Mecum Auctions, Hyatt Regency, Monterey, California, August 18-20, 2016
To appreciate what Mecum Auctions represents during the auction orgy on the Monterey peninsula consider that a dozen years ago in 2004 the entire collector car auction total, Christie’s, Bonhams, RM and Russo and Steele, was just over $47 million.
The 364 cars offered that year were barely more than half of the consignment gathered on Mecum’s Del Monte Golf Club fairways and the 303 sold were almost exactly the same as Mecum moved on to new owners this week.
And Mecum’s eyebrow-raising sale of a LaFerrari for $5,170,000 was more than Bonhams entire $5,112,000 Quail Lodge auction total in 2004.
Anyone who doubts the effect of television coverage should spend a few hours at a Mecum auction. Spectators come in droves; they treat Dana, Frank and the block crew like rock stars. And they see cars they can afford to buy, or at least dream about affording.
Among all the Monterey auctions this year the median sale was $88,000; the average was $479,438. If we take out Mecum’s accessible cars (even with the inclusion of equally accessible cars from Russo and Steele) the Monterey median transaction was $159,500, almost three times Mecum’s $55,000 median.
There are a lot of ‘3’ condition cars at Mecum, which is not a criticism. ‘3’ condition cars are drivers that have had the good judged out of their restorations or seen more than a few miles in pursuit of driving/collecting happiness. They’re not perfect but they are [generally] accessibly priced.
Mecum has in the past few years brought a higher end group of cars to the Hyatt – as witnessed by the LaFerrari – this year selling eight lots on high bids of $1 million or more. Their $20,845,000 total was 40% of Mecum’s entire auction total. While that is impressive, eleven lots hammered at $1 million or more without selling, leaving $22,850,000 on the table at the end of the three-day sale. Five of those eleven had prior auction histories while none of the eight that sold over $1 million did.
This is to some extent an exercise in finding and promoting headline cars and it may be smart marketing – to get spectators through the gates and potentially into the bidders’ pool – to have a selection of wow gee whiz headline cars. Dana and Frank Mecum and Sam Murtaugh know how to market, although the strategy’s effectiveness from a sell-through point of view may be limited.
It is clear, however, that Mecum’s extravaganza on the fringes of the Del Monte Golf Course has become an essential part of the Monterey week.
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Andrew Newton, Greg Ingold and Chris Winslow provided many of the on-site observations.
Mecum Monterey 2016 – Auction Report
Lot #T87 1979 Porsche 911 Carrera Turbo Coupe; S/N 9309800323; Copper Metallic/Black leather; Visually maintained, largely original, 3+ condition; Hammered Sold at $80,000 plus commission of 10.00%; Final Price $88,000. With Reserve. – Power windows, air conditioning, modern Alpine stereo, dash clock, car phone, sunroof, chrome Fuchs wheels, cross-drilled rotors, rear window wiper, intercooler. – Paint has chips on several panels, but has been detailed recently and presents well. Two of the chrome Fuchs wheels have some slight polish through. Black trim and rubber parts are very slightly aged. Interior is aged appropriately for the 103,338 miles advertised. Left driver’s seat bolster is worn through. Steering wheel, carpet and pedals all very worn. Engine compartment is dirty with road grime, but no leaks are evident. Painted 25 years ago. A well cared for Turbo, but it has lots of miles and the interior is tired. – The 930s that have brought the big money over the past few years have been stellar low-mileage preserved examples or, in some cases, quality restorations. This car is neither, so it failed to attract much attention. The owner had no misconceptions about this car, though, and let it go at a price favorable to the buyer. It was offered here again on Friday and died on the block at a $67,500 bid. Not a good sign.Lot # T108 1959 Mercedes-Benz 190SL Convertible; S/N 1210407502462; Red/White; Black top; Older restoration, 3+ condition; Not sold at Hammer bid of $140,000. With Reserve. – Power brakes, adjustable antenna, pushbutton radio, VDO dash clock. – Red paint was wet sanded and has been polished well. One very small scratch on the left front fender and a few other small ones near the driver’s door. Chrome was redone and is in very good shape. The windshield is delaminating. Engine compartment is clean with no leaks. Much of the rubber on the car is dry rotted and cracked. A stain is visible on the cloth that covers one of the top hoops, new carpet and a wrinkled driver