Buy
Resources
Entertainment
Magazine
Community
In This Article
Category:
Classics
The late journalist Leon Mandel coined a terrific phrase when he described Bill Harrah as a "pathological car lover." It might be the most apt description ever hung on anybody in the history of this hobby because, when it came to collecting cars, Harrah had no peer, and almost certainly never will. At one point, Harrah owned an estimated 1,400 cars, many of them enjoying only-one or best-in-world status. When it came to collecting, he was like that reed-thin guy from Japan who somehow wins the Nathan's hot dog-eating contest every year. The Schlumpf brothers of Molsheim were hapless pikers by comparison. Yet even though his mania drove him toward financial distress and very possibly an early grave, Harrah was unquestionably the greatest high-end collector who ever lived. The means that made him such came from an almost instinctive understanding of how to make the volatile business of casino gambling function effectively.
We know, at least tentatively, that Harrah was very much enthused by cars as a young lad, having been caught like so many of us, doodling them in a copybook while still a schoolboy. He was born in 1911 in South Pasadena, California, to a father who was a politically connected attorney. Harrah started out in gaming at the side of his father, who after being nearly wiped out in the Wall Street crash, helped to promote an offshoot of bingo known as "the Reno game," which was supposedly a test of player skill, not a game of chance. This purported distinction didn't stop police from raiding the games. Harrah's father sold him the rights to operate the game for $500, and the son managed the games until they were strongly profitable, despite harassment by the authorities. Harrah was raking in money, but moved his operations to Reno, Nevada, in 1937 and opened the first Harrah's Casino.
At that time, Reno was one of the few locations in Nevada where wide-open gambling was legal. Many of the gaming operators in early Reno were outright crooks, abetted in some cases by corrupt officialdom. Harrah was insistent upon running an honest operation, but his betting parlors grew only gradually. Like many people in his line of work, though, Harrah enjoyed taking risks, and in 1946, wagered everything he had on taking over a Reno casino. The new operation was called Harrah's Reno Club and turned into a swift success. One of his ideas was to keep the club open year-round, something no other casino operator would attempt, given the suffocating snows that crush the area around Lake Tahoe. Other gambling promoters guffawed when Harrah sent tour buses around northern California to round up players, and then transport them deep into the mountains and ply them with top entertainment that Harrah also imported. The "bus people," as people in the gaming industry still call them today, were born. That was in 1948.
That same year, Harrah acquired his first collectible car, a 1907 Maxwell. The great rise of Las Vegas was still a few years in the future and that's why, for many years, Harrah was the single most successful casino operator in Nevada. The enormous inflow of capital allowed him to indulge his passion for mechanical power, which encompassed not only cars, but also aircraft and unlimited hydroplanes. The University of Nevada Reno has maintained an Oral History Program that has framed the lives of people who mattered in that community, including Harrah, whose story was told by his peers in the book Every Light Was On. In that volume, one of the voices that were heard belonged to Clyde Wade, who started out as a mechanic when Harrah began his collection and retired some 20 years later as its general manager.
Wade described the first home of the collection as being in a onetime icehouse in Sparks, when he arrived on the scene in 1961, the year before the Harrah collection was first opened to public view. At that time, the collection ran the gamut from a Model A Ford to a 1910 Mercer, plus a 1938 Rolls-Royce Sedanca De Ville that Harrah had gotten from Merle Norman heir J.B. Nethercutt. By most indications, Harrah, a heavy drinker for most of his life, had begun to neglect his hard-won business success during the 1960s and began to focus most of his attention on expanding his fleet -- "collection" is really kind of inadequate in his case -- as Wade recalled to the university.
The restoration staff alone at the collection grew to about 70. Harrah was probably the first collector in the hobby's history to rely on computers to keep track of his exploding inventory, which came to include a 1931 Bugatti Royale and a 1929 Duesenberg J, among many, many others. The printout tracked the car, its location -- by the early 1970s, the collection had stuffed numerous buildings -- and its condition, on a Harrah scale of one to nine. Wade estimated that restoring the Royale alone consumed something like 8,000 man-hours. Based on its findings, the Oral History Project has an estimate that Harrah had sunk an incredible $40 million into his collection.
Harrah died in 1978 while undergoing surgery for an aneurysm at the Mayo Clinic. Oral History Project director Tom King told us that upon his death, Harrah's heirs sold the casino network and collection to Holiday Inn's parent company, which culled the best of the collection and began selling it off. A California consortium paid $28.7 million for 82 vehicles, including the Royale, in 1987. King said the top culls brought enough money to cover the purchase cost of the Harrah empire. The rest formed the core of today's National Automobile Museum collection in Reno.
