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AUTOS
February 19, 2013 | By David Undercoffler
Tiny cars, big money. An auction over the weekend saw a world-record auction price paid for a microcar. RM Auctions sold the car, a 1958 F.M.R. Tg 500 Tiger, for $322,000, including commission. In all, more than $9.1 million worth of tiny automobiles and related memorabilia were sold over the two-day event. As indicated by the name, microcars are the smallest autos on the road, and were more popular in post-war Europe than they were in the U.S. The cars usually seat only one or two people, ride on three or four wheels, and are powered by engines as small as one cylinder.
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AUTOS
March 12, 2014 | By David Undercoffler
The classic car market continued to cruise in high gear over the weekend at the annual Amelia Island Concours d'Elegance. Nearly $67 million worth of rare machinery changed hands at auction while a pair of lesser-known, ultra-rare marques took home the show's most prestigious trophies. The Amelia concours event has been held on the Florida island every year since 1996, and has donated over $2.25 million to charity in that time. Although not quite on par with the Pebble Beach auto week held in August, the Amelia event is considered one of the more prestigious classic car shows in the U.S. This year, attendance grew to more than 29,000 people -- up from 25,000 in 2013 -- and featured 325 cars on display during the show, organizers said.
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BUSINESS
August 20, 2012 | By Jerry Hirsch and David Undercoffler, Los Angeles Times
PEBBLE BEACH, Calif. - The return of European bidders and an impressive lineup of cars helped the major collector-car auctioneers set a record for sales at this year's splashy Concours d'Elegance auto show. The five auction houses that participated in the annual auto festival sold a combined $260 million of vehicles last weekend, up 31% from the previous record of $198 million set last year, according to Hagerty Insurance, which tracks collector-car prices. The rapid growth in these auction sales, even in a sluggish economy, demonstrates that wealthy individuals are considering "classic cars in the way that they see fine art. It is something they can see and use and add to their investment portfolio," said Shelby Myers, managing director RM Auctions' California business.
AUTOS
January 21, 2014 | By David Undercoffler
Sales of Ferraris, Corvettes and a McLaren race car helped set a record at Arizona's annual Scottsdale classic car auctions. Nearly $249 million worth of rare chrome and red-blooded horsepower changed hands. This year's sales marked an 11% jump over last year's $224 million, according to Hagerty Insurance, which values, tracks and insures classic cars. A total of 2,321 vehicles were sold during the week. The auctions, which varied from a single-day event to a nearly weeklong extravaganza, concluded Sunday.
AUTOS
March 11, 2013 | By David Undercoffler
It was a busy weekend in Amelia Island, Fla., as almost $55 million in classic cars found new homes. The weekend marked the 18th annual Amelia Island Concours d'Elegance, a highlight in the world of classic car shows. RM Auctions, the official auction house of the event, and Gooding & Co. each hosted auctions in which world records were set. The highlight of the weekend for RM was the $4.5 million sale of a 1935 Duesenberg SJ Walker-LaGrande Convertible Coupe. The car was only one of three ever made, and the only model with a supercharger.
AUTOS
May 29, 2013 | By David Undercoffler
The already hot classic Ferrari market got even more robust over the weekend, with a rare 1953 race car selling for nearly $13 million, including buyer fees. The car sold at an annual auction Saturday held by RM Auctions in Villa d'Este, Italy, on Lake Como. The Ferrari, one of three built and entered in the 1953 24 Hours of LeMans, has a name as long as its price tag: 1953 Ferrari 340/375 MM Pinin Farina Berlinetta 'Competizione.' The auction was part of the annual classic car weekend focused around the prestigious Concorso d'Eleganza Villa d'Este, a car show rivaled only by the Pebble Beach Concours d'Elegance in stature.
BUSINESS
April 8, 2012 | By Jerry Hirsch, Los Angeles Times
The gig: David Gooding, 45, is president and founder of Gooding & Co. in Santa Monica, which sells classic cars - from antiques such as a 1912 Model T Speedster to hot sports cars such as a 1973 Porsche 917/30 Can-Am Spyder - typically at auctions. Hot market: "We have seen extraordinary prices and growth in our market," he said. "It is not just a few buyers driving the price up but rather many buyers from all over the globe. " Gooding's company sold 297 collector cars last year, averaging $441,218 each.
AUTOS
February 14, 2013 | By David Undercoffler
Martyn Donaldson leans hard against the hulking 1948 Tucker 48 and rolls it out of his small restoration shop in Pacoima. Although the color on its build sheet is listed as maroon, the midafternoon sun reveals a metallic luster in the showroom quality paint job. Electric raspberry, Donaldson calls it. This Tucker 48, just the third in a total run of 51, has spent the better part of three years at Donaldson's shop. The Tucker expert thoroughly restored the car's engine and electrical system, and installed a new transmission and interior.
AUTOS
January 21, 2014 | By David Undercoffler
Sales of Ferraris, Corvettes and a McLaren race car helped set a record at Arizona's annual Scottsdale classic car auctions. Nearly $249 million worth of rare chrome and red-blooded horsepower changed hands. This year's sales marked an 11% jump over last year's $224 million, according to Hagerty Insurance, which values, tracks and insures classic cars. A total of 2,321 vehicles were sold during the week. The auctions, which varied from a single-day event to a nearly weeklong extravaganza, concluded Sunday.
AUTOS
August 19, 2013 | By David Undercoffler
The high-dollar classic car market continued its cruise in the fast lane during Monterey Car Week, with a record $301.9 million in rare vehicles selling at auction. Five auction companies sold 726 cars during the annual weeklong gathering of car fans in Monterey, Carmel, and Pebble Beach. The total value of all vehicles sold was up 14% over 2012, according to Hagerty Insurance, which tracks classic car values. “These auction companies are good at finding the cars that they think will fit the audience,” said McKeel Hagerty, founder of Hagerty Insurance.
