 327) through early Ferraris (212 Inter PF Coupe) to a whole wall of late model supercars heavy on Lamborghinis.
Five-figure cars were few and far between, but this is ‘The City’, just blocks from Wall Street, and the cost of the high style presentation, lavish accoutrements and generous open bar wasn’t going to be defrayed with Toyota Land Cruisers and ’69 Camaros. In fact there were only two American built cars in the auction, the Stutz and a shopworn Duesenberg.
The presentation was notably refined, with forty cars placed throughout the exhibition space with plenty of room between them for appropriate consideration of their style and design. The Wednesday preview featured a seminar hosted by the Kenos, ‘At the Crossroads of Art, Engineering and Technology’ but while some of the presenters dealt with art, engineering and technology there was a heavy emphasis on investment returns.
That emphasis was echoed in the descriptions which heavily featured statement describing meteoric value escalations. Examples: DB5: ‘We feel that this trend is likely to continue, and we think that they will be trading at North of $2 million in the next few years.’ DB4: ‘One can collect and drive any number of “lesser” vintage GT cars, but if you’re a gentleman with superb, discerning taste and a tendency towards quiet exhibitions of serious maleness, one needs a DB4.’ 365 GTC/4: ‘The Ferrari 365 GTC/4 is the last remaining vintage V-12 Ferrari that you can buy for less than the price of a house.’ In a short time that statement may no longer be true, however, as they continue to experience rapid appreciation.’ And so it was throughout the presentation.
Every registered bidder got a tablet computer with the cars’ descriptions. RFID spots by each car brought up the descriptions and videos of the cars in action (those that ran, anyway.) It was a tech-savvy presentation backed up by Proxibid’s systems but one that was not reflected in the printed catalog that had descriptions of only three headline lots (Miura, March-Porsche 83G and Competition Daytona). The remaining 37 lots got only brief bullet lists in print.
None of the cars had federally required warranty stickers. Pre-sale estimate ranges were extravagantly wide, in several cases having high estimates double or more the low estimates.
At the auction on Thursday evening the room was less than full. Auctioneer Simon Hope had to contend with lengthy video introductions that slowed the sale to a snail’s pace and interest was, as the numbers show, limited with only 17 of 40 lots selling on the block and three more selling post-block for a 50% sell-through. 45% of the lots sold closed on hammer bids less than the low estimate; none sold over their high pre-sale estimates.
That’s the ‘bad’. The good is that this was an honest, sincere attempt by dedicated car enthusiasts to create a successful collector car auction in New York City, a venue that has daunted every collector car organization for the last generation. It was a first-time sale with all the well-recognized challenges such an endeavor presents and it was, in the end, remarkably successful both in its quality presentation and in its final result.
Give Leigh and Leslie Keno credit for pulling out the stops to do it right, for putting together a quality crew to support them and for establishing a fresh beachhead in the forbidding New York City environment.
Keno Brothers New York City 2015 – Auction Report
Lot # 100 1969 Lamborghini Miura S Coupe; S/N 4377; Red, Silver sills and wheels/Tan Boar Hide (Cinghiale); Estimate $800,000 – $1,600,000; Visually maintained, largely original, 3+ condition; Hammered Sold at $870,000 plus commission of 12.00%; Final Price $974,400. No Reserve. Power windows – A true Miura S, one of two with wild boar hide upholstery (the other first owned by Frank Sinatra.) Sound paint with some touched up chips and masking holidays. Good original upholstery with expected age. Represented as matching numbers and largely original paint. Original underbody with road dirt in the corners. A sound, well-maintained but used car. – Owned by the Keno brothers’ Historic Motor Car Investment fund, bought in February 2014 at Artcurial’s Retromobile auction in Paris for Euros 785,600 with commission, $1,069,516 at the time. It didn’t look nearly as good today as it did at Retromobile, perhaps because the lighting was better. In any event, it has added 1,169 km to its odometer, no doubt many of them in service of the production values of the video produced to feature the car, the only No Reserve car and first to cross the block in the sale. It is a painful transaction not only for the sellers but also for the Miura market.Lot # 101 1960 Lancia Appia GT Coupe, Body by Zagato; S/N 812013277; Red/Brown; Estimate $80,000 – $150,000; Not evaluated; Hammered Sold at $82,500 plus commission of 12.00%; Final Price $92,400. With Reserve. Covered headlights. – Not evaluated. – Sold by Rick Cole/RM at Monterey in 1997 as a basket case for $9,350, then by Gooding at Pebble Beach in 2008 after a sound restoration for $104,500. The seller came up significantly short of what had been spent on it seven years ago even though it is over the low estimate.Lot # 102 1972 Maserati Ghibli SS Coupe, Body by Ghia; S/N AM115492284; Red/Black leather; Estimate $250,000 – $450,000; Recent restoration, 2- condition; Post-block sale at $285,714 plus commission of 12.00%; Final Price $320,000. With