Gooding and Broad Arrow at Pebble: sparks and stumbles

Cliff Goodall’s view

Today, we conclude our analysis of the Monterey Car Week auctions, with Gooding and Broad Arrow – the seasoned contender and the rising star. 165 lots for Gooding and 170 for BA, but with significantly different turnovers: $93,887,950 for Gooding and $54,562,490 for Broad Arrow. However, the numbers matter little; many lots have spoken clearly.

Gooding, 18th August Let’s begin with Gooding and its top lot, a 1960 Ferrari 250 GT SWB, which tells a fascinating story: estimated at $9m-$11m, it changed hands for $9,465,000. Although it might seem like it sold for slightly above its minimum estimate, this was actually an excellent result. Consider that a similar model went for €6.5m at Villa d’Este in May, and you have to go back to 2018 to find a model that exceeded the price of Gooding’s. What’s the reason for this great result? Certainly, the colour combination (grigio metallizzato over beige leather) and, above all, its fantastic condition, never restored, with a wonderful patina.

1962 Ferrari 250 GT SWB Berlinetta sold for $9,465,000 (€8,752,380)

Speaking of colours, here’s a typical example of how a colour can change a car’s fate. Gooding offered two 275 GTBs, both Ferrari Classiche certified. One was a Long-Nose model (therefore with two camshafts) but in a “sensational” Verde Medio. The other was a much sought-after 275 GTB/4 (four camshafts and more powerful) but in a traditional Giallo Fly. Now, let’s consider the market: a two-cam 275 GTB is worth between $1.2 million (for a car needing restoration) and $2.03 million for the best examples. In the past year, however, all nine Ferrari 275 GTB/4s sold went for between $2.9 and $3.5 million. So, here’s how it went: The yellow GTB/4 changed hands for $3,277,500, perfectly in line with the market (and within the low end of the estimate of $3.25m-$3.75m), while the green GTB/2 was sold for $3,415,000, over 50% more than the best example this year and very close to the all-time record for any 275 GTB.

1966 Ferrari 275 GTB sold for $3,415,000 (€3,157,885)

And Gooding didn’t stop there with regards to Ferrari: they also set two new records. The first one was for the Ferrari Dino 308 GT4, sold for... $450,500, nine times more than the average price of this model. What was special about it? Exhibited at the Paris Motor Show in 1973 it was the first Dino 308 produced but above all the very first V8-powered Ferrari road car. Evidently, the discerning market unequivocally appreciates this slice of Ferrari’s illustrious history.

1973 Ferrari Dino 308 GT4 $450,500 (€416,580)

The other record involved a more recent Ferrari; while RM set the record for a Ferrari 575 SuperAmerica, Gooding mirrored this triumph with a 575M Maranello complete with a manual gearbox (only 246 units produced), HGTC package, carbon fibre elements throughout, a single ownership, and 26,000 miles on the clock. With an estimate of $375,000-$450,000, it effortlessly surpassed that and sold for $500,000. Another new record. Looking at market trends, these two records in 24 hours clearly indicate what’s currently “hot.”

2005 Ferrari 575M sold for $500,000 (€462,350)

Let’s move from Maranello to Sant’Agata Bolognese. In an oddly sparse edition for Lamborghini, the sale of two Miuras warmed our spirits. Sure, it’s easy to get excited over a Miura, but the 1972 Miura SV, with split sump, air conditioning, and a one-off colour combination (blue and gold), was truly something. Optimistically estimated at $3.5m-$4.25m, it was eventually sold for $3,580,000. If we exclude the “SV Speciale” (as it’s somewhere between a regular model and a Jota), sold by Gooding in 2020, this is the most expensive Miura ever sold.

1972 Lamborghini Miura P400 SV sold for $3,580,000 (€3,310,450)

The other Miura offered was a splendid P400 in its typical Arancione Miura. It was believed to Have been exhibited at the 1968 Geneva Motor Show – the catalogue clearly indicated this possibility – complete with an excellent quality restoration and Lamborghini Polo Storico certification. Estimated at $2.2m-$2.4m, it might not have seemed easy to sell, but when the hammer fell at $2,260,000, the room burst into applause. It surpassed the previous record set three years ago by over $600,000.