seat. Gauges are clear and bright. An older body-off restoration that’s seen a fair share of enjoyment. – The reported high bid here wasn’t exactly generous for a 190SL in this kind of older restored condition, but it was enough to at least consider. These cars likely aren’t going to be getting more valuable any time soon, and that’s something the owner should consider before letting the car bounce from one Mecum auction to the next as he holds out for more. It was bought at Auburn Fall last September for $148,500 and isn’t likely to see that value again in the absence of some dedicated attention to its many and visible defects, and then it’ll represent an investment of $25-20,000 more, not an encouraging prospect.Lot # T126 1963 Ford Galaxie 500 2-Dr. Hardtop; S/N 3W66R125369; Rangoon Red, Black vinyl roof/Black vinyl; Visually maintained, largely original, 2- condition; Hammered Sold at $63,500 plus commission of 10.00%; Final Price $69,850. With Reserve. – 427/425hp, dual quads (the original R-Code had three deuces), 4-speed, column-mounted tach, dual quads, bench seat, floor shift, factory radio. – Paint has wear through at the crease in the roof, and several repaired chips. Chrome is bright and well-polished. Grille is lightly aged. Long manifolds are rusted to some extent and there is evidence of leaks from the rear carb. Driver’s seat trim piping is worn through. Carpet is a little faded. Gauges are clear and bright. Nonstandard exhaust is not over the top, and the addition of an X pipe may mellow the tone of the R-Code a bit. Featured in several magazines. Well cared for. Not fully restored but not totally original. – This is a seriously hairy Ford aimed at only one thing, the timing lights at the end of a quarter-mile. Its presentation is pleasing; just enough restoration to make it presentable and drivable but not too much to erase its originality. If its 13,375 miles are real (and based upon the visual evidence they may very well be all it has covered) it lived a vigorous early life then got put away when it was no longer capable of taking trophies (or pink slips.) A sweet piece, bought for an attractive price.Lot # T250 1959 Cadillac Coupe de Ville 2-Dr. Hardtop; S/N FW17611; Beige/Beige leather with cloth inserts; Unrestored original, 3+ condition; Hammered Sold at $45,000 plus commission of 10.00%; Final Price $49,500. With Reserve. – 390/325hp, automatic, power brakes, power steering, power seat, pushbutton radio, dash clock, Autronic Eye. – Original paint has polish swirl, scratches and a rub through near the driver’s mirror. Major rubs at the front of the door opening in the jamb. Chrome is slightly aged and has scratches. Stainless bits are slightly oxidized. Interior is faded and aged lightly. Dash is wrinkled and there are stains on the lower painted portion. Original underneath. Totally unrestored and showing 61,942 believable miles. Not immaculately preserved but presentable, with an odd chassis number. – This is moderate money for a huge car in remarkably well preserved, decent, condition. A stunning weekend driver, Porsche Speedsters pale beside this behemoth which brought a superior price for its preservation.Lot #F36 1964 Chevrolet Corvette Coupe; S/N 40837S120066; Silver Blue Metallic/Black vinyl; Estimate $65,000 – $80,000; Older restoration, 3 condition; Not sold at Hammer bid of $50,000. With Reserve. – 327/300hp, Muncie 4-speed, 3.36 Positraction, tinted windshield, AM/FM radio, narrow whitewalls. – Represented as matching numbers and 96,090 miles. Refinished in original colors. The paint is mostly good with the exception of three rock chips on the nose and the bottom of the headlight doors do not appear to have been blocked. The chrome looks good from 20 feet away, but scratches and pitting are noticeable when you stand close. The trim under the driver’s door is particularly damaged where the driver enters/exits the car. The seats and carpet are in excellent condition. The center console is faded and has multiple pen sized dents. Very clean, lightly used engine bay. The car was restored a while ago, but likely not taken all the way apart and corners were cut. A solid 20-footer. – For a driver L75 with no represented documentation or certifications, the reported high bid was plenty – even generous – and the owner isn’t likely to find much more elsewhere. Having bought it at Harrisburg in 2014 for $52,920 and peddled it at Houston last year where it was bid to the same $50,000 as here the consignor really ought to have gotten the message.Lot #F77 1969 Mercedes-Benz 280SL Convertible; S/N 11304412006465; Signal Red, Red hardtop/Black leather; Black top; Estimate $95,000 – $115,000; Visually maintained, largely original, 3+ condition; Not sold at Hammer bid of $70,000. With Reserve. – Becker Mexico radio, dealer air conditioning, VDO dash clock, power brakes and steering, wheel covers, soft top and pagoda hardtop. – Single repaint. Normal chips near where the hardtop mounts. The bodywork is good. Panels are flat and most gaps are even, although the hood has a tight gap when closed and has large chips and rub through in that area. Chrome is a bit dull and lightly scratched. Engine bay is clean but older. Window gaskets are noticeably worn. Carpet is faded, but seat leather is new and well installed. Gauges are clear and bright. A good mostly unrestored driver showing 76,535 believable miles. – Sold at Mecum Kansas City last year for $65,880. In the same condition other than the newer seat upholstery, but new seats don’t justify refusing the reported high bid, which is higher enough than last year’s appropriate result to be perfectly happy with. These cars haven’t gotten any more valuable since then, either, so if there was money close to the high bid it should have been taken.Lot #F82 1967 Ferrari 330 GTC Coupe, Body by Pininfarina; S/N 9955; Red/Cognac leather; Estimate $600,000 – $750,000; Cosmetic restoration, 2- condition; Not sold at Hammer bid of $550,000. With Reserve. Becker Europa radio, power windows, chrome spoke Borrani wire wheels, Michelin X tires, air conditioning. – Good, paint, chrome, panel fits and inviting upholstery. Even gaps and flush panel fits. Wheel wells have old undercoat and the bottom of the engine compartment is dirty with some surface rust on fasteners. Represented as 45,863 miles from new. Looks prettier from five feet than deep inside but more than good enough to drive. – Offered at Mecum’s Kissimmee auction in January of this year with a reported high bid of $600,000. Its odometer shows 49 more km now than it did then. Giving it rides across country is not enhancing its value.
Mecum Monterey 2016 – Auction Report Page Two
Lot # F108 1957 Cadillac Eldorado Biarritz Convertible; S/N 5762015428; Red/Black leather; Black vinyl top; Estimate $145,000 – $160,000; Visually maintained, largely original, 3+ condition; Not sold at Hammer bid of $105,000. With Reserve. – 365/325hp, dual quads, automatic, gold Sabre wheels, Coker whitewalls, Autronic Eye, power steering, power brakes, power windows, power trunk, pushbutton radio, radio dimmer switch, parade boot for top. – Paint has a few chips in the trunk opening and door jambs and the doors sag slightly. Chrome has some scratches and pitting. Upholstery is significantly aged but the dash pad looks new. Engine compartment is correct but dirty. The underbody is unrestored. A largely original, maintained car with a good repaint that is represented to have the original engine. – Hammered not sold in Kissimmee earlier this year at a high bid of $80,000, then hammered not sold again at Mecum Indy at a high bid of $100,000. The bids are getting higher, but so are the transport bills, insurance, etc. The reported high bid was a fair offer for an Eldo that isn’t in the best condition.Lot # F127 1971 Plymouth ‘Cuda Hemi 2-Dr. Hardtop; S/N BS23R1B227275; Rallye Red, , Black billboard stripes and vinyl roof/Black leather; Estimate $500,000 – $600,000; Older restoration, 2 condition; Not sold at Hammer bid of $350,000. With Reserve. – 426/425hp Hemi, 4-speed, Rally wheels, Polyglas GT tires, Hurst pistol grip shifter, 3.54 Dana rear end, power steering, rear spoiler, slatted rear window, Music Master AM radio with cassette and microphone, console delete, tinted glass. – The paint is vibrant and near flawless. The front bumper has six cracks at the tip by the passenger headlight, and a three-inch crack extends out of the brightwork on the driver’s side rear window. The black vinyl roof is perfect in fit and finish. The interior is flawless and the engine compartment of the monstrous Hemi is immaculate. Body-off restored to high standards with only a few forgivable cosmetic flaws to take away from its fantastic presentation. – Hammered not sold at Russo and Steel Scottsdale back in January at a high bid of $400,000. Neither result was particularly close to what this car deserves, and since the Hemi Cuda is a perennial top shelf collector muscle car, the owner is likely to find a more appreciative audience before too long.Lot # F141 1973 Ferrari 365 GTB/4 Daytona Coupe, Body by Pininfarina-Scaglietti; S/N 16109; Yellow/Black leather; Estimate $650,000 – $800,000; Older restoration, 2- condition; Not sold at Hammer bid of $650,000. With Reserve. Chrome spoke Borrani wire wheels, Michelin XWX tires, Veglia air conditioning, power windows, Alpine cassette stereo, power windows, painted nose panel, popup lights. – 48,800 miles. Very