1938 Talbot-Lago Sells for $3.905 Million at Gooding & Company's Inaugural Palm Beach Auction

contact:ALYSON SELIGMAN
Carey O'Donnell PR Group
(561) 832-3231

WELLINGTON, Fla. (January 24, 2006) - When the gavel struck the podium closing the sale of the 1938 Talbot-Lago T150 C SS Teardrop Coupe at the inaugural Gooding & Company auction in Palm Beaches, more than 700 people in the audience witnessed a moment in history. The Teardrop Talbot-Lago sold for $3.905 million including buyers premium (the "hammer price" being $3.55 million) - a world record sale for a Talbot-Lago Teardrop Coupe. The vehicle was the star among 55 rare automobiles at the auction, which followed the second annual Palm Beach International Concours d'Elegance on Sunday, January 22 at the Palm Beach Polo and Country Club.
One of the rarest cars in the world, this 1938 Talbot-Lago has never been shown before to the public. It's one of the few automobiles ever built to blend a combination of concours and competition heritage. This car survived 50 years in its original, undamaged condition before a thorough restoration completed in 2002.
"To set a world record during our first year in Palm Beach is remarkable," said David Gooding, President of Gooding & Company. "The Talbot-Lago is just one indication of the high caliber of cars that were offered here, and we are already planning next year's impressive lineup!"
Initial data indicates that 27 cars were sold totaling nearly $7 million. They included a wide selection of the finest show, touring and racing cars.
One favorite on the auction block was a 1980 Ferrari 312 T5 Formula One that sold for $660,000. Among the most desirable of all Ferrari grand-prix cars, this one attracted a great deal of attention among the host of Ferrari collectors and enthusiasts in attendance. Many flew to Palm Beach to attend the Palm Beach Cavallino Classic, held the same weekend at The Breakers. An icon of its era, this Ferrari was exclusively driven by one of racing's most exciting and well-known drivers, Canadian Gilles Villeneuve.
Crowds also reveled in the back-and-forth bidder action of the 1960 Jaguar XK 150S 3.8 Drophead Coupe that sold for $159,500. One of only 89 produced, this sports car offers a combination of performance and handling with a level a comfort and luxury rarely seen in cars from this period.
Other cars at the top of the auction sales list were the high performance 1962 Chevrolet Corvette Fuel-Injection Convertible that sold for $489,500 and the 1940 Packard Custom Super Eight One-Eighty Convertible Victoria that sold for $253,000.
Gooding & Company, the California-based company best known as the official auction house of the prestigious Pebble Beach Concours d'Elegance, was established by David Gooding with the goal of providing unparalleled service for those in the close-knit world of classic car collecting. In August 2005, the company sold 64 cars for more than $22 million at the Pebble Beach auction. Just one year earlier, Gooding & Company set a new standard of excellence with its inaugural auction on August 15, 2004 at Pebble Beach following the Concours d'Elegance.
For more information on Gooding & Company, please visit www.goodingco.com or call 310-899-1960.