RM Sotheby’s for Rudi Klein: When Rust Turns to Gold
02 November 2024 10 min read 7 images
Photo credit: RM Sotheby’s
Occasionally, an auction breaks all the rules. I remember the Italian auction in 2016, called "2000 Ruote", where every car was sold without reserve, or the Sáragga collection auction in Portugal in 2019 by RM Sotheby's. All cars were sold without reserve, and the event was a success. Today, we’re talking about RM Sotheby’s latest auction of the unique Rudi Klein collection. Klein, a junkyard operator in Los Angeles in the ‘60s and ‘70s, amassed a collection of "high-quality junk" — Porsches, Ferraris, Mercedes, and Lamborghinis. After years of silence following Klein’s death, RM Sotheby’s auctioned 67 of his most prized cars on October 26, with an estimated value of $16,833,000. But the final tally shattered expectations, totaling $28,837,480 — 171% of the estimated price. Remarkably, the average sale price of these rusted treasures was $430,410.
Instead of starting with the most decrepit of rust piles, let’s dive into the most spectacular deals. First up: the 1964 Iso Grifo A3/L Spider by Bertone. Initially, the Iso Grifo came in two versions—the “C” (Competition), which later became the Bizzarrini 5300GT, and the “L” (Luxury), the famed Iso Grifo. Owning a Grifo L is rare enough, but Klein had the first and only prototype of the Iso Grifo Spider. Purchased by Klein in 1980 from the famous Greg Garrison, it had never left his eccentric warehouse. The last Iso Grifo “non-C” prototype sold for $1,760,000 in 2018, setting a benchmark. The estimate of $1-1.5 million for Klein's Spider was accurate, but it ultimately sold for $1,875,000 — a new record for the model and the second-most-expensive Iso sold.
Building up, we have the Porsche 356B 1600 Twin Grille Roadster. Twin Grille Porsches are coveted models, and following Carrera and Speedster versions, they are highly collectible. The previous record for this model was $506,000 (2017), but prices had cooled down to around $350,000-400,000 in recent years. Despite its low mileage of 600 miles, its $350,000-550,000 estimate seemed ambitious. Yet, it defied all expectations, selling for $1,160,000, more than doubling its previous record.
A 1968 Lamborghini Miura P400 also achieved remarkable results. Just two months ago, a flawless Miura P400 set a record at $2,310,000, while average examples are valued between $1.3-1.5 million. Klein's Miura had a complex history: the catalog listed another Miura with the same chassis number in Europe, the color was incorrect, and it needed full restoration. Although the $500,000-700,000 estimate, plus restoration costs, would align with its market value, it was sold for $1,325,000 — showing the auction euphoria effect.
In this electric atmosphere, a 1935 Mercedes-Benz 500K Caracciola Special Coupé was a prize for its buyer. Built especially for Mercedes’ top driver Rudolf Caracciola—a kind of 1930s Lewis Hamilton—it was found in Ethiopia in the early ‘60s and came to Klein in 1979. Valued at $4-6 million, its final sale of $4,130,000 is a steal for the buyer.
The auction’s top lot stole the show: the 1956 Mercedes-Benz 300SL Alloy Gullwing. Only 29 of these lightweight models were made for racing, and this one, number 26, is the only black one with red interiors. Originally owned by Luigi Chinetti, the Ferrari importer and three-time Le Mans winner, Klein bought it directly from him in 1976. The car had remained in his warehouse ever since. Although it needed significant restoration, the last one sold for $5,010,000 (the record being $6,825,000). Its $4.5-6 million estimate seemed optimistic. Yet, bidding skyrocketed, passing old records, and it ultimately sold for $9,355,000, making it the third most expensive post-war Mercedes ever auctioned — even in its unrefurbished state.
Shall we end here? No, let’s also mention the most incredulously dilapidated lots. Take Lot 7, one of the auction’s "bargains": a 1970 Porsche 911 2.2S Targa. Essentially, it was rusted, damaged parts. The engine and gearbox were missing, as were the interiors, and the right front fender. It sold below the estimate at $2,800 compared to its $3,000-6,000 estimate.
The following lot was similarly battered, selling for $4,480. Before these, a literally crushed 1966 Ferrari 330 GTC sold for $39,200, almost hitting its $30,000-40,000 estimate. Why did this disassembled car fetch such a price? Possibly because of its “good” chassis number, which might enhance another car’s questionable history. Rebuilt from scratch, it could be worth $700,000-800,000. Collecting has its quirks.
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