Without reserve, one-lane format propels Leake sales results at Dallas

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Without reserve, one-lane format propels Leake sales results at Dallas
The scene at Leake's Dallas auction in November 2017 | Leake Auction photo

Leake Auction Company wrapped up its initial 2017 season recently with a 70 percent sell-through rate and total sales of $6.6 million in Dallas.

However, the auction year isn’t over for the Tulsa, Oklahoma-based company just yet. On December 9, Leake will travel outside its usual Texas/Oklahoma area to stage a special auction of the Rolland Racing Museum in Newbury Park, California, where 24 vehicles will be offered in a sale in conjunction with Heritage Auctions, a major fine art and collectibles auction company that turned to Leake for its expertise in selling collector vehicles.

In addition to adding the California sale to its calendar late in the year, Leake made another change in its auction format for the Dallas event by taking 510 lots across a single auction block. Leake usually employs a two-block format. With one block, there was no excuse for bidders to miss a car.

Without reserve, one-lane format propels Leake sales results at Dallas
No-reserve Ford GT is top seller

The top sale of the auction was a 2005 Ford GT offered at no reserve and selling for $280,500 (prices reported include buyer’s fee). Leake noted that this was its third sale in which a Ford GT was offered without reserve and ended up being the auction’s top seller.

Also selling without reserve was the P. M. Standley Collection of 17 vehicles, all of them selling on Friday night of the auction weekend. Two other no-reserve collections — the Toys for Big Boys and a dozen Cadillacs — crossed the block on Saturday and were purchased by new owners.

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The auction weekend kicked off Thursday evening with a VIP gathering for bidders and consignors at the Gas Monkey Bar & Grill.

Leake also noted that it sold 33 vehicles in post-block sales, and that IronPlanet’s web reach brought in bidders from as far away as Argentina, Indonesia, Uruguay and Pakistan.

Top sales, Leake Dallas Fall 2017:

  1. 2005 Ford GT, $280,000
  2. 1957 Pontiac Bonneville, $148,500
  3. 1958 Chevrolet Corvette resto-mod, $125,400
  4. 1957 Cadillac Eldorado Biarritz, $90,750
  5. 1969 Dodge Charger, $88,000
  6. 1972 DeTomaso Pantera, $86,3590
  7. 1954 Cadillac Eldorado, $82,500
  8. 1970 Dodge Challenger R/T 440, $74,800
Without reserve, one-lane format propels Leake sales results at Dallas
Cars await their turn across the block in Dallas

“We had a great auction in Dallas,” Richard Sevenoaks, Leake president, was quoted in a news release.

“The one lane auction proved to be successful, and we received a lot of positive feedback from sellers and buyers.

“2017 has been a record year for us,” he added. “During our Dallas Spring auction, we sold a 2014 Ferrari LaFerrari for $3.7 million, making it the most expensive car we have ever sold.

“We will conclude the year in Newbury Park, California. In collaboration with Heritage Auctions, we will present the Rolland Collection, a 24-vehicle auction that will be offered without reserve.”

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A former daily newspaper sports editor, Larry Edsall spent a dozen years as an editor at AutoWeek magazine before making the transition to writing for the web and becoming the author of more than 15 automotive books. In addition to being founding editor at ClassicCars.com, Larry has written for The New York Times and The Detroit News and was an adjunct honors professor at the Walter Cronkite School of Journalism and Mass Communication at Arizona State University.

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