good paint, chrome and interior. Original undercoat in the wheel wells. Orderly, lightly used engine compartment. FCA Platinum in 1998, preserved since. – Reported a no-sale by Mecum despite meeting the low estimate, it had been offered at Kissimmee in January with a reported bid of $800,000. The Daytona market hasn’t taken that much of a hit in eight months, but this car could have been sold for the reported high bid here, or anything close to it.Lot # F141.1 1973 Ferrari 246 GTS Dino Spider, Body by Scaglietti; S/N 06158; Red/Beige leather, Black bars; Estimate $300,000 – $400,000; Unrestored original, 2- condition; No Result or VIN, Probably no-show. – Daytona seats, Cromodora alloy wheels, Michelin XWX tires, Becker Grand Prix stereo, power windows, Borletti air conditioning. – Very good paint and lightly creased original upholstery. Original undercoat in the wheel wells. Decent chrome. Represented as 12,500 miles and looks the part. – Viewed on-site but no result shown by Mecum on this or any other lot number. Car card appears to have had a transposition error presenting the chassis number as 06518, which may have contributed to the non-appearance. It was sold by RM here in Monterey in 2014 for $440,000.Lot # F156 1970 Ford Mustang Boss 302 SportsRoof; S/N 0F02G204666; Calypso Coral, , Black Stripes/Black vinyl; Estimate $90,000 – $125,000; Visually maintained, largely original, 3+ condition; Hammered Sold at $76,000 plus commission of 10.00%; Final Price $83,600. With Reserve. – 302/290hp, 4-speed, power brakes, dual mirrors, pushbutton AM radio, Traction-Lok, competition suspension, magnum 500 wheels, power steering, Hurst T-handle shifter, spoilers, Marti report. – The Calypso Coral has chips scratches, repairs and rub through at several body lines. It has been extensively polished and most of the orange peel is gone. Chrome appears original and has some age. The wheels were recently polished. Engine bay is fair and shows some recent maintenance, but could use a detail. Interior is fair. The seats show age but the rest of the interior is quite good. A mostly original unrestored car showing 44,209 claimed original miles. – Sold at Barrett-Jackson in Scottsdale in 2016 for $82,500, then offered at Motostalgia’s Amelia Island auction in March of this year with a reported bid of $70,000 and at Auctions America in Ft. Lauderdale a month later with a bid of just $57,500. This is a rare, desirable color on a car with impressive originality and known miles. It was time for it to move on and the successful bidder was in the right place with the right checkbook balance and right frame of mind to pick up this good value.Lot # F186 1981 Ferrari 308 GTBi Coupe, Body by Pininfarina; S/N ZFFAA01A7B0036913; Rosso Rubino/Tan leather; Estimate $90,000 – $130,000; Unrestored original, 3+ condition; Not sold at Hammer bid of $90,000. With Reserve. – Cromodora wheels, Michelin XWX tires, air conditioning, cassette stereo, power windows, tool roll. – Paint has a few minor chips around trunk and door openings as well as polish swirl, the finish is very well cared for otherwise. Trim has some scratching and the weather stripping is starting to age and tear. Engine compartment is aged but well cared for mechanically, but needs detailing. Interior is original and the driver’s seat is aged noticeably and the carpet is a bit faded. Recently received a major service and represented with documentation, it’s a 7,900-mile car that could be better but isn’t bad. – Offered at Auctions America’s Ft. Lauderdale auction in April with a reported high bid of $85,000. The consignor got a little higher here and reached the pre-sale low estimate but the car still didn’t change hands in a transaction that begs understanding. This car should have been gone in a New York Minute.Lot #S19 1978 Porsche 911 Carrera Turbo Coupe; S/N 9308800410; Grand Prix White/Brown leather; Estimate $250,000 – $300,000; Unrestored original, 2 condition; Not sold at Hammer bid of $140,000. With Reserve. – Air conditioning, intercooler, Fuchs wheels, cassette stereo, sunroof, power windows, air conditioning. – The trim has some cleaning scratches, and a scuff below the passenger’s side door. The engine bay has oxidized surfaces, but appears correct and clean. Interior is very well cared for. Only the driver’s seat shows any wear. Original paint is fantastic. Showing 5,080 miles and in corresponding condition. – Sold at Bonhams Scottsdale back in January for $132,000. This car still deserves more, and the seller is reasonable to expect it, but the market is crowded with 930s and it may take another trip or two across the block to find the right buyer, or it may just get shopworn and wear out the consignor’s patience.
