Gooding & Company continued its series of “Geared Online” auctions in June with this British-based auction conducted in £ Sterling.
It is a good example of the flexibility of online auctions which are economically viable with a small consignment and can pop up like a Daytona’s headlights when there’s an opportunity.
Gooding brought together an unusually diverse consignment within such a small quantity, leading with the 1969 Ford GT40 Mk III that sold for $3.5 million, nearly half the entire sale total. But the GT40 was balanced by a pair of pre-war Lancias (of which one didn’t sell), a Porsche 962C Group C endurance racer and a rare 1906 CGV with Landaulet coachwork.
It’s a positive sign of a good auction when at least one of the consignments is a marque that’s never been heard of, like the CGV.
Here are the numbers:
|Cars Sold/ Offered||Sale %||Sold < Low Est||Sold > High Est||Average Sale||Median Sale||Total $||Exchange Rate|
Observations are based upon the online descriptions and photos. Photos are courtesy and © Gooding & Company. Lots are sorted in lot number order.
Lot # 1 1974 Fiat 500 R 2-Dr. Sedan; S/N 5149604; Engine # 126A5000; Coral/Black leatherette; Black leatherette top; Estimate $27,634 – $41,451; Recent restoration 2 condition; With Reserve; Hammered Sold at $21,416 plus commission of 10.00%; Final Price $23,558. – RHD. 594/18hp twin, 4-speed, ivory wheels, hubcaps, narrow whitewalls, folding sunroof, dual outside mirrors, CD stereo, jack, spare, AGA badge on the engine cover. – Restored to implausibly high standards at a reported cost of £50,000 and painted in the same shade of Coral as the missus’ beloved AGA range. Used since with stone chips on the nose and a scrape here and there but still exceptional for what it is. – And an exceptional value at this price. Even disregarding the massive sum spent on restoration this is a neat little Fiat 500 R for a modest price, a magic carpet to a summer of fun evenings and weekends.
Lot # 2 1957 Lotus Eleven Sports Racer, Body by Williams & Pritchard; S/N 386; Engine # FWE4004110462; Light Blue, Polished Aluminum sills/Red leatherette; Estimate $172,713 – $241,798; Competition restoration 3+ condition; Reserve; Hammered Sold at $128,498 plus commission of 10.00%; Final Price $141,348. – RHD. 1,216cc Coventry Climax FWE sohc four, Derrington intake, dual 40DCOE Webers, 4-speed, live rear axle, fire system, SPAX coilover shocks, full width windscreen, chrome wire wheels, Michelin XWX tires, driver’s head fairing, Smiths chronometric tach and speedometer. – Delivered in Switzerland, displayed at the 1958 Geneva Motor Show and road tested by Motor Review there. Known history in the UK since the 70’s. Restored by David Morgan in the 80’s, toured subsequently. Very good paint, orderly chassis and engine compartment. Sound upholstery except for a tear below the driver’s left seat belt slot. According to the registration book the engine originally was 1,098cc FWA 7072. Comes with a hard tonneau cover with driver’s opening. An honest, well-maintained car. My Lotus Eleven informant thinks the horsepower is about 90, maybe a bit more. – Bidding was spirited early, rising quickly to a “reserve met” £90K with three days to go, then stalling before arriving at this result, £93,000 hammer, £102,300 with commission. 90hp isn’t much by current standards but when the car it’s propelling is light as a feather it’s more than adequate. The result is healthy, but one that is fair to both the seller and the buyer.
Lot # 3 1928 Lancia Lambda Tipo 79 Tourer; S/N 19507; Blue, Brown fenders/Burgundy leather; Beige cloth top; Estimate $193,438 – $221,072; Visually maintained, largely original 3 condition; Reserve; Hammered Sold at $172,713 plus commission of 10.00%; Final Price $189,984. – RHD. 2,570/68hp 19-degree overhead camshaft V4, 4-speed, full weather equipment, opening windshield, brown wire wheels, dual rear-mounted spares, Michelin tires, Bosch headlights, electric windshield wiper, Jaeger instruments, original Portuguese paperwork, two boxes of rusty, dirty parts and tools. – Single family owned from new until last year, and looks like it. Chipped, dented, scuffed and scratched old repaint with rust blisters in the fenders. Surface cracked but generally sound original upholstery, newer carpets. Sound old top and side curtains with some water stains. Sound but aged engine compartment, a bit grimy. Odometer shows 55,946 claimed original kilometers and nothing about this Lancia would refute the claim. A remarkably original find that has never had, nor needed, a restoration. – Until recent years Lancia put convention aside and created some of the most imaginative and effective automobiles ever built, usually if not always ahead of their time in design and configuration. This Lambda is a good example made even better by its long term ownership and preservation. Bidding didn’t take off until late after stalling at £98,000 with two days to go but the appeal of the car and its history brought it this healthy result in the final day with a successful hammer bid of £125,000. Everyone can be satisfied with the result, including onlookers who hope it is never sullied by a restoration that will obscure its history and character.
