Don Davis is an American car collector who has been hunting for exquisite cars for decades and has now decided that it is time to downsize his collection. At the RM Auctions sale on April 27, 2013 in Forth Worth (Texas, USA), 64 of his vehicles were offered and all sold.
No super exotics
In contrast to most auctions, where vehicles from different origins are offered, an auction of a collection has its own special charm, because it also reveals the interests and demands of the collector. Don Davis was obviously not interested in super exotics with a long racing history, but primarily in sports cars that could be seen (or shown) on the road (from time to time).
Wide range
Despite their identical origins, the range of vehicles auctioned was broad. Starting with some pre-war vehicles, the cars offered an impressive range from American tourers and muscle cars to European sports car icons and almost modern super sports cars.
Cars to drive that have not been raced
In the absence of racing cars or vehicles unfit for road use, the cars on offer seemed to be crying out to be driven out of the halls and moved around. But driving was obviously not Don Davis' main interest, as some of the sports cars had only completed a few test kilometers since their extensive restoration.
No patina
Lovers of patina and historic signs of use would hardly have enjoyed Don Davis' cars, as they were almost without exception in fully restored or mint condition. Some of the vehicles looked almost unused, which naturally raised the question of whether opening and closing the driver's door would have resulted in a considerable loss of value. The fact that some sports cars even still had protective covers on them rounded off the picture.
Estimated prices exceeded overall
Around USD 15.7 to 20.6 million had been expected as the result. A total of 19.3 million was bid, which was around 106% of the average estimate.
The average hammer price was USD 301,680.
The risk of offering all vehicles without minimum prices paid off for the collector Don Davis and the auction house RM, as only eight of the 64 vehicles fell below the lower estimate, while the majority of the lots remained within the estimate range, but a total of 17 bids exceeded the upper estimate.
The most expensive Toyota 2000 GT in the world?
There were of course a number of surprises, but the biggest was probably the hammer price achieved by the beautifully presented Toyota 2000 GT. The hammer only fell at USD 1.05 million (808,500 euros or 987,000 Swiss francs), meaning that the beautiful Japanese exotic car also left classics such as the two Mercedes Benz 300 SL Roadsters behind, which fetched USD 700,000 (1957 model year) and USD 850,000 (1961 model year with disc brakes).
Porsche 959 significantly above estimated price
Porsche claims to have built just 292 examples of the 959 model, so these cars are not often seen at auction. Don Davis' example impressed with its new car condition, just 17,000 km and an attractive color combination. The bidding competition began at USD 250,000 and ended at USD 700,000 (593,000 euros or 658,000 Swiss francs) after just 13 more bids, with telephone and Internet bidders constantly alternating with the highest bids from the room. The winning bid was placed by a telephone bidder who, like all other bidders, had to add 10% to his bid. This is probably one of the most expensive, if not the most expensive 959 ever auctioned.
A Porsche 911 Carrera RS Touring from 1973 sold for USD 460,000, but still within the estimate. A number of 356 models also lived up to expectations.
A Porsche 911 Speedster from 1989 overcame the upper estimate threshold of USD 120,000 by a surprisingly large margin. After starting at 40,000 and increments of five or ten, the fierce bidding battle only ended at USD 170,000 (EUR 130,900 or CHF 159,800).
Both Ferrari cabriolets exceed expectations
Two rare Ferrari convertibles were on the lot list, a Ferrari 330 GTS from 1967 and a Ferrari 365 GTB/4 Daytona Spider from 1973. Both presented themselves in immaculate condition, which the buyers obviously honored, because with USD 1.76 million for the 330 GTS and USD 1.5 million for the Daytona Spider, the hammer fell above the upper estimate price in both cases.
They shared this success with two other, less glamorous open-top Ferraris, namely a Mondial T Cabriolet and a 328 GTS, which also finished above expectations, while a yellow 365 GTB/4 Daytona Coupé from 1971 and a white Testarossa from 1991 finished just within the estimate range.
Undervalued Chrysler GS-1 Special by Ghia?
At USD 700,000 to 800,000, the expectations for one of the two Chrysler GS-1 Special by Ghia show cars from 1954, a fully restored bijoux equipped with a Hemi engine, were certainly not low. However, the car was worth a maximum of USD 560,000 to the highest bidder in the room, while the last internet bidder gave up before that.
Some of the American muscle cars shared this fate, albeit to a lesser extent, and in the case of the Mercedes Benz 220 S Coupé , the buyer probably made a veritable bargain at USD 70,000, as the purchase price here was probably well below the extensive restoration costs.
Corvettes and Shelby within or above expectations
A whole series of Corvettes of various vintages, some of which were showered with prizes and awards, were on display, along with two Shelby 289 Cobras and a Shelby Mustang GT 500E convertible prototype. They all achieved impressive prices, some within the estimates, some above.
RM gets its act together
Once again, RM has shown that they are not only able to get hold of highly interesting collections, but also attract an extremely keen buying public. The auction lasted around 3.5 hours, with the starting price averaging 50% of the lower estimate, and the knockdown was completed after around 8 to 20 bids, with some bids being counted down up to five times. In the end, of course, all the vehicles were sold, as every bid could be knocked down without a minimum price ("no reserve").
