Equipment
Special ordered by a Mrs. Charles Levine who never took delivery, first owner was Frederick H. Bedford, Jr., cousin of Briggs Cunninghams first wife. Stored from 1952 until 1982, then restored by Gus and Rich Reuter. Won an AACA National First Prize, then on display at the Owls Head Museum ever since. A wonderful piece of Saoutchik sculpture (which they called a Cabriolet dAvant Garde) with swooping fenders, dual sidemounts, no running boards and a low windshield and top. Owned by the Bedford family until August 2006. The restoration is not fresh and delectable details like the original wheel discs and reptile upholstery have been lost but it is usable as is and its condition may appeal to European sensibilities more than spit and polish American concours standards.
Market commentary
Sold by Christies at Monterey in 2006 for $3.3 million hammer (Euros 2,564,000), $3,645,000 with commission (Euros 2,832,200). The transaction here at Retromobile is Euros 2,100,000 hammer, Euros 2,317,500 with commission. Bonhams estimate is less than the sellers investment, but about what the underbidder was prepared to pay in Euros at Monterey. The sellers hit is somewhat ameliorated by the Euros strength, which buys him about 12.6% more dollars since Monterey 2006. This is a car thats going to need an expensive restoration to realize its concours winning potential and, while the seller took a hit even if he managed to finagle every possible deal and concession out of first Christies and now Bonhams, it may well turn out that the decision to take what the market would give in Paris, at Retromobile, in February 2008 was astutely timed in anticipation of economic uncertainties. In other words, a smart time to get out and get liquid at anything approaching the original investment.