A 1966 Ferrari 275 GTB Long Nose sold for $3,080,000 as the top result and an auction record at the Gooding Geared Online sale 2020 (Pebble Beach / Monterey Week auction replacement).
Gooding sold a 1966 Ferrari 275 GTB Long Nose for $3,080,000 as the top result of the Geared Online sale that served as the Pebble Beach / Monterey Week 2020 replacement auction. This was also the highest price ever paid for a car sold in an online auction. Four of the five cars sold for over a million dollar at the Geared Online auction were Ferraris with strong results achieved on an Enzo, F50, and F40. The most-expensive non-Ferrari car sold in the auction was a 1934 Duesenberg Model J that achieved $1,012,000.
Gooding Geared Online Classic Car Auction 2020
Gooding & Company held its first-ever online-only auction — Geared Online — on 7 August 2020. The sale was as a replacement for the Pebble Beach auction traditionally held during the Monterey Motor Week that was mostly canceled in 2020.
Gooding earned $14,497,443 at the Geared Online auction selling 55 of the 77 lots on offer for a sell-through rate of 71%. Five cars sold for more than a million dollar.
In comparison, at Pebble Beach in 2019, Gooding earned $76,824,740 with a sell-through rate of 77% – 108 of 140 lots offered — and 17 cars sold for over a million dollar each. This was already down on the $116.5 million earned in 2018 and the record $129.8 million earned in 2016 at the peak of the market.
With the Geared Online sale, Gooding followed a similar auction format as RM Sotheby’s with the staggered closing of online bids over a few days, rather than Bonhams’ live auction format with online, phone, and commission bidding.
Top Results at the Gooding Geared Online 2020 Sale
The most-expensive car sold at the Gooding Geared Online 2020 sale:
|Year||Car||Price ($)||Estimate ($)|
|1||1966||Ferrari 275 GTB Long Nose||3,080,000||2,750,000 – 3,250,000|
|2||2003||Ferrari Enzo||2,354,000||2,200,000 – 2,600,000|
|3||1995||Ferrari F50||2,134,000||2,200,000 – 2,600,000|
|4||1992||Ferrari F40||1,628,000||1,250,000 – 1,500,000|
|5||1934||Duesenberg Model J Town Car||1,012,000||950,000 – 1,250,000|
|6||1961||Mercedes-Benz 300 SL Roadster||946,000||850,000 – 950,000|
Million-Dollar Cars at the Gooding Geared Online 2020 Sale
Four of the five cars sold for over a million dollar at the Gooding Geared Online auction were Ferraris and interestingly, it was a tradition auction favorite and more classic 275 GTB that took the top slot rather than the more modern supercars that had performed very well at previous online sales.
1966 Ferrari 275 GTB Long Nose
Gooding set a new record when a 1966 Ferrari 275 GTB Long Nose sold for $3,080,000 in the Geared Online sale. This 275 became the most-expensive car ever sold in an online auction and took that title from a 2003 Ferrari Enzo that RM Sotheby’s sold for $2,640,000 in the Driving into Summer sale in May 2020.
Among the very last 275 GTBs produced, chassis 08921 was sold new to Pier Luigi Perri in Genova, and it remained in Italy until 1969, when it was sold to Ferrari’s North American distributor, Luigi Chinetti Motors of Greenwich, Connecticut.
This Pininfarina-designed 275 GTB Long Nose combines the authentic mechanical specifications with seldom seen factory options, as it features the exclusive torque tube driveshaft, high-performance six-carburetor intake, and an exceedingly rare competition-style external fuel filler cap. This 275 GTB’s distinctive appearance is further highlighted by its one-off color scheme of Bianco over beige leather.
Never before restored and showing just over 50,000 miles, this special 275 GTB remains in amazingly original and well-preserved condition. Not only does this Ferrari have a fantastic patina, but it also possesses highly coveted period accessories such as Marchal driving lights, a Blaupunkt radio, a Jaeger chronograph, a set of Campagnolo alloys and a set of Borrani wires.
2003 Ferrari Enzo
The 2003 Ferrari Enzo, a desirable US-specification example, sold for mid-estimate $2,354,000. This Ferrari Enzo was finished in rare silver over tan and was offered by the family of its original owner. It has only 7,100 miles on the clock.
