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Money cars

by: DAVID HARPER World Staff Writer
Sunday, June 14, 2009
6/14/2009 3:25:50 AM

What recession?

While the economic downturn has had a major impact on almost every industry, this weekend's 37th annual Leake Collector Car Show & Auction at Expo Square is showing that the passion collectors feel for their vintage automobiles is showing no signs of significantly slowing down.

Richard Sevenoaks, president of the Leake Auction Co., said that some 350 vehicles priced from $30,000 and up were put on the auction block on Saturday. Over the course of the three-day event — which concludes Sunday — there will be about 750 put up for bid.

Public relations director Jennifer Tetley said that overall sales were expected to be in the neighborhood of about $9 million, which includes a $1 million sale on Saturday for a 1936 Lincoln Boat Tail Speedster once owned by Howard Hughes.

That total would be down slightly from the approximately $10 million generated at the 2008 show, but not bad considering what has happened to the economy in the last 12 months.

"We are not disappointed at all," Tetley said.

Not every car placed up for bid has been purchased. However, Sevenoaks said about two-thirds of those offered on Friday were sold — which he said compared favorably to the sale rate during so-called "boom" times.

Steve Todhunter, who put two of the cars from his collection up for bid Saturday at the QuikTrip Center, said that such vehicles are a good investment in these turbulent economic times.

He said that in this era of Wall Street bailouts it is good to "invest in something you can put your hands on."

On Saturday, Todhunter was hoping to sell his rare 1970 Dodge SuperBee for about $100,000 and his more common 1967 Plymouth GTX for about half that.

Still, for people like Todhunter, getting involved in classic cars is not some dry business arrangement.

Todhunter, 49, fell in love with late 1960s and early 1970s so-called "muscle cars" during his youth, and the flame still burns bright.

The Claremore resident manages his own construction company. He says tending to his car collection is a great way for him to unwind from the stress of the office.

For others at this weekend's show, like 63-year-old Amos Minter, their interest in vintage vehicles has become their livelihood. He has his own Thunderbird restoration business in Dallas and was looking to sell his 1954 Cadillac Eldorado convertible on Saturday.

He said two of his senior mechanics are in their early 70s and have no plans to retire.

"When you are able to pursue your hobby for a living, why should you ever stop?" Minter asked.

Sevenoaks said there are about 1,000 registered bidders on hand this weekend, plus about 50 others who are making bids either online or over the phone.

Apart from that, he said about 10,000 other car enthusiasts who "like the atmosphere" of the auction are expected to attend.

Sevenoaks said the Expo Square event has become "the 800-pound gorilla" of such auctions in this part of the United States.

Leake Auction Co. operates similar events in Oklahoma City, Dallas, Houston and San Antonio.

David Harper 581-8359
david.harper@tulsaworld.com

Associate Images:

Bron Fain polishes the engine of a 1936 Lincoln Model K V12 once owned and modified by Howard Hughes. The car is among those on display during the 37th annual Leake Car Auction at the QuikTrip Center at Expo Square. The event continues Sunday. MIKE SIMONS / Tulsa World

Michael Plaster, 14, of Lebanon, Mo., looks at neon signs Saturday during the 37th annual Leake Car Auction at the QuikTrip Center at Expo Square. The signs were at the booth of Neon Warehouse of Detroit. MIKE SIMONS / Tulsa World

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