MOTORMAN

Bidding was brisk at the recent Webb’s auction in Auckland. Donn Anderson went along to see what was on offer

Classics in fine form

There was nary a suggestion of a virus pandemic or economic anxiety in the packed auction room at Webb’s collectors cars and motorcycles auction in Auckland on 12 July. It was as if the woes of the world did not exist, or if they did, bidders felt the strength of classic car values might provide some distraction or even insulation.

Only three of the 16 vehicle lots came away unsold, representing a success rate of more than 80 per cent, putting the usually robust Auckland residential property auction closures well in the shade. As Webb’s consultant Ian Nott says, “Classic and collectable cars are showing themselves to be stable investments over long periods. The old adage, ‘You don’t make money when you sell but when you buy’ is never more pertinent than it is today.

“The sale demonstrated a burgeoning market for buyers seeking true classics in original and well-maintained condition,” says

Ian. “We have already had several enquiries relating to our next auction in December.”

Caolán Mcaleer, who was busy juggling phone bidders during the auction, says, “We are elated with the results for our vendors across the board. It was a fantastic outcome given the current economic climate.”

The star of the show is regularly the one that fetches the highest price and so it was with the dark blue 1973 Porsche 911T with fuel injection and Sportmatic transmission, which attracted strong interest including from three phone bidders. This 911 is one of 26 pre-impact bumper ‘T’s sold new in Australia and was first registered in New Zealand 35 years ago. It was restored soon after the turn of this century. The current vendor had owned the car since 2004. At the time of the auction, the Porsche was showing a modest 23,849k.

Bidding commenced at $80K and rocketed past $100K to reach a nice round $150K — all this against an estimated price range of $100K–$125K. The final price, including Webb’s 15 per cent commission and GST on the commission, was a strong $172,500. I remember that in the ’80s you could buy a pre-owned 911T for $15K, but that’s also a story about the diminishing value of currency. The Porsche 911 is a reliable, performance benchmark with ever-increasing sums required to acquire earlier air-cooled examples.

It is worth noting that today’s average price in the US for a 1973 or 1974 911T is about $135K in Kiwi dollars, so our local values could be seen as higher than those in North America or Europe — interesting, as values for the iconic 911 Turbo have slumped a bit in the past two years. The good news is that these cars are coming back into the hands of enthusiasts who are not prepared to pay silly money.

The old adage, ‘You don’t make money when you sell but when you buy’ is never more pertinent than it is today

TWO CLASSIC MINIS — TWO PRICES

Heritage is as important as the vehicle itself, as was proven by the second star at Webb’s — an elderly, albeit well-preserved, Mini. There were two examples of Alec Issigonis’s classic Mini on offer and they both sold. The 1959 Morris Mini Minor, however, went for three times the sum of the newer 1978 Mini Clubman LE, showing the original thinking involved in the first model is generally better rewarded, at least among classic buyers. The early example was exported from the Cowley factory in Oxford to New Zealand in component form in September 1959 and is understood to be from the first batch of complete knockdown (CKD) locally assembled Minis.

It had rested in a barn for 30 years before restoration began in 2010 in Christchurch. That was halted by the earthquake the following year. It was another three years before the task was completed. The Mini has a superb original stance, right down to the original

Clipper Blue paintwork and correct cream-coloured mesh grille. The only non-original external details are the silver on black number plates that would not have been current when the car was new.

The auctioneer quickly took a $15K opening bid that romped up to $25K before settling finally at $34,500 — a strong result even if it did fall slightly short of the $35K–$40K price estimate. The locally assembled Mini Clubman — estimate $12K–$15K — sold for $11,500, a figure that inevitably would have been higher had it been the more desirable Clubman GT with the larger 1275cc engine. The Clubman was owned by the same Wellington lady for the first 20 years and went under the hammer in fine condition considering the 135,070km on the clock.

Astute classic car buyers tend to purchase their favourite vehicles after restoration because costs are so high. A keen Morris Minor owner examining the immaculately restored 1957 Minor 1000 saloon at the auction opined that if he had known how much it would cost to restore his car he probably would not have done it. Specialist work in New Zealand is also costly, as evidenced by $950 to prepare and re-chrome a Morris Minor bumper/overriders when a new replica part imported from the UK was little more than half as much.

