Pinnacle Portfolio sells for $75.4 million to become world's most valuable car collection
The Pinnacle Portfolio has been auctioned and as forecast, the collection has become the most valuable single owner automobile collection ever sold at auction, selling for US$75.4 million and breaking numerous world records for individual models.
The $75 million total well exceeded the $53.9 million total of the Andrews Collection, the Pratte Collection ($40.4 million), the Milhous Collection ($38.3 million), the Otis Chandler Collection ($36.1 million) and the barnfind Baillion Collection ($28.5 million).
This figure was achieved even though three of the the most valuable cars in the collection failed to meet reserve and were passed in (unsold). The 1960 Ferrari 250 GT SWB Berlinetta Competizione, which had the highest expectations of any cars in the auction, had a high bid of $13,250,000, while the 1959 Ferrari250 GT LWB California Spider, which was estimated to sell for between $9,000,000 and $11,000,000, was passed in with a high bid of $8 million, and the 1955 Mercedes-Benz 300 SL Alloy Gullwing was also passed in.
Surprisingly, though the Gullwing had been estimated to sell for between $5.5 and $6.5 million, the high bid of $4.5 million would have exceeded the $4,620,000 world record for the model at auction with the 10 percent buyers commission included. Such is life in the bullish collector car marketplace of today.
Twelve of the 22 cars that sold set new records for their respective models.
Lot 101 - 1993 Jaguar XJ220
Estimate: $275,000 - $375,000
World Record Auction Price prior to today: $309,610 (£247,500)It was always going to be one of the "steals" of the auction. The XJ220 was the world's fastest production car for a 12-month time-frame before being comprehensively gazzumped by one of the greatest cars of all time: the McLaren F1. The global recession of that time, and the announcement of the even-more-limited-edition Jaguar Sport XJR-15 caused the retail price of the XJ220 to fall by 75 percent and even then it took some time for the curtailed production run to all to be sold. This was a circumstantial injustice because the XJ220 is an awesome car. It uses the same naming protocol as the Jaguar SS100 and XK120, which used the car's top speed in its model designation.
The XJ220 had been targeted at a 220 mph (354 km/h) top speed, though the best it achieved under clinical conditions was 217 mph (349 km/h) on the circular Nardo circuit in Italy, which equates to 223 mph (359 km/h) on a flat, straight road. When the McLaren F1 ran 231 mph (372 km/h) in 1993, the Jaguar XJ220 quickly became old news, but aficionados are still getting a bargain basement investment, as the XJ220 was a fantastic car and held the Nürburgring Nordschleife production lap record until 2000 (7:46.36).
A car that holds the Nürburgring lap record has no obvious weaknesses. History will judge, but I suspect the XJ220 is due for considerable price appreciation once it gains some historical perspective as only 281 were ever made. This particular car is quite literally in mint condition with only 1,751 miles (2,818 km) from new. We agree wholeheartedly with the auction description which states "exceptional value and investment potential" and some credit must also be given to the curator of this collection. Whomever chose these cars did so with a keen eye for driving perfection and this is one of the cheapest cars in the collection. With a few years of aging, the XJ will definitely become one of the first seriously priced collector cars of its generation – it was just terribly unfortunate to live in the shadow of the McLaren F1 and to go to market in the midst of a global recession.
Sold for $462,000, being a new world record for the model
Lot 102 - 1988 Porsche 959 "Komfort"
Estimate: $1,000,000 - $1,300,000
World Record Auction Price prior to today: $1,705,000
Another car which held the title of the world's fastest production road car, but the 959's significance was far greater in many respects as it was also the first four-wheel drive Porsche road car and contained myriad innovations that are still used on Porsche's models to this day. What the F1 Mclaren was to the nineties, the 959 Porsche was to the eighties: the most technologically advanced, mold-breaking supercar of its era. Only 337 cars were built, including 37 prototypes and pre-production models and each and every one of them will become superb long-term investments, regardless of occasional market corrections. Still a bit too recent to be commanding "silly money" just yet, and at $1.21 million, well bought.
