The Paddle Economy: 2012 Prices Realized

Last year, in this very same space, we presented an overview of some of the most interesting cars to be offered at the annual Pebble Beach auctions conducted by all the major automobile auction houses during the week long celebration of automobiles and automobilia that rans parallel to the justifiably famous Pebble Beach Concours D’Elegance. To get you in the mood for this years auction action, below please find the results (or, more precisely, the “prices realized”) for the cars we selected to feature in 2012. You can see where the sales price projected was underestimated or over estimated. It’s good backup reading for those of you heading west this year. We’ll do another survey of some of the more interesting cars to go on the block in the coming week, but for now, here’s how last year’s picks turned out.
Gooding & Company
2003 Ferrari Enzo
Est. $1.2 to $1.5 Million
The Supercar from Ferrari. Necessary for the Ferrari Supercar Flush: 288GTO, F40, F50, Enzo and soon-to-be F70.
Result: $1,430,000
Nice price for the Enzo. Over the last decade, all Ferrari supercars (288GTO, F40,F50, and Enzo) rise in price before the announcement of the new Ferrari super car (La Ferrari). This one was no exception.
1955 Maserati A6G/2000 Berlinetta 
Est. $1.5 to $2.0 Million
Iconic, rare, influential, and magnificently restored, this early Maserati model has design implications than stretch from the 20th to the 21st Century. You can see the influence of the A6G in the latest Maserati GT and it’s all good.
Result: $1,650,000
I was expecting this Maserati to go a little higher. Maserati has yet to hit the tailwind that Aston Martin did about five years ago, with a subsequent lift in all prices. One reason may be that while Maserati has returned to the marketplace, it did not return in its’ previous brand position. It’ll take time, but the classic Maseratis will go rise in value.
1955 Mercedes-Benz 300 SL Gullwing
Est. $900,000 to $1,200,000
Every collector must own this model at least once. Even better—this particular Gullwing is presented in a wonderful color combination, seldom seen. And yes, nothing today makes the impact of swinging up the justifiably famous Gullwing doors and elegantly (it takes practice) exiting the car.
Result: $638,000
I was wrong about the color combination…Gullwing buyers want their cars in Silver.
1959 Maserati Tipo 61 Birdcage
Est. $3,500,000 to $4,500,000
Beautiful enough to make you sweat and in the perfect color—black—for a car so often seen only in blue and white. Imagines of Masten Gregory cranking it through the Nurburgring in the 1000KM come to mind.
Result: $3,520,000
A good result but I had projected the Birdcage at the higher end of the sales estimate, not the lower, primarily because of its rarity and very iconic status. Still…a lovely car, well bought.
1964 Ford GT40 Prototype
$5,000,000 to $7,000,000
Oh my. With a drivers list that includes Ginther, Hill, McLaren, Bondurant, Miles, Schlesser, Attword and quiet, fast, Chris Amon (and more)  this is a very special car. Any doubt about who gets bragging rights at track day when you show up with this piece of rolling history?
Result: $4,950,000
It was only a matter of time before the Ford GT40s started to bring serious money. Is this money as serious as one might get if a 330P3 were to make it to market? Nope. But still excellent. It’s great to see the race cars starting to receive serious collecting attention and money. And what to expect when a Ford GT40 MkIV comes to Auction?
1972 Lamborghini Miura P400SV
Est. $1,200,000-$1,500,000
The Miura to own has always been the SV version. Blessed with perhaps the greatest of all Bertone body designs, the Miura P400SV is the Lamborghini model that built the company’s reputation and made them a supercar contender.
Result: $1,375,000
The Miura is its own legend and prices are rising, accordingly. Easily one of the most beautiful GT designs of all time.
RM Auctions
All RM Auctions offerings are in their online catalog .
1963 Porsche 356B 1600 S Cabriolet
Est. $125,000-$165,000
Who among us has not lusted after the 356 Cabs? A very tasty offering from RM, with requisite matching numbers, a Porsche Certificate of Authenticity, and the original radio. All correct and absolutely perfect for crisp Saturday morning mountain road driving.
Result: $151,250
Everyone wants a 356B Cab. Prices are only going to go up. The car also has cross-generational appeal.
1961 Rolls-Royce Silver Cloud II Drophead Coupe
Est. $250,000-$325,000
A necessary car for touring the upper coast of California and being seen in all the right spots in Beverly Hills. Fast? No. Stylish? Yes. Cool? Very.
Result: $220,000
Well done. For less than the cost of a new Bentley Continental GTC convertible, you can arrive in a ride that says “old,old money”…A bit of a bargain really.
1965 Shelby 427 Competition Cobra
Est. $1,500,000 to $1,800,000
The 427 Cobra was a beast and the Competition 427s were the best of the beasts. Not subtle but then nothing about the Cobras ever was, although Pete Brock’s classic Cobra Daytona Coupe was certainly more special than we realized at the time.  It will be interesting to see how Cobra prices move after the death of Carroll Shelby earlier this year. Shelby chased Enzo Ferrari on the racetrack; can he keep up in the auction market?