1995 Ferrari F50
The 1995 Ferrari F50 sold for just below estimate $2,134,000. It was one of only 55 US-specification examples built and was offered with its factory hardtop box, luggage, and tool kit. As with the Enzo in the sale, the F50 is also finished in silver rather than the more common red. It has only two previous owners and was driven only 10,125 miles.
1992 Ferrari F40
The 1992 Ferrari F40 sold for a strong above-estimate $1,628,000 (Estimate: $1,250,000 – $1,500,000) — one of the strongest F40 results ever. This F40 is one of just 213 US-specification examples built and benefits from minimal use with just 4,589 miles and single-family ownership from new.
1934 Duesenberg Model J Town Car
The only non-Ferrari million-dollar result at the Gooding Geared Online 2020 sale was a 1934 Duesenberg Model J Town Car that sold for $1,012,000. It was one of only six Model J Town Car bodies produced by Murphy. It was originally ordered by Campbell Soup Heiress Ethel M. Dorrance. It was last restored in the 1990 and shown in the Duesenberg Class at Pebble Beach in 1990 and 2010.
Top Cars Not Sold at Gooding Geared Online Sale 2020
The cars with million-dollar estimates not sold at the the Gooding Geared Online 2020 sale were:
|Year||Car||Highest Bid||Estimate ($)|
|1938||Bugatti Type 57 Cabriolet||HB 1,040,000||1,300,000 – 1,600,000|
|1955||Mercedes-Benz 300 SL Gullwing Coupe||HB 1,060,000||1,200,000 – 1,400,000|
|1971||Porsche 911 ST Rally||HB 630,000||950,000 – 1,250,000|
Gooding brought far fewer expensive cars to the Geared Online sale than is customary for Pebble Beach auctions, so the number of high profile cars not sold is similarly short.
The 1938 Bugatti Type 57 Cabriolet wears its original elegant Three-Position Cabriolet bodywork from Parisian coachbuilder Letourneur et Marchand finished in green with cream coves. The restored car was shown at the 2018 Pebble Beach Concours d’Elegance® where it successfully won a class award.
In contrast, the matching-numbers 1955 Mercedes-Benz 300 SL Gullwing is unrestored and in need of serious mechanical and cosmetic attention. Despite being a special order US-export model, finished in Fire Engine Red with gray leather interior and equipped with rare Rudge wheels, the market’s fascination with highly original cars in need of serious work has clearly shifted. A 1961 Mercedes-Benz 300 SL Roadster sold for near upper estimate at $946,000.
Bidding for the 1971 Porsche 911 ST Rally, one of five rally cars constructed by the Porsche works racing team to contest the 1971 East African Safari Rally, fell well short of the estimate, or the $775,000 for which it was still available after the auction.
Monterey Motoring Week 2020
Most of the traditional Monterey Motoring Week events scheduled for mid-August 2020 were canceled. Gooding canceled the Pebble Beach 2020 Auction and replaced it with Geared, its first online-only auction ever. Bonhams Quail Lodge 2020 will be a live auction but behind closed doors (telephone, online, and commission bidding) while RM Sotheby’s plans a Shift/Monterey online-only auction.
Monterey 2020 Results
- Bonhams Quail Motorcar Auction Results (Quail Lodge replacement)
- Gooding Geared Online Sale Results (Pebble Beach replacement)
- RM Sotheby’s Shift / Monterey Online-Only Auction
Monterey 2020 Previews
Monterey 2020 Announcements
- Bonhams Quail California Streamin 2020 — 1959 Porsche 718 RSK
- Gooding Geared Online – Ferraris F40, F50 & Enzo
- Gooding Geared Online – Bugatti Type 57
- Gooding Geared Online — Gullwing and 911 Rally
- RM Sotheby’s Shift/Monterey — Early Highlights (500, F50, BMM M1)
- RM Sotheby’s Shift/Monterey – Competition Ferraris
Major Online Classic Car Auctions in 2020
Some of the major classic car online-only sales by major auctioneers in 2020 include:
- May: RM Sotheby’s Driving into Summer – Results
- June: RM Sotheby’s European – Results
- July: RM Sotheby’s Open Roads: European & North American
- September: Gooding London — Results, Bonhams Brussels Sale, RM Sotheby’s Auburn Fall (Sales from September onwards may be traditional auctions if conditions allow.)
- October: Gooding (Geared Online)