AUTOS
October 4, 2013 | By David Undercoffler
Ringo Starr may have gotten by with a little help from his friends, but he got around with a little help from his cars. One of which is now headed to auction. Bonhams auction house announced Thursday that it will be selling Starr's 1964 Facel Vega Facel II at a London auction on Dec. 1. The car is estimated to sell for $485,000 to $566,000. "As Ringo drove this car, he would have listened on the car radio to the Beatles' total domination of the pop charts," said Sholto Gilbertson, a director in the Bonhams collector car department.
AUTOS
September 13, 2013 | By David Undercoffler
It's a scenario we've all encountered. One beautiful woman is chasing you in a helicopter, while another sits next to you in your brilliant white Lotus Esprit. The bullets are flying, the road is ending, and somehow you, James Bond, need to get yourself out of this sticky situation in one piece. So you drive the car off the nearest dock into the drink. Such was the scene in the 1977 film "The Spy Who Loved Me," starring Roger Moore and a unique Lotus that transformed into a functioning submarine.
AUTOS
August 19, 2013 | By David Undercoffler
The high-dollar classic car market continued its cruise in the fast lane during Monterey Car Week, with a record $301.9 million in rare vehicles selling at auction. Five auction companies sold 726 cars during the annual weeklong gathering of car fans in Monterey, Carmel, and Pebble Beach. The total value of all vehicles sold was up 14% over 2012, according to Hagerty Insurance, which tracks classic car values. “These auction companies are good at finding the cars that they think will fit the audience,” said McKeel Hagerty, founder of Hagerty Insurance.
AUTOS
August 17, 2013 | By David Undercoffler
A rare Ferrari, Mercedes-Benz and Bentley attracted the highest winning bids Friday night as key auctions at Monterey's Classic Car week revved into gear. More than $86.2 million worth of cars changed hands over the course of the evening, according to Hagerty Insurance. The biggest prize of the night was a 1953 Ferrari 375 MM Spider, which RM Auctions sold for $9.08 million, including commission, according to Hagerty. The small, brilliant red race car is one of only 12 known to exist and has been owned by one family since 1968.
AUTOS
August 7, 2013 | By David Undercoffler
Happiness may be impossible to put a value on, but exclusivity comes with a firm price. That much will be evident next weekend at Pebble Beach, as an ultra-rare 1967 Ferrari 275 rolls across the auction block. The car is one of only 10 ever made, according to RM Auctions, which will put it up for bidding on Saturday, Aug 17. Officially known as a 275 GTB/4*S N.A.R.T. Spider, such exclusivity has pushed the car's pre-sale estimate to between $14 million and $17 million, including commission.
AUTOS
May 29, 2013 | By David Undercoffler
The already hot classic Ferrari market got even more robust over the weekend, with a rare 1953 race car selling for nearly $13 million, including buyer fees. The car sold at an annual auction Saturday held by RM Auctions in Villa d'Este, Italy, on Lake Como. The Ferrari, one of three built and entered in the 1953 24 Hours of LeMans, has a name as long as its price tag: 1953 Ferrari 340/375 MM Pinin Farina Berlinetta 'Competizione.' The auction was part of the annual classic car weekend focused around the prestigious Concorso d'Eleganza Villa d'Este, a car show rivaled only by the Pebble Beach Concours d'Elegance in stature.
AUTOS
January 21, 2013 | By David Undercoffler
Five days, $223.8 million. That's the final tally from the classic and collector car auctions that concluded Sunday night in Scottsdale, Ariz. The annual event draws hundreds of thousands of car fans who buy, sell and watch the auctions held by firms such as Barrett-Jackson, Gooding & Co. and RM Auctions. This year, the sales reflect a 21.7% increase from the $183.9 million in vehicles sold in 2012. Notable sales include $4.6 million for the original George Barris Batmobile from the 1960s ABC TV series, and $1.1 million for the first production 2014 Chevrolet Corvette Stingray.
BUSINESS
January 22, 2013 | By David Undercoffler, Los Angeles Times
A pair of classic Ferraris sold for more than $8 million apiece. The original Batmobile fetched more than $4.6 million. A racing Porsche from 1959 brought in $3.1 million. At a series of Arizona classic car auctions last week, these and hundreds of other cars sold for an average of more than $100,000 - a big jump over the average of about $85,000 last year, according to Hagerty Insurance Agency, which insures and tracks values of classic cars. The total take for the auctions in Scottsdale and Phoenix jumped 22% from last year, to nearly $224 million.
AUTOS
March 11, 2013 | By David Undercoffler
It was a busy weekend in Amelia Island, Fla., as almost $55 million in classic cars found new homes. The weekend marked the 18th annual Amelia Island Concours d'Elegance, a highlight in the world of classic car shows. RM Auctions, the official auction house of the event, and Gooding & Co. each hosted auctions in which world records were set. The highlight of the weekend for RM was the $4.5 million sale of a 1935 Duesenberg SJ Walker-LaGrande Convertible Coupe. The car was only one of three ever made, and the only model with a supercharger.
AUTOS
February 19, 2013 | By David Undercoffler
Tiny cars, big money. An auction over the weekend saw a world-record auction price paid for a microcar. RM Auctions sold the car, a 1958 F.M.R. Tg 500 Tiger, for $322,000, including commission. In all, more than $9.1 million worth of tiny automobiles and related memorabilia were sold over the two-day event. As indicated by the name, microcars are the smallest autos on the road, and were more popular in post-war Europe than they were in the U.S. The cars usually seat only one or two people, ride on three or four wheels, and are powered by engines as small as one cylinder.
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