Recent
Photo: Stellantis
For nearly 70 years, Chrysler’s Letter Cars have represented a high point of American automotive design with their muscular V-8 engines, taut handling, luxurious interiors, and head-turning styling. Of these, the hemi-powered 1957 300C two-door hardtop and convertible remain in high demand. That’s evident in their book values, even if auction results tell a different tale.
Chrysler electrified the automotive marketplace in 1955 with its race-proven, 300-hp V-8-powered C-300 and followed that with the 355-hp 300B. For 1957, Highland Park would introduce America’s most powerful eight-cylinder engine since the supercharged Duesenberg SJ: the twin-four-barrel-carbureted FirePower 392-cu.in. hemi V-8 under the hood of the new 300C made 375 hp in standard form or 390 in competition tune. The new TorsionAire front suspension brought fine road manners, while the car’s bold “Forward Look” styling with quad headlamps and sweeping tailfins made both body styles real head turners. While this model sold better than its predecessors, it was still expensive and exclusive: 1,767 of the $4,235 ($46,275 in today’s dollars) hardtops were sold, along with 484 of the $4,390 ($47,970) convertibles.
Photo: Stellantis
Rob Kern, 1957 300C advisor for the Chrysler 300 Club International (chrysler300club.com), tells us this model and the similar 1958 300D are among the most-sought Letter Cars due to their innovations and styling. “This was very significant, being the first convertible and introducing features that went away after the 300D,” he explains. “The values of top-condition 300C coupes are in the range of $85,000 to $90,000, while convertibles–even those needing total restoration–can command much more. While prices spiked between 2005 and 2015, they now seem to have stabilized. Of course, this depends on how special a car is and if it has an award-winning restoration, because body rust, parts availability, and finding specialist help are challenging. The 300C still represents a pretty good value for what it is, and this model is popular with younger members new to the club.”
Photo: Stellantis
The Classic Car Price Guide under the Resources tab on Hemmings.com turns up 17 ads from the past three years; the average asking price in those ads was $71,605.88, with $28,950 at the low end and $195,000 at the high. Those numbers largely correlate with traditional value guides covering the marketplace of these 300Cs; J.D. Power now suggests a hardtop should retail between $17,700 and $76,500, and a convertible can command between $39,900 and $119,800.
Turning to auctions, 10 hardtops have sold in the past five years with prices ranging between $18,700 and $63,000; the latter traded hands through Hemmings Auctions in March 2022. According to classic.com, the hardtop has an average sale value of $45,622, and is considered a rising Classic Market Benchmark at $45,602. The lower-production convertible is also considered a rising Classic Market Benchmark (at $123,229), with an average sale figure of $101,267. Just three soft-tops have sold since 2019: an unrestored example brought $47,300 in 2022, while two restored cars brought $86,000 and $170,500 in 2020 and 2023.
Keep reading...Show Less
Photo: Mecum Auctions
Whether you’re into prewar classics, 1950s cruisers, ’90s family haulers, or the future collectibles of today, Mecum Auctions has you covered. The respected auction house brought a smorgasbord of choice to its popular Kansas City event at the Missouri’s Kansas City Convention Center, November 30 through December 2.
There were 700 vehicles offered, along with 256 items of “Road Art” automobilia; after the final tallies were made, Mecum reported a 74-percent sell-through rate and $16.3 million in sales. The number-one earner was a 5,154-mile 2005 Ford GT that brought $429,000; following it in the top three were a Super Cobra Jet-powered 1970 Shelby GT500 convertible ($286,000) and a 19-mile 2023 Dodge Challenger SRT Demon 170 ($214,500). Additionally, two collections were offered to bidders at no reserve: the 16 special vehicles from the Jim Blin’s Cars of Yesteryear at Heartland Acres Collection crossed the block for a total take of $818,430, while the 14-vehicle John Hollansworth Sr. Collection similarly sold all for $296,210.
The 2023 Kansas City event proved a healthy bump over the 2022 edition, having brought in an additional $1.4 million and maintained the same sell-through rate despite one fewer vehicle lot; the 2023 top sale handily outpaced the 2022 top sale (earning an additional $176,000) as well. After April’s Houston event, Mecum Auctions will host another 10 auctions in 2024, the final being Kansas City.
By The Numbers
This extremely tidy 1994 Ford Explorer Limited showed only 18,207 miles on the odometer and found a new home for $4,400, a veritable steal for the SUV that changed the buying habits of American families.
Photo: Mecum Auctions
- Total Sales: $16.3 million
- Sell-Through: 74 percent
- Average Automotive Sale: $26,210
- Top Sale: 2005 Ford GT, $429,000
Legend
This 1971 Lincoln Continental Mark III sported 30,062 miles on the odometer and found a new home for $18,150.
