Monday, June 27, 2016

Auctions America - Santa Monica Barker Hanger June 2016

An Automotive Lifestyle POV

For: the Motorsports-Report
By: James Groth 
Miles Ahead Communications

                              Auctions America - Santa Monica Barker Hanger June 2016


Indiana based Auctions America landed at Santa Monica’s Barker Hanger for their third year offering 281 collector cars at the June 25-26 auction. The Southern California market covers the full spectrum of interest and price points, the auction company addressed it with exotics, American muscle, a few hot rods, customs and pre war classics. 


  There were 23 Ferrari’s for sale. This Fly Yellow Dino 246 GTS sold for big dollars at $297K. Of note were the 34 offerings all at No Reserve from the Riverside International Automotive Museum. The museum was founded by Ray and Doug Magnon to preserve the motor sports heritage of the Riverside Raceway and California. I was privileged  to have known Doug for a number of years before his passing last year.  I watched with personal interest as his cars ran thru the auction with his best friend Tom Staller. As a racer Tom was also there to bid on an Indy car but got out bid.

                             Race car driver Tomy Drissi had the winning bid the 2006 Ford GT

Another friend, Hollywood’s own, IMSA race car driver Tomy Drissi was here to buy. I was very pleased to see that the Magnon Collection 2006 Ford GT with only 1900 miles was purchased by Tomy.  It could not have gone to a better owner, given Tomy does not buy for speculation and regularly drives and shows his collection. 

1970 Ferrari 365 GTB/4 Dayton sold $600,000.            
1994 Jaguar XJ 220 one of 287 built sold $357,500.

I had an informative and enjoyable conversation with Bill Noon of Symbolic International, San Diego in the VIP viewing area during the Saturday sale and after the event on the phone. We spoke in particular about the Jaguar XJ 220. Even though I was with Jaguar Cars Inc at the time these cars were built Bill had insights into the building and servicing of this model that I was not privy to since these cars were not allowed in the US at the time. 


                       The interior of the Jaguar XJ 220 from the Magnon Collection 

The body of the Jaguar Racing Green XJ 220 appeared straight with the interior showing little wear. I queried Bill on the low estimate of the car, $225 - $275K. He said the car had not been serviced or received necessary updates and that was holding it back.  I have been looking for this model for a couple of clients and found world wide asking prices of $450,000 and up. In spite of its service needs the XJ220 sold well over estimate at  $357,500. Given the services the XJ220 may need this price appears to be at the proper end of the market. 


1995 Ferrari F50 one of 55 built for the US market has a 4.7 liter motor and tops out at 202 mph Mr Noon was impressed with the high selling prices of the 1995 Ferrari F50, one of only 55 made for the US at $1.95 million and the 1988 Porsche 959 ‘Komfort’ reaching $1.25 million for a car with 7,500 kms.. We were both surprised by how well the 14 Maseratis from the Magnon Collection sold.  Mr Noon thought the late model Maserati’s sold at outrageous high prices.  If you ever wanted Maserati Quattroporte this was the place, there were five sedans available. They were selling overestimate to a Dutch and German buyer for $2,750 to a high of $11,000  The 1967 Maserati Mistral 4000 coupe was estimated at $110- $140K and sold for $181,500.

         One of five Maserati Quattroporte’s offered that sold from $2,750 to $11,000

Long time friend Grant Wood, owner of Cars With Class in Santa Monica was there to buy and sell. He felt the “crowd was mostly wholesalers and consigners and that the prices were a mixed bag.” In the end though $14.2 million is sales went down, perhaps many sold to the phone buyers.  The auction reported that the buyers came from 16 counties and 36 of our states. 


       1962 Ford Thunderbird Sport Roadster sold for $36,000, great value for dollar

Grant did sell an exceptional 1962 Thunderbird Sport Roadster for $35,000. Given the cars condition this was well bought. HIs excellent 1965 Austin Healy 3000 BJ8 was a no sale and is back at his showroom. We both know English cars very well and felt that there was not much interest at this time in the outstanding selection of them or they sold at lower than usual. It was a great opportunity for buyers of these cars. Grant did buy one  without looking at it since the bids were so low. He bought a 1989 Rolls Royce Silver Spur, it was the last car of the day on Saturday and it was steal. 

                                 1972 DeTomaso Pantera L sold for $61,600, well bought

Both Grant and I felt that the lighting in the tent was poor and did not show off the cars to their best. If they are difficult to photograph in this light then it is equally difficult to evaluate them. Lets hope that this is addressed when the auction returns next summer. David Swig of RM Auctions / Sotheby’s was our informed host in the VIP area and mentioned that their will be more of the Magnon Collection up for auction in Monterey, CA the third week of August by their sister company.

                                          1932 Packard Light Eight sold for $88,000

My value of the weekend was this 1932 Packard Light Eight. The estimate was $80-100K. However, you cannot restore a car to this condition for the selling price of $88,000. This is how movie stars of the era arrived for the awards events, classy and with style. 


                     2015 Fiat 500L used by his Holiness Pope Francis sold for $22,500

The vehicle that I was most surprised to see available was the Fiat 500L used by his Holiness Pope Francis while visiting the US last year. The proceeds went to a series of Catholic charities. The estimate was $75-$100K. I was disappointed to see that it sold for $22,500, the price of a used car.  Either the vehicle did not get  the promotion it needed to attract the charity minded or this was just not the proper venue to sell it. 


I only wish this had been my ‘Fathers Olds’. This exceptionally beautiful 1953 Oldsmobile sold for $70,000

This was a smooth running event, a great one to be a buyer whether as a wholesaler or collector. Looking forward to next years event for the selection of fine cars and the interesting characters that make up this industry and scene. 

Total Sales were $14.2 million
The top five sales were:

1. 1995 Ferrari F50 $1.95 million
2. 1988 Porsche 959 ‘Komfort’ $1.25 million
3. 1972 Ferrari GTB/4 Daytona $600,000
4. 1940 Packard Royal Streamliner Roadster $412,500
5. 2005 Ferrari 575M Superamerica $385,000 (pictured below)