It’s a bit of a bittersweet love with classic and antique Ferraris. Not only are they gorgeous, seductive, and absolute icons in the world of motoring, but they’re so damn expensive, that by the time many of us are able to afford one at the prices they sell at today, they’ll probably be worth 10 times more than what they are now. And that’s sad because that basically means we’ll never be able to afford one…even if we perhaps rob a bank AND win the lottery.
Making an example of this insane price markup is the latest ultra-rare Ferrari to cross the auction block at RM Auctions, in partnership with Sotheby’s.
Meet the 1962 Ferrari 400 Superamerica SWB (short-wheelbase) Cabriolet, or by far, the mot expensive car to be sold at an auction, at $7,645,000, which outdoes the last record of $4,070,000 for a white Ferrari 400 Superamerica LWB (long-wheelbase) Coupe Aerodinamico at Gooding & Co’s Scottsdale auction.
But that’s not all as RM Auctions and Sotheby’s racked in a total of $53,887,585, setting a new record for a private automobile collection auction after all the lots sold. We’re in the wrong side of the car business for making money, that’s for sure.
Check out the press statement below.
THE MOST SIGNIFICANT SINGLE-VENDOR AUTOMOBILE COLLECTION SALE: RM SOTHEBY’S SELLS PRIZED PAUL & CHRIS ANDREWS COLLECTION FOR RECORD $53.9 MILLION
– RM Sotheby’s sale of the Paul & Chris Andrews Collection sets new record for a single-vendor automobile auction
– Top-seller: 1962 Ferrari 400 Superamerica SWB Cabriolet realizes an outstanding $7,645,000
– American Classics generate exceptional results led by a $4.18 million coachbuilt Packard
– 16 lots achieve individual million-dollar-plus results with numerous new auction benchmarks established
– RM Sotheby’s continues its 2015 calendar on May 23 with its Villa Erba auction during the Concorso d’Eleganza Villa d’Este weekend on the shores of Lake Como, Italy
– Full results available online at www.rmauctions.com
FORT WORTH, Texas (May 3, 2015) – RM Sotheby’s set a new record for a private automobile collection auction this weekend (May 2), generating a remarkable $53,887,585* with 100 percent of all lots sold at its sale of the Paul and Chris Andrews Collection in Fort Worth, Texas. The impressive results from the single-day, single-vendor sale reaffirm RM’s position as the market leader for private collection auctions.
The result of more than 15 years of dedicated and meticulous acquisition by the father and son team, the Andrews Collection is widely known and respected by the global collector community for its exceptional quality, diversity, presentation and historical significance. The weekend’s sale, staged as part of an effort to pare down the collection to a more manageable size, lifted the gavel on a total 78 vehicles and select memorabilia before a packed house. Strong results were recorded across all categories, with multiple spirited bidding contests and prices frequently exceeding their estimates. Reflecting the collection’s strong international reputation and RM Sotheby’s extensive global reach, bidders hailed from 16 countries, with one-third representing first-time clientele.
“It has been an absolute honor to work with Paul, Chris and their team, and to add the Andrews Collection to our portfolio of successful single-vendor sales,” says Ian Kelleher, Managing Director of RM Sotheby’s West Coast Division. “Paul and Chris have been such strong mainstays in the classic car industry over the past 15 years, and to see their extraordinary efforts and commitment to preserving automotive history rewarded with such fantastic results is hugely gratifying. The sale attracted tremendous interest from around the world, with 33 percent of bidders new to RM Sotheby’s. There is certainly no better introduction to the exciting world of collector cars than through the incredible offerings of the Andrews Collection.”
Top sale honors at the May 2 auction went to the sale’s cover car – the desirable covered headlight 1962 Ferrari 400 Superamerica SWB Cabriolet, chassis no. 3309 SA (pictured top), which led a string of 16 individual million-dollar-plus sales. The last of only seven examples bodied by Pininfarina, the Superamerica sparked a lively bidding contest in the room and on the phones, before eventually selling for a strong $7,645,000 to applause from the audience; the impressive result represents a new record for a the model at auction.
The seven-hour sale also established a new auction benchmark for American Classics, with a number of exceptional, coachbuilt examples well-exceeding expectations. Highlighting this segment was the striking 1934 Packard Twelve Individual Custom Stationary Coupe by Dietrich, chassis no. 901968 (pictured below), which soared past its high estimate to achieve an incredible $4,180,000 – a new world record for a Packard sold at auction. A 1938 Packard Eight Cabriolet with stunning one-off coachwork by Graber was also hotly contested, selling for $1,760,000.
