'It's a great time to start collecting Classic Cars,' says auction house



2015-06-26 12:02:49

'It's a great time to start collecting Classic Cars,' says auction house

The market is filled with investment opportunities, as shown at Leake's $7m cars sale in Tulsa

The Leake Collector Car Show & Auction posted sales of $7 million during their auction in Tulsa, held in the QuikTrip Center at Expo Square between June 11-13.

In the end, total bids exceeded $15.2 million. The top selling car was a 1932 Packard Series 902, selling for $154,000 with the buyer's premium.

Other top selling carsincluded a 1957 Cadillac Eldorado Biarritz for $101,750; a 2007 Bentley Continental GT for $91,300 and a 2008 Ford Shelby GT500 Super Snake for $89,100 - all shown with buyer's premium.

 The sale's star lot: a 1932 Packard Series 902

Thousands of car enthusiasts eagerly gathered to set their eyes on a collection of cars, including Cadillacs, Corvettes, Camaros, Street Rods, Mustangs and other vintage, collector, muscle and specialty vehicles.

A total of 341 cars were sold during the three day auction, with a 55 percent sales rate.

"Right now we are seeing a softening in the market," said Richard Sevenoaks, president of Leake Auction Company.

"As an auction house we create the market, but we do not control it. The buyers and sellers do. It is a great time to start collecting or add to an existing collection before prices start increasing again."

 The1957 Cadillac Eldorado Biarritz

The auction included the sale of two, 2010 Chrysler 300 eco style Editions.

One car was autographed by actor Colin Firth and sold for $28,050. One hundred percent of the proceeds from its sale will benefit Colin's charity of choice, Oxfam International.

The second car was signed by Desperate Housewives star Felicity Huffman and her husband, William H Macy and sold for $37,675. Huffman and Macy selected Greenpeace, an environmental organisation, to benefit from the sale of their car.

 A modern classic: the 2008 Ford Shelby GT500 Super Snake

"We have sold four Chrysler eco style cars this year, each signed by a celebrity.Proceeds from the sale of each car benefitted a charity of the celebrity's choice," Sevenoaks explained.

"To date, we have raised $222,150 for various charities. Many charities are hurting right now, so it is a good feeling help raise this much money."

The next Leake Collector Car Show & Auction will be in Houston, September 17 and 18, also in Tulsa.

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