Lot # 4 1960 Maserati 3500 GT Coupe, Body by Touring; S/N AM101952; Engine # AM101952; Ruby Red/Cognac leather; Estimate $165,804 – $221,072; Older restoration 2- condition; With Reserve; Hammered Sold at $193,438 plus commission of 10.00%; Final Price $212,782. – 3,485/230hp, 4-speed, body color wheels, hubcaps and trim rings, Pirelli tires, RCA AM pushbutton radio, Maserati Classiche documented. – Excellent paint, chrome and inviting interior with slightly stretched front seat cushions. Tidy engine compartment with fuel residue on the carburetors. Restored about ten years ago, lightly used and well-maintained since. – Bought on a hammer bid midway between the pre-sale estimates, this is a handsome and well-maintained example that needs no excuses for its condition, the caliber of its restoration or the care it has received since it was restored. A quality car that reassured the bidders and encouraged them to keep hitting the “Bid” button.
Lot # 5 1955 Bentley S1 Drophead Coupe, Body by Graber; S/N B462LAN; Light Oyster Metallic/Light Olive leather; Beige cloth top; Estimate $414,510 – $552,680; Recent restoration 2- condition; With Reserve; Hammered Sold at $352,334 plus commission of 10.00%; Final Price $387,567. – 4,887/178hp inline six, automatic, wheel covers, whitewalls, power windows, pushbutton radio, tools, jack – One of two bodied in this blind rear quarter convertible victoria style by Graber, delivered in Switzerland. Restored in 2019 with excellent paint, lightly stretched upholstery, bright gauges and excellent interior wood trim. Good engine compartment that is not up to the restoration caliber of the exterior and interior. No chassis photos for evaluation. – There are few ways to stand out among a gathering of R- and S-type Bentleys but this is surely one of them, and not expensive at all for the quality of Graber’s design and construction or the caliber of its restoration. The result here nicely balances rarity, style and condition.
Lot # 6 1968 Lamborghini Miura P400S Berlinetta, Body by Bertone; S/N 3799; Engine # 1908; Verde Miura, Silver sills/Bright Blue leather; Estimate $1,105,360 – $1,381,700; Older restoration 2- condition; Reserve; Hammered Sold at $925,739 plus commission of 10.00%; Final Price $1,018,313. – centerlock alloy wheels, Avon tires, Carello halogen headlights, power windows, Ferrero leather rim steering wheel, – Replacement engine. Sound repaint over slightly wavy panels and some overspray including inside the engine cover. Dry, orderly redone engine compartment. Older chassis with road use. Stone-chipped rear brake ducts. Good upholstery and interior trim with some carpet wear. Restored in the naughts to good driver standards and well-maintained since. – The color combination of Verde Miura (comparable with Mopar’s High Impact Sassy Grass) with bright blue leather is odd only by modern standards. For the late Sixties it was in the mainstream for showoff cars. The replacement engine and some condition issues seem to have appropriately weighed upon the bidders’ willingness to step up and this result realistically reflects those concerns, while still giving weight to the eye-searing colors.
Lot # 8 1938 Lancia Astura Tipo 91 4th Series Convertible Sedan, Body by Pinin Farina; S/N 413313; Engine # 41064; Indigo, Grey sides/Grey leather; Black cloth top; Estimate $518,138 – $621,765; Older restoration 2- condition; Reserve; Not sold at Hammer bid of $442,144. – RHD. 2,972/82hp 19-degree V-8, 4-speed, polished wheel discs, fog lights, wide whitewalls, dual outside mirrors, cowl-mounted semaphores, – Surprisingly for Pinin Farina coachwork the side windows don’t retract all the way below the window sills. The rear deck could have been copied from a ’38 Buick (including the taillight). Very good paint, chrome and lightly stretched upholstery. Good interior wood trim and gauges. Very good restored engine compartment. An older restoration to the standards of the day but still a crisp, bright and unusual Lancia. – Sold by RM from Bernie Ecclestone’s collection in 2007 for $261,493 (£126,500 all-in at the time, this result is £320,000) essentially just as it is today except for some £75,000 of cosmetic and mechanical sorting by Jonathan Wood in 2019. The bidders must have found more in the Wood work than was apparent in the photographs to give it such an enthusiastic value endorsement, but even that wasn’t sufficient to satisfy the optimistic consignor. The coachwork is rare and highly practical for events and tours with room for a whole family but on value the bidders appear to have the more rational view.
