Press Release

Up 44%, Gooding & Company reports more than $189 million and 45 world records from its 2012 automotive auction sales

SANTA MONICA, Calif. (October 3, 2012) – Gooding & Company, the auction house acclaimed for selling the world’s most significant and valuable collector cars, is pleased to report its 2012 year-end sales of more than $189.6 million for 296 lots sold, averaging $640,635 per car. The 2012 year-end total is 44% higher than last year’s results for the same number of cars sold, a significant increase that demonstrates the rising demand for extraordinary cars as well as the quality presented by the auction house.

“Our 2012 auctions attracted an unprecedented level of international spectators and new collectors, which shows us that there continues to be a growing demand all over the world for blue chip cars,” says David Gooding, President and Founder. “I anticipate an even greater sophistication among buyers and sellers in 2013, greater appreciation for historic, pre-war cars and more interest in post-war European sports cars in our thriving, global community.”

The auction house’s top two record-breaking sales this year were the 1936 Mercedes-Benz 540 K Special Roadster that sold for $11,770,000, a double world record for a Mercedes-Benz and a pre-war car at auction, and the 1960 Ferrari 250 GT LWB California Spider Competizione that sold for $11,275,000, a world record for a Ferrari California Spider at auction. Both cars were sold at the Pebble Beach Auctions in August, in association with the Pebble Beach Concours d’Elegance, the world’s premier car show, and also rank as the world’s top two most valuable cars sold at auction in 2012, to date.

Summary of world records Gooding & Company realized 45 world auction records in 2012 for a variety of blue chip collector cars, heavily weighted by post-war examples of Ferrari and Porsche. Ten records were realized for historic pre-war automobiles of the marques Mercedes-Benz, Bentley, Packard, and Duesenberg.

Summary of cars sold over $1 million An all-time high for the auction house as well as the automotive auction industry, Gooding & Company sold 41 cars over $1 million each this year compared to 27 cars in 2011. The top five sales ranged from $6.05 million to $11.77 million, constituted by the 1936 Mercedes-Benz 540 K Special Roadster, 1960 Ferrari 250 GT LWB California Spider Competizione, 1957 Ferrari 250 GT LWB California Prototype, 1955 Ferrari 857 Sport and 1928 Bentley 4 ½ Litre Le Mans Sports “Bobtail”.

Cars for Charity Gooding & Company has auctioned off more than $30 million in collector cars over the years benefitting charities that impact various causes and foundations around the world. Its highest profile charity moment this year occurred in August at the Pebble Beach Auctions when Gooding & Company auctioned Jay Leno’s personal 2012 Fiat 500 Prima Edizione to raise money for Fisher House Foundation. The first-edition Fiat 500, valued between $25,000–$35,000 according to auction estimate, realized an extraordinary final price of $385,000 and attracted an additional $215,000 of charitable contributions, resulting in $600,000 in fundraising for the foundation. United States Secretary of Defense the Honorable Leon Panetta and Chief of Staff of the United States Army General Raymond Odierno joined Jay Leno as special guests on stage with David Gooding and Auctioneer Charlie Ross in support of the foundation.

Scottsdale Auctions, January 20 & 21

  • $39,833,900 total sold including a 10% buyer’s premium

  • 116 of 118 lots sold

  • 98% sales rate

  • Average price per car sold: $343,395

  • 13 world records

Its most successful Scottsdale Auctions to date, Gooding & Company sold $39.8 million at its January two-day sale with 98% sold and 13 world records realized by top-of-category cars. For the fifth consecutive year, Gooding & Company sold the most valuable car of the week, a 1955 Mercedes-Benz 300 SL Alloy Gullwing for $4.62 million, realizing a double world record for a 300 SL and an Alloy Gullwing. Collectors also demonstrated strong demand for the six exceptionally-restored Packard Twelves from the Thomas A. Moretti Estate Collection, which collectively realized $2.662 million. As an important barometer for the industry, these successful Scottsdale results set a strong tone and pace for the year.

Amelia Island Auction, March 9

  • $36,057,800 total sold including a 10% buyer’s premium

  • 70 of 77 lots sold

  • 91% sales rate

  • Average price per car sold: $515,111

  • 11 world records

In Amelia Island, attention was on the Porsche marque when Gooding & Company offered the exceptional Drendel Family Collection. The renowned Porsche collection included seventeen iconic road models and sports racing cars that collectively sold above $17.7 million, realizing nine of the auction’s 11 overall world records. The top-selling lot of the Amelia Island weekend was the Drendel Family Collection’s 1973 Porsche 917/30 Can-Am Spyder that sold for $4.4 million. A 1955 Porsche 550/1500 RS Spyder also sold for $3.685 million, a world auction record for a Porsche 550 Spyder. Gooding & Company’s one-day, $36 million Amelia Island Auction made a significant impact on the industry as an important venue for the high-end market among both US and European collectors.

Pebble Beach Auctions, August 18 & 19

  • $113,736,300 total sold including a 10% buyer’s premium

  • 110 of 123 lots sold

  • 89% sales rate

  • Average price per car sold: $1,033,966

  • 21 world records

The highest, all-time recorded sale in automotive history, Gooding & Company’s Pebble Beach Auctions were tremendously successful this year with more than $113.7 million in sales for 110 lots sold over two days, averaging $1,033,966 per car. With values at an all-time high for the very best, the auction house sold two cars over $11 million each and five cars over $6 million each. Significant offerings for enthusiasts who seek rare provenance, the Sherman M. Wolf Collection of four Ferraris collectively realized $21.5 million and the William A.C. Pettit, III Collection of 12 unrestored Classics realized more than $4 million overall.

Looking forward to 2013 Gooding & Company will be conducting its annual Scottsdale Auctions on January 18 and 19 at Scottsdale Fashion Square, located at the corner of E. Camelback Road and N. 68th Street. Early star consignments include the 1957 Maserati 150 GT Prototype valued in excess of $3 million, a 1938 Bugatti Type 57C Atalante, 2003 Ferrari Enzo and 1995 Ferrari F50. The next annual Amelia Island Auction will take place on March 9 in Amelia Island, Florida and Pebble Beach Auctions will be held on August 17 and 18 in Pebble Beach, California.