For decades, the Academy of Art in San Francisco had collected and stored important automobiles of American, British and European origin in its "University Collection". Now it was obviously time to pass on part of it, over 100 cars. Broad Arrow Auctions was commissioned with the sale, and the auction of 105 automobiles took place on February 15, 2025 in San Franscisco.
The total value of the vehicles, which were on average 76.3 years old, was estimated at USD 14.994 million or USD 142,800 per car. All cars went under the hammer without a minimum bid, including a Gullwing.
Accordingly, all cars (with the exception of a Minerva that was withdrawn in advance) were sold for an average of USD 137,594, which was only slightly below expectations. Total sales (including commission/surcharge) amounted to USD 14.447 million.
Americans in particular
When looking through the catalog, it quickly became apparent that the majority of the cars were American-made. In fact, 62% of the cars came from the USA, a further 24% from the UK and just 14% from continental Europe (excluding the UK).
Cars from Ford (12 cars), Packard (10), Buick and Cadillac (7 each) were strongly represented in the collection.
Mercedes-Benz and MG followed behind with six cars, before two US manufacturers were again represented with Lincoln and Chrysler.
However, the Americans were less popular with buyers than the Europeans, as they only achieved an average of 87% of the average estimate for the highest bid, while the average for all cars was 89%.
Europeans closer to expectations
Cars from the UK fared somewhat better, with the highest bids for the 25 cars averaging 91% of the average estimate. They were beaten by the 15 cars from continental Europe, which averaged 93% of the median estimate.
A few examples show how well some "Europeans" fared in the bidders' favor.
The buyer paid USD 78,400 (EUR 74,480, CHF 70,560) for a 1967 Volvo P1800 S, which had been estimated at USD 35,000 to 45,000.
The extensively restored Lotus Elite SE from 1963 ultimately cost USD 123,200 (EUR 117,040, CHF 110,880), significantly more than the estimate of USD 60,000 to 80,000.
And a 1962 Triumph TR3B also exceeded expectations and was sold for USD 61600 (EUR 58,520, CHF 55,440).
Also more expensive than expected was a 1955 VW Beetle De Luxe, which was worth USD 61,600 (EUR 58,520, CHF 55,440) to its new owner.
A Morris Minor Traveller from 1959 also fetched a higher price than expected at USD 42,000 (EUR 39,900, CHF 37,800).
Pre-war cars slightly less in demand
Cars built before 1942 had a slightly harder time on average than the rest of the offer, with the highest bids averaging 82% of the median estimate, while the overall average was 89%.
However, there were also counter-examples. For example, the 1938 Packard Model 1801 Eight Convertible Coupe sold for USD 280,000 (EUR 286,000, CHF 252,000), compared to an estimate of only USD 125,000 to 150,000.
And the attractive Squire 1½-liter Corsica Drophead Coupe from 1937 was also able to leave its estimate behind and found a new enthusiast for USD 643,000 (EUR 610,850 or CHF 578,700).
Fifties and sixties underestimated?
With an average top bid of 102% of the median estimate, the cars from the 1950s and 1960s performed better than expected, and above all better than the older and younger cars.
The Kaiser-Darrin 161 Roadster from 1954, for example, sold for USD 128,800 (EUR 122,360, CHF 115,920), even though the estimate had only been USD 70,000 to 90,000.
The new owner paid USD 155,680 (EUR 147,896, CHF 142,112) for the 1959 Cadillac 62 Coupe de Ville "Elvis III" Custom, which was significantly more than expected.
The 1955 Mercedes-Benz 300 SL Gullwing was also able to equalize its estimated value and was transferred to new hands for USD 1.49 million (EUR 1.416 million, CHF 1.341 million).
Bargains and favorable opportunities
At 30% to 182% of the median estimate, the hammer fell at the auction on February 15, 2025, logically there were also some cars that disappointed.
Mercedes-Benz was particularly hard hit here, with an average bid of 71% of the average estimate. For example, a 500 SL from the R129 series from 1992 could be bought for just USD 8400, while a 450 SL from 1979 cost USD 14,000.
The Pagoda, a 230 SL from 1964, cost USD 42,000.
However, USD 62,200 for a 1928 Rolls-Royce Phantom I "Versailles" Hibbard & Darrin Sedanca de Ville also seemed reasonable.
And the USD 56,000 for the 1937 Ford Convertible Cabriolet or the USD 70,000 for the 1952 Jaguar XK 120 Fixed Head Coupe also seemed inexpensive.
Various MGs went to new owners well below expectations and the BMW Isetta 300 from 1957 also failed to fulfill hopes with a sales price of USD 30,800.
An Isotta Fraschini Tipo 8A S Castagna Roadster Cabriolet from 1930 sold to a new owner for USD 412,000 (EUR 391,400, CHF 370,800) - not cheap, but well below expectations.
All in all, the museum and Broad Arrow Auctions got their money's worth. However, the swings in the results were considerable, but also showed the preferences of the collector community in 2025.
Offered and Sold Vehicles
The following table lists all offered and sold vehicles with estimated prices, highest bids, and sale prices. The price conversion was made at the exchange rate valid on the auction day. All information is provided without guarantee.
| Lot | Car | Year | USD Est from | USD Est to | USD HP | USD SP | CHF SP | EUR SP | % Est | S |
|---|---|---|---|---|---|---|---|---|---|---|
| 101 | Ford Mustang Convertible | 1966 | 30'000 | 40'000 | 35'000 | 39'200 | 35'280 | 37'240 | +12%
|
V |
| 102 | Ford Thunderbird | 1956 | 35'000 | 45'000 | 40'000 | 44'800 | 40'320 | 42'560 | +12%
|
V |
| 103 | MG MGA 1600 Roadster | 1960 | 35'000 | 45'000 | 25'000 | 28'000 | 25'200 | 26'600 | -30%
|
V |
| 104 | Mercedes-Benz 230 SL Pagoda | 1964 | 50'000 | 70'000 | 37'500 | 42'000 | 37'800 | 39'900 | -30%
|
V |
| 105 | Cadillac 355-A V8 Roadster | 1931 | 120'000 | 150'000 | 94'000 | 105'280 | 94'752 | 100'016 | -22.01%
|
V |
| 106 | Buick Special Series 40 Convertible Phaeton | 1937 | 50'000 | 75'000 | 32'500 | 36'400 | 32'760 | 34'580 | -41.76%
|
V |
| 107 | Cadillac Calais Hardtop Sedan | 1966 | 15'000 | 25'000 | 11'000 | 12'320 | 11'088 | 11'704 | -38.4%
|
V |
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All information is provided without guarantee.
Legend: Column S = Status (V = Sold, N = Not sold, Z = Withdrawn, U = Under reserve)
Est = Estimate, HP = Hammer Price, SP = Sale Price