In addition to the Packards, Duesenbergs also achieved great success, headlined by the sale of the ‘Ethel Mars’ 1935 Model SJ Town Car, J-553, for $3,630,000. A painstakingly restored 1931 Model J ‘Disappearing To ‘ Convertible Coupe, J-395, also drew fierce bids, selling for an above-estimate $3,520,000. Reflecting the incredible quality of the American Classics as a group, other notable sales included a 1931 Marmon Sixteen Convertible Coupe for $1,320,000; and a 1930 Cadillac V-16 Convertible Sedan for $1,925,000.
Kelleher adds, “At a time when Ferraris and post-war European sports and GT cars have dominated the classic car market, it is fabulous to see blue-chip American Classics enjoy the spotlight. The results speak for themselves and reflect the incredible quality of the Andrews Collection as a whole.”
Among a long list of additional highlights:
– an exquisitely-restored, matching-numbers 1959 Mercedes-Benz 300 SL Roadster, exceeded estimate at $1,842,500;
– a 1956 Ford F-100 Custom, commissioned for noted hot rod and racing enthusiast, Joe MacPherson, achieved a strong $374,000;
– a 1963 Chevrolet Corvette Sting Ray ‘Split Window’ Coupe realized a superb $253,000 against a pre-sale estimate of $80,000 – $110,000;
– the much publicized 2011 Custom Electric Motorcycle, a fully functioning recreation of the Tron: Legacy Motorcycle raced past its high-estimate at $77,000; and,
– select memorabilia highlights, including a Mercedes-Benz SSK Model for $52,900, and the ‘Pig Sandwich’ Neon Sign for $36,800, both achieved results well above expectations.
“The RM Sotheby’s team comprises a great group of professionals, and it has been a wonderful experience working with them over the past eight months,” said Paul Andrews following the sale. “From the cataloguing process to their global marketing, PR and client outreach, and onsite logistics and presentation, they exceeded our expectations at every step of the process, and we couldn’t be happier.”
Chris Andrews adds, “The RM Sotheby’s team has truly become an extended part of our family. In our minds, there is no one else who could’ve done such a great job and achieved such terrific results. Their attention to detail is second to none.”
RM Sotheby’s – The Andrews Collection Million-Dollar-Plus Sales
1. 1962 Ferrari 400 Superamerica SWB Cabriolet – $7,645,000
2. 1934 Packard Twelve Individual Custom Stationary Coupe – $4,180,000
3. 1935 Duesenberg Model SJ Town Car – $3,630,000
4. 1931 Duesenberg Model J ‘Disappearing Top’ Convertible Coupe – $3,520,000
5. 1963 Ferrari 400 Superamerica LWB Coupe Aerodinamico – $2,860,000
6. 1934 Packard Twelve Sport Coupe – $2,200,000
7. 1962 Shelby 289 Competition Cobra – $1,980,000
8. 1930 Cadillac V-16 Convertible Sedan – $1,925,000
9. 1959 Mercedes-Benz 300 SL Roadster – $1,842,500
10. 1938 Packard Eight Cabriolet – $1,760,000
11. 1962 Chevrolet Corvette “Gulf Oil” Race Car – $1,650,000
12. 1953 Aston Martin DB2/4 Drophead Coupe – $1,320,000
13. 1931 Marmon Sixteen Convertible Coupe – $1,320,000
14. 1955 Lincoln Indianapolis Exclusive Study – $1,210,000
15. 1955 Bentley R-Type Continental Sports Saloon- $1,127,500
16. 1934 Packard Twelve Individual Custom Convertible Sedan – $1,045,000
RM Sotheby’s continues its 2015 calendar, May 23 with its Villa Erba sale on the shores of Lake Como, Italy. The official auction of the Concorso d’Eleganza Villa d’Este, this exclusive evening auction will lift the gavel on a handpicked roster of 37 vehicles and two classic Riva boats.
To view full results from the Paul and Chris Andrews Collection sale, or for further information on upcoming events, including the Villa Erba digital catalogue, please visit www.rmauctions.com or call +1 519 352 4575.
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About RM Sotheby’s
RM Sotheby’s (formerly RM Auctions) is the world’s largest auction house for investment-quality automobiles. With 35 years’ experience in the collector car industry, RM’s vertically integrated range of services, from private treaty sales and auctions to estate planning, and financial services, coupled with an expert team of car specialists and an international footprint, provide an unsurpassed level of service to the global collector car market. RM proudly holds four of the top ten all-time records for the most valuable motor cars sold at auction. In February 2015, RM formed a strategic partnership with Sotheby’s, uniting the two companies for the full calendar of future automobile auctions. For further information, visit www.rmauctions.com.
*Results are listed in USD and are inclusive of 10 percent buyer’s premium for automotive lots and 15 percent buyer’s premium for memorabilia.
Source: RM Auctions
Photo Source: Darin Schnabel for RM Auctions