Sold for $1,210,000
Lot 103 - The Pope's 2005 Ferrari Enzo
Estimate: $4,000,000 - $6,000,000
World Record Auction Price prior to today: $1,925,000
As an RM spokesperson prefaced the answer to a question we posed on this car, "apart from the potential comedic aspect", it is difficult to wrap one's head around the Pope owning a Ferrari. It came about when Ferrari gifted the 400th and final Enzo built to his Holiness Pope John Paul II, knowing it would almost certainly be sold for charity, but ... we're an Italian car company and .... The 10-year-old car has been driven just 111 miles (179 km) from new and is as desirable a specimen of the breed as it's possible to get. It is however, the Papal provenance and blessing of the car which is the X-factor in this sale.
The involvement of "faith" leads people to do many irrational things and auction prices bear this out. A 1999 Volkswagen Golf owned by Cardinal Ratzinger went on to sell for $244,000 when the good Cardinal got a promotion to become Pope Benedict XVI, but this pales beside the price achieved by a standard 2013 Harley-Davidson Dyna Super Glide (with a street value of around $12,000) which sold for €241,500 (US$330,938) at Bonhams’ Les Grandes Marques du Monde sale in Paris last year.
This car was hence a "sure thing" in racetrack parlance, to set a world record for the model, which it did, more than tripling RM-Sotheby's own world record for the model of $1,925,000 set last year at Monterey.
Sold for $6,050,000, being a new world record for the model
Lot 104 - 1967 Toyota 2000GT
Estimate: $1,000,000 - $1,300,000
Released at the 1965 Tokyo Motor Show, the Toyota 2000GT broke new ground and signalled the coming of the Japanese car market for enthusiasts for the first time. Produced in very limited quantities for a Japanese car (just 351 units), it was the first Japanese road car to break the million dollar barrier and is still the most sought-after Japanese collector car of them all. They're also very closely held. Very few 2000GTs have ever gone to public auction with only two ever crossing the block prior to very recent times: a 1967 model at Bonhams & Butterfield's Pebble Beach auction in 2001 which sold for $140,000, and a Hershey auction by Brooks in October 2000 where a 1967 model sold for $151,000. A decade later there was a flurry of activity and the price of a well restored Toyota 2000GT jumped clearly into the seven figure domain during 2013 and 2014, though the two sales so far this year indicate it has dipped below the seven figure mark again. This is a list of all recent results.
Sold for $825,000
Lot 105 - 1971 Lamborghini Miura P400 SV
Estimate: $2,200,000 - $2,600,000
World Record Auction Price prior to today: $2,310,000
Named after Don Eduardo Miura Fernández, the legendary breeder of fierce Spanish fighting bulls, the Miura was the very embodiment of the "supercar" moniker when it was first shown to a stunned public in March, 1966 at the Geneva Salon. Many people still see the Miura as THE original supercar. Its sinuous body was penned by Bertone designer Marcello Gandini, who was just 22 years of age at the time. Prior to the arrival of the Miura in 1967, sports cars offered high levels of performance and handling but the Miura was the first to be built around the criteria that define our modern concept of the supercar – outrageous speed and jaw-dropping design, technical innovation, and a wallet-wilting price tag to which only the wealthiest could aspire.
Across the entire Miura model run from 1966 to 1973, just 764 were built, but only 148 of the SV model were built, and this car was a good chance to set a new record price for the model. The current record price for a Miura at auction is $2,310,000 set at Amelia Island in March (2015) by a 1971 Lamborghini Miura SV, one of only two Miura's that have bested the $2 million barrier (the other being a 1971 SV which sold for $2,090,000 in Monterey last year). Miura's are certainly appreciating in value though and a 1971 Miura SVJ fetched $1,897,500in the Scottsdale auctions of January this year. This car was last seen at auction at Scottsdale, 2012 when Gooding & Co. sold it for $1,100,000.
Sold for $2,475,000, being a new world record for the model
Lot 106 - 1995 Ferrari F50
Estimate: $1,600,000 - $2,000,000
World Record Auction Price prior to today: $1,677,500 (Monterey, 2013)
The Ferrari F50 is as close to a Formula One car for the road that has been produced, having a mid-mounted 4.7 liter engine developed from the 3.5 liter V12 used in the 1990 Ferrari 641 Formula One car, AND a removable hardtop, so both driver and passenger can listen to the 520 metric horses unattenuated. Only 349 cars were made.
