Gooding's Auction at Monterey Car Week: Successes and Strategic Missteps

Gooding’s recent auction in Monterey delivered mixed results. Despite an increase in the percentage of cars sold at 78.26% (144 out of 184) compared to 77.57% last year, Gooding only achieved half of its projected revenue, compared to a solid 70% of last year’s target. The total value reached was $92,739,200, which is close to the previous year’s total but with 16 more cars sold and an average price per car of $644,022 compared to $733,500 last year. From a marketing standpoint, Gooding's decisions seemed to have overestimated many lots. It's one thing to have no reserve on a car, but when the reserve price is set too high, the risk of a no-sale becomes almost guaranteed.

The most expensive car of the sale, the 1938 Alfa Romeo 8C 2900B Lungo Spider, is a prime example. As mentioned in the preview, this car was stolen in 2022 and later recovered by the FBI, who returned it to the insurance company after reimbursing the previous owner. With an ambitious estimate of $16-20 million, and in need of restoration (which the new owner has already confirmed he will undertake), the insurance company, after reimbursing the owner and considering the market's sensitivity to stock market fluctuations, accepted the maximum offer of $14,030,000. In my opinion, this is a fair price for the current market.

1938 Alfa Romeo 8C 2900B Lungo Spider sold for $14,030,000 (€12,710,500).

Another example of overestimated valuations can be seen in these three Porsches. A 1985 Porsche 911 3.2 Carrera Coupé, a 1970 914/6 Targa, and a 1998 911 Turbo were offered with record-high estimates. It’s helpful to check pre-auction records for comparison. The 911 3.2 Carrera Coupé had a target price of $207,200, achieved by a 1989 model with 10,840 miles. The Gooding-offered model, with 13,100 miles but lacking the G50 transmission typical of the 1989 model year, was estimated at $250,000-300,000. The final price of $235,200, while below the minimum estimate, set a new record for the model, which I believe is too high, but the estimate certainly helped push the price up.

1985 Porsche 911 Carrera 3.2 sold for $235,200 (€213,000).

Moving on to the 914, it’s true that it was perfectly restored, but with shortcomings that are hard for a purist to accept: a 3.2-liter engine from a 1980s Carrera and a non-original transmission. The previous record for this model was $148,400, and the maximum estimate was quite optimistic: $100,000-150,000. How high could it go? It reached $173,600, setting a new record.

1970 Porsche 914/6 sold for $173,600 (€157,250).

Finally, the 911 Turbo. The current record for a standard Turbo (not an “S”) was set with a pristine example with just 99 miles, at $456,000. Gooding’s model, with 24,000 km, did have the XLC engine, but the estimate of $600,000-800,000 seemed astronomical. In this case, the estimate proved to be indeed astronomical, but it helped achieve $434,000—a significant amount, though well below the estimate.

1998 Porsche 993 Turbo XLC sold for $434,000 (€393,250).

Ambition also made its mark in the Ferrari segment. Despite falling below the minimum estimate, the sale of a 1995 Ferrari 333 SP Evoluzione, which had been part of both the MoMo and Scandia teams, was impressive. With a dozen podium finishes between 1995 and 1997 in IMSA WSC, and a second-in-class finish (and sixth overall) at Le Mans in 1997, the car was estimated at $6-8 million but still achieved $5,120,000, setting a new record for a 333 SP.

1995 Ferrari 333 SP Evoluzione sold for $5,120,000 (€4,638,500).

Then there’s the case of the unsold Daytona Spider. The 1973 Ferrari 365 GTS/4 Daytona Spider, silver with a black interior, Ferrari Classiche certified, low mileage, and with a concours-level restoration, was estimated at $2.9-3.4 million but stalled at $2.7 million ($2,975,000 with commissions). A quick look through my archive reveals that this exact car was sold at Amelia Island in March 2023 for $2,535,000. Question: is a 17% increase over 17 months, from $2,535,000 to $2,975,000, justified to refuse? How should this be interpreted? Greed? Speculation? Certainly not passion.

1973 Ferrari 365 GTS/4 Daytona Spider went unsold at $2,700,000 (€2,446,000).

Cars with more reasonable estimates attracted much more bidding. Such was the case with the collection of Dr. Waugh, which included six Bugattis that weren’t in exceptional condition but had been in his garage for a long time. The 1928 Type 44 Torpedo, in an unlikely green but bodied by Figoni, had been his since 1972, around the same time he bought a replica of the Type 13 Dog Cart, the famous “Brescia.” He bought the 43 Grand Sport in 1974, the 46 Cabriolet a year later, and the last one, a 23 Torpedo, in 1980. However, his favorite remained the 57 Stelvio bodied by Gangloff, which he purchased in 1962 from its first owner.

1927 Bugatti Type 43 Grand Sport sold for $731,000 (€662,250).

All six cars exceeded their estimates. The Type 13 replica, estimated at $70,000-90,000, closed at $140,000. The same story with the Type 23 Tourer; the $90,000-120,000 estimate seemed like a starting bid as it closed at $246,400. The Type 44 required $467,000 against its $250,000-350,000 estimate, and the Type 43 Grand Sport sold for $731,000, well above the $400,000-600,000 range. A special case was the 57 Stelvio: estimated at $250,000-350,000, it closed at $577,000. This time, the estimates played a different role, attracting bids, and Bugatti worked well.

1937 Bugatti Type 57 Stelvio sold for $577,000 (€522,750).

The light blue Miura was undoubtedly the car I was most eager to see. The specs: a 1968 Lamborghini Miura P400, restored by Cairati in a magnificent Azzurro Cielo livery with all original panels. Defined by Gooding as “exceptional,” and from the photos, I can confirm it. Miura P400s are the least desirable, and the prices reflect that. It’s hard to find examples over $1.5 million, and the current record, set just last year (also by Gooding), barely reaches $2 million. For this example, the house estimated $2-2.4 million. It closed at the high end of the estimate: $2,315,000, setting an important new record.

1968 Lamborghini Miura P400 sold for $2,315,000 (€2,097,250).

New records were also set for a Singer, with the 911 Reimagined “Dynamics and Lightweight Study” based on a 1991 donor car, which sold for $3,085,000, more than double the previous record, making a significant impact.

1991 Porsche 911 Reimagined by Singer “Dynamics and Lightweight Study” sold for $3,085,000 (€2,795,000).

Then, a trio of records well above the most optimistic estimates for recent Zagato models: a 2001 Ferrari 550 GTZ Barchetta (with 7,709 miles) sold for $841,000, a 2013 Lamborghini 5-95 Zagato (one owner, 1,115 miles) for $720,000, and an Alfa Romeo TZ3 Stradale (also one owner and 1,832 miles) reached $632,000. The estimates were $600,000-800,000, $400,000-600,000, and $450,000-550,000, respectively.

2010 Alfa Romeo TZ3 Stradale sold for $632,000 (€572,500).

The car I would have taken home? The Delahaye 135M Torpedo Roadster, the most stylish car at all the Monterey Week auctions and perfect for nearby Pebble Beach. Built in 1938, bodied by Figoni & Falaschi in such a way that it made even the fantastic Talbot-Lago T150 Goute d’Eau look like an economy car. It has a magnificent history: sold new to Geo Ham, the most famous French illustrator of the first half of the 1900s, it was found in Algeria in 1992, needing restoration but complete. After a few changes of hands, it was in the Petersen Museum in Los Angeles (which paid $1,322,500 for it) and brought it to auction, estimated at $2-3 million. It sold just above the minimum estimate at $2,095,000.

1938 Delahaye 135M Torpédo Roadster sold for $2,095,000 (€1,898,000).