Gooding & Co Chandler Sale Tops $36 Million Sets Record for Single-Day Automotive Auction

Nine Cars Top $1 Million; Two Top $2 Million

OXNARD, Calif., Oct. 22, 2006; Led by nine cars which brought in more than $1 million apiece, including two in excess of $2 million, yesterday's auction by Gooding & Company of Otis Chandler's vehicle and automotive-art collection brought in a record $36,094,250, the highest single-day, automotive collection sale.

According to David Gooding, company founder and chief executive officer, the sale of all 90 vehicles, offered without reserve, exceeded his wildest expectations.

"The experience on the podium as the auction unfolded was incredible," said Gooding. "I knew Otis's collection was one of the most significant in the world, so I believed this would be a special day.

"When I heard the total had surpassed $21 million, I knew we had eclipsed the previous record (set in 1990 at a Sotheby's sale) and we hit that total with 33 cars and motorcycles still to be sold!"

More than 1,200 bidders, celebrities, car collectors and automotive enthusiasts crowded into the 45,000-square-foot Chandler's Vintage Museum of Transportation and Wildlife which since 1987 had housed the collection here and had served as Chandler's office following his retirement as publisher of The Los Angeles Times.

The top sellers amongst the 90 vehicles were the 1931 Duesenberg J Special Phaeton, at $2.64 million and the 1904 Mercedes 40/45 HP Sports Touring, at $2.255 million. The 1907 Harley-Davidson 440CC Strap-Tank Single sold for $352,000, topping the motorcycle category.

The million-dollar group also included the: 1933 Packard 1006 Twelve Sport Phaeton, $1.98; 1933 Packard 1006 Twelve Convertible Victoria, $1.65; 1911 Mercer 35R Raceabout, $1.595; 1912 Oldsmobile 60 HP Limited Touring, $1.265, Renault AI 35/45 HP Vanderbilt Racer, $1.1; Packard 904 Deluxe Eight Convertible Victoria, $1.1, and Packard 1108 Twelve Two-Place Coupe, $1.1. "And individual marque records for Mercer, Renault, and Simplex (1911 Simplex 50 HP Toy Tonneau, $775,000) were set during the day," added Gooding.

Gooding & Company (http://www.goodingco.com) provides unparalleled service for those in the close-knit world of classic car collecting. Several record sales highlighted the company's recent Pebble Beach Auction including $2.85 million for a 1927 Bugatti Type 35C Grand Prix. The sale of 84 lots that totalled more than $21.7 million included a 1958 Ferrari 250 GT Berlinetta 'Tour de France' for $1.54 million; a 1938 Bugatti Type 57C Aravis Drophead Coupe and a 1955 Lincoln Indianapolis Coupe by Boano, that each sold for $1.375 million and a 1934 Duesenberg Model J and a 1937 Delahaye 135 MS Grand Sport Roadster for $1.1 million apiece.

Gooding & Company conducts the Pebble Beach Auction at the annual Pebble Beach Concours d'Elegance and the Gooding & Company Palm Beach Auction in January. The company offers a wide range of services including private and estate sales, appraisals, collection management, estate and tax planning assistance.