Sold for $1,980,000, being a new world record for the model
Lot 107 - 1998 McLaren F1 'LM-Specification'
Estimate: Unofficially quoted at "more than $12,000,000"
World Record Auction Price prior to today: $8,470,000 (Pebble Beach, 2013)
The McLaren F1 is almost certainly destined for the same sort of superstardom as the Ferrari GTO on the auction block, being the most significant supercar of the modern era. The rationale behind this statement is clearly elaborated on in our top 100 cars article, but it boils down to its naturally-aspirated motor (still the fastest, non-forced-induction car ever), pioneering composite construction, drivability and racetrack success ad infinitum. The most valuable McLaren F1 of all will be the LM, because there were only five ever made (the Sultan of Brunei bought two of them). This car is exceptional because, although it was the second-last road-spec F1 built, it was one of just two cars upgraded by McLaren Special Operations with an LM-spec engine. This means it retains its luxury interior and all modern conveniences, including satnav and the Extra High Downforce Package plus a Le-Mans-winning engine.
Sold for $13,750,000, being a new world record for the model
Lot 108 - 1956 Porsche 356 A 1600 Speedster by Reutter
Estimate: $270,000 - $320,000
World Record Auction Price prior to today: $1,211,020 (€840,000) Monaco, 2014
Sold for $330,000
Lot 109 - 1955 Mercedes-Benz 300 SL Alloy Gullwing
Estimate: $5,500,000 - $6,500,000
World Record Auction Price prior to today: $4,620,000
One of only 29 aluminum-bodied examples of the famous Gullwing, this car also features the desirable Sonderteile motor, sports suspension, and Rudge wheels, all fitted new at the factory. This car was formerly owned by Swiss industrialist Rene Wassermann and Pennsylvania State Senator Theodore Newell Wood, has been restored by world-renowned specialist Kienle Automobiltechnik.
High bid: $4,500,000 hammer, passed in (did not sell), though the high bid plus buyers commission would have exceeded the world record had it been accepted.
Lot 110 - 1996 Porsche 911 Carrera RS 3.8
Estimate: $350,000 - $450,000
World Record Auction Price prior to today: Unavailable
Sold for $550,000
Lot 111 - 2006 Bugatti Veyron 16.4 "001"
Estimate: $1,800,000 - $2,400,000
World Record Auction Price prior to today: $1,375,000
The first. The original. Do not underestimate the significance of this car. Long from now, they'll still be writing about it. Shoehorn this car into a safe deposit box and sit on it for a few decades and it WILL outperform any other investment you can make. The owner of the Pinnacle Portfolio is apparently selling his lesser cars to seek a smaller collection of more significant cars. That this car has sold for this price clearly indicates he's not concerned about money or the rapidly appreciating value of investments. Madness!
Sold for $1,815,000, being a new world record for the model
Lot 112 - 2012 Bugatti Veyron 16.4 Super Sport "300"
Estimate: $2,500,000 - $3,000,000
World Record Auction Price prior to today: $3,190,000
They don't come much more exclusive than this. It's #300 of the 300 Veyron coupes built, and one of just eight US-specification Veyron 16.4 Super Sports built. It produces 1,200 horsepower and has a top speed of 258 mph (415 km/h), and was displayed by Bugatti at the 2015 Geneva Motor Show. With only 308 miles (496 km) from new on the odometer, it comes with a unique pre-owned warranty from Bugatti Certified, including two years of service and a set of complementary tires.
Sold for $2,310,000
Lot 113 - 1964 Ferrari 250 LM
Estimate: more than $15,000,000
World Record Auction Price prior to today: $14,300,000Fifty years ago, an LM won the race it was built to win (the 24 Hours of Le Mans, hence the name), becoming the last Ferrari to do so. Despite an extensive and very chequered (in a good sense) race history, this car has never had a major bingle and retains all of its original mechanical components. Formerly part of the Matsuda Collection, Ferrari Classiche certified, and shown at the 1964 and 1966 Earls Court Motor Shows, this "weapons-grade Ferrari", as the beautifully presented Pinnacle Portfolio catalogue terms it, ticks all the boxes.
Only 32 LMs were ever built, combining beautiful balance and handling with a 3,286 cc aluminum V12 producing 320 hp. LMs rarely go to auction, and those that do have made the top 10 global annual prices every time going back for two decades.
The world record price for a Ferrari 250 LM of $14,300,000 was set in New York at RM-Sotheby's Art of the Automobile auction in November, 2013 and a second 250 LM sold for $11,550,000 at Pebble Beach last year, with another 250 LM selling for $9,625,000 in Scottsdale earlier this year, so this car could potentially give the model three entries in the top 20 most valuable cars ever sold.