Reserve. Chrome spoke Borrani wire wheels, Michelin XWX tires, Becker Grand Prix stereo, power windows, fitted luggage, power steering, tool roll. – Excellent paint, chrome and interior. Underbody is nearly like new with only a little road spatter. Small cover in front of the right rear wheel has loose, protruding screws. Stone chipped windshield. Represented as matching numbers and original colors. – The few little flaws don’t detract very much from this Ghibli’s presentation but do nothing to create a sense of confidence among bidders. Bid to $225,000 on the block, the auction company reported it a post-block sale at this result, an amount that is significantly above the low estimate and surprising for a post-block sale.Lot # 103 2001 Ferrari 550 Barchetta Pininfarina, Body by Pininfarina; S/N ZFFZR52A210123074; Engine # 60656; NART Blue/Saddle leather; Estimate $650,000 – $725,000; Unrestored original, 2+ condition; Not sold at Hammer bid of $500,000. With Reserve. CD changer stereo, power windows, 6-speed, sport seats, owner’s manual, tools, 2001 Frankfurt Auto Show display car. – 2,044 miles and like new. – While this is one of six 550 Barchetta Pininfarina prototypes built and the Frankfurt Auto Show display car, beyond that it is just another 2,000 mile example different in no appreciable readily identifiable aspect from any of the other 447 built. It should have been on its way to a new home well before the reported high bid. Even half the low estimate would have been ample recognition of its limited distinctions.Lot # 104 1940 Alvis 12/70 Special Sports; S/N 15884; Dark Green/Black leather; No top; Estimate $80,000 – $200,000; Recent restoration, 3+ condition; Hammered Sold at $105,000 plus commission of 12.00%; Final Price $117,600. With Reserve. RHD. Cycle fenders, dual Brooklands aeroscreens, single sidemount spare, body color wire wheels, Blockley tires, Marchal headlights. – Converted from the original Mulliner sedan in the late 90’s and modified as needed for high speed tours including replacing the original 1,842cc four with a 3-carb Speed Twenty engine, hydraulic brakes and longer ratio rear axle. 4,732 miles on the odometer are apparently the mileage since the conversion. Dirty and used but not mistreated. Under the dust and dirt the body paint is sound and shiny. Upholstery is recent and sound. Noted to be running on five cylinders, a defect that apparently could not be remedied before the auction and not encouraging for a new owner.. – Offered last year at Bonhams auction at the Simeone Museum where it was bid to $160,000, the seller got [very] reasonable a year later here and accepted both an attractive (if broad) estimate range and a reasonable price for a car that should be a load of fun to drive even if its intrinsic value is hampered by the varied origins of its components and the defective engine. The seller should be pleased to see it go away at this price; the buyer not so much.Lot # 105 1965 Aston Martin DB5 Coupe; S/N DB51990L; Sage Green/Tan leather; Estimate $950,000 – $1,600,000; Not evaluated; Post-block sale at $848,214 plus commission of 12.00%; Final Price $950,000. With Reserve. – Not evaluated – Sold at Gooding’s Pebble Beach auction in 2011 for $687,500 where it was described as: ‘Chrome wire wheels, fog lights. Deep chrome with fine scratches and moderately worn seats with light soiling. Excellent dash and newer Green carpeting. The underside is not crisp but presentable. Straight body and excellent paint with decent gaps except for the trunk lid. Thoroughly cosmetically restored in the early 00’s and unusually well presented and attractive today.’ Bid to $800,000 on the block here and closed later with this result.Lot # 106 1958 Porsche 356A Coupe; S/N 102500; Engine # P68139; Metallic Silver/Red leather; Estimate $130,000 – $210,000; Recent restoration, 2+ condition; Hammered Sold at $110,000 plus commission of 12.00%; Final Price $123,200. With Reserve. Headlight stoneguards. – Represented as matching numbers engine, gearbox, body and chassis. Excellent fresh paint, chrome and interior. Freshly restored to better than showroom condition. Even body gaps and flush panel fits. Noted on-site that it needs a new fuel line and ‘mount bushings’ (whatever those are.) – An attractively presented car with high quality cosmetics and the consignor’s usual attention to fit and finish, its price appropriately reflects its condition and value.Lot # 107 1932 Stutz DV-32 4-Dr. Sedan, Body by LeBaron; S/N DV601448; Black, Black padded roof/Grey cloth; Estimate $150,000 – $350,000; Unrestored original, 4+ condition; Not sold at Hammer bid of $95,000. With Reserve. Black wire wheels, wide whitewall Bedford tires, dual sidemounts, brown leather trunk, rear vanity, smoker’s kit and pulldown shades, Ryan-Lite headlights. – Peeling paint, pitted rusty chrome. Good original interior and wood trim. Grungy chassis and underbody. Looks like hell but is way better than it looks at first glance. 80 years’ ownership by Axel R. Stockenberg family. Stored 37 years, 23,435 miles from new. 2012 Pebble Beach Prewar Preservation class winner, HVA ‘This Car Matters’ award. – Even at a little over the high bid and just into six-figures this is an automobile to appreciate not only for its exceptional preservation and history but also for its performance and safety. Someone will take advantage of its availability to acquire something rare and wonderful.
