Healthy Return to Higher Prices - but volatile as well (SCD)

RM Auctions Automobiles of Arizona 2011 – Report

Rick Carey | Feb 18, 2011 | Be first to comment

Report and photos (unless noted) by Rick Carey, Auctions Editor

RM Auctions’ $31 million Arizona sale at the Biltmore January 20-21, 2011 missed being its biggest ever by a mere $340,025, falling just that much shy of the record it set in 2006.

RM’s Arizona sale is a much different animal in 2011 than it was just five years ago, as is the entire Arizona January marketplace. With The British returning on Thursday to make RM Arizona a 2-day sale for the second year in a row and a more balanced consignment with a median transaction value of $71,500, it took more cars to ring up the same dollars on the cash register, 70 more offered and 66 more selling, to be precise.

On both days the lineup outside the Biltmore was mouth-watering, from cuties like the MG TA to heavy metal in the form of great Classics like the ex-Otis Chandler Packard Twelve Dietrich Sport Phaeton that was squeaked off the top of the sale table by the Ferrari 166 MM Barchetta 0024M with only $100,000 on the hammer separating the two.

The talk of the sale, however – and in fact the talk of the week in Scottsdale – was the Mercedes-Benz 300SL Gullwing that sold for $1,250,000 hammer, $1,375,000 with commission, a car that RM had sold only two and a half years ago in 2008 in Monterey for $700,000 hammer, $770,000 with commission. The successful hammer bid topped the Gullwing’s high estimate of $800,000 by more than 50% as two bidders duked it out to see whose pockets were deeper and whose determination was stronger.

Only a day before at the Hagerty World Auction Summit some of the panelists had cited the Gullwing for unrealized value potential, but even the pundits were stunned by this result.

Bargains, needless to say, were hard to find at the Biltmore, something that will draw more great cars out of long term ownership and into the marketplace during the coming months.

The effect is already manifested in RM’s consignments for its upcoming Amelia Island sale with cars like the barn find Ferrari 340 Mexico coupe 0224 AT of Larry Nicklin.

The market’s heat is on simmer for the moment. It may get hotter as the year goes on.

Jonathan Sierakowski ably contributed many of the reports that follow. His assistance, support, knowledge and outlook were essential.

MY FAVORITE:

Lot # 285 1949 Ferrari 166 MM Barchetta, Body by after Touring; S/N 0024M; Engine # 0022M; Red/Brown leather; Estimate $1,900,000 - $2,400,000; Competition restoration, 2- condition; Hammered Sold at $1,700,000 plus commission of 10.00%; Final Price $1,870,000 -- RHD. Good paint and interior. Silver painted wire wheels. Chassis not as fresh as the body and upholstery. Displayed at the Paris Show in 1949 in Argentine colors, then won the 1950 Mar del Plata road race driven by Carlos Menditeguy. Then driven by Luigi Terravazzi with Aprile Palmer in the 1951 Mille Miglia finishing 8th in class. Later rebodied as a Vignale berlinetta and Chevy V-8 powered in the U.S. still later (installed by Warren Olsen). Finally restored with its original engine and a repro body by Bob Ford for Keith Duly. In Japan from 1995-2008, and that's only the Reader's Digest version. Whew! No Reserve. Hardly pure, but enough so its MM history and correct-style coachwork will be a compelling argument for participation in MM-style events and just about anywhere else the new owner wants it to take him or her. With its original 3-Weber engine and 5-speed gearbox its performance should be up to the task. Among early Ferraris this is something of a find, and a serious value to its new owner as well as appropriately price for the seller. A lot of participation options for the money, as well as charismatic Touring barchetta design as eye-candy.

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