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Grace Forged In Steel

Written by Steve R. Lowry    Wednesday, 21 January 2009

An auction at the Waldorf-Astoria for high-rollers and overgrown boys The Set-Up The producers of the second annual New York Auto Salon and Auction, RM Auctions of Ypsilanti, Mich., and Premier Resource Group of Woodbridge, Conn., staged the event on Saturday, Sept. 23 to coincide with the Louis Vuitton Classic. They did this because the Vuitton exhibition of fine, investment-grade cars draws thousands of auto buffs to the city. The sponsors chose to hold this year's auction at the art deco Waldorf to evoke a bygone era of elegance and luxury. The 69-year-old hotel posed a logistical challenge, since it had only one elevator with which to move 55 cars from the trailers on the street to the ornate third-floor ballroom. And no, the cars weren't driven, but pushed into place. Because of the Waldorf's crowded calendar, loading started the night before and allowed for only 12 minutes per car. The process ended 11 hours later, just before the doors opened for the preview. The Preview You don't exactly "kick the tires" of these automobiles, christened "rolling sculpture" by a former curator at the Museum of Modern Art. Bidders and browsers had the entire day to check out the goods before the 4 p.m. auction. Admission for two was the price of a catalog: $100 for hard cover, $50 for soft cover. The auction also featured automobilia, or car-related merchandise. The Buyers The auction typically attracts a large number of serious collectors who have their hearts and checkbooks set on a particular vehicle. But surprisingly enough, many of the purchasers buy these autos on impulse. They are smitten with nostalgia for a car they recall fondly from their youth. Younger buyers — those in their 40s, just starting their collections — usually gravitate to 1950s models. The Main Event With bank letters of credit and bidding paddles in hand, buyers from as far away as Argentina and Monaco packed the genteel auction. The bidding started with the lower-end cars: a 1957 Austin Healey 100-6 Roadster sold for $25,300 and a 1957 Porsche coupe for $26,400, but the prices quickly hit six figures. The belle of the ball, showcased on the ball-room stage, was a red 1953 Ferrari 250 Mille Miglia Berlinetta. The car fetched $1.1 million, including the 10% commission charged to both buyer and seller. Total take for the auction: $7 million. "Every man should have a beautiful woman and a Duesenberg,"

Last Updated ( Wednesday, 21 January 2009 )