Keno Brothers New York City 2015 – Auction Report Page Two
Lot # 108 1968 Bizzarrini 5300 GT Berlinetta, Body by Bertone; S/N IA30303; Engine # V0419HD; Metallic Dark Blue/Beige leather; Estimate $750,000 – $1,300,000; Cosmetic restoration, 3+ condition; Hammered Sold at $902,500 plus commission of 12.00%; Final Price $1,010,800. With Reserve. Centerlock alloy wheels, Dunlop Racing tires, power windows. – HD engine suffix indicates a 1967 327/350hp L79 engine. Good paint, major chrome and interior. Scuffed, thin door window chrome. Older engine compartment shows age and use. Underbody has been repainted assembled then driven a not inconsiderable distance with road sand in corners. A driven and not particularly well cared for Bizza. – Sold at Worldwide’s Houston auction in 2006 for $269,500 in not much different condition from how it was offered today despite the catalog’s assertion it had ‘restoration work’ subsequently in 2009. Whatever the work was, it wasn’t much. The bidders didn’t seem to know or care, sending it into low earth orbit with this result and indicative of the popularity of Bizzas [sic] these days. This is double the reported high bid on the Iso Grifo GL (lot #113) and a world record result by a wide margin.Lot # 109 1939 BMW 327 Sport Cabriolet, Body by Autenrieth; S/N 73897; Engine # 73897; Black/Beige leather; Black cloth top; Estimate $80,000 – $150,000; Unrestored original, 4- condition; Hammered Sold at $90,000 plus commission of 12.00%; Final Price $100,800. With Reserve. Disc wheels, no bumpers. – Picture says it all: ratty, dried out, dull, dirty after 30 years storage and 45 year ownership by the most recent private owner. But, and this is crucial, it’s all there even though dirty, dented and corroded, and will be a straightforward restoration project. – It’s a little humorous when the catalog says ‘The original top shows wear, as does the original beige leather interior.’ They’re hard, stiff, mildewed and usable only as patterns, which is about the story of the whole BMW. But this is one of the most sought and desirable cars of its era, both pretty to look at and extremely competent on either highways or Alpine passes. This garage-find has real potential and could well be a quarter-million dollar car when it’s done if the BMW 327 Sport Cabriolet market keeps going up.Lot # 110 2013 Lamborghini Aventador Coupe; S/N ZHWUC1ZD4ELA02242; Metallic Yellow [Giallo Maggio]/Black leather, Yellow inserts; Estimate $500,000 – $800,000; Unrestored original, 2 condition; Hammered Sold at $450,000 plus commission of 12.00%; Final Price $504,000. With Reserve. #54 of 100 50th Anniversary Serie Speciale. – Barely, if at all used, with one owner from new who has let just 506 miles accumulate on the odometer [including, presumably, factory pre-delivery testing.] – Eagerly characterized by the auction company as one of only 43 Serie Speciales allocated to North America: but they built only 100, so most of them must be tucked away somewhere in upscale zip codes with similar miles. The seller should be very happy to get this much for it. It’s not rare, it’s just audacious, like a Batmobile with serious performance.Lot # 111 1972 Datsun Fairlady Z 432 Coupe; S/N PS3000524; Metallic Blue/Black vinyl; Estimate $125,000 – $250,000; Visually maintained, largely original, 3 condition; Hammered Sold at $152,500 plus commission of 12.00%; Final Price $170,800. With Reserve. 4-valve, dohc ‘432’ engine, black magnesium alloy wheels, Falken tires, fender mirrors, air conditioning, 8-track stereo, rollbar. – Later A/C and aluminum radiator. Reportedly restored ‘to a very high standard in the early 2000’s’, standards that are not apparent in its condition today. Fair, dull old repaint over old paint, scratched trim chrome, good upholstery. Frayed window felt trim. Clean but aged underbody. Old seatbelts. Superficially maintained, cosmetically fluffed but sound, clean and complete. Never ‘restored’, at least by today’s standards. – The Kenos’ catalog helpfully points out that RM got $253,000 (with commission) for a Fairlady Z 432 at Amelia earlier this year. Unfortunately it didn’t get evaluated at Amelia, but it’s unlikely to have been less attractively presented than this dull, aged example (from the same consignor’s collection) and that goes a long way to making this result appropriate.Lot # 112 1971 Ferrari 365 GTB/4 Daytona Coupe; S/N 14229; Red/Black leather; Estimate $675,000 – $900,000; Older restoration, 3+ condition; Not sold at Hammer bid of $600,000. With Reserve. Chrome spoke Borrani wire wheels, Michelin XWX tires, air conditioning, headrest seats, Becker Mexico cassette stereo, popup lights, painted nose panel. – Very good repaint, good chrome and original