Lot # 9 1968 Ferrari 206 GT Dino Berlinetta, Body by Pininfarina-Scaglietti; S/N 00210; Engine # 0004607; Verde Scuro/Black vinyl, grey cloth inserts; Estimate $621,765 – $759,935; Visually maintained, largely original 3 condition; Reserve; Hammered Sold at $573,406 plus commission of 10.00%; Final Price $630,746. – 1,987/180hp, 5-speed, woodrim steering wheel, tool roll, Cromodora centerlock alloy wheels, Michelin XWX tires, Ferrari Classiche Red Book certified. – Straight body panels and decent fits but indifferent older paint with masking holidays. Erratic chrome trim, and scraped wheels with painted-over pits and scrapes. Older upholstery and interior trim, a few wires hanging under the dash. Orderly but aged engine compartment. A driver’s Dino 206 GT, which is not, in the overall order of things, a bad thing. – The alloy body of the Dino 206 GT makes up in lower mass for what the 180hp 2-litre engine checks to the later 195hp 2.4-litre but steel bodied Dino 246 GT. Weighing (according to Ferrari) only 900kg the 206 GT had a weight/power ratio of 5:1 while the 1,080kg 246 GT’s was 5.5:1 and the lower mass of the 206 GT directly translated into better braking and handling. And that’s the major reason why 206 GTs are worth double what the more common 246 GTs are. Even at under the pre-sale low estimate, however, this is an expensive 206 GT for its condition, a price that should have bought a much better example and is a return to the 206 GT premiums of five years ago.
Lot # 10 1969 Ford GT40 Mk III Coupe; S/N GT40P1085; Gulf Blue, White stripes/Black leather; Estimate $2,487,060 – $3,039,740; Rebodied or re-created 3+ condition; Reserve; Hammered Sold at $3,150,276 plus commission of 10.00%; Final Price $3,465,304. – RHD. 302 Gurney-Eagle engine, four Weber carburetors, 479 dyno hp, ZF 5-speed, black centerlock alloy wheels, Dunlop Racing tires, driver’s door Gurney bump, two seats, Willans harnesses, Moto-Lita leather rim steering wheel, many spares – Represented as the last GT40 tub built and numbered by Ford Advanced Vehicles, purchased as a bare tub in 1969 and finally assembled using what are reported to be many original GT40 parts in 2009 (list included). Other old, used and corroded parts are included. Finally assembled from various sources forty years after its tub was built, neat and orderly but far from pristine. – There’s no legitimate question that this is a Ford GT40, yet it’s a GT40 that Ford didn’t build. It lives on in the GT40 Registry where its history is documented and it is unfair to the seller or the buyer to get hung up on where all the pieces came from. Just recognize it for what it is and realize that for a Ford-numbered GT40 tub it is eligible for pretty much every event for which a many times more expensive Le Mans winning GT40 is eligible. The actual decision is up to the successful (?) bidder, although optimism may have had some effect as the close of bidding loomed.
Lot # 11 1912 Paterson Model 35 30hp Touring; S/N Engine No. 6105; Engine # 6105; Blue/Black leather; Estimate $34,543 – $48,360; Older restoration 3- condition; With Reserve; Hammered Sold at $22,798 plus commission of 10.00%; Final Price $25,078. – RHD. 201/30 ALAM hp four, body color wood spoke wheels, Non-Skid tires, acetylene headlights, single right side spare, dual kerosene taillights. – Cracked, chipped old paint. Much of the chassis and components have been painted over deep old rust pits. Fluid residue on the engine. Some of the upholstery has been replaced in the past, the rest is even older and may be original. A little-known marque with an ancient restoration that is aged and used everywhere. – The Paterson is so little known that it almost escapes notice however Bev Kimes and Austie Clark gave it a complimentary writeup on the Standard Catalog. 30 ALAM horsepower is not to overlooked and the bidders here valued it appropriately for its potential performance, rarity and preservation, three “P’s” that are important.
