Gooding in London. Misstep
06 September 2023 3 min read 9 images
Photo credit: Gooding
Cliff Goodall’s view
Dear Mr. Gooding, London is not Pebble Beach. Behind the glossy atmosphere of the event, surely David Gooding himself will have turned up his nose. Of course, the Pebble Beach Concours d’Elegance holds a special place as the premier event globally, but the figures from this recent sale in September can’t be ignored, especially when contrasted with the resounding success of the 2022 edition.
With a slightly higher number of cars offered compared to 2022 (40 vs. 37), the sales were truly disappointing – only one out of every two cars was sold, contrasting sharply with the impressive 78.37% success rate of the previous year. Worse still, the figures show just £9,614,250 in sales, a far cry from the £23,008,813 achieved in the previous edition (-58%). Of course, it must be said that the 2022 auction featured a standout Ferrari that went for over £7 million, while this year’s top lot was not even worth a third of that. However, this time around, many parameters seem to have taken a hit.
Gooding London, 1st September 2023
Of course, amid this complex landscape, some cars managed to shine brighter than others. A prime example was the Mercedes-Benz 300SL Roadster. Built in 1962, it featured disc brakes but lacked an aluminium engine block. Additionally, it came with a hardtop (and its wooden case), a set of luggage, and a pair of spare seats. Now, a bit of arithmetic: a 300SL without disc brakes and a cast iron engine would fetch roughly £800,000 to £1,100,000, whereas one with both of these features goes for £1.2m to £1.5m. Despite its near-flawless condition, the initial estimate of £1.3m to £1.5m was decidedly ambitious. However, after a series of spirited bids, the car was sold for £1.8m, setting a new world record for a model with a cast iron engine.
This, however, was not the top lot of the sale, that accolade belonged to a 1953 Ferrari 166 MM/53 Vignale with an intriguing history: originally assigned chassis number 0328M, its first owner was Porfirio Rubirosa, a Dominican diplomat and internationally renowned playboy who, in a bid to evade customs duties, had the chassis number modified to 0050M. Though he entered it into the 1953 Le Mans 24 Hours, he was more enamoured with nightlife than nocturnal races, and it never even graced the circuit. By the end of the year, Rubirosa returned the 166MM to Ferrari, and the chassis number was once again changed to 0308M. Thus, it began a new life marked by numerous owners (nine in seven years) and minor races until 1960 when it finally found its home in the current seller’s garage. Despite having a less than iconic design and an uninspiring history, the estimate of £2.5m to £3m was accurate, especially considering the slight dip in this specific market observed at Pebble Beach. The winning bid at £2,531,250 aligns perfectly with my thoughts.
Another success story involved a 1954 Ferrari 250 Europa with coachwork by Pininfarina. Among the limited production run of 22 units, this particular model caught the eye of Hollywood director Clarence Leon Brown, possibly due to its feature in the 1954 Ferrari Yearbook, where it’s immortalized in all its glory. As is often the case with showbiz personalities, he got tired of it and after 4 years, it was already in another garage before ending up in Stan Baker’s in 1961, where it stayed until 2003. During this time, it was exhibited twice at Pebble Beach, first in 1965 and then in 1990. After Cavallino Classic (2004) and Amelia Island (2006), the car returned to Europe and was seen at the Salon Privé in 2011. Thanks to the famous Red Book certification and an impressive amount of documentation, the estimate of £1.25m to £1.5 m seemed easily attainable, and indeed, the vehicle was sold for £1,518,750.
The lots that sparked curiosity, if not anticipation, were two of the earliest Jaguar E-Types (auctioned consecutively as lots 21 and 22). One was a coupe, specifically an S1 3.8 FHC, bearing chassis number 1 – the first right-hand-drive Jaguar E-Type produced. It’s very famous and extensively documented.
The other was chassis number 4, an S1 3.8 Roadster, which happened to be the first Jaguar E-Type sold. Despite being in impeccable condition, their histories were crucial. However, the estimates were staggering: £1m to £1.4m for the closed version and £900,000 to £1.2m for the open-top version. To put this into perspective, the current record for a road-going Jaguar E-Type coupe stands at around £600,000, while the most expensive roadster hovers around £450,000. The coupe went unsold despite reaching £800,000, while the Roadster changed hands for £911,250. Needless to say, a “new world record” was established…
Among the many disappointments were the pre-war Bentleys. Despite lower estimates, two out of five failed to find new homes: a 1928 4.5-litre Tourer (estimated at £600,000 to £800,000) and a 1934 3.5-litre DHC (estimated at £90,000 to £130,000). Another Bentley was sold well below its estimate – an unusual case for a 1936 3.5-litre Sedanca Coupe with coachwork by Gurney Nutting, which fetched £106,875 against an estimate of £150,000 to £200,000.
The 1931 8 Litre Folding Head Coupe had better luck, selling for £787,500 (slightly below the estimate of £825,000 to £1,250,000). The oldest member of the group, a 1927 3 Litre Speed Model with coachwork by Vanden Plas, originally valued at £225,000 to £300,000, ultimately fetched £264,375.
Yet, the highlight of the day was an opportunity not to be missed. Back in June, a 2.5-litre SS-Jaguar SS100 that had won the 1937 RAC Rally and participated in the Monte Carlo Rally was sold at a smaller auction for £393,000. The one at Gooding’s was also a 2.5-litre model and had also taken part in the Monte Carlo Rally, in the same edition as the other one. Perhaps the June model was in better condition (although it did not appear so at first glance), or maybe the fact that it was originally finished in a striking Lavender Grey over a Blue Interior, whereas at the auction, it appeared in red with black interior. Regardless, the disparity from Gooding’s estimate of £220,000 to £320,000 was hard to justify. Nevertheless, for reasons unknown, the car went for just £202,500.
CLASSIC CAR MATCHER