interior. Driver’s door doesn’t close flush, hood stands slightly proud. Underbody is orderly and clean. Scratched right door glass and pitted window frame chrome. Clean, orderly older restored engine compartment. A sound but not exceptional Daytona. – Sold for $627,000 at Gooding’s 2014 Pebble Beach Auction, so no surprise it didn’t find a new home here at the reported high bid.Lot # 113 1965 Iso Rivolta Grifo L Coupe, Body by Bertone; S/N GL650009; Ruby Red, Silver roof and sills/Tan leather; Estimate $550,000 – $650,000; Recent restoration, 2+ condition; Not sold at Hammer bid of $450,000. With Reserve. Power windows. – Gorgeous, perfectly matched paint, chrome and interior. A show car done better than new with no visible wear or use. Class winner at The Quail, Hillsborough, Concorso Italiano, Danville and 2014 Carmel. Beyond comment. – It didn’t find its audience at Keno’s in SoHo; a car that is beautifully, meticulously restored but little appreciated even for what it is. It could have sold at the reported high bid with only limited regret.Lot # 114 1961 Jaguar XKE SI flat floor EBL Roadster; S/N 875323; Engine # R1462-9; Opalescent Bronze/; Black cloth top; Estimate $390,000 – $590,000; Recent restoration, 2+ condition; Post-block sale at $340,000 plus commission of 12.00%; Final Price $380,800. With Reserve. Outside bonnet latch, welded louver. Chrome wire wheels, bias ply wide whitewalls, no radio. – Freshly restored to better than showroom condition. Factory replacement block. Reportedly inspected by several JCNA judges and uniformly concluded 100 points, but not JCNA judged in competition. – Offered at Bonhams Amelia auction earlier this year as a worn but honest old car in British Racing Green, it brought a reported high bid of $240,000. It’s now been done to high standards and needs nothing but a willing new owner (with small feet to fit in the restricted footwells.) A gorgeous XKE, the seller would have liked New York bidders to disregard ergonomics and consider only the fluff of 385 early lefthand drive EBL flat floor roadsters. It didn’t happen on the block where it was bid to $340,000, but closed later at the same price.Lot # 115 1960 Aston Martin DB4 Coupe; S/N DB4245L; Claret/Beige leather; Estimate $700,000 – $900,000; Older restoration, 3+ condition; Not sold at Hammer bid of $600,000. With Reserve. Chrome wire wheels, Avon tires, heater. – Good older paint, chrome and interior. Orderly engine compartment with some curdled paint from leaky carbs. Dull aluminum trim. Windshield header trim has pulled away from the body. A driver caliber older restoration with miles on It. – Catalog comment: ‘One can collect and drive any number of ‘lesser’ vintage GT cars, but if you’re a gentleman with superb, discerning taste and a tendency towards quiet exhibitions of serious maleness, one needs a DB4.’ Really? Apparently there was no one in need of serious maleness in SoHo this week. What an absurd presentation.
Keno Brothers New York City 2015 – Auction Report Page Three
Lot # 116 1963 Rolls-Royce Silver Cloud III Drophead Coupe, Body by H.J. Mulliner; S/N LSCX789; Engine # SX394C; Shell Grey/Black leather; Estimate $600,000 – $850,000; Not evaluated; Not sold at Hammer bid of $500,000. With Reserve. – —Lot # 117 1948 Talbot-Lago T26 Record Cabriolet, Body by Graber; S/N 100351; Cream/Green leather; Estimate $295,000 – $650,000; Not evaluated; Not sold at Hammer bid of $250,000. With Reserve. – — Bid to $245,788 (Euros 215,000) at Bonhams Paris auction earlier this year.Lot # 118 1972 Mercedes-Benz 300SEL 6.3 4-Dr. Sedan; S/N 10901812006395; Black/Black leather; Estimate $480,000 – $650,000; Cosmetic restoration, 3+ condition; Not sold at Hammer bid of $375,000. With Reserve. Automatic, power windows, power sunroof, alloy wheels, Vredestein blackwall tires, air conditioning, Becker Mexico cassette stereo, Hella fog lights. – Euro-spec car bought new by Steve McQueen’s Solar Productions. Mediocre recent paint, original interior and chrome. Loose left rear door trim. Clean, orderly chassis and underbody, The quality of the 2013 repaint by Kienle is not up to the standards expected of this shop’s reputation. – This is a $50,000 car on its best day ever. The Steve McQueen provenance (and the original upholstery where Steve’s buns rested) adds significantly, but attributing a factor of ten to thirteen to its value stretches the McQueen Effect beyond the limits of its elasticity.Lot # 119 1934 Duesenberg Model SJ Touring Berline, Body by Rollston; S/N 2543; Engine # J-514; Maroon, Black fenders and hood, Maroon padded roof/Grey cord; Estimate $950,000 – $1,100,000; Cosmetic restoration, 1- condition; Not sold at Hammer bid of $800,000. With Reserve. An original SJ that lost its