Only 20 of the 40 cars on offer sold, yet Keno Brothers Fine Automobile Auctions reports $8.3 million in sales from its inaugural Rolling Sculpture sale held late last week in New York City. The average sales price, including buyer’s premium, was an impressive $415,000.
The sale, held at Skylight Clarkson Square, a space in Soho known for hosting fashion shows, reportedly drew some 1,500 bidders and guests to what was described as a “salon” setting but featuring a modern multi-media experience. Among those in attendance were several people who own cars that have won honors at the Pebble Beach Concours d’Elegance, as well as prominent collectors from Europe.
One car, a 1968 Bizzarrini Strada 5300, sold for more than $1 million — $1,010,800 including buyer’s fees.
The top 10 sales were:
- 1968 Bizzarrini Strada 5300, $1,010,800
- 1969 Lamborghini Miura P400 S, $974,400
- 1965 Aston Martin DB5, $950,000
- 1968 Toyota 2000GT, $683,200
- 1999 Lamborghini Diablo GT, $616,000
- 1983 Porsche-March 83G-4 IMSA ‘Kreepy Krawly’ race car, $509,600
- 2013 Lamborghini Aventador 50th anniversary, $504,000
- 1929 Bugatti T40, $464,800
- 1997 Porsche Turbo 993 S, $442,400
- 1961 Jaguar E-type roadster, $380,800
(Prices include buyer’s fee.)
Keno auctions said the prices paid for the Bizzarrini, Diabo and T40 were either U.S. or world-record auction amounts.
In a news release, Leslie Keno said the intrinsic value of each lot was amplified in part by the research the new auction house did to provide the same transparently that traditionally has been part of the fine art and high-end antique furniture marketplaces
“We’ve assembled a world-class team of specialists for each marque, including well-known historians, to provide the provenance of each car with as much clarity as possible,” Leslie Keno said, noting that the brothers worked with such experts as Valentino Balboni, long-time Lamborghini test driver, and Ferrari historians Enrique Senior of the Senega Museum Collection and Marcel Massini.
“The company’s transparency remains by providing all original authenticating reports for each vehicle to potential and winning bidders at the point of sale, with ongoing information to be delivered to the buyer as new reports emerge,” added Leigh Keno.
Keno auctions said the sale was enhanced by using Internet bidding provided through Proxbid, with some 250 bidders from around the globe and some $800,000 in sales coming through the web.
A 50% sales rate isn’t that bad at collectible auctions, especially for an inaugural event. The reserves were set a little high on a few cars that almost (and should have) sold.
Why is there no published figures of all lots-sold or unsold? Information should have been reported within 24 hours. Some auctions publish in real time!