There’s plenty to smile about for Gooding & Co after Pebble Beach

Spearheaded by a brace of superb Ferrari 250 GTs that garnered a combined 31.65m dollars, Gooding & Company’s two-part 129.8m-dollar Pebble Beach sale proved the auction house’s highest grossing yet, painting a reassuring picture for the collector car market…

The Pebble Beach Concours d’Elegance’s official auction house sold 114 of its 137 lots in California, equating to a preliminary 83 percent sell-through rate – an impressive figure in the current market, though still some six percent lower than last year. 

Desirability in spades

On average, most lots sold at or below their lower estimates, supporting the HAGI index’s suggestion that buyers are more in tune with current market values than sellers. They’re also as discerning as ever when it comes to where they’re investing their money. The ‘best of breed’ examples that seldom come to market, though, such as the Alfa Romeo 8C 2300 Monza Roadster (11.99m dollars) and the alloy-bodied Ferrari 250 GT California Spider Competizione inevitably still sold very well. 

The stunning drop-top Ferrari is one of just nine alloy-bodied long-wheelbase California Spiders, and finished a remarkable fifth overall at the 1960 12 Hours of Sebring. After a lengthy bidding war, the hammer finally dropped at 16.5m US dollars – that’s 18.15m dollars including fees. Other Ferraris that achieved notable results included the 250 GT ‘SWB’ Competizione, which was sold for a well-below-estimate 13.5m dollars in a post-sale deal, the unusual Nocciola 275 GTB/4, which brought 3.245m dollars (incl. premium), and ‘one of the last great unrestored Ferraris’, the 1950 166 MM Berlinetta, which realised 5.445m dollars all in.

Very Important Provenance

On the contrary, there were bargains to be had, such as the Ferrari 512BBi at 313,500 dollars, the Maserati Ghibli Cup at just 27,000 dollars and the ultra-rare Porsche 964 Turbo ‘Flachbau’ at 1.1m dollars inclusive of fees – 300,000 dollars short of its lower estimate. As predicted, limited modern supercars performed well – the bright red Porsche GT2RS fetched 539,000 dollars, while the Mercedes CLK DTM AMG realised an impressive 407,000 dollars all in. 

Given its 24 Hours of Daytona win and, perhaps more significantly, its Paul Newman connection, the 1979 Porsche 935 sold well at 4.84m dollars, after a particularly exciting period of bidding. Several important cars failed to sell on the day, however, including the rather fabulous Porsche 550A Spyder, the steel-bodied Ferrari 250 GT  ‘SWB’ Lusso, and the Maserati 3500 GT Spider. 

Photos courtesy of Gooding & Co.

All the news from this year’s Monterey and Pebble Beach events can be found in our regularly updated overview.