blower, now with a Brian Joseph reproduction supercharger. Chrome wire wheels, wide whitewalls, dual enclosed sidemounts, outside exhaust headpipes, roof rack, luggage trunk, remote spotlight, Pilot-Rays. – Bodied by Rollston for Mrs. Constance Evans with the reinforced roof rack and other touring equipment including ample headroom for Mrs. Evans’ hats. Original chassis, engine and body. Good but aging old paint. Very good upholstery and interior trim. Chipped front axle paint. Good chrome. A cosmetic restoration but unfortunately neglected and showing it. – Offered by the Dragone brothers in Westport in May 2013 with a reported high bid of $1 million in cosmetically maintained but tired condition. Fluffed up with the repro supercharger installed and offered at Gooding’s Amelia Island auction earlier this year with a reported high bid of $775,000, the cataloged ownership history had it bought from Robert McGowan by Gooding & Company and restored for Gooding by Dragone brothers, a history Gooding categorically rejects. The bidders have spoken and if there was money anywhere close to the reported high bid this intriguing SJ should have sold. More clarity might help its history and bidders’ reception.Lot # 120 1972 Ferrari 365 GTC/4 Coupe; S/N 15357; Gold/Tan leather; Estimate $325,000 – $450,000; Visually maintained, largely original, 3+ condition; Hammered Sold at $280,000 plus commission of 12.00%; Final Price $313,600. With Reserve. Grundig cassette stereo, chrome spoke Borrani wire wheels, Michelin XGT tires, power windows, air conditioning. – Fair repaint erratically masked and applied over old paint. Scratched trim chrome, loose door window channels. Good upholstery, interior trim and carpets. Clean, orderly engine compartment. A sound and usable driver represented as one owner and 45,842 miles from new. – An intriguing, largely original car showing its age but never messed up by attempts to make it more than it is, it brought an appropriate price in today’s C/4 market.Lot # 121 1968 Toyota 2000GT Coupe; S/N M1010110; Bellatrix Yellow/Black leatherette; Estimate $600,000 – $1,200,000; Visually maintained, largely original, 2- condition; Hammered Sold at $610,000 plus commission of 12.00%; Final Price $683,200. With Reserve. Matte Grey alloy wheels, Bridgestone tires, fender mirrors, clock, timer, pushbutton AM radio, full tool roll. – Very good fresh repaint, good interior and chrome. Underbody is like new. Orderly but aged engine compartment with a replacement aluminum radiator. A surprisingly complete and original 2000GT with a quality repaint and 12,649 miles in exceptional condition for its age. – With 2000GTs having sold into seven figures recently this honest, well-preserved, low miles and intelligently estimated example is an excellent value, at least in the context of recent sales.Lot # 122 1983 March-Porsche 83G Endurance racer; S/N 83G4; White, Blue, ‘Keeepy Krauly’/Black cloth; Estimate $495,000 – $950,000; Competition car, original as-raced, 3 condition; Hammered Sold at $455,000 plus commission of 12.00%; Final Price $509,600. With Reserve. – 1984 Daytona 24 Hours winner driven by Van der Merve/Martin/Duxbury, 1983 IMSA championship with Al Holbert and Jim Trueman. Clean, orderly vintage racer with a fair but sound repaint. Used, but usable. – With the Le Mans winning Porsche 956 selling at Gooding Pebble Beach this August for $10,120,000, this Daytona- and IMSA championship-winning March-Porsche is a serious value. And its ‘Kreepy Krauly’ livery is distinctive, visually quite different from another Rothman’s Porsche. The buyer got a serious race car, with a serious history and serious performance for a seriously considered price.
Lot # 123 1997 Porsche 993 Turbo S Coupe; S/N WP0AC2999VS375826; Violet/Rubicon Grey leather; Estimate $450,000 – $600,000; Unrestored original, 2- condition; Hammered Sold at $395,000 plus commission of 12.00%; Final Price $442,400. With Reserve. 6-speed, Yellow calipers, power sunroof, power windows, air conditioning, CD changer stereo, Euro bumpers. – Original throughout with some stone chips on the nose. Driver’s seat is lightly creased, otherwise like new appropriate to the 11,473 miles on the odometer. – 911-madness seems to know no bounds. This beautiful, one-owner, low miles 993 Turbo S is – aside from its Violet paint and Rubicon Grey [violet in all but the marketers’ name] interior is a breathtaking 425hp car, but visually indistinct from other, probably lesser, 911s. Paying [close enough to] half a million dollars for a car that has to be explained (‘It has K24 turbos’) along with being one of 345 built is an exercise in self-delusion, but one that is repeated often enough these days to be characterized as ‘market’.