Mecum Monterey 2016 – Auction Report Page Three
Lot #S24 1977 Volkswagen Beetle Convertible; S/N 1572076329; Alpine White/Cameo White vinyl; Light Sand vinyl top; Estimate $35,000 – $50,000; Unrestored original, 2 condition; Hammered Sold at $39,000 plus commission of 10.00%; Final Price $42,900. With Reserve. – Factory air conditioning, AM/FM radio, Dunlop narrow whitewalls, woodgrain dash. – Paint has a small crack near the driver’s door hinges and a scratch in the left rear fender along with some polish swirl. Windshield trim shows age. Upholstery presents as new, although the floor liners are a bit aged. Engine bay looks well cared for but shows some oxidized surfaces. Underbody is unrestored. Claimed to be 5,228 miles, but looks like a car with a few more. Even so, it’s clean and with all white everything, it’s got to be a hard car to keep that way. One of 1,000 Champagne Editions produced with this color scheme. – This is a Beetle with some unusual attributes, not least the factory A/C in a convertible with low miles. The price is strong, but the new owner has unusual bragging rights at any VW gathering.Lot #S77 1968 Lamborghini Miura P400 Berlinetta; S/N 3315; Red, , Black sills/Black vinyl; Estimate $750,000 – $900,000; Visually maintained, largely original, 3- condition; Hammered Sold at $790,000 plus commission of 10.00%; Final Price $869,000. With Reserve. Silver painted centerlock alloy wheels, Continental tires, power windows. – 45,603km, one family owned since 1985. Poor old repaint, chipped edges, dent in the front of the right door. Left door scrapes the engine cover. Sound interior. An honest Miura in need of attention. – Bought for a price appropriate to its history, condition and honesty, a Miura that can be driven and enjoyed with little concern for bug splatter or stone chips and that is rare indeed in this era of over-restored trailer queen Miuras.Lot #S78 ; S/N ZA9C005A0GLA12886; Red/Cream leather; Estimate $550,000 – $650,000; Visually maintained, largely original, 3 condition; Not sold at Hammer bid of $400,000. With Reserve. Air conditioning, Alpine stereo, wing, phone dial wheels, PZero tires. – Two owners from new, 19,397 km. Represented to be original paint but it is a superficial old repaint over old paint, chips and corner cracks. Good upholstery and gauges. Clean original underbody. – Even with the obvious needs, this largely original Countach is worth significantly more than the Mecum bidders were willing to bid for it.Lot #S81 2014 McLaren P1 Coupe; S/N SBM12ABA5EW000002; Green Carbon fiber/Black leather, Green carbon fiber; Estimate $2,500,000 – $3,500,000; Unrestored original, 2 condition; Hammered Sold at $1,850,000 plus commission of 10.00%; Final Price $2,035,000. With Reserve. 903hp hybrid drivetrain based on a 3,799cc twin turbo V-8, 7-speed transaxle, carbon-ceramic disc brakes, active suspension, aerodynamics and braking. – Rebodied by McLaren with the present green tinted carbon fiber, original body included. This is s/n 2, the first P1 sold to the public, and is barely used with a reported 576 miles from new. – The market speaks, but if the number of P1s running around Monterey this week is any indication this is an appropriate price to join the club. Bonhams sold an orange P1 with twice the mileage yesterday at Quail Lodge for one $50K bid increment more.Lot #S92 1976 Lamborghini Silhouette Coupe, Body by Bertone; S/N 40002; White, , Black roof/Gray cloth; Estimate $275,000 – $325,000; Visually maintained, largely original, 3- condition; Hammered Sold at $130,000 plus commission of 10.00%; Final Price $143,000. No Reserve. – Quadruple Webers, black targa roof, air conditioning, cassette stereo, Campagnolo wheels. – Recently painted without removing