Result: $1,415,000
The big question surrounding Carroll Shelby and his cars was this: why didn’t Shelby do more after his amazing mid-sixties run with the Cobra and the Ford GT40s? The Cobra drifted back in the pack, the name plate was attached to an endless series of questionable “performance models” from big American manufacturers, and he basically failed to build a continuing, manufacturing and racing enterprise. In the end, Cobra was a blip on the sportscar scene. His old opponent, Ferrari: now considered the most powerful brand in the world,  has a lineup of four production models and has won more F1 races than any other manufacturer. The Shelby Cobra pricing is rising now but the empire that he did not create from the position he had will always haunt the brand.
1960 Ferrari 250GT Series II Cabriolet  
Est. $600,000 -$700,000
A few years ago, these beautiful Ferrari Cabriolets were selling for considerably less. But—the market has realized that this is a desirable Ferrari to own ( and drive) and so prices have started to climb rather steadily. It would look great in your driveway, even better on the move.
Result: $715,000
Ferrari cabs are just going to continue to climb.
1974 Ferrari Dino 246 GTS
Est. $300,000 – $375,000
One of the hottest collectibles today, Dino 246s are beloved for their perfect blend of aesthetics, power, and handling. The “Chairs & Flares” options just add to the appeal. Should Ferrari consider making a 21st Century Dino? Based on the market appeal of the 246s, the answer is a resounding yes.
Result: $467,500
Is the Dino 246GTS the hottest collector car in the world? Probably. Expect prices to continue to rise. So where is the modern version?
19389 Horch 853A Special Roadster
Est. $6,000,000 – $8,000,000
Normally, I prefer cars from the modern era but this one is special: it won Best of Show at Pebble Beach in August of 2004 and there is a wonderful picture of the car in the catalog crossing the show platform. Beautiful in lots of different ways and with an absolutely exquisite interior.
Result: $5,170,000
I thought this one, with its’ amazing pedigree, would go higher than it did perhaps the fact that it had already won at Pebble Beach took the steam out of a very high dollar sale. Still–an amazing car.
2001 Audi R8 Le Mans Prototype Racing Car
Est. $1,000,000-$1,500,000
If there’s a bargain among these million dollar offerings, for me, it would be this Audi R8. This is absolutely one of the greatest prototype racecars ever built and it is devastatingly fast and reliable enough to win the 24 Hours of Le Mans 5 times.  Sleek, surprisingly easy to work on, and one of the few in private hands–hopefully yours next.
Result: $1,034,000
A great race car, well bought, hopefully by an enthusiast with a team of techs who can put it on the track for him multiple times a year. My favorite car in the sale, probably because I have seen it run so many times.
1968 Ford GT40 Gulf/Mirage Lightweight Racing Car
Price Available on Request (i.e. expensive).
Another terrific GT40, this one in the justifiably famous Gulf livery,  driven by David Hobbs, Brian Redman, Mike Hailwood, and Jacky Ickx among others, it was also used as a camera car for the Steve McQueen movie classic “Le Mans” and that should be good enough for the “Price Available On Request” notation. This will be a seminal year for GT40 sales  in terms of value realized.
Result: $11,000,000
A racing Ford that sold at racing Ferrari prices. Just knew that this one would go big and it did. As predicted, this was the penultimate price for a GT40.
1972 Ferrari 365GTC/4
Est. $140,000 -$165,000
A very lovely, very drivable, 365GTC/4—a Ferrari model just now coming into its own in the auction marketplace. The catalog states that the car has only 700 miles on it since a $150,000 restoration so the new owner would be buying the car for approximately the amount the previous owner put into restoring it. Sounds like a deal to me.
Result: $181,000
The 365GTC/4 is a beautiful car that still hasn’t found big dollar auction money. As prices climb ever higher on other Ferrari models, it would be reasonable to expect the prices on these models to increase as well. We’ll see in just a couple of weeks.
1955 Aston Martin DB3S Sports Racing Car
Est. $3,500,000 to $4,000,000
A beautiful race car finished in the “racing orange” colors of its Dutch owners. Astons have recorded increasingly high sales at auction over the last five years and this one can be viewed as something of a litmus test for Aston collectability. It certainly makes a lot of simultaneous statements.
Result: $3,685,000
On the money. Decent (and in some cases, indecent) Astons are bringing high prices and the trend will continue in 2013. This car was beautifully restored.
1987 Porsche 962 IMSA Camel GT Racing Car
Est. $1,200,000-$1,600,000
The 962 Porsches are wonderful looking cars and with 700HP and a beautifully engineered suspension, they roared around the world’s race racks in the mid to late 1980s, scaring competitors and drivers alike and winning Le Mans three times (1986, 1987, and 1994). One of the great road racing warhorses, now available for your collection.