Keno Brothers New York City 2015 – Auction Report Page Four
Lot # 124 1931 Bentley 4-Liter Touring, Body by Vanden Plas; S/N VF4019; Engine # VF4020; Dark Green, Black fenders and accent/Green leather; Black cloth top; Estimate $450,000 – $550,000; Visually maintained, largely original, 3- condition; Not sold at Hammer bid of $400,000. With Reserve. RHD. Black wire wheels, Dunlop tires, Raydyot fog light, altimeter. – Chipped old repaint, worn, scuffed old upholstery. Road grimy chassis. Weak chrome. A well preserved and complete largely original car that has been used like a Bentley should be. – Offered by Brooks Auctioneers at Goodwood in 2001 where it sold post-block for a reported $105,795 [GBP 75,000 at the time]. Offered by RM at Monterey in August of this year with a reported high bid of $450,000. A charming Bentley with patina that goes beyond age to become character, its rather blocky Vanden Plas coachwork does it no favors, as the reported high bid indicates.Lot # 125 1989 Lamborghini Countach Coupe, Body by Bertone; S/N ZA9CA05A4KLA12478; Red Pearl/Beige leather, Red piping; Estimate $355,000 – $600,000; Visually maintained, largely original, 2- condition; Not sold at Hammer bid of $300,000. With Reserve. CD stereo, power windows, OZ modular wheels, Pirelli PZero tires. – Good repaint, original interior. Underbody repainted assembled. Shows 32,139 km on the odometer and no more than that on the car. – It is hard to argue with the consignor’s decision to hang onto this Countach at the reported high bid, but also would be hard to argue with the decision to let it go. The bidders weren’t wrong to stop at this bid.Lot # 126 1957 Fiat 1200TV Convertible; S/N 103G115003704; Engine # 103G004411504; Light Blue/Dark Blue, Light Blue inserts; Dark Blue cloth top; Estimate $70,000 – $150,000; Cosmetic restoration, 3+ condition; Hammered Sold at $65,000 plus commission of 12.00%; Final Price $72,800. With Reserve. Swivel driver’s seat, Sony CD stereo, spinner wheel covers, wide whitewalls. – Decent repaint over an assembled body. Sound upholstery and good top. Underbody repainted assembled with shadows not covered. Old windshield seals. A superficial cosmetic redo to attractive driver condition. – Sold at Bonhams Greenwich auction in 2008 for $39,780 in essentially identical condition as it was today and showing 572 more miles now than it did then. The buyer could have had an Alfa Giulietta in comparable condition for this money, a better driving and more attractively bodied car, but nowhere nearly as unusual.Lot # 127 1955 Mercedes-Benz 300SL Gullwing; S/N 1980405500053; Engine # 1989824500153; Metallic Dark Strawberry Red/Black leather; Estimate $1,275,000 – $1,575,000; Visually maintained, largely original, 3- condition; Not sold at Hammer bid of $1,100,000. With Reserve. Black center Rudge wheels, Pirelli Cinturato tires, Blaupunkt multiband radio, hinged steering wheel, Halda Speedpilot, power antenna, Talbot mirrors, belly pans. – Old, tired repaint, peeling on the right rear body and overspray underhood and in the body side vents. Fair chrome. Sound, surface cracked upholstery, worn carpets. Cosmetically tired but sound; too good to restore. – This is a nice old Gullwing, used and yet apparently carefully maintained by Paul Russell’s shop, with charming patina. It is a car that Dr. Fred Simeone and Miles Collier would passionately argue should never be restored. If it could be bought by a sympathetic new owner anywhere close to the reported high bid it would be a car to own and drive proudly, and beggar the shiny paint/bright chrome/seductive upholstery restorationists’ negative comments.Lot # 128 1969 Ferrari 365 GTB/4 Daytona NART Competition Coupe; S/N 12467; Engine # 251; Red/Black; Estimate $4,900,000 – $5,900,000; Competition restoration, 3+ condition; Not sold at Hammer bid of $4,800,000. With Reserve. Gold 5-spoke wheels, Goodyear Blue Streak slicks, braced rollbar, flares, fire system. – Fifth place overall at Le Mans in 1971 for NART driven by Luigi Chinetti, Jr. and Bob Grossman. Restored like new and vintage raced for many years. Series III flared fenders, wheels and aerodynamics. Good older repaint, otherwise as-raced. – Offered at Gooding’s 2014 Pebble Beach auction with a reported high bid of $4.4 million in essentially the same condition as offered here but with 16,544 km on its odometer, 217 km more that it displayed a year and a half ago. The bidders have now spoken twice and put a $4.5 million valuation [give or take a few hundred thousands] on this historic Le Mans class-winning Daytona.Lot # 129 1966 Aston Martin DB6 Vantage Coupe; S/N DB62634L; Engine # 4002571V; Silver/Black leather; Estimate $600,000 – $725,000; Not evaluated; Not sold at Hammer bid of $530,000. With Reserve. – —Lot # 130 1973 Porsche 911 Carrera RS 2.7 Lightweight Coupe; S/N 9113600354; Engine # 6668112; Light Yellow, Green ‘Carrera’/Black cloth; Estimate $1,100,000 – $1,500,000; Older restoration, 2+ condition; Not sold at Hammer bid of $900,000. With Reserve. Fuchs wheels, Avon tires, heater. Original (broken) engine included. – Early Swiss competition history with first owner Peter Zbinden and second owner Erhard Maritz with factory replacement engine 6668112. Restored in 1996 and used only for show since. Excellent paint, interior and trim chrome. Spotless engine compartment. Better than new. – Offered by Gooding at Amelia Island earlier this year with the same result as here, a snapshot of the market’s acceptance. Its odometer has added just 62 more kilometers since March and the bidders seem to have added nothing to their perception of its value.Lot # 131 2000 Lamborghini Diablo GTR Coupe; S/N ZA9EAGTROYLA12560; Metallic Blue/Black cloth; Estimate $850,000 – $1,000,000; Competition car, original as-raced, 3+ condition; Not sold at Hammer bid of $445,000. With Reserve. Matte Black Speedline wheels, Pirelli PZero tires, carbon fiber interior panels, two Momo race seats, wing, splitter, fire system. – Number 28 of 30 built, raced in the 2001 Lamborghini Supertrophy series, crashed at Valencia and rebuilt, changing to this distinctive color. Today it is a track day car showing some use, but mostly just age. Sold on a bill of sale only. – Offered at Kruse International’s disappointing 2005 auction at Concorso Italiano in Monterey with a reported high bid of $370,000. It won’t pass muster at the smog station and has no practical use except on-track for which the reported high bid seems sufficient. The description refers to this car as ‘TLA12560’ which is inconsistent with the VIN under which it is offered but is the same as the VIN eleven years ago, another reason why it might find it hard to satisfy the DMV.
