Gooding Amelia Island Auction 2019 – Review N° 1
Gooding: record with 87% of the lots sold but turnover down.
Iron-ic: only three prewar cars in the catalog, just 3.37% of all offered. The 1930 Packard 734 Speedster Runabout was not even the most expensive car: the two much younger Porsche cars, a 935 of 1979 and a 918 of 2015, surpassed it in estimate. But in the end it was she, a representative of the American Iron – the historical period between the two world wars – who won out to be the queen of Gooding’s auction.
This edition’s balance sheet for the Santa Monica company is not really suitable to be framed. Sales fell from $ 35.9 million in 2018 to $ 21.8 this year, a figure that had not been seen since 2011. Obviously the comparison is artificial, as it depends on what the catalog offers. And this shouldn’t have been bad if over 87% of the cars found a new owner. In percentage the highest among the three.
And now the cars:
The “speculative bubble” of the Porsche 911R is deflating. In 2016 the 911R was launched at the Geneva Motor Show in 991 units. With a € 200,000 price tag, the entire production was sold even before the show ended and from there the speculation began. In October of the same year (just seven months after the launch!), The first 911R went to auction and went for € 483,000 and for months there were transactions of around € 500,000 and over but at the end of 2017 the first signs of retreat were seen with numerous specimens stuck at the starting post. After a “flat” 2018, 2019 started with a sale in January of $ 280,000 (again from Gooding) and Amelia’s lot 50, a red and white 911R with just 20 miles on the clock going for $ 313,000. The fever has dropped, and we are waiting for stabilization.
Smiles for the sellers of lot 14, the 1973 Volkswagen Type 181 “Thing”, estimated at $ 25-35,000 and we can’t say that the market is short but, perhaps helped by the low mileage, was sold for $ 53,760. The same goes for a 1949 Fiat 500B Topolino (lot 2), a rare version produced only between 1948 and 1949, which was auctioned for $ 61,600, double the estimate of $ 30-40,000.
The new owner of the Packard Twin Six 1-35 Seven-Passenger Touring from 1915 is also very happy. The estimate was $ 100-130,000 with the very poor condition a contributing factor, even if the price was very conservative. The Gooding experts wisely presented it without reserve and the car went for $ 32.480.
It doesn’t seem to be a good time for the Shelby Cobra. After remaining unsold at Bonhams, the model offered by Gooding slightly fell short of expectations. Offered with an estimate of $ 800-900,000, it eventually changed hands for $ 714,500. A lower price.
A look at how the preview cars went. The Lancia Aurelia B24S Spider went unsold. The Audi Sport Quattro failed to set a new world record, but at $ 434,000 it kept the flag high. The Ferrari 250 Lusso changed hands for $ 1,226,000, about $ 75,000 less than the estimate, more or less the cost of a recommended repainting. The Porsche 911 GT3 RS 4.0 went very well at $ 583,500, a figure slightly higher than expected. Result beyond expectations also for the Toyota Land Cruiser FJ40, auctioned for $ 67,200.
Cars sold: 76
Cars withdrawn: 1
Total sales: $ 21,782,630
Car sales percentage: 87.36%
Percentage sold in $: 71.90%
Percentage of cars sold with reserve: 63.33%
Average sale price per car: $ 286,614
Average sale price for cars without reserve: $ 188.502
Cars sold under the minimum estimate: 41 (53.95%)
Below $ 100,000: 28
Between $ 100,000 and $ 250,000: 21
Between $ 250,000 and $ 500,000: 18
Between $ 500,000 and $ 1,000,000: 4
Over $ 1,000,000: 6
Percentage of cars sold with an estimate of over $ 500,000: 70.59% (64.72% by value)
Percentage of cars sold with an estimate of over $ 1,000,000: 66.66% (60.54% by value)
Cars sold which had been produced before 1899: 0
Cars sold built 1900-1909: 0
Cars sold built 1910-1919: 1 (100%)
Cars sold built 1920-1929: 0
Cars sold built 1930-1939: 1 (50 %)
Cars sold built 1940-1949: 3 (100%)
Cars sold built 1950-1959: 5 (55,55%)
Cars sold built 1960-1969: 11 (91,67%)
Cars sold built 1970-1979: 15 (78,95%)
Cars sold built 1980-1989: 13 (92,86%)
Cars sold built 1990-1999: 11 (100%)
Cars sold built 2000-2009: 6 (85,71%)
Cars sold built 2010-2019: 10 (100%)
Image copyright and courtesy of Gooding & Company.
Photos by Brian Henniker