Photo: Mecum Auctions
- Condition: #1=Excellent; #2=Very Good; #3=Average; #4=Poor; #5=Major Project
- Reserve: Minimum price owner will accept
- High Bid: The highest offer made (but the vehicle did not sell)*
- Selling Price: What the vehicle sold for*
- Average Selling Price: Average market value of vehicles in similar condition
*Prices shown for sold automotive lots include the buyer's premium of 10-12%. Non-motorcar sales incurred an 18-20% buyer's premium.
1967 Kaiser-Jeep Jeepster Commando
Photo: Mecum Auctions
- Condition: Restored/#2
- Reserve: Undisclosed
- Selling price: $37,400
- Avg. selling price: $25,049
With all the hype over early SUVs in today’s collector-car market, it wasn’t surprising to see this restored first-year Jeepster Commando bring a good sum. It was a real looker with the coordinating hard roof and striping over shiny paint, with fresh chrome, vinyl seat upholstery, and carpeting. New weatherstripping, spray-on bedliner, and tires were also noted. The instrument cluster exhibited wear and overspray, but the 225-cu.in. V-6 engine, mated to a three-speed manual, was tidy. Classic.com noted that, after it was sold at this auction, the Jeepster was resold by a dealer with a $37,900 asking price.
1991 Pontiac Grand Am
Photo: Mecum Auctions
- Condition: Original/#2
- Reserve: Undisclosed
- Selling Price $18,150
- Avg. selling price: $2,025
What’s a run-of-the-mill car like this ’91 Grand Am doing in a collector-car auction? The once-ubiquitous model was noteworthy for being a little-used (17,265 miles), well-kept survivor equipped with a four-cylinder/automatic powertrain, A/C, and a cassette stereo. It presented as nearly new, despite being 33 years old. This Pontiac was no stranger to Mecum’s auctions, though, having sold for $16,500 at Indianapolis in May 2022, and failing to sell in two additional 2022/2023 Mecum auctions before this one. Excluding fees, it brought the same price twice… leagues above its retail book value.
1930 Chrysler 77
Photo: Mecum Auctions
- Condition: Restored/#3
- Reserve: Undisclosed
- Selling price: $71,500
- Avg. selling price: $53,780
Chrysler’s 1930 “77” was its top six-cylinder model that year, and the low-production roadster, with rumble seat, golf-bag door, and accessory trunk, was the sportiest variant. This driven example had an older restoration and appeared very well maintained, although age was evident in some chrome trim, lightly creased seat leather, and the notably worn steering wheel finish. The 268-cu.in., 93-hp inline-six and undercarriage were tidy, and the dashboard was autographed by Jay Leno. J.D. Power suggests a retail value range of $19,100 to $50,700 for the 77 roadster, which this car handily exceeded.
1973 Ford Mustang
Photo: Mecum Auctions
- Condition: Original/#2+
- Reserve: Undisclosed
- Selling price: $57,200
- Avg. selling price: $25,590
If you couldn’t tell by the final price, there was more to this Mustang than met the eye. It was a never-titled car, still on its Manufacturer’s Statement of Origin, that was owned since new by a Ford dealership, had 2,147 miles on its odometer, and came with its original paperwork. This final first-gen convertible was moved by a 154-hp, two-barrel 351 Cleveland V-8/Select-Shift Cruise-O-Matic, and among $1,391.81 in options ($9,625 in today’s money!) were A/C and numerous power goodies. The factory tires were replaced with radials and minor storage wear was evident. This result was no surprise.
1949 Frazier Manhattan
Photo: Mecum Auctions
- Condition: Restored/#2-
- Reserve: Undisclosed
- Selling price: $24,200
- Avg. selling price: $14,000
The ground-up restoration performed by a Kaiser/Frazer specialist on this ’49 Manhattan that incorporated NOS parts was key to its fine performance on the block at Mecum. The demure sedan, rolling on wide-whitewall bias plies, appeared in great condition with nice chrome and stainless trim, shiny maroon paint, rich cloth upholstery, and only minor chips and scuffs visible on some under-hood components. The 226.2-cu.in. flathead inline-six was mated to the three-speed manual transmission with optional overdrive. This Independent soundly trounced its auction-sale average and average retail book value.
1985 Porsche 911 Carrera
Photo: Mecum Auctions
- Condition: Original/#2-
- Reserve: Undisclosed
- Selling price: $63,800
- Avg. selling price: $42,690
It was in no way surprising to see this one-owner, 73,189-mile Carrera Cabriolet cause a real stir when it crossed Mecum’s block. It ticked all the right boxes: documentation back to new, iconic Guards Red paint, optional forged Fuchs alloys mounting new Michelins, power-adjustable partial-leather sport seats, and recent major service on the 200-hp 3.2-liter boxer engine. It presented handsomely with minor creasing on the seats and a section of crumbling door weatherstripping as visible flaws. This air-cooled 911 easily beat the average auction sale price as well as the average retail book value.