Cars like this rarely come to auction, with previous million dollar sales of the 250 LM fetching $7,014,433 (Maranello, Italy, May, 2008), $3,674,680 (London, U.K., October, 2008) and the three previous occasions are so long ago that auction internet links never existed: $2,310,000 (Lot 249) at RM's Amelia Island auction in March, 2000; $2,147,500 (Lot 24) at Christie's Pebble Beach auction in 1999 and $1,797,334 (Lot 172) at a Bonhams & Brooks auction in Gstaad, Switzerland in December 1998.
Sold for $17,600,000, being a new world record for the model
Lot 114 - 2005 Mercedes-Benz SLR McLaren
Estimate: $300,000 - $400,000
World Record Auction Price prior to today: $412,500
A collaboration between Mercedes-Benz and McLaren, this 617 hp Mercedes-Benz SLR McLaren has spent most of the last decade in the world-renowned Petersen Museum and has travelled just 134 miles (216 km) from new.
Sold for $495,000, being a new world record for the model
Lot 115 - 2008 Lamborghini Reventón
Estimate: $1,400,000 - $1,800,000
World Record Auction Price: this is the first Reventon to sell at auction
When new the V-12 Reventon heralded Lamborghini's introduction into the ultra-exclusive limited-production supercar market and carried a list price of $1.3 million. This car was the seventh of just 20 examples produced, and has travelled less than 900 miles (1,450 km) from new.
Sold for $1,375,000, setting an inaugural world record for the model
Lot 116 - 1994 Ferrari F40 LM
Estimate: $2,000,000 - $2,500,000
World Record Auction Price prior to today: $2,200,000 (Quail Lodge, 2014)
The F40LM is radically updated over the road going F40, being lighter and much more powerful with 720 hp. This car is the 18th example of 19 produced, one of just two with the pushrod/rocker arm suspension and the only example in private ownership. It is, as the auction description reads, "quite possibly the finest surviving example and perhaps the most original in existence."
Sold for $3,300,000, being a new world record for the model
Lot 117 - 2005 Maserati MC12
Estimate: $1,500,000 - $1,900,000
World Record Auction Price prior to today: $2,202,580 (€1.27million, Coys, Monaco, 2008)
Based on the Ferrari Enzo, the Maserati MC12 has a GT racing pedigree and only 50 examples were built. This car has had just two owners and has covered 478 miles (770 km) from new.
Sold for: $2,090,000
Lot 118 - 1959 Ferrari 250 GT LWB California Spider
Estimate: $9,000,000 - $11,000,000
Our comments: Sold new in 1959 to Prince Alvise Hercolani of Bologna, this car (1307GT) was one of 50 LWB California Spiders built by Ferrari. After six months of ownership, Hercolani sold the car to German F1 driver Wolfgang Seidel, and the ownership lineage is fully recorded to 1999 when the car underwent a complete resoration at Carrozzeria Autosport, Bacchelli & Villa in Italy. In 2004, the car was stripped to its bare metal and refinished in dark blue with silver hardtop, the same colors it sported during Seidel’s ownership.
The car was shown at the Meadow Brook Concours d’Elegance in 2005 and the 2008 Pebble Beach Concours d’Elegance before another $115,000 was invested to take it to Ferrari Club of America Platinum award-winning standards. Ferrari specialist Greg Jones was commissioned for a complete motor and suspension rebuild, and the entire car was detailed to concours standards before being shown at the Cavallino Classic in 2011. At this time, the car was certified by Ferrari Classiche and confirmed to be matching numbers throughout.
High bid: $8,000,000, passed in (did not sell)
Lot 119 - 2005 Saleen S7 Twin Turbo
Estimate: $350,000 - $500,000
World Record Auction Price prior to today: $297,000
Sold for $682,000, being a new world record for the model
Lot 120 - 1972 Ferrari 365 GTB/4 Daytona Spider
Estimate: $3,000,000 - $3,500,000
World Record Auction Price prior to today: $3,300,000
The highest priced of six Ferrari 365 GTB/4 Daytonas up for grabs at Monterey this year, but the only Spider amongst them, and hence valued at three times the Berlinetta's price – one of the reasons so many people have cut the top off their 365s over the years. There were only 121 genuine Daytona Spiders made, and it was in an identical car to this that Raul Julia ripped off the rear view mirror and delivered one of cinema's most memorable lines in The Gumball Rally (1976): “And now, my friend, the first rule of Italian driving ... what’s behind me is not important.”