Result: $875,000
Low, I believe, for the model and history. Still, racing Porsches will see a very sharp price rise in the next couple of years.
2001 Bentley Speed 8 Le Mans Prototype Racing Car
Est. $1,900,000- $2,500,000
Did I mention that I have a soft spot for collectible race cars? Here’s one of the rarest, a Bentley Speed 8. OK, we know that underneath the Bentley badging it was substantially Audi influenced but that is a plus, not a minus, as Audi’s top class prototype program has been dominate in the modern endurance racing era. Dallara built it, using a carbon fiber tub into which was tucked Audi’s  3.6 Liter supercharged 8 cylinder engine. The result: Bentley’s first podium appearance in 71 years. Yeah, you need a transporter and some great techs to run it but that’s part of the appeal.
Results; $2,530,000
Rare, rare, rare and with a solid pedigree.
1956 Ferrari 250GT LWB Berlinetta Tour De France
Est. Available on Request
There are a lot of great cars up for offer at the Monterey Auctions, and sometimes it seems that Ferraris are dominating the lot lists and the auction results. So be it–there’s a deep seated reason for our fascination with Ferraris and it has much to do with the way Ferrari combines mechanical and technical excellence with the emotional impact of body design, sound, and feel. Ferrari–alone among the great manufacturers–has produced an amazing variety of superb vehicles and so when one line of vehicles appears to peak in terms of market values (i.e. Daytonas) another rises up (Dino 246s). This particular offering, a 250GT LWB TDF is one of their greats–body design by Scaglietti, who clothed so many of the great Ferrari race cars, a single overhead camshaft V12 delivering 240HP,  and four wheel disc brakes. One of only 9 made. You’d look great in it.
Result: $6,710,000
Ferrari has produced a lot of different models in its history and the models that collectors really love are the ones that did double duty: on the road and on the track. This one  was special and the price realized said so emphatically.
Bonhams & Butterfields
A Heuer “Monte Carlo” Lap Timer, Circa 1967
Est. $1500-$2500
If you, like me, have wanted one of these beauties since you first discovered fast cars, back roads and Road & Track , here’s your chance. It can hold up to 11 hours of Lap Times. Perfect for your six hour endur0s and the right anti-dote to “everything digital, all the time”.
Result: Went looking for the sale result for this piece of classic motorabilia but couldn’t find it. Will talk with Bonham’s and get the backstory.
A 1:14 scale model of a Ferrari 250LM by Enrica
Est. $800-$1000
This is probably as close to ownership of a 250LM as most of us will ever get. Very nice model of a seminal Ferrari Sports Racing car. The size is terrific as I personally like the larger scales (1:18, 1:14) better than the smaller (1:43) ones. This one is about 15 inches long, so it will make a statement on your shelf, just like it did on the race track.
Result: The same applies to this model. Update coming.
1972/75 Ferrari 365GTB/4 Daytona Competizione Spyder
$1,900,000 -$2,400,000
An important car, campaigned by Luigi Chinetti’s N.A.R.T. team, the predecessors to Risi Competizione as the top American based Ferrari racing team. Chinetti’s private Ferrari based teams swaggered through the racetracks and paddocks of Europe and the U.S., always with suspiciously up-to-date Ferrari offerings and under age drivers (the Rodriquez Brothers from Mexico). Like Risi’s teams, Chinetti was feared for the sheer speed of the cars and the skill and ferocious competitiveness of the drivers. This very unique car is loaded with history and needs an owner who will exercise it frequently.
Result: This was lot No. 463 and no sale result is listed, which means it probably didn’t make reserve. Follow up in process.
1960 Jaguar XK150 3.8 Liter Drophead Coupe
Est. $80,000-$90,000
The most refined of the XK series models and correct in black with red interior (BRG is so predictable). The lines are smooth and the 3.8 Liter in-line six cylinder engine has more than enough power to hustle you along the curving roads in Northern California fast enough to keep you totally absorbed.
Result: Lot 491 was an exquisite XK150, which sold for  $79,350, quite a bargain for someone with the right climate and garage.
1997 McLaren F1 GTR “Longtail” FIA GT Endurance Racing Coupe
No Estimate Provided
This particular car—the final example produced—has the GTC Motorsports Gulf Team Davidoff livery and is powered by a 6.1 Liter BMW V12. The McLaren GTRs have been very desirable as collectibles and this one will not break that string. Those in motorsports are waiting to see if the McLaren MP4-12C will continue the victory string that the F1 GTRs delivered but so far results have been mixed. Best option: go retro and pick up a competition F1
Result: No sales price listed. Again, follow up in process.
Up next: our annual Calendar for the week at Pebble Beach.

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