trim or any disassembly. The door seals are aged and worn. Interior is very faded, and the dash worn and very sun faded. Seats are aged, but not overly worn. Missing vent from driver’s side B-pillar. Carpet is faded and not properly positioned. Engine bay is dirty. Carburetors appear to have recently been replaced or rebuilt. Likely pulled from storage and freshened for auction. The Silhouette can be easily mistaken for the Jalpa that came later, but underneath it is based on the Urraco and the Silhouette was actually the first Lamborghini with a removable roof. Only a little over 50 were produced, and this is apparently the prototype displayed at the Turin Motor Show in 1976. – This car hasn’t been pristinely kept, but its compromised condition was something that the bidders were willing to accept in order to get a neat piece of Lambo history, even if it isn’t spectacularly significant. An appropriate result for what this car is and for what it isn’t.Lot #S98 1972 Ferrari 246 GTS Dino Spider, Body by Scaglietti; S/N 03792; Engine # 0009472; Bordeaux, , Black painted roof panel/Black vinyl; Estimate $375,000 – $425,000; Unrestored original, 3- condition; Hammered Sold at $330,000 plus commission of 10.00%; Final Price $363,000. With Reserve. Cassette stereo, Cromodora wheels, Michelin X tires, cassette stereo, headrest seats, owner’s manuals, technical manual, jack, tool kit. – U.S. spec car, single family owned from 1976-2016 with 13,626 miles. A 2016 FCA National Preservation Award and Platinum winner. Peeling original paint, sound original interior, surprisingly good dashtop and major chrome. Clean original engine, chassis and underbody. Weak trim chrome. Said to be recently serviced and prepped, and looks like the latter. – Not too good to drive, but too good to restore, the combination of attributes coupled with the documented recognition of its quality and preservation by experts makes this a desirable Dino and a moderate price.
Mecum Monterey 2016 – Auction Report Page Four
Lot # S102 1969 Chevrolet Corvette L88 Convertible; S/N 194679S710164; Fathom Green, , Fathom Green hardtop/Dark Green vinyl; Black vinyl top; Estimate $600,000 – $800,000; Older restoration, 2 condition; Not sold at Hammer bid of $500,000. With Reserve. 427/430hp L88, 4-speed, Rally wheels with trim rings and hubcaps, red line tires, J56 power brakes, 4.56 Positraction, transistor ignition, tank sticker and Protect-o-Plate documented. – Very good paint. Excellent brightwork with new bumpers. The engine compartment is fully restored and highly detailed. The underbody is excellent with some oxidation to the exhaust. The interior is like new. Driven on a road trip to Alaska in 1969 and drag raced for a short time after. Restored in 1988, Bloomington Gold Special Collection. Still nearly like new. A trailer queen. – Reported sold at Kissimmee in 2014 for $550,800 and offered by Mecum at Indy earlier this year where it was reported bid to the same result as here. While it is an L88 convertible, it also is a nearly two-decade old restoration. It is surprising the Mecum Monterey bidders weren’t more in tune with it.Lot # S107 1969 Lamborghini Islero 400 GTS 2+2 Coupe, Body by Marazzi; S/N 6531; Red/Tan leather; Estimate $450,000 – $500,000; Older restoration, 2+ condition; Not sold at Hammer bid of $300,000. With Reserve. – Six side draft Webers, power windows and locks, dash clock, woodrim steering wheel, wood shift knob. – Small chip in the top painted edge of the driver’s door with a rub through on the same surface in the hinge area. Originally green. Chrome and trim are excellent with no noted scratches or dings. The driver’s seat has wear, as does the carpet. Gauges are clear. Wheels have painted over pitting. Engine