Keno Brothers New York City 2015 – Auction Report Page Five
Lot # 132 1953 Ferrari 212 Inter Coupe, Body by Pinin Farina; S/N 0269EU~0387GT; Black/Grey leather; Estimate $1,300,000 – $1,900,000; Visually maintained, largely original, 4+ condition; Not sold at Hammer bid of $1,050,000. With Reserve. Silver painted wire wheels, Michelin XVS tires. – Built for Prince Bernhard of the Netherlands, with a changed chassis number to the Prince’s earlier Ferrari to avoid taxes [even royals are concerned by taxes.] Cracked, chipped old scruffy repaint, Sound surface cracked upholstery, pitted chrome and dull aluminum. Road grimy underbody and chassis. A neat car, but pretty far gone. – This is all about potential because as it is this car is unusable even by the most fervent proponents of preservation. The opinion of value is, as this result indicates, open to interpretation and a bidder with the desired attitude wasn’t in evidence in New York today.Lot # 133 1929 Bugatti Type 40 Roadster; S/N 40810; Black/Brown leather; Estimate $400,000 – $750,000; Visually maintained, largely original, 3- condition; Hammered Sold at $415,000 plus commission of 12.00%; Final Price $464,800. With Reserve. RHD. Yellow wire wheels, Blockley tires, single rear spare, folding windshield, Michelin headlights and projector driving lights. – Built by Bugatti with a truck bed to accompany an expedition across the Sahara, and on the Rallye d’Algers by Pierre de Brou and his wife. Rebodied subsequently with this blocky roadster. Loaded with event participation badges and stickers. Sound old paint and upholstery. Road grimy chassis and underbody Dull brightwork trim. Sound and usable, but used. – Well used, but also well maintained, this is a presentable and eminently usable Bugatti with a history of competition and participation in desirable historic events that should continue to give good service – and spin a tale of unusual history – for its new owner at a respectable price. It would be fantastic to see the new owner re-create the truck body as the current roadster looks like nothing more than a Model A from the cowl back.Lot # 134 1962 Ferrari 250 GTE Coupe; S/N 3547; Rosso Corsa/Tan leather; Estimate $495,000 – $600,000; Cosmetic restoration, 2- condition; Not sold at Hammer bid of $445,000. With Reserve. Chrome spoke, Borrani wire wheels, Vredestein blackwall tires, no radio, Marchal head and fog lights. – Excellent paint, chrome and interior. Clean, restored underbody. A competently restored car in better than driver condition and represented as numbers matching. – If there was money at the reported high bid the consignor could have reasonably considered letting this GTE go.Lot # 135 2005 Ford GT Coupe; S/N 1FAFP90S75Y401331; Silver/; Estimate $240,000 – $320,000; Unrestored original, 2 condition; Hammered Sold at $255,000 plus commission of 12.00%; Final Price $285,600. With Reserve. Stripe delete, McIntosh CD stereo, BBS wheels, silver calipers. – A new car with 3,178 miles. Enthusiastically cataloged as differentiated by the stripe delete. – In seeking a description of some kind it is amusing what lengths auction catalogers go, as here with the emphasis on ‘stripe delete’. It falls apart, however, with the notation that another 51 (or so) Silver GTs also were ‘stripe delete’ making it something of a distinction without a difference. This is an appropriate price in today’s market for a GT.Lot # 136 1990 Ferrari F40 Berlinetta; S/N ZFFMN34A9L0085336; Red/Red cloth; Estimate $1,100,000 – $1,600,000; Original, modified for competition or performance, 2 condition; Not sold at Hammer bid of $1,075,000. With Reserve. 18 inch modular wheels, Michelin Pilot Sport tires, built in K-40 radar detector, Momo steering wheel, upgraded to 1992 specs. – Barely used. Unworn driver’s seat bolsters and belts. Extensively modified, particularly the interior, upgraded ECU PROM, aftermarket wheels. Factory paint has a few small flaws. Clean, orderly engine compartment showing only a little age in some of the unfinished alloy surfaces. Belt service in July 2014. – This F40 raises an important issue: the effect of modifications that enhance performance, comfort or appearance but detract from originality. It would seem that both the auction company in its pre-sale estimate range and the New York bidders both evaluated the [expensive] modifications as detrimental to value. Under the circumstances the reported high bid is reasonable.Lot # 138 1973 Porsche 911S 2.4 Coupe; S/N 9113300017; Engine # 6330029; Silver/Black; Estimate $195,000 – $295,000; Recent restoration, 2 condition; Hammered Sold at $180,000 plus commission of 12.00%; Final Price $201,600. With Reserve. 