Sunday, July 01, 2007
Classic car auction nets $12.8 million
Classic car auction nets $12.8 million
"I never look back," said John McMullen as he sat outside one of the four barns housing his collection of classic cars.
After decades of amassing what Rob Myers, founder of RM Auctions, called "one of the best collections of automotive history," the 79-year-old auto dealer decided it was time to pare down.
When it was all over June 9, McMullen's four climate-controlled garages in Lapeer Township were 83 vehicles lighter and his bank account $12.8 million heavier. The final sales figure greatly exceeded the $8-$9 million RM staffers predicted before the event.
Two cars in McMullen's collection sold for more than $1 million, a 1931 Duesenberg Model J Tourster and a 1931 Cadillac V-16 Phaeton.
The Cadillac brought in $1.056 million, or $66,000 a cylinder, enough to buy a new Cadillac for each of the 1997 Pebble Beach Concours D'Elegance winner's cylinders. The car was originally built for Charles Howard, owner of legendary Triple Crown winner Sea Biscuit.
The Duesenberg, which was originally built for comedian Joe E. Brown and later owned by Howard Hughes and Los Angeles Times publisher Otis Chandler, sold for a breathtaking $1.4 million.
RM spokesman Terry Lobzun said while his firm runs 15 to 16 major classic car auctions annually in the U.S. and Canada, only three or four are estate auctions like the McMullen Collection.
Don Gernatt Jr., national director of the Classic Car Club of America, made the trip from Collins, N.Y., to "see how RM performs." Collins, who described himself as "semi-retired," said he's been thinking of downsizing his collection of more than 50 classic cars.
Clarkston resident Patty Barnett said she was "excited and saddened" by the auction.
In recent years McMullen's secluded 300-acre estate has been a popular stopping place for members of high-end car clubs and a gathering place for charity events. McMullen said he's hosted as many as 300 people at a time at the collection.
A Flint native, McMullen started selling cars in 1951 and opened his first Pontiac-GMC dealership in Troy in 1967. Since then his business has grown to include seven dealerships in Michigan and Florida and he is still active with them.
"I still go into the office two, three days a week," he said.
Starting with a 1931 Model A Ford, McMullen's collection eventually grew to 140 vehicles.
"I've always had a fascination with cars." he said.
At its peak the collection included vehicles from every era, including a number of notable custom and concept cars.
McMullen has been a frequent face and winner at major car shows like the Concours D'Elegance events at Meadowbrook, Pebble Beach and Amelia Island.
He's also been a frequent donor to automotive museums. McMullen said he's holding 13 electric cars for a friend from Clarkston who plans to build a museum in Rochester Hills.
However, he decided to auction off the bulk of his collection to people who would use them rather than give them to museums because "cars are like people, if you don't exercise them they go bad."
McMullen added in recent years it's simply become too much work to do the required maintenance work and enjoy the collection, so he decided to trim down to 20 vehicles he can go touring with.
"I haven't had any health scares," he said, "but nobody lives forever."
By PHIL FOLEY
Via : www.countypress.com
After decades of amassing what Rob Myers, founder of RM Auctions, called "one of the best collections of automotive history," the 79-year-old auto dealer decided it was time to pare down.
When it was all over June 9, McMullen's four climate-controlled garages in Lapeer Township were 83 vehicles lighter and his bank account $12.8 million heavier. The final sales figure greatly exceeded the $8-$9 million RM staffers predicted before the event.
Two cars in McMullen's collection sold for more than $1 million, a 1931 Duesenberg Model J Tourster and a 1931 Cadillac V-16 Phaeton.
The Cadillac brought in $1.056 million, or $66,000 a cylinder, enough to buy a new Cadillac for each of the 1997 Pebble Beach Concours D'Elegance winner's cylinders. The car was originally built for Charles Howard, owner of legendary Triple Crown winner Sea Biscuit.
The Duesenberg, which was originally built for comedian Joe E. Brown and later owned by Howard Hughes and Los Angeles Times publisher Otis Chandler, sold for a breathtaking $1.4 million.
RM spokesman Terry Lobzun said while his firm runs 15 to 16 major classic car auctions annually in the U.S. and Canada, only three or four are estate auctions like the McMullen Collection.
Don Gernatt Jr., national director of the Classic Car Club of America, made the trip from Collins, N.Y., to "see how RM performs." Collins, who described himself as "semi-retired," said he's been thinking of downsizing his collection of more than 50 classic cars.
Clarkston resident Patty Barnett said she was "excited and saddened" by the auction.
In recent years McMullen's secluded 300-acre estate has been a popular stopping place for members of high-end car clubs and a gathering place for charity events. McMullen said he's hosted as many as 300 people at a time at the collection.
A Flint native, McMullen started selling cars in 1951 and opened his first Pontiac-GMC dealership in Troy in 1967. Since then his business has grown to include seven dealerships in Michigan and Florida and he is still active with them.
"I still go into the office two, three days a week," he said.
Starting with a 1931 Model A Ford, McMullen's collection eventually grew to 140 vehicles.
"I've always had a fascination with cars." he said.
At its peak the collection included vehicles from every era, including a number of notable custom and concept cars.
McMullen has been a frequent face and winner at major car shows like the Concours D'Elegance events at Meadowbrook, Pebble Beach and Amelia Island.
He's also been a frequent donor to automotive museums. McMullen said he's holding 13 electric cars for a friend from Clarkston who plans to build a museum in Rochester Hills.
However, he decided to auction off the bulk of his collection to people who would use them rather than give them to museums because "cars are like people, if you don't exercise them they go bad."
McMullen added in recent years it's simply become too much work to do the required maintenance work and enjoy the collection, so he decided to trim down to 20 vehicles he can go touring with.
"I haven't had any health scares," he said, "but nobody lives forever."
By PHIL FOLEY
Via : www.countypress.com
# posted by auto @ 9:20 AM 