bay is clean and well sorted with no visible leaks. Represented with 75 miles on rebuilt engine. The 4th of 100 Islero GTSs built. Remained in Switzerland until 1989. Fully and well restored in 2009. One of Ferruccio’s favorite models to bear his name, even if it wasn’t the prettiest. – Sold at RM Monterey last year for $401,500, which was an appropriate result, so the owner can’t be blamed for holding out for more. And at a more eurocentric venue, he will probably get it.Lot # S110 2014 Ferrari LaFerrari Berlinetta; S/N ZFF76ZFA8E0207195; Black; Unrestored original, 2 condition; Hammered Sold at $4,700,000 plus commission of 10.00%; Final Price $5,170,000. With Reserve. – 211 miles and like new. One of three LaFerraris delivered in black. A new car. – Based on the results here and at Bonhams the premium for black in a LaFerrari is $1,350,000 on the hammer, a staggering differential. But Bonhams was on Friday and if you wanted a LaFerrari in Monterey this was the last chance to get it as the original LaFerrari purchasers loosen up their bank balances and clear out their garage space for an upcoming Aperta.Lot # S114 1933 Duesenberg Model J Convertible Coupe Disappearing top, Body by Bohman & Schwartz; S/N 2421; Engine # J-386; White/Crimson leather; Estimate $3,500,000 – $4,500,000; Concours restoration, 1 condition; Not sold at Hammer bid of $3,600,000. With Reserve. Chrome wire wheels, wide whitewalls, dual sidemounts with mirrors, rumble seat, outside exhaust headpipes, Pilot-Rays. – Excellent paint, chrome, upholstery and interior wood. Engine and chassis are show quality but the panel behind the seats is sculpted from Bondo which does not lend credibility to the restoration’s quality. – A beautiful car with somewhat troubling observations that suggest it should have found a new owner at this over-estimate bid.Lot # S115 1967 Ferrari 275 GTB/4 Berlinetta, Body by Pininfarina-Scaglietti; S/N 10717; Engine # 10717; Grigio Mahmoud/Tan leather; Unrestored original, 3+ condition; Not sold at Hammer bid of $2,850,000. With Reserve. Centerlock alloy wheels, dual mirrors, Blaupunkt AM/FM radio in addition to a later underdash AM/FM radio, dash clock, manuals, tool roll. – All original except for one repaint in the 1970s and a replacement odometer. Badly fading finish in some spots, particularly on the front. Crazing on the nose. Big chips at the back of the driver’s door. Fairly worn original seats, but the rest of the interior is quite good and well preserved. Clean used engine bay and underbody. Purchased in 1970 by Ferrari mechanic Terry Myr and kept by him until 2015, so it is reasonable to assume it’s as sound mechanically as it is cosmetically. – Offered by Mecum at Kissimmee in January of this year where it was reported bid to $2.8 million. How many more times will it have to cross the auction block before the consignor recognizes the message in the tea leaves?Lot # S121 1969 Maserati Ghibli 4.9 Spyder, Body by Ghia; S/N AM115S1005; Yellow/Black leather; Black cloth top; Recent restoration, 2- condition; Not sold at Hammer bid of $850,000 – Reserve. Chrome spoke wire wheels, Michelin X blackwall tires, AM-FM-cassette stereo. – Good paint, chrome and interior. Underbody has been done right. Wheels and brakes are dirty. Wavy door bottoms. Restored to good standards, then driven. – Described as an early 4.9 Spyder built to Euro specs, this car was sold at Artcurial’s Rétromobile auction in Paris two years ago for $993,278 (Euros 749,520 which is $848,900 at today’s exchange rate.) Even the Euro’s swoon wasn’t enough to get it above water in the States, but its present value isn’t going to get it into seven figures, or even close. The high bid here is more than appropriate to the car.