Numerous high profile celluloid appearances and awards boosted the legend of the 365, but for genuine bad boy street cred, the pinnacle was the car's win in the underground across-America street race known as the Cannonball Baker Sea-To-Shining-Sea Memorial Trophy Dash.
Driven by F1 driver Dan Gurney and journalist Brock Yates, the car covered the NY-LA distance of 2,876 miles (4,628 km) in 35 hours 54 minutes for an 80.1 mph (129 km/h) average. Gurney's famously quipped, "we never once exceeded 175 miles per hour."
Correct in every way (matching numbers, books, tools), this 365 GTB/4 Daytona Spider was US-delivered and factory-fitted with air conditioning and Borrani wire wheels. The world record price for a 365 Daytona Spider at auction was set by RM in Scottsdale earlier this year at $3,300,000 then equalled by the newly-named RM-Sotheby's at Amelia Island two months later.
These eclipsed the $2,970,000 of the previous record holder (GTB, not a GTB/4) set at Pebble Beach by Gooding & Co. in 2013 and the record for a GTS/4 Daytona of $2,640,000 set by Bonhams at Quail Lodge (Monterey) last year.
Sold for $2,750,000
Lot 121 - 1967 Ferrari 275 GTB/4
Estimate: $3,500,000 - $4,000,000
World Record Auction Price prior to today: $10,175,000 (Steve McQueen's)
Sold for $3,300,000
Lot 122 - 2008 Koenigsegg CCXR
Estimate: $900,000 - $1,300,000
World Record Auction Price: this is the first of this model to appear at auction
Sold for $825,000
Lot 123 - 1974 Ferrari Dino 246 GTS
Estimate: $350,000 - $400,000
World Record Auction Price prior to today: not known
Sold for $412,500
Lot 124 - 1985 Ferrari 288 GTO
Estimate: $2,400,000 - $2,800,000
World Record Auction Price prior to today: $2,750,000
Our comments: Everyone knows about the mythical Ferrari 250 GTO and the astronomical prices the car commands. The GTO was made in very limited numbers and they are so balanced, powerful, drivable and rare that they now sell for beyond $50 million dollars. Ferrari didn't use the magical GTO (Gran Turismo Omologato) moniker a second time for no reason. The 288 GTO is an extraordinary car built to go racing and when the FIM abolished its intended racing category, it never got to demonstrate just how good it really was on the racetrack. It's greatest fault is that it isn't nearly as rare as the original 250 GTO, with 272 cars made versus the 39 of the original GTO. Just the same, the entire production run was sold before production even started. It may not have quite the exclusivity or as much time in the marketplace as the original (being made in 1984-1985 compared to the 250 GTO's production period of 1962-1964), but it’s better looking than it’s dad, much faster (189 mph/304 km/h) and a genuine driver’s car.
The data suggests the 288 GTO is now moving into the realms of becoming a gold plated investment. The above chart plots every 288 GTO that has sold at auction in the last two decades and it tells an interesting story. It also helps to give perspective to RM-Sotheby's estimate this 288 GTO of $2,400,000 to $2,800,000 and Bonhams' estimate of $2,500,000 to $3,000,000 on it's 288 GTO which is also Ferrari Classiche certified.
Note that these are ALL the prices for auctioned Ferrari 288 GTOs sold anywhere in the world in the last 20 years, not just the best prices, and unlike share certificates, which are all exactly the same, each car has a unique history and is quite different to another of the same model on the auction block.
Sold for $2,420,000
Lot 125 - 1960 Ferrari 250 GT SWB Competizione
Estimate: more than $17,000,000
World Record Auction Price prior to today: $8,140,000
Our comments: One of 45 aluminum-alloy-bodied Competizione versions built in 1960, this racing specification car was campaigned by Luigi Chinetti’s North American Racing Team (NART). Nine days after being born in Maranello, it finished seventh overall and fifth in class at the 1960 12 Hours of Sebring, driven by George Arents and Bill Kimberly (the heir to the Kimberly-Clark paper empire). Further racing success followed, but the crowning glory is the car as it now sits on the road. It recently underwent a complete concours-level restoration to original specifications by