2.4/181hp, fuel injection, 5-speed, Fuchs wheels, tinted glass, engine compartment light. – Very good paint, chrome and interior. Right quarter window frame gouged by a careless sander, but overall a quality example of a desirable model. – Offered by RM|Sotheby’s in Arizona last January with a reported high bid of $220,000 and now presented in better condition. The price it brought here is modest for its condition, but better money in hand than giving it another trip to yet another auction.Lot # 139 1999 Lamborghini Diablo GT Coupe; S/N ZA9DE21AOXLA12381; Orange, Black sills/Black leather, Alcantara; Estimate $550,000 – $750,000; Unrestored original, 2- condition; Hammered Sold at $550,000 plus commission of 12.00%; Final Price $616,000. With Reserve. Clarion CD stereo, OZ black center modular wheels, Pirelli PZero tires, dark tinted windows, intentionally obscured VIN, carbon fiber splitter and wing. – Good paint and interior, clean underbody. Small edge chips of little consequence. – An unusual high performance variant of the Diablo, with even more extravagant bodywork, ducting, fins, wings and aerodynamic devices, this is a show-off car with performance to back up its appearance. Its combination appealed to the bidders in New York and brought a realistic result for both the buyer and the seller.Lot # 140 1978 Ferrari 512 BB Berlinetta; S/N 24445; Red/Black leather; Estimate $275,000 – $375,000; Unrestored original, 2 condition; Not sold at Hammer bid of $240,000. With Reserve. Air conditioning, CD stereo. – Very good repaint and 1980’s interior. Fresh engine out service and new clutch. Underbody is original and clean, appropriate to the 24,728 kilometers on the odometer. – The estimate range is realistic and the failure of the reported high bid to reach it, or even get very close, is reason enough to take it home from where it will probably go on a truck to the Arizona auctions in January.
Another pleasantly tart, gimlet-eyed report. Thank you.
Excellent write up. One point though is the Bizzarrini GT 5300, although the high sale for this auction at $1,010,800, is not a world record for the model. That belongs to chassis No. 0301 sold at the Artcurial auction in Paris this past February for $1.3 million. At the same auction an Iso A3/C sold for $1,172,643.
Mike,
Good point.
I have never been able to get a comprehensive list of results from Artcurial in any form that facilitates data entry. Matthieu gripes when their results aren’t reflected, but has never done anything to help include them, so they get passed over.
The American auction houses are, with the exception of Motostalgia, gracious, prompt and inclusive in providing results; the Brits are less so, the French are clueless about publicity, but judging from the way they conduct their auctions they seem to think all their bidders are French and the rest of the world doesn’t matter.
Rebecca Ruff has tried on behalf of SCD to get consistent, timely, complete information but without success. I’ve given up trying.
But, thank you for the clarification.
Rick
Thank you for the cogent write-up. I was amused at your comment about the restoration of the BMW 327 as being straightforward, however. That may be so for the likes of Andreas Freudenberger, but for the mere mortal these old ladies are tougher than one might think at first glance. I am the owner of one of these, it is currently undergoing restoration from having been a basket case, and it’s not a walk in the park. While it’s true that these may be quarter million dollar cars when in fine shape, I am aware of at least one that’s had more than twice that amount lavished upon it in restoration costs alone. I don’t know if paying $100k to start the restoration process makes any financial sense, but I suppose that doesn’t matter. Anyone spending that quantity will surely bring the car back to life and that truly is what matters for any real enthusiast
Apparently Peter Kumar believes there is still some meat on the bone.
http://www.hemmings.com/classifieds/dealer/bmw/327/1795269.html
I was there too, along with a friend in the collector car business. Excellent and comprehensive report, except for……. no mention at all of the automobilia portion of the auction.
I generally don’t cover automobilia, or even motorcycles. There’s more than enough to keep me busy [and my feeble brain engaged] trying to keep track of the cars.
Too many cars, not enough time.
Rick
Thoroughly entertaining. Seems the higher-end market continues to gravitate towards the fashion/art world, which leaves many of us scratching our heads.
So, to summarize, people bidding on cars of this level do not require (or want) educational seminars, videos, sales pitches, and “spread-out” displays. (Some don’t even personally attend.) They would rather rely upon their own trusted advisors and/or their own knowledge and research. The 50% sell-through could happen in any small auction, but drastically scaling back the “event” could have ensured a nice profit nonetheless.
John,
It’s true that low key live sales and online sales, e.g., Motostalgia or BringaTrailer, can be successful and put more on the bottom line but that’s not the kind of exposure that brings recognition within the collecting community.
This was the Keno brothers’ debut with car collectors. They staged it carefully in a New York Fashion Week style, true to the ethos and environment of The City.
It wasn’t about maximizing the profit of this event, it was about building the Keno Brothers’
The computer swallowed the last word in the comment. Final sentence should end “brand.”
Too glitzy for my taste. The cars were not exceptional and been seen many times at many venues.