That said, the dark blue and pinstriped Minor on offer was a superb example, down to the mint red interior and pristine engine room. It came with a glovebox handbook, workshop manual, toolkit, jack, starting handle, and an estimate of $20K–$30K so the $20,125 selling price was just on the money. Heaven knows what it would have cost to present this car in its current condition.

The original thinking involved in the first model is generally better rewarded, at least among classic buyers

A RARE 1936 ROLLS-ROYCE

The handsome 1936 Rolls-royce 20/25 hardtop was expected to achieve between $120K and $150K. It had two enthusiastic would-be owners including an online bidder before selling for $138K. The 20/25 replaced the 20hp (15kw) Rolls in 1929 and went on to become a highly popular model, with 3827 built over a sevenyear period.

This right-hand-drive example spent time in the US before arriving here in 2011. Its original UK registration plates were included in the sale. Presented in its original two-tone paintwork and with mileage recorded at 86,800, the car was built in 1935 but first registered to Londoner James Wilson in June 1936.

Two other Rolls-royces were auctioned. An excellent 1996 Silver Spur sedan, red pearl with sandstone hide interior, leapt ahead of the $42K–$46K estimate, achieving $71,875. Once part of the Roy Savage Collection, the car was delivered new to Singapore and used there as transport for the chairman of a bank. This immaculate Silver Spur was imported into New Zealand in 2005 and came under the hammer showing a modest 25,685km.

Also powered by a 6.7-litre V8 engine, a claret-coloured Silver Spirit, with just 42,000 miles behind it, had enjoyed the same owner for 22 years, during which time it was never driven in the rain. The car was six years old on arrival here, and came to the auction valued at between $25K and $32K. However, bids reached only $22,500 and it failed to find a new home.

It had two enthusiastic would-be owners, including an online bidder, before selling for $138K

CANTABRIAN MGB WITH ORIGINALITY

I admired the originality of the 1966 MGB with chrome wire wheels, since it closely resembled the identical red 1965 example that I owned in the late ’60s. With the smooth nondating styling that still stands up today, this MG enjoyed half a dozen Christchurch owners before moving to Ohakea in 1977, where it had the same keeper for more than a quarter of a century. The car was given a full bare-metal restoration and an uprated, reconditioned engine. Bidding opened at $20K before moving rapidly to $27,500. The sale price of $29,900 fell just short of the $30K–$35K price guide for what seemed a very honest car.

Also close to the money was the two-tone 1957 2.4-litre Daimler Century saloon with an estimate of $25K–$30K. It sold for $25,875 — a car almost worth buying simply for the wonderfully appointed trunk with custom cabinets housing a cocktail shaker and china tea set, pull-out cooker, hot and cold running water, and 220V system, all in working order. It was anticipated this new in– New Zealand car could reach $30K, but the eventual top bid of $25,875 still resulted in a sale.

Youngest car among the collection was a 2006 Mercedes-benz SL55 AMG two-door coupé with a recorded 87,000km that sold for $44,275, just below the price guide. A solid 1986 Mercedes 300SE was proof enough a good car can be yours for little money. This W126-series Merc, delivered new in New Zealand, was tipped to realize $9K–$12K but sold for $8625.

There were high hopes for a rare and immaculate 1972 Mercedes 300 SEL, once regarded as the world’s fastest fourdoor production car, but it struggled to approach the $90K–$100K estimate and was passed in at $70K. Webb’s said that this iconic 6.3-litre car is almost impossible to find anywhere in righthand drive and in this condition.

Contrasting with other lots was the only Italian car up for offers. The 2002 Maserati Cambiocorsa Spyder, delivered new locally and with only 35,000km, is silver with tan interior and in absolutely immaculate unmarked condition. In spite of its superb Giorgetto Giugiaro styling, electric top, and exquisite 4.2-litre V8 power plant, the $39,232 sale price fell short of the $45K–$50K estimate, so perhaps its day in the sun has yet to dawn.

The 1996 four-litre V8-engined Lexus Soarer coupé was never sold new in New Zealand. It was here ex-japan, and offered by a long-time owner with 191,000km recorded. It was the only non-european car up for sale. However, the top bid of $8K fell well short of the $12K–$15K price guide.

Of course, many attendees at the auction were observers rather than buyers but the strong interest in the cars substantiated the feeling that the local classic car market remains in rude health. As one punter remarked, he was only interested in driving old cars that didn’t have computers!

As one punter remarked, he was only interested in driving old cars that didn’t have computers