1954 Chevrolet Corvette
Photo: Mecum Auctions
- Condition: Restored/#2-
- Reserve: None
- Selling price: $110,000
- Avg. selling price: $80,450
This Corvette from the Jim Blin’s Cars of Yesteryear at Heartland Acres Collection ended up the eighth-highest sale of this auction. It was Bloomington Gold Certified in 1993, proving it was accurately restored, and remained attractive 30 years on. The Sportsman Red paint beckoned onlookers to appreciate the clean engine bay and color-matched interior, the latter only let down by failing stitching on the driver’s seat bottom. While the ’Vette wore radial tires, it came with a second set of correct wheels mounting bias-ply tires for show duty. With no reserve, it fired up the bidders to a good result.
1991 Dodge Ramcharger
Photo: Mecum Auctions
- Condition: Original/#3+
- Reserve: Undisclosed
- Selling price: $19,800
- Avg. selling price: $16,250
The original window sticker, still present with this Ramcharger LE, tells us that, when new, the full-size SUV cost the equivalent of nearly $52,000 in today’s money. It was well equipped with the 5.9-liter V-8, four-wheel drive, automatic transmission, A/C, and an AM/FM stereo cassette. The Dodge remained in excellent condition considering its 99,159 miles, with only minor rust bubbling visible in the rear-hatch jambs and a bit of surface corrosion on a few engine components. The two-tone paint kept a nice shine and the velour-upholstered interior looked fresh. This Ramcharger should only increase in value.
1960 Morgan Plus 4
Photo: Mecum Auctions
- Condition: Restored/#3
- Reserve: Undisclosed
- Selling price: $26,400
- Avg. selling price: $27,500
While all classic British sports cars are desirable, classically styled Morgans have a unique appeal. This U.S.-spec Plus 4 was in fine shape, looking sharp with two-tone paint, radials on steel wheels (the spare wore a bias-ply) and a leather bonnet strap. The leather interior had a warm patina, a tonneau and top were present, and the twin-carb 2.0-liter engine enjoyed Lawrence Tune fettling. This model was another instance where the value guides and auction results differed substantially, in this case with actual sales being in line with Mecum’s result rather than the notably higher retail value.
1981 DMC De Lorean
Photo: Mecum Auctions
- Condition: Refurbished/#3
- Reserve: Undisclosed
- Selling price: $44,000
- Avg. selling price: $57,335
This first-year, low-mileage (46,333) product of the De Lorean Motor Company was made more desirable by its five-speed manual transmission. Its famous grid-pattern taillamps were missing their orange segments and there was minor dashboard separation, but the interior looked otherwise appealing with grey velour (instead of original leather) seating surfaces, a padded glovebox lid, and an aftermarket stereo. Recent servicing of the PRV V-6 was noted. Value guides on DMCs vary: as this is written, classic.com says the average auction sale price is $57,335, while J.D. Power calls $40,000 average retail.
1971 Pontiac GTO
Photo: Mecum Auctions
- Condition: Restored/#3+
- Reserve: Undisclosed
- Selling price: $42,900
- Avg. selling price: $40,000
What a striking thing this ’71 GTO was, its glowing-sunset paint hue accented by “The Judge”-style tricolor fender decals and rear-deck airfoil. A copy of the original window sticker listed the Pontiac’s many options that included a console-shifted automatic, A/C, and power seats, windows, and locks. The Sandalwood interior was tidy, but it showed age via a cracked dash pad, worn steering wheel, and a bit of failing trim on the door panels and driver’s seat. The 255-hp 400-cu.in. V-8 was very clean. Post-1970-GTO values are softer than those of earlier models, but this was still a pretty good buy.
1929 Packard Deluxe Eight
Photo: Mecum Auctions
- Condition: Restored/#2
- Reserve: None
- Selling price: $148,500
- Avg. selling price: $147,100
Arguably the most regal car offered in Kansas City was this Packard Deluxe Eight with prestigious Dietrich dual-cowl phaeton coachwork. Coming from the Jim Blin collection and selling at no reserve, its fifth-highest-price-of-the-event result was right in line with other 1929 Deluxe Eights sold at auction in the last four years. The heavily chrome-accented car presented nicely outside and in, with minor letdowns including yellowed whitewall tires and evidence of leaks and corrosion around the 385-cu.in. straight-eight engine. This Packard undoubtedly became the centerpiece of another collection.
Keep reading...Show Less