Lot # 12 1910 Briton 2-cylinder 10/12hp Open 2-Seater; S/N 672; Engine # 810; Green, Black aprons/Black leather; Black leatherette top; Estimate $19,344 – $24,871; Older restoration 3- condition; Reserve; Hammered Sold at $21,416 plus commission of 10.00%; Final Price $23,558. – RHD. L-head 2-cylinder 12hp, maize wood spoke wheels, bulb horn, folding windshield, long flat rear deck looks like a pickup bed, acetylene headlights, kerosene sidelights, dual kerosene taillights. – Tired, chipped and cracked old paint. Cracked upholstery. Fair brass. A presentable and usable older restored car, with the emphasis on old. – It’s good to be a tiny “Beloved British Marque from Wolverhampton” in an online sale based in the UK as this result indicates.
Lot # 13 1906 CGV TC1 20hp Landaulet; S/N 3028; Green, Black accent, Brown leather mudguards/Black leather; Black leather top; Estimate $75,994 – $89,811; Older restoration 3+ condition; Reserve; Hammered Sold at $91,192 plus commission of 10.00%; Final Price $100,311. – 3.3 Litre/20hp L-head inline four-cylinder, single Zenith carburetor, 4-speed, Bleriot bullseye acetylene headlights, kerosene sidelights, luggage trunk, bulb horn, pullup side windows and division, dual kerosene taillights, body color wood spoke wheels, Michelin tires, speaking tube, jump seat. – One of only seven known surviving CGVs. Sound older paint, good brass, worn older upholstery. The rear compartment interior trim is elaborate and well-preserved. The engine compartment is clean and largely dry with full pans but some paint loss and age. A rather extraordinary survivor from a little-known but obviously high quality marque and elegant coachwork from an unknown builder. – An intriguing vehicle with luxurious formal coachwork that deserved special attention from the “Geared Online” bidders and got it. It will create its own stories when toured or displayed. There is a lot to be said for being a conversation-starter as well as encouraging a new generation of collectors to delve into the history of CGV and its three founders.
Lot # 14 1990 Porsche 962C Group C; S/N 962163; Engine # 956312; Blue, Orange, White “Repsol”; Estimate $1,105,360 – $1,658,040; Competition car, original as-raced 2- condition; Reserve; Hammered Sold at $953,373 plus commission of 10.00%; Final Price $1,048,710. – RHD. 3,164/740hp twin turbochargers, white center modular wheels, Goodyear tires. – 1988 works specification car built in 1990, Porsche-built engine. Raced by Brun only twice when new, both dnfs, then put away. Later owned by Group C collector Henry Pearman. Lightly aged but meticulously preserved. – While the 962C is a fabulously successful endurance and IMSA race car this one has only a peripheral relationship to the many successful cars. It sold on the basis of the model’s reputation and its performance not for any competition success, but reputation, performance and condition amply support this result.
It seems like with these small auctions, the houses putting them on are becoming more and more like “regular” special interest collector car dealers … less of an event, more of a routine offering of what’s in stock.
RC, do Gooding et al do these sales for a lower commission than their big, in-person events? Their costs must be far lower.
Commissions? There’s no one answer, but you’re right that the auctions tend to recognize the lower overhead of online sales with lower commission rates.
Gooding’s Geared Online (online only) auctions have a flat 10% commission while their other auctions have a split rate. London last September (at glamorous Hampton Court Palace) selling $45 million from only 15 lots offered, 14 sold had a split rate of 15% of the first £500,000 and 12% after that. Amelia 2020 was 12% of the first $250,000 and 10% after.
RM Sotheby’s also is a flat 10% on Online Only auctions. Amelia 2021 was 12% of the first $250,000 and 10% over that. The recent Milan sale was 15% of the first €200,000 and 12.5% over that.
Bonhams is even more specific. Their live Amelia auction was 12% of the first $250,000 and 10% over that. The Supercars sale at Los Angeles in April was a flat 8% recognizing both the lower overhead and the fact that most of the cars were well into six-figures.
The live auction in Paris was a flat 15%. The live/online “Legends of the Road” auction in London in February was 15% of the first £500,000 and 12% over that.
In general European and British auctions have higher buyer’s premiums, and higher transition amounts. My reports back out the effective commission rate on each transaction so, for example, the Bugatti Type 57 Cabriolet that Bonhams sold at Amelia for $1,200,000 hammer shows an effective commission rate of 10.4167% on the whole price. That’s commission of $30,000 on the first $250,000 and $95,000 on the remaining $950,000 hammer price = $125,000 + $1,200,000 = $1,325,000 all-in. $125,000 commission/$1.2 million hammer = 10.4167%.
You should read the convoluted formulas in my database that do these calculations. I created them two decades ago and cannot be trusted to revise them without totally screwing them up.