Unfortunately, the vehicles were not driven up and, as always, the heavily involved telephone and Internet bidders reduced transparency, but the result shows that the approach is promising and the investment in the elaborately produced catalog, illustrated with beautiful indoor photos by Darin Schnabel, was worthwhile
In the end, the attentive viewer is left wondering what remains in Don Davies' collection now that he has parted with many of his attractive vehicles.
The results in detail
The following table shows all lots with estimated prices and the hammer prices quoted. These hammer prices are exclusive of the 10% buyer's premium. The conversion was carried out using current exchange rates (1 USD = 0.78 Euro, 1 USD = 0.94 CHF)
As always, all information is subject to change.
| Lot | Brand | Type | Year | Est. from $ | Est. to $ | Surcharge $ | Surcharge € | Surcharge CHF |
|---|---|---|---|---|---|---|---|---|
| 101 | Ford | Thunderbird Convertible | 1957 | 60000 | 80000 | 77500 | 59675 | 72850 |
| 102 | Mercedes-Benz | 280SL Roadster | 1970 | 40000 | 60000 | 70000 | 53900 | 65800 |
| 103 | Chevrolet | Bel Air Sport Coupe | 1962 | 80000 | 100000 | 100000 | 77000 | 94000 |
| 104 | Ferrari | Testarossa | 1991 | 80000 | 100000 | 95000 | 73150 | 89300 |
| 105 | Buick | Skylark Convertible | 1954 | 125000 | 175000 | 130000 | 100100 | 122200 |
| 106 | Chrysler | Town & Country Convertible | 1946 | 125000 | 175000 | 120000 | 92400 | 112800 |
| 107 | BMW | 3.0 CS | 1974 | 90000 | 120000 | 100000 | 77000 | 94000 |
| 108 | Oldsmobile | Starfire Ninety-Eight Convertible | 1957 | 100000 | 150000 | 150000 | 115500 | 141000 |
| 109 | Chevrolet | Corvette Sting Ray 'Fuel-Injected' Split-Window Coupe | 1963 | 125000 | 150000 | 175000 | 134750 | 164500 |
| 110 | Ford | GT | 2005 | 200000 | 250000 | 210000 | 161700 | 197400 |
| 111 | Porsche | 911 Carrera RS Touring | 1973 | 400000 | 500000 | 460000 | 354200 | 432400 |
| 112 | Shelby | 289 Cobra | 1965 | 650000 | 850000 | 910000 | 700700 | 855400 |
| 113 | Ford | Three-Window Custom Coupe | 1932 | 125000 | 175000 | 90000 | 69300 | 84600 |
| 114 | Mercedes-Benz | 300SL Roadster | 1961 | 700000 | 900000 | 850000 | 654500 | 799000 |
| 115 | Porsche | 356A 1600 Cabriolet by Reutter | 1958 | 100000 | 150000 | 110000 | 84700 | 103400 |
| 116 | BMW | M1 | 1980 | 150000 | 250000 | 220000 | 169400 | 206800 |
| 117 | Cadillac | Eldorado Biarritz Convertible | 1957 | 125000 | 175000 | 170000 | 130900 | 159800 |
| 118 | Chevrolet | Camaro Z28 R/S Coupe | 1969 | 100000 | 150000 | 105000 | 80850 | 98700 |
| 119 | Chevrolet | Corvette Custom Convertible | 1961 | 100000 | 150000 | 197500 | 152075 | 185650 |
| 120 | Porsche | 356A 1600 Super 'Sunroof' Coupe by Reutter | 1957 | 125000 | 175000 | 160000 | 123200 | 150400 |
| 121 | Chevrolet | Corvette Sting Ray 427/425 'Big Tank' Coupe | 1966 | 250000 | 300000 | 200000 | 154000 | 188000 |
| 122 | Oldsmobile | 88 Deluxe Convertible | 1950 | 75000 | 100000 | 92500 | 71225 | 86950 |
| 123 | Cadillac | Eldorado Convertible | 1953 | 200000 | 250000 | 210000 | 161700 | 197400 |
| 124 | Chrysler | GS-1 Special by Ghia | 1954 | 700000 | 800000 | 560000 | 431200 | 526400 |
| 125 | Chevrolet | Corvette Roadster | 1953 | 200000 | 300000 | 315000 | 242550 | 296100 |
| 126 | Ferrari | 365 GTB/4 Daytona Coupe by Scaglietti | 1971 | 350000 | 450000 | 370000 | 284900 | 347800 |
| 127 | Porsche | 356A 1600 Speedster by Reutter | 1958 | 250000 | 300000 | 265000 | 204050 | 249100 |