1968 Lamborghini Miura P400 sold for $2,260,000 (€2,089,850)

Gooding also had a winning hand in the pre-war segment: first, a 1913 Lozier Type 72 Meadowbrook Runabout sold for $1,765,000 (the previous record was $665,000). Then, a 1913 American-Underslung Type 56 A Traveler, estimated at $800,000-$1,200,000, changed hands for $1,490,000.

1913 American Underslung Type 56-A Traveler sold for $1,490,000 (€1,377,815)

But that’s not all: a 1912 Simplex 50hp Toy tonneau reached $4,075,000, and the real magic happened with a 1914 Mercer Type 35J Raceabout. Estimated at $3m-$4m, the bidding didn’t stop until it reached $4,790,000, a new record for a Mercer with over $1.8 million difference between this one and the previous holder!

1914 Mercer Type 35-J Raceabout sold for $4,790,000 (€4,429,350)

Given these successes, the withdrawal of the 1933 Bugatti Type 55 Roadster, formerly owned by Ralph Lauren, was surprising. With an estimated value of $8m-$10m, it was considered high, and it stalled at $7.2 million.

In conclusion, a quick observation on the Ferrari F40s: last year, Gooding sold a F40 with 1,832 miles on the clock for $3,965,000. This time, a nearly identical one with 1,800 miles under its belt and an estimate of $3m-$3.75m (low by 2022 standards but fitting for 2023) changed hands for “just” $3,085,000. And this isn’t the only one this year: RM sold one that had covered 932 miles for $3,305,000, and Mecum’s, with 3,417 miles, fetched $2,530,000. It would appear that this model is taking a brief pause. Something to keep an eye on.

Broad Arrow, 18th August Now, on to Broad Arrow, which managed to place two Ferrari hypercars at the top of the most expensive lots.

At the top of the list, we find another monumental piece of Ferrari history: a 1995 F50 with just 11,500 km on the clock and European specifications. The estimate of $4m-$4.5m might have seemed like a bargain last year (when they were selling for over $5 million), but this time it proved to be prophetic: sold for $4,240,000.

1995 Ferrari F50 sold for $4,240,000 (€3,920,750)

In second place, we find a 1985 Ferrari 288 GTO, resplendent with its Ferrari Classiche certification and matching numbers. The estimate of $4.25m-$4.75m remained unchanged from 2022 (when it actually fetched $4.5 million), but luckily there was no reserve, and it changed hands for “just” $3,910,000.

In essence, the Ferrari F40’s value has decreased, the 288 GTO is now like last year’s F40, and the F50 is valued like the 2022 288 GTO.

1985 Ferrari 288 GTO sold for $3,910,000 (€3,615,600)

However, amidst the disappointment from Ferrari’s overall slip in values, one Prancing Horse managed to lift the spirits of the room. A 1964 250 GT Lusso, certainly not the first thing that comes to mind when thinking of a “cool” model. Yet, it was stunning, in a beautiful colour, with magnificent restoration and the obligatory Red Book certification. The estimate of $1.9m-$2.3m reflected its condition, but a lively bidding war ensued, and it eventually changed hands for $2,810,000, well above the previous record of $2.4 million.

1964 Ferrari 250 GT Lusso Berlinetta sold for $2,810,000 (€2,598,450)

We’ll conclude with two opposites, both illustrative: the 1954 Oldsmobile F88 Concept, purchased by the Gateaway Museum in 2006 and heavily affected by the bubble that burst in 2007-08 and never really managed to recover. Its price went from $3,240,000 in 2006 to $1,765,000 in 2023, well below its estimate of $2m-$3m (although it was offered without reserve). Beautiful and with a fantastic history, but it would seem that the market has turned elsewhere. For example, towards the East, particularly manifest in the fervour surrounding Japanese youngtimers. And the 1995 Honda NSX Type R that I had told you about before Monterey Week did not disappoint. Sold only in Japan (hence the Honda badge, not Acura), it had only 7,000 km on the clock and a truly astronomical estimate: $550,000-$650,000. The previous record for any Honda was just $165,000, making it easy to establish a new standard. Placing it at the high end of the estimate, it reached $632,000. A true bombshell.

1995 Honda NSX Type R sold for $632,000 (€584,400)