Mecum Monterey 2016 – Auction Report Page Five
Lot # S125 1981 Ferrari 512 BB Berlinetta; S/N 36777; Black/Beige leather, Black bars; Estimate $375,000 – $450,000; Unrestored original, 2- condition; Not sold at Hammer bid of $330,000 – Reserve. Michelin XWX tires, headrest seats, Pioneer cassette stereo, Borletti air conditioning, power windows. – Represented as 2,460km from new with its original tires. Very good original paint and barely surface creased original upholstery. A survivor of rare quality and condition. – Eighteen months ago this bid would have been seized with alacrity. Now it’s not enough to bring the auctioneer’s hammer down. On account of its originality it is a honest $400K car and would be an understandable indulgence for even a little more if only on account of its originality and low miles.Lot # S127.1 2003 Ferrari Enzo Berlinetta; S/N ZFFCW56A830133927; Black/Black leather; Unrestored original, 2 condition; Not sold at Hammer bid of $2,150,000. With Reserve. – U.S. spec car, one of four black Enzos. – The reported high bid is realistic even for the rare color.Lot # S131.1 1979 Porsche 911 Carrera Turbo Coupe; S/N 9309800983; Black/Black leather; Estimate $450,000 – $550,000; Unrestored original, 2- condition; Hammered Sold at $360,000 plus commission of 10.00%; Final Price $396,000. With Reserve. – Black Fuchs wheels, rear window wiper, sunroof, power windows, air conditioning. – Original paint presents almost like new other than very light scratches in the driver’s side front fender. Interior presents as brand new but does have a very light musty smell to back up the claimed long-term storage. Engine bay is factory, clean, and does show some recent maintenance service done in July. Represented as 64 miles from new. – Another instance of top dollar going to a car that presents like it’s factory fresh, but is destined to almost never be driven because of it. Even so, this is a surprisingly high result, especially given the softening of 930 prices recently. While it is reasonable to wonder how many others like this are out there this weekend in Monterey suggest they have only begun to show up in a healthy market for them, a situation that might be called ‘buying too soon.’Lot # S145 1967 Toyota 2000GT Coupe; S/N MF1010100; Solar Red/Black; Estimate $750,000 – $900,000; Older restoration, 2 condition; Not sold at Hammer bid of $700,000. With Reserve. – Centerlock wheels, fender mirrors, dash clock, power windows, woodrim steering wheel, wood shift knob, factory AM/FM radio. – Lefthand drive U.S. market car, one of 62 built. Used but very clean engine bay. Very good paint other than a small blister on the tail. Straight body, even gaps. Very good interior. Not overdone. Sympathetically restored and just right. A rare US market left-hand drive car from new, one of 62 examples equipped for sale here. Owned by racer Otto Linton and subsequently in several private collections. Cosmetic restoration on a sound example done in 2007. – Sold by Mecum at Monterey last year for $1,017,500, then hammered not sold at Mecum Kissimmee back in January at a high bid of $750,000. After this example and a few others brought seven-figure prices, Toyota 2000 GTs have become fairly regular features at high-end auctions. Supply caught up to demand and they’re no longer flavor of the month, so the million-dollar Toyota is no longer, at least for the time being. It’s a trend that was confirmed both by the transaction of this car and the white 2000 GT over at Gooding, which sold for over a million dollars in 2014 but barely broke half of that this year at Pebble Beach.Lot # S158.1 2014 Ferrari 458 Challenge Coupe; S/N ZFF1NXX000201323; White “Ferrari of Vancouver”, , Matte black/Red cloth; Estimate $200,000 – $400,000; Competition car, original as-raced, 2 condition; Not sold at Hammer bid of $200,000. With Reserve. – Unused with 30 km. – None of the two 458 Challenge cars on offer at Mecum sold, even though this one reached its low estimate.Lot # S160 1967 Jaguar XKE SI 4.2 Roadster; S/N 1E15251; Opalescent Silver Blue/Dark Blue leather; Dark Blue top; Estimate $225,000 – $260,000; Recent restoration, 2 condition; Hammered Sold at $220,000 plus commission of 10.00%; Final Price $242,000. With Reserve. – Centerlock wire wheels, woodrim steering wheel, Blaupunkt AM/FM radio. – Small repaired scratches in the paint aft of the bonnet on the passenger’s side. Paint is otherwise gorgeous. A few light scratches in the chrome. The windshield is just starting to delaminate in the left front. Top is well fitted. Driver’s seat is lightly wrinkled. Gauges are clear and bright and the steering wheel looks new. Engine bay is clean. Recently restored by Classic Showcase, just 100 miles ago. – Sold at RM Monterey last year for $198,000. Classic Showcase, who restored this XKE, does an exceptional job and has brought some value curve-bending results. The SI 4.2 XKE market has been on a roll recently as shown by this transaction which is a supply-side quandary: there is no shortage of SI 4.2 XKEs and it’s surprising that attracted by prices like this they haven’t flooded the market. There is an overhang of supply that threatens to engulf demand.