| 128 | Chrysler | Newport Indianapolis 500 Pacemaker by LeBaron | 1941 | 900000 | 1200000 | 800000 | 616000 | 752000 |
| 129 | Mercedes-Benz | 220S Coupe | 1959 | 80000 | 100000 | 70000 | 53900 | 65800 |
| 130 | Mercedes-Benz | 220S Convertible | 1957 | 100000 | 125000 | 135000 | 103950 | 126900 |
| 131 | Dual-Ghia | Convertible | 1958 | 250000 | 450000 | 380000 | 292600 | 357200 |
| 132 | Ferrari | 330 GTS by Pininfarina | 1967 | 1200000 | 1500000 | 1760000 | 1355200 | 1654400 |
| 133 | Ford | Thunderbird 'F-Bird' Convertible | 1957 | 150000 | 200000 | 180000 | 138600 | 169200 |
| 134 | Cadillac | Eldorado Brougham | 1957 | 150000 | 200000 | 230000 | 177100 | 216200 |
| 135 | Shelby | Mustang GT500E Convertible | 1968 | 200000 | 300000 | 200000 | 154000 | 188000 |
| 136 | Ford | Mustang Boss 429 | 1969 | 300000 | 350000 | 260000 | 200200 | 244400 |
| 137 | Jaguar | E-Type Series I 4.2-Liter Roadster | 1966 | 70000 | 90000 | 95000 | 73150 | 89300 |
| 138 | Lamborghini | 350 GT Coupe by Touring | 1965 | 300000 | 400000 | 500000 | 385000 | 470000 |
| 139 | Oldsmobile | 88 Deluxe Club Coupe | 1950 | 30000 | 40000 | 37500 | 28875 | 35250 |
| 140 | Lincoln | Premiere Convertible | 1956 | 150000 | 200000 | 140000 | 107800 | 131600 |
| 141 | Shelby | 289 Cobra | 1963 | 650000 | 850000 | 850000 | 654500 | 799000 |
| 142 | Mercedes-Benz | 300SL Gullwing | 1955 | 900000 | 1200000 | 1125000 | 866250 | 1057500 |
| 143 | Porsche | 911 Turbo Cabriolet | 2008 | 75000 | 100000 | 82500 | 63525 | 77550 |
| 144 | Mercedes-Benz | 280SL Roadster | 1971 | 40000 | 60000 | 90000 | 69300 | 84600 |
| 145 | Porsche | 356B 1600 Cabriolet by Reutter | 1960 | 100000 | 150000 | 135000 | 103950 | 126900 |
| 146 | Porsche | 911S Targa | 1975 | 40000 | 60000 | 50000 | 38500 | 47000 |
| 147 | Porsche | 959 'Comfort' | 1988 | 500000 | 650000 | 700000 | 539000 | 658000 |
| 148 | Ferrari | 365 GTB/4 Daytona Spider by Scaglietti | 1973 | 1200000 | 1400000 | 1500000 | 1155000 | 1410000 |
| 149 | Toyota | 2000GT | 1967 | 650000 | 850000 | 1050000 | 808500 | 987000 |
| 150 | Porsche | 911 Speedster | 1989 | 90000 | 120000 | 170000 | 130900 | 159800 |
| 151 | Toyota | FJ40 Land Cruiser | 1966 | 60000 | 80000 | 80000 | 61600 | 75200 |
| 152 | Oldsmobile | Starfire Ninety-Eight Holiday Hardtop Coupe | 1957 | 40000 | 50000 | 40000 | 30800 | 37600 |
| 153 | Ferrari | Mondial t convertible | 1991 | 40000 | 60000 | 77500 | 59675 | 72850 |
| 154 | Chevrolet | Corvette Sting Ray 'Fuel-Injected' Coupe | 1965 | 100000 | 140000 | 122500 | 94325 | 115150 |
| 155 | Porsche | 356A 1600 Super Convertible D by Drauz | 1959 | 125000 | 150000 | 125000 | 96250 | 117500 |
| 156 | Bentley | Continental GT | 2007 | 100000 | 120000 | 77500 | 59675 | 72850 |
| 157 | Rolls-Royce | Silver Cloud III Drophead Coupe by Mulliner Park Ward | 1965 | 300000 | 400000 | 525000 | 404250 | 493500 |
| 158 | Mercedes-Benz | 300SL Roadster | 1957 | 700000 | 900000 | 700000 | 539000 | 658000 |
| 159 | Ford | Galaxie Skyliner Retractable Hardtop | 1959 | 50000 | 70000 | 47500 | 36575 | 44650 |
| 160 | DeSoto | Adventurer Convertible | 1957 | 150000 | 250000 | 115000 | 88550 | 108100 |
| 161 | Ferrari | 328 GTSi | 1988 | 50000 | 70000 | 80000 | 61600 | 75200 |
| 162 | Chevrolet | Corvette Sting Ray 427/425 Coupe | 1966 | 130000 | 160000 | 137500 | 105875 | 129250 |
| 163 | Chevrolet | Impala Convertible | 1960 | 90000 | 120000 | 82500 | 63525 | 77550 |
| 164 | Mercury | Monterey Convertible | 1954 | 40000 | 